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Oil, gas to retain hold on energy mix for more decades – Barkindo
Oil, gas to retain hold on energy mix for more decades – Barkindo

Despite the speed of the annual growth rate for renewables in recent times, oil and gas will hold more than half of the energy demand in a few more decades to come, Secretary General of OPEC, Mohammed Sanusi Barkindo, has said.

Speaking yesterday at the 5th Kuwait Oil & Gas Show with theme ‘New Energy Era: Transformation, Diversification and Integration’, Barkindo said the combined contribution of renewables, hydro, nuclear and biomass is expected to account for just 26% of the global energy mix, an increase of 7% today

According to him, oil and gas combined are still expected to provide more than half of the world’s energy need by 2040, with their combined share relatively stable between 52-53% over the almost 25-year forecast period.

Barkindo said: “Thus, in looking ahead, we need to be realistic about what each energy source can provide, and continually look to transform how we extract, process, supply and use all the energies needed in the future.

“In terms of oil, we expect it to reach over 111mb/d by 2040, an increase of around 15 mb/d.  We are expected to hit 100 mb/d during the course of this year, much earlier than initially forecast. On top of this, we should also remember that oil producers and companies must invest heavily simply to offset the impact of natural decline rates, which is annually around 4 mb/d.”

The OPEC Secretary General also stated that, “For oil, it means that there is no expectation for a peak in oil demand over the forecast period to 2040.  This is not only the projection of OPEC, but the International Energy Agency (IEA) too.”

He said to put this into an investment perspective, in the period to 2040 the required global oil sector investment is estimated at a huge $10.5 trillion.  This also needs to be placed in the context of the fact that globally more than a trillion dollars of frozen capex or cuts were witnessed during 2015 and 2016.

“This should not only be through the concerted and continued development of renewable energies. It also needs to be through the development of technologies in the oil & gas industry to enhance efficiencies, in both production and use, streamline working practices, and further improve their environmental footprint.

“This requires innovation and human ingenuity, just as it has in the past. For example, our industry has seen technological innovation move E&P opportunities from onshore to offshore, then to deep water and frontier regions, and most recently to unconventionals.

“Improvements in the quantity and quality of information about different geological formations have meant we have been able to find more oil and gas,” he said.

When looking at recovery rates, technological developments have helped increase these from less than 10% of oil in place in the early history of the industry to more than 70% in some fields today.

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Electricity firms access N158bn facility to repay loan
Electricity firms access N158bn facility to repay loan

The new owners of the defunct Power Holding Company of Nigeria (PHCN) have accessed about N158 billion from the Central Bank of Nigeria under its Nigeria Electricity Market Stabilisation Facility (NEMSF).

The facility, which was initially N213 billion, was initiated in September 2014 to clear debts that were inherited from the defunct PHCN by the privatised utility firms after November 1, 2013.

However, about N51.8bn of the  fund is yet to be disbursed to 40 participating firms. CBN said it disbursed N158.7bn to 37 firms since 2015.

The disbursement is put under a Special Purpose Vehicle (SPV) called the NESI Stabilisation Strategy Limited with Registered Company (RC) number: 1237000, the Daily Trust learnt. It was to be disbursed to Nigerian Electricity Market (NEM) participants at a single digit interest rate with a moratorium of six months.

Fresh updates from the fund showed that N158.74bn has been disbursed in five batches, representing 75 per cent of the total amount.

An update revealed that by October 2015, one year after it was initiated, N58bn was disbursed with a 10 year repayment period, at a 10 per cent interest rate.

The latest disbursement of N38.53bn was made on April 4, 2018 to Abuja DisCo.  Records obtained from the Ministry of Power, Works and Housing showed that as at April 6, 2018, the N158.744bn has been disbursed to 37 of the power sector firms from a total Global Facility of N210.626bn pegged to offset legacy payments.

The breakdown of the disbursements showed that seven Distribution Companies (DisCos) were slated to get N56.355bn.

CBN said it has disbursed N49.841bn which is 88 per cent while N6.513bn representing 12 per cent is pending.

