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Showing posts with label 2013. Show all posts
Showing posts with label 2013. Show all posts

Saturday, June 6, 2015

Grow Africa Partnership secures $10bn to boost agriculture



NaijaAgroNET

Over 200 member companies have committed $10-billion about N1.99 trillion in the Agricultural sector in 12 African countries aimed at boosting agriculture and employment on the continent. This figure represents an increase of about 40 per cent over 2013 commitment levels reports NaijaAgroNet.

Grow Africa released the figures at the Grow Africa Investment Forum in Cape Town as the first stage of a joint reporting process for Grow Africa and the New Alliance, on behalf of the African Union.

According the information received by NaijaAgroNet, “Investment continues to increase: in 2013 and 2014, investments totalling $1.8 billion about N358.2billion have led to the creation of 58 000 jobs, bringing improvements in services and market opportunities to 8.6 million smallholder farmers, who form the backbone of the sector’s production capacity.

Sarita Nayyar, Managing Director, World Economic Forum said, “We stand at a pivotal moment of opportunity to capitalize on an enormous body of collective learning to foster successful public-private cooperation. We must seize this opportunity to deliver on the promise of African agriculture to drive sustainable and inclusive economic growth for the continent.”

 “Over half of the investment commitments come from domestic agribusiness and service companies, which benefit from Grow Africa’s focus on convening and facilitating multi-stakeholder partnerships to strengthen inclusive agricultural value chains.”

NaijaAgroNet gathered that the Grow Africa Partnership was founded jointly in 2011 by the African Union (AU), The New Partnership for Africa’s Development (NEPAD) and the World Economic Forum to enable countries to realize the potential of the agriculture sector for economic growth and job creation, particularly among farmers, women and youth.
In 2014, about $300-million, about N59.7 of staple and cash crops were sourced from smallholders as a result of the investments.

Cyriacus Nnaji/ GEE
 
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Sunday, April 6, 2014

How to start a power business in Nigeria by Onwuasoanya

In the beginning:
I had never before been without a job, so I was convinced I would find something.     While looking for work immediately, I went on a field trip with my wife to follow up   on a project my son had carried out for a science competition using methane from   landfills to power a fleet of garbage trucks. We visited the research facility Rutger EcoComplex and went to a landfill site that converted waste into electricity. I was so excited about the idea of solving two problems at once: Nigeria generates a lot of waste (70% organic) and has a huge shortfall in electricity production. With this solution, I saw myself as the knight that would come in and save the day.
On May 21, 2013 Atlantic Waste & Power System was born. The director at the EcoComplex introduced me to people who would partner with me to execute my projects. I dusted up my trusted Rolodex and reached out to people I knew in Nigeria. We were introduced to the State of Kaduna’s environmental protection agency and shortly after arrived in Nigeria.
Waste to energy was the craze, the only issue was that we arrived a little late to that party. Everyone wanted a waste to energy facility, but nobody knew how to fund the projects. Very few states had policies in place that made it possible to turn the facilities into revenues. The one state, Lagos, that had things in place was yet to generate electricity from land fill gas and every one you met there had already received a proposal and had completed a study.
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Pix: A set of generating sets by courtesy: Christopher J. Onwuasoanya,

Tuesday, December 10, 2013

Transcorp in 2013: Ughelli power plant tops achievements list

The Transnational Corporation of Nigeria plc (Transcorp) has demonstrated its transformational ability over ailing businesses as it presented laudable achievements of 2013 to the Nigerian Stock Exchange (NSE) Monday afternoon, reports NaijaAgroNet with investment on Ughelli Power Plant topping list, while food processing subsidiary, Teragro, enjoying new investments.

Management officials visited the NSE for a ‘facts behind the figures’ presentation to the Exchange, stockbrokers and analysts, highlighting key fundamentals of the company’s business dynamics that have driven its recent impressive performance on the stock market.

NaijaAgroNet notes that key accomplishments for Transcorp in 2013 include the acquisition of the 1000MW Ughelli Power Plant in November, after paying a bid price of $300m. Earlier this year, Heirs Holdings committed $2.5b to power investments throughout Africa under the Power Africa initiative; the Ughelli purchase is the first major transaction under the programme.

Transcorp’s strategy of seeking synergistic investments across the value chain in Nigeria, with the power purchase complementing existing investments in oil and gas, has been welcomed by investors, who are beginning to appreciate the strong strategic direction Heirs Holdings brings to the conglomerate.

Chairman of Transcorp, Tony O. Elumelu, who doubles as chairman, Heirs Holdings, was quoted in a press statement made available to NaijaAgroNet as saying, “Transcorp represents the new Nigeria—dynamic, globally competitive, transparent and founded on good governance. We promised our investors that they would reap the rewards of their patience, and now we have built a company that is not only sharing the tangible fruits of our labour, it is also a vehicle for all Nigerians to gain access to the opportunities that our country offers.”

NaijaAgroNet notes that Transcorp’s presentation showed the company’s investments benefiting key sectors across the Nigerian economy.  

In the agribusiness space, the company is making new investments in food processing subsidiary Teragro, following its recent attainment of global certifications in international safety standards for its juice concentrate products. In the hospitality sector, Transcorp has commenced the refurbishment and expansion of the award-winning Transcorp Hilton Hotel, Abuja. In oil and gas, the company expects to see production start on oil block OPL 281 next year.