For the Generation Companies (GenCos), 18 of them are to benefit from N86.834bn and have gotten N73.545bn representing 85 per cent. A balance of 15 per cent which is N13.288bn is still pending.

Six Service Providers which include the Transmission Company of Nigeria (TCN) and the Market Operator (MO) are also in the scheme to get N25.908bn. They have received N10.463bn (40 per cent) and are expected to get N15.44bn which is 60 per cent, the disbursement record showed.

Six Gas Companies (GasCos) are to get N41.528bn. N24.892bn has been disbursed to them which is 60 per cent and they await the disbursement of N16.635bn which will be the 40 per cent outstanding sum.

The data also revealed that 25 per cent of the facility disbursement is pending, derailing plans of the CBN to disburse all the funds within one year of the commencement of the intervention.

The document noted that Kaduna and Yola DisCos are yet to come on board the facility though they are expected to get about N25.37bn.

The analysis of pending disbursements indicates that N25.37bn will be paid to Kaduna and Yola DisCos once they complete the signing of the NEMSF agreements as beneficiaries before June 2018. While Kaduna DisCo could get N18.400bn, Yola DisCo may get N6.972bn.

CBN, through the SPV, plans to disburse another N500 million to other participants in the NESI value chain.

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CBN Begins Disbursement Of N26bn Agribusiness Fund To MSMEs

The Central Bank of Nigeria (CBN), in collaboration with the Bankers’ Committee on Thursday commenced disbursement of N26 billion Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) fund to the first set of beneficiaries.

The CBN Governor, Mr Godwin Emefiele at the inauguration of the scheme in Abuja, said that the fund was set up by the Bankers Committee at its 331st meeting held on Feb. 9, 2017.

He said that the main purpose was to improve access to affordable funding for Micro, Small and Medium Enterprises (MSMEs), particularly those operating in the informal sector of the economy.

Emefiele recalled that as commitment to the successful implementation of the scheme, all Money Deposit Banks (DMBs) voluntarily agreed to contribute five per cent of their Profit After Tax annually. He said their contribution was to be used to fund eligible projects under the scheme.

Emefiele commended the commitment of the DMBs to support the scheme, adding that by the end of next year, the disbursement rate of the fund would have risen to N60 billion.

He also said the fund would be disbursed to youths, who had been trained on various entrepreneurship, vocational and management skills across the country by Entrepreneurship Development Institutions and Centres.

According to him, the centres are the Fate Foundation, Lagos Business School, House of Tara and Thrive Agric.

He said unlike other intervention scheme where the funds were disbursed in cash, beneficiaries under the agribusiness programme would be given equipment that were commensurate to the required amount based on their trade areas. “In Nigeria, the challenges of youth unemployment and restiveness must be confronted with strategic innovative thinking to provide sustainable solution.

“No matter how daunting the challenge may seem, I believe that with unity of purpose, we can fight this scourge together. “There is no gainsaying the fact that one of the most effective ways to tackle this scourge, is through entrepreneurship development and easy access to affordable funding. “Yet, access to funds has been an Achilles heel on entrepreneurship development in the country today.

CBN Support Agriculture: CBN Will Support Any State Committed To Agric
CBN Support Agriculture: CBN Will Support Any State Committed To Agric

“A situation often credited to financial intermediaries’ apathy to youth entrepreneurshipand startups, which are usually perceived as being too risky, lacking relevant managerial skills and not possessing,’’ he said. Emefiele said that the AGSMEIS scheme would be implemented under three broad components, direct, indirect and developmental components.

Under the direct component of the AGSMEIS, the CBN governor said beneficiaries could access loans to a limit of N10 million at an interest rate of five per cent per annum and a maximum tenor of up to seven years. In addition, he said that there was also a moratorium period of 18 months on principal and six months on interest element, depending on the nature of the business.

Under the indirect component of the scheme, the CBN governor said beneficiaries could access equity and quasi-equity investments of up to ten years with an initial lock up period of three years before divestment. He explained that the developmental component of the scheme would be used for capacity building and technical assistance to support beneficiaries.

Emefiele said also that the apex bank would step up its developmental objectives so as to reduce the level of unemployment and create wealth that would support the growth and development of the economy. Also, he said that under the CBN Anchor Borrowers Programme, which was launched in Nov. 2015, the bank had disbursed N80 billion to 358,000 small holder farmers in 34 states, cultivating eight commodities.

The highlight of the event was the disbursement of materials worth N133 million to first set of 358 beneficiaries to start businesses in their chosen fields.

Emefiele stressed again that the money was not free and the beneficiaries would be strictly monitored to ensure repayment.

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Why technical suspension on Oando’s shares was lifted – SEC

The Securities Exchange Commission on Thursday explained why it directed the Nigerian Stock Exchange to lift the technical suspension placed on the shares of Oando Plc.

The NSE had on October 23, 2017 placed a technical suspension on trading in the shares of Oando Plc.

Trading in Oando shares had been frozen for six months after SEC ordered the suspension so as to probe alleged insider trading and the oil company’s shareholding structure.

But speaking on the development in Abuja on Thursday, the Acting Director-General, SEC, Dr. Abdul Zubair, said the suspension on the company’s shares was done in the interest of the market.

He explained that before the decision was reached, the management of Oando as well as the umbrella body of all shareholders’ unions in the company made written submissions for the suspension to be lifted.

Zubair added that while the suspension of shares from trading on the floor of the NSE was usually for a short period, that of Oando extended beyond the normal period owing to litigation instituted by the shareholders.

As a result of the court cases, he said the commission, as a law abiding agency of government, was constrained to continue with the forensic audit or lift the suspension.

According to him, with the withdrawal of the suit in February, the forensic audit has resumed while the technical suspension has been lifted.

Zubair stated, “The shares of Oando Plc were placed on technical suspension in October 2017 upon the announcement of the forensic audit, which aims at protecting investors as a short-term measure.

“Suspensions are typically intended for a short period to ensure market stability and thereafter lifted to allow market dictates.

“However, the suspension of the shares of Oando Plc was prolonged due to several litigation by Oando and other shareholders contesting the propriety of the forensic audit and technical suspension.

“Litigation has now been withdrawn, the independent forensic audit by Deloitte is ongoing and the preliminary result is expected.

“Accordingly, SEC directed the NSE to lift the technical suspension and allow market determination of the share price.”

The acting SEC DG said contrary to speculations that there was a disagreement between the regulator and the NSE on the process of lifting the suspension, the commission was not in dispute with any agency.

“The commission acted in the interest of the shareholders and will continue to protect the interests of all the investors and other stakeholders in the capital market. SEC will update relevant stakeholders on the outcome of the forensic audit,” he added.

Meanwhile, the shares of the company commenced trading on the capital market on Thursday morning following the SEC’s directive.

On its first full day of trading, Oando’s shares were highly sought after.

The Chief Compliance Officer and Company Secretary, Ms. Ayotola Jagun, said, “On day one, 178 million Oando shares were on bid with only 5.5 million available for sale. The company’s share price hit the NSE daily price ceiling of 10 per cent by 10.45am; further evidence that there is a lot of interest in Oando shares.

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BOA, SunTrust Bank Seal MoU On Agric Banking

As part of efforts at revitalising agriculture as alternative mainstay of the economy, the Bank of Agriculture (BOA) and SunTrust Bank yesterday in Abuja sealed an e-banking agreement to the development of agricultural sector in Nigeria.

The agreement was signed at the Federal Ministry of Agriculture in Abuja. The managing director/CEO of SunTrust Bank Nigeria Limited, Muhammad Jibrin and the chief executive of Bank of Agriculture Kabiru Adamu signed for their respective banks, which they said would aid agric processes as employment generating venture.

Minister of Agriculture, Audu Ogbe described the agreement as landmark and instrumental to the development of agricultural sector in Nigeria.

Managing director/CEO of SunTrust Bank Nigeria Limited, Muhammad Jibrin said the agreement, will among other things, allows the SunTrust Bank to deploy its innovative banking services and other complimentary e-banking services to simplify BOA services to its farmer customers across its 140 branches in Nigeria.