“Transcorp is one of the few ways through which institutional investors can obtain diversified access to Nigeria’s key economic sectors, from power and hospitality to oil and gas and agriculture. Our long term, sustainable investment philosophy reflects Heirs Holdings’ ability to create value, just as we did with the United Bank for Africa, which started as a national bank and is now one a pan-African institutionm” he said.

Transcorp’s CEO, Obinna Ufudo also said, they were delighted to be able to come to the Exchange having delivered on promises.

“We believe the Transcorp transformation is only the beginning and we look forward to recording further success for our shareholders, stakeholders and staff. We also pay tribute to the critical role leading shareholder Heirs Holdings has played in catalyzing change,” Ufudo said.

NaijaAgroNet recalls that Transcorp’s performance has been transformed from a loss of N8.88 billion loss in 2007, to a profit after tax (PAT) of N1.257 billion in 2011. This was further improved in 2012 with a PAT of N2.527 billion, and by the end of September 2013, Transcorp recorded a profit before tax of N5.1 billion for the first three quarters of the year.

Chuks Egbuna/GEE/APO
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Photo Tony Elumelu:

Tuesday, November 5, 2013

GE-USADF Off-Grid Energy Challenge: Winners to emerge Nov. 21


Following the recent closure of entries for the 2013 Off-Grid Energy Challenge by the General Electronics (GE) and the United States African Development Foundation (USADF), winners are set to emerge on November 21 in a ceremony in Lagos, NaijaAgroNet reports.

NaijaAgroNet recalls that the challenge was recently launched in Kenya and Nigeria thereby commencing the judging process in anticipation of the announcement of this year’s winners from both countries.

Investigations by NaijaAgroNet reveals that over the next three years, some 20 individuals and indigenous African companies who come up with innovative solutions that address the energy challenges of African communities and businesses stand a chance of winning up to USD 100,000 in grants to support their initiatives.

According to NaijaAgroNet searches, the judges are looking out for off-grid energy solutions that have created innovative approaches to metering, payment, collections, or transmission.

“They will also look out for entries that deliver sustainable energy to underserved marginal populations without degrading the environment,” a source told NaijaAgroNet.

The President and CEO, GE Africa, Jay Ireland expressed excitements that the Off-Grid Energy challenge is generating increased awareness about the plight of communities that are either underserved by the national grid or are not connected at all.

“We have no doubt that great solutions will emerge from this initiative, which will ultimately provide some insight to how to tackle some of the off-grid energy challenges in Africa” he said.

USADF President and CEO, Shari Berenbach said the initiative will help leverage more marginalized and underserved communities into positions where they could engage in and benefit from inclusive economic growth.

She noted that over the last 30 years, the USADF has championed initiatives that have contributed in catalyzing Africans out of poverty, stressing, “We are proud to be in partnership with GE on this initiative, which clearly resonates with everything that USADF stands for.”

NaijaAgroNet equally recollects that the Off-Grid Energy challenge is the initiative of global infrastructure giants, General Electric (GE) and the United States Africa Development Agency (USADF), which rides on the back of the Power Africa initiative announced by President Barack Obama during his recent visit to Africa.

The Power Africa initiative seeks to drive growth in Africa by increasing access to reliable, affordable, and sustainable power and by helping to ensure responsible, transparent and effective management of energy resources on the continent.

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Pix: Lazarus Angbazo, President/CEO General Electric, Nigeria

Tuesday, February 26, 2013

Food security: Equatorial Guinea boosts new solidarity fund with N4, 7bn

With the donation of $30 million, about N4, 724,096,988 Equatorial Guinea has contributed to a new solidarity trust fund on the February 22, 2013 that aims to organize African financial resources in support of strengthening food security on the continent, reports India Education.

The first donation to the Africa Solidarity Trust Fund was made official in a ceremony at the limits of the third Africa-South America Summit in Malabo, attended by FAO Director-General José Graziano da Silva.


Speaking at a meeting with the President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, Graziano da Silva said that before the signature of the donation agreement, “that the contribution was a sign of the country's commitment to eradicate hunger in Africa.”
NaijaAgroNet reports that Maria Helena Semedo (FAO Regional Representative in Africa), who signed the agreement on behalf of FAO, also said that the generous contribution by Equatorial Guinea will help transform political will to end hunger into concrete action.
She also invited other countries to follow this example and lend their financial support as well.
Further, NaijaAgroNet gathered that the goal of the new trust fund is to get resources from Africa's strongest economies and use them across the continent to support national and regional food security initiatives aimed at eradicating hunger, food insecurity and malnutrition.
NaijaAgroNet recalls that the idea of the fund was launched during FAO's April 2012 regional conference held in the Republic of Congo, when the host President Denis Sassou Nguesso, called for greater solidarity between African nations to fight hunger.



Apart from Equatorial Guinea, other African countries like Angola have expressed their intention to contribute to the fund, as President José Eduardo dos Santos told Graziano da Silva when he visited Luanda in late January 2013.




The Africa Solidarity Trust Fund is intended to complement and not to replace development assistance from overseas donors.
At the onset, it will focus in particular on strengthening the flexibility of rural families and communities in the face of recurrent famine and other crises.
FAO regional representative also said that "We can end hunger in Africa if we work together under the leadership of African governments and regional institutions, learning from one another through South-South cooperation and other exchanges".
Semedo also explained that the effort should involve not only governments and international organizations like FAO, but also civil society, the private sector, academia and other partners.

  NNEKA ALAMAEZE/LS


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