Bank Of Agriculture

The Sun Trust Bank boss said the deal will also allow it to deploy its banking platforms technology like ATM and other infrastructure for the over one million farmers in the kitty of BOA. Jibrin said, “We will also provide training support to the BOA staff and at the end of the day, it will be a m

He said plans are afoot for farmers to own 30 percent shares of the Bank of Agriculture, saying that “30 percent of BOA will be owned by farmers which will eventually makes it to be referred to as Farmers Bank like the one in China.”

Ogbe added that “he looks forward to achieving five percent interest rate for farmers”, describing the current interest rate as unfriendly and disincentive.

utually benefiting agreement to all parties.”

Speaking also, the chief executive officer of the BOA, Kabiru Adamu expressed optimism that the MoU will revolutionise agriculture in the country, saying both banks have agreed to bring together their mutually unique capabilities and experiences to enable BOA serve its customers to facilitate quicker penetration of the unbanked farmers.

He said the SunTrust Bank shall provide electronic payment solutions using its existing platform, including USSD, Mobile Money Service, Merchant and Settlement Accounts for e-transaction. Speaking, Minister of Agriculture Audu Ogbe said the landmark deal will change the face of farming in the country.

Ogbe who regretted that the BOA has been in difficulty of the years, expected that the new agreement and partnership with SunTrust Bank will get it out of the woods. “We have been trying to set up IT services at the BOA but it has been difficult. We hope that with your backing, the services will eventually come to fruition,” the minister said.

 

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Bank of Industry boss harps on time management for productivity

Managing Director, Bank of Industry (BoI), Mr. Olukayode Pitan

Managing Director of Bank of Industry (BoI), Olukayode Pitan, has said people who manage their time well achieve greater productivity and efficiency, as they were more likely to meet timelines.

He said organisations place premium on acquiring employees who know how to manage their time and assignments as well as achieve results by saving money and increasing revenues.

“By controlling your time, you can cut out non-essential activities and achieve more, thus enhancing your career and getting more out of life,” he said.

Pitan, who spoke on time and workload management skills at the 2018 International Conference of the Redeemed Christian Church of God Administrators (ICRA), defined time and workload management as the process of arranging and controlling how one spends time in and out of work.

He explained that ensuring appropriate time and workload management within organisations was dependent on the acquisition of necessary skills.

He identified skills required in managing time and workload effectively as identifying goals by being specific on desired items, setting priorities, scheduling by setting time frames, delegating duties to improve productivity and taking break among others.

In a keynote address by RCCG’s national overseer, Joseph Obayemi, explained the theme: No Bounds, as deep, broad and subject to many interpretations.

He advised all workers irrespective of organisations and status to be prepared to leave the comfort zones of their professions and embrace other fields of endeavor and to become versatile and a better-rounded professional.

He tasked them to prepare to be challenged, excited and inspired during the conference, as they reinvent their lives and professions in a creative way and develop a creative edge.

In his welcome address, RCCG’s Assistant General Overseer, Administration and Personnel, Johnson Odesola, defined No Bounds as being unstoppable and stirring up the hidden potential and capacity to do exploit for self and humanity.

He stressed that it was the ability to thrive in all situations as well as advance in adversity.

He told the administrators to invest in time and not expend time, set targets and expectation and avoid external time robbers.

Odesola pointed out that leadership was not an exclusive club for those who were born with it, adding: “Leaders are made. Although leadership relies on some inherited characteristics, it also depends on training and experience.”

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The Process of Unification and Further Developments

There is the continued discoveries related to “unification.” There should be efforts to continue to place together what some aren’t understanding as “Grouped Unifying.” There’s the selected, the chosen, and the administered. There are some unwilling to accept There are some unwilling to accept that the process towards building a more unified class of society is necessary. Yes there will be some continuing to try and invade what is surely going to occur. They’re unaware of the many efforts projected in order to establish the most excellence. The persons allowed to proceed on the journey are certainly gifted individuals. They’re confident enough to allow what can create more stability.

The ones trying to hinder the process towards unification aren’t doing themselves any favors. They’re placing themselves in troubled waters. “The ability to continue to seek and discover the necessary avenues is truly a blessing.” By: Tanikka Paulk. No matter how many times the individuals try to cause disruption there will be movements occurring. Why? God has already ordained it to be so. That’s right. What they’ve tried to do hasn’t brought the solutions they’ve been “searching” for. The unifying needs to occur and the ones who were on the journey before aren’t receiving their invitation to continue to travel because of the efforts to sabotage.

I’ve tried to remain patient and I’ve learned to deal with such beings properly. Yes, there were times when it appeared as if there would be a blowing of the roof top. God has allowed that there be continuation of the process towards unification and amen to that. The competitors aren’t providing their own glory. They’re continuing to think that trying to disconnect the “building up” will allow their accomplishments to flourish. There will continue to be movements in the direction which will offer the best methods possible. Some may not agree with what is to take place.

There are many intimidated by what has occurred and shall occur. They’re not in tuned with the spiritual level and perhaps the reason why is that some aren’t “spiritually” connected. Their focus seems to be more on disconnecting instead or connecting and reconnecting. If they’re trying to sabotage then they shouldn’t be invited. When there was a decision to add the individuals they’ve chosen to cause disruptions and disorder so therefore there is no need to ask the persons along.

There shall be focus on the areas which will pull together the greats. There are more than one and the determined ones will demonstrate that they’re “qualified” to continue on this=tanikka paulk that=tanikka paulk journey. What the competition will do no person has control over. The best thing to do is to proceed confidently. The materials available to assist with further developments are provided for People. There’s more where some eyes haven;t looked. “Where will be the dropping off?” (Tanikka Paulk> There are so many wanting to know.

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Groundbreaking of 614km Ajaokuta-Kano gas pipeline project soon – NNPC
Groundbreaking of 614km Ajaokuta-Kano gas pipeline project soon - NNPC

 The Nigerian National Petroleum Corporation (NNPC) said arrangements are being concluded for the historic groundbreaking of the 40 inches x 614 kilomertre Ajaokuta-Kaduna-Kano (AKK) gas pipeline and stations in the weeks ahead.

NNPC said following last week’s signing of contract agreements for the engineering, procurement, construction, commissioning and financing for Lots 1&3 of the over $2.8bn trans-Nigeria gas pipeline project, measures had been activated for the flag off of what has been described as the single biggest gas pipeline project in the history of oil and gas operation in Nigeria.

The Group General Manager, Public Affairs, NNPC, Ndu Ughamadu, said upon completion, 24 months from now, the AKK gas pipeline would enable connectivity between the East, West and North, which was currently non-existent, and that it would also enable gas supply and utilisation to key commercial centres in the northern corridor with the attendant positive spin-off on power generation and industrial growth.

Providing details of the contract awarded to a consortium of indigenous and Chinese companies under a 100 per cent contractor financing model, the NNPC said Lot 1, with total length of 40 inches x 200km stretching from Ajaokuta to Abuja Terminal Gas Station awarded to the OilServe/Oando Consortium, had a contract value of about $855m.

Lot 2, which contract agreement is yet to be executed, covers 40 inches x 193km, stretching from Abuja to Kaduna with contract value of about $835m.

NNPC said Lot 3 which ran from Kaduna Terminal Gas Station (TGS) to Kano TGS with total length of 40 inches x 221km was awarded to Brentex/China Petroleum Pipeline Bureau (CPP) Consortium under a contract value of about $1.2bn.

The above brings the total value of the entire project to over $2.8bn as approved by the Federal Executive Council (FEC) at its 46th meeting on December 13, 2017.

For a long time NNPC had activated aggressive gas reforms and implementation drive requiring accelerated implementation of gas pipeline infrastructure development with specific focus on critical pipeline infrastructure to power plants and industries.

Between 2010 and now, almost 500km of pipelines had been completed, commissioned and now are delivering gas. Some of the completed pipelines are Oben-Geregu (196km), Escravos-Warri-Oben (110km), Emuren-Itoki (50km), Itoki-Olorunshogo (31km), Imo River-Alaoji (24km) and Ukanafun-Calabar pipeline (128km).

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BRD, saving coops ink deals to accelerate rural electrification

Citizens and small businesses from different parts of the country working with community Savings and Credit Cooperatives (SACCOs) will soon be able to access affordable finance to purchase solar energy equipment.

This follows agreements entered between Rwanda Development Bank (BRD) and different SACCOs clinched at the bank’s headquarters in Kigali yesterday.

During the event, the bank signed a subsidiary financing agreement with eight heads of SACCOs, which will see their clients access affordable finance to acquire off-grid energy equipment.

According to Eric Rutabana, the chief executive officer of BRD, the agreement is part of the Rwanda Renewable Energy Fund, worth $48.94 million, aimed at supporting extension of off-grid energy solutions to different parts of the country.

“This is a government and World Bank project rolled out through Rwanda Development Bank. The project is facilitating financial institutions to avail affordable finance to their clients to enable them get access to energy,” he said.

Rutabana told the media yesterday that the agreement entered between the bank and the SACCOs will see the eight SACCOs get up to $25,000 funding (Rwf21.2 million) during the first phase, and that those that will better utilise the financing stand a chance to get another.

“We are giving them $25,000, which, if put to good use, can easily attract another round of finance from the Fund. We will be signing another agreement with 22 other SACCOs in the coming days,” he said.

The loan given to the SACCOs will carry an interest of 5 per cent, but bank officials did not specify within which period it is expected to be paid back. They also highlighted that SACCOs would set their own interest when lending to their clients.

Those that inked deals with BRD include Girubukire SACCO Buyoga, Imbarutso SACCO Musenyi, Rebakure SACCO Rusarabuye, Terimbere SACCO Bwira, Rebakure SACCO Coko, COOPEC Ubumwe Nyakariro, Isunge SACCO Ngarama, and Uruyange SACCO Rukoma.

All are from the districts of Rulindo, Bugesera, Burera, Ngororero, Gakenke, Rwamagana, Gatsibo and Kamonyi.

Isidore Karasi, the president of Girubukire SACCO Buyoga in Rulindo District, told The New Times that they are hopeful that the money will help some of their clients, especially those living in areas with no electricity.

“We are happy to partner with BRD to acquire affordable finance, and we think it will help the people who we work with in our sector, mostly those who don’t have access to energy,” he said, adding that it is a small amount of money which could be spent in a short time.

In general, the Renewable Energy Fund targets to benefit up to 445,000 households (1.8 million people) in the next seven years, helping the Government to achieve its targets of providing access to the entire population by 2024.

The agreements with SACCOs come few days after BRD signed another agreement with commercial banks, including Bank of Kigali, KCB Bank Rwanda, Access Bank and I&M Bank.

The multimillion dollar funding agreement seeks to enable SACCOs, commercial and micro-finance institutions finance off-grid energy, which, according to the current national strategy, is meant to account for about 48 per cent of national energy provision.

Rutabana said the project ultimately targets rural areas that have very low energy access rates.

Some districts like Nyaruguru, Nyamagabe, Gakenke, Gisagara, and Gicumbi have less than 10 per cent energy access. Officials said they would benefit from the initiative.

At the moment, about 42 per cent of Rwanda’s population has access to power, both on-grid and off-grid solutions.

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African Development Bank undertakes High Power Sector mission in Nigeria

Vice-President, Yemi Osinbajo, SAN, receives African Development Bank Vice-President for Power, Energy, Climate Change and Green Growth, Amadou Hott, and other African Development Bank Senior Managers in his Office to discuss Nigeria’s Power Sector Recovery Program (PSRP), State House Abuja.

The African Development Bank has undertaken a mission to hold further discussions on Nigeria’s Power Sector Recovery Program (PSRP) with several stakeholders in Abuja, the country’s capital, from March 14-16, 2018. The high-level mission was led by Amadou Hott, the Bank’s Vice-President for Power, Energy, Climate Change and Green Growth.

The Bank will focus on supporting the program in three primary areas including operational and technical intervention, addressing governance issues and policy-based support. The program is designed to promote energy access to rural communities, through the expansion of the transmission grid, development of innovative financing products and provision of technical assistance to improve revenue generation by the distribution companies.

The goal of the mission was to identify opportunities for collaboration in the program. It included meetings with relevant Ministries, departments and agencies to harmonize plans and areas of intervention, including the Federal Ministries of Finance, Power, the Nigerian Electricity Regulatory Commission, the Transmission Company of Nigeria, the World Bank and solar power developers.

The African Development Bank’s energy strategy identifies energy as crucial not only for the attainment of health and education outcomes, but also for industrialization, reducing the cost of doing business and for unlocking economic potential and creating jobs. In line with its High 5 development priorities, the Bank is committed to supporting Nigeria in the effective and efficient implementation of the country’s Power Sector Recovery Program.

Akinwumi Adesina, President of the African Development Bank, has said that “Africa is simply tired of being in the dark. It is time to take decisive action and turn around this narrative: to light up and power Africa – and accelerate the pace of economic transformation, unlock the potential of businesses, and drive much-needed industrialization to create jobs.”

Agriculture Fast Track Fund to launch 12 new projects in support of agribusiness SMEs in six African countries

The African Development Bank will launch 12 new projects funded by the Agriculture Fast Track Fund (AFT) on March 27-29, 2018 to support agribusiness SMEs in Ghana and five other countries – Burkina Faso, Ethiopia, Ghana, Malawi, Mozambique and Nigeria

The Agriculture Fast Track Fund is managed by the African Development Bank to support the development of a strong pipeline of “bankable” agriculture infrastructure projects, funded by the governments of the United States, Denmark and Sweden, in support of project preparation activities to facilitate the takeoff of African small and medium-sized enterprises (SMEs).

The AFT finances the project development cost of a broad range of agriculture infrastructure spanning the entire value chain, from production to market. Target projects range from rural feeder roads to agro-processing and marketing facilities, and outgrower schemes. Emphasis are on projects that contribute to food security and support to smallholder farmers.

The projects are being implemented in 10 eligible regional member countries of the Bank – Benin, Burkina Faso, Côte d’Ivoire, Ethiopia, Ghana, Malawi, Mozambique, Nigeria, Senegal and Tanzania.

AfDB appoints Dibba-Wadda new Director of Human Capital, Youth and Skills Development

The African Development Bank (AfDB) has announced the appointment of Ms. Oley Lucretia Clara Dibba-Wadda as Director of Human Capital, Youth and Skills Development with effect from July 1, 2017.

A citizen of the Republic of The Gambia, Ms. Dibba-Wadda is a social development executive and strategic analyst with over 20 years of leadership and management experience. She is an expert in African and international policies on education, gender equality and youth development.

“Oley is a well-respected leader in the field of education and her leadership has been inspiring in mobilizing African decision makers to focus on human capital and youth development on the continent. Her extensive experience, passion and commitment to the education of girls and skills development for the youths, will help advance the Bank’s focus on building Africa’s workforce of the future and creating jobs for the youths,” said Akinwumi Adesina, President of AfDB

Before her appointment, she was the Executive Secretary of the Association for the Development of Education in Africa (ADEA) – a pan-African Institution (hosted by the African Development Bank). She had earlier worked as the Executive Director of the Forum for African Women Educationalists (FAWE), a pan-African organization for promoting the education of girls across sub-Saharan Africa. She had also worked as the Executive Director of Femmes Africa Solidarité (FAS) – an Africa-wide organization on women, peace and security in Africa.

Ms. Dibba-Wadda has held several other management and advisory roles in various international development agencies, including Oxfam, Great Britain, the Commonwealth Education Fund and Concern Universal. She is a Global Ambassador for 10X10 and Concern Universal and chairs and sits on several Advisory Boards and Committees.

A certified life coach, Ms. Dibba-Wadda has over the past 19 years been providing coaching and mentoring support on emotional life skills to several youths across the African continent. She is the founder of the Gam Africa Institute for Leadership (GAIL) in The Gambia and a strong advocate and champion for youth development in Africa.

In recognition of her exemplary contribution towards human development, she was awarded the “Inspiring Woman of Excellence” in 2012 and the “African Woman Leadership” in 2013. She was one of the nominees for the “2017 New African Woman in Education.”

She holds a Master’s degree in Gender Analysis in Development from the University of East Anglia in the United Kingdom and a Diploma in Gender and Developmen

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