Expect much of startup funding to still come from Egypt before this year ends. This goes to say that the startup ecosystem in the country is very much alive and that a lot of young startup owners are now more determined than ever. New to the list are two startups, XPay, and Colnn which have just raised an aggregate of $350, 000.
XPay
Egypt’s fintech startup XPay secured $250,000 in pre-seed funding from two angel investors. XPay is part of the cohort currently participating in Startupbootcamp Fintech Cairo.
XPay was founded in 2018 by Dr. Mohamed AbdelMottaleb, to empower communities to go cashless. The startup enables universities, schools, gyms, social and sports clubs, residential compounds and different other communities to set up their offerings and collect payment online. XPay’s mobile app allows members in these communities to pay in less than a minute using debit/credit cards, mobile wallet, and a cash collection service.
“XPay was established to become the platform of choice for all members of the family — eliminating the stress of juggling numerous transactions, subscription and bill payments, payment methods and due dates. One platform to ease the unavoidable inconvenience of modern living,” Dr. Mohamed AbdelMottaleb, founder and CEO of XPay said in an interview.
The startup plans to use the use of this funding to grow the company and also expand its team.
The Cairo-based ed-tech startup Colnn has also raised $100,000 from EdVentures, the VC arm of Egypt’s leading publisher Nahder Misr, the startup announced earlier this week. EdVentures also runs an accelerator program for education startups in Egypt.
Founded in 2015 by Tamer Samir, Colnn, per the statement, is a cloud-based school management system that comes with a mobile app, enabling schools to manage their operations, processes, activities, and communication between parents, teachers, and students. The mobile app by Colnn connects teachers and parents allowing parents to keep an eye on their children’s performance and daily activities.
According to Colnn’s website, the students also get an online account that enables them to access announcements, attendance, homework, online quizzes, and their time table.
It’s not clear if Colnn has a per-student subscription model for schools (which is what’s used by a large number of similar SaaS startups) or it charges the school a monthly subscription fee regardless of the number of students they have.
The startup, according to the statement, works with each school to customize its solutions and software according to their requirements (as long customization requirements meet their strategy).
”We’re not sure about the extent of customization but it would be safe to assume that it includes minor tweaks as anything major normally requires a lot of resources and the cost of those changes and upgrades normally outweigh the benefits unless its a very big client,” the startup noted.
Tamer Samir, founder, and CEO of Colnn commenting on the investment said, “Becoming a part of EdVentures will definitely support our expansion plans. Nahdet Misr’s over 80 years of experience in the education sector and its local and international network will help us enter new markets.”
Dalia Ibrahim, the Founder of EdVentures and the CEO of Nahdet Misr Publishing House, added,
“We were keen to add Colnn to our portfolio of companies as it perfectly aligns with our objective of developing and offering new and innovative educational solutions that further strengthen the educational sector in our country.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
5G is finally here. With the 5G infrastructure, it will become almost possible to download an HD movie in seven seconds — 40 times faster than 4G. This will be a big boost for countries like Equatorial Guinea where it will take over 22 hours to download a 5-gigabyte movie.
5G has now reached an advanced stage where it can be implemented on a wider scale after years of research. Countries like the US, the UK, South Korea, Japan, and the Scandinavian region are already positioning themselves for wide-scale adoption, first rolling out 5G services on a trial basis in select areas. For many, it would be fully operational by the end of 2019 or 2020. According to Ericsson, the new 5G technology has the business potential of $619 billion in revenue opportunity for telecom operators globally by 2026. Below, we consider how 5G technology will improve output volume of African startups.
Reduction in Cost
Among the potential advantages are high data rates, reduced latency, energy savings, cost reductions, and higher system capacity. Of course, you would expect an increase in cost by internet service providers for 5G services in order to cover the initial cost of installing 5G infrastructure, but all these would become inconsequential in the future as consumers can get more value for their services. The cost will include saving time and energy usage. A person with a 5G smartphone could download a 3-D movie in about 6 seconds. On 4G, it would take 6 minutes.
But note this: 5G is never really putting an end to the increasing cost of internet use. It is better to understand the implication of 5G technology from these contrasting sides of a coin. In 2013, you would require on average $76 a month for internet subscription according to the United States’ Bureau of Labor statistics. That figure is up 50% from the $51 a month consumers were paying in 2007, the year that the iPhone was launched. By 2019, Cisco (CSCO) forecasts that mobile data traffic to and from cell towers (not offloaded to Wi-Fi) will grow by 57%. With this forecast and should data plans stay the same four years down the road, the average user’s smartphone bill could grow by $43 a month to $119.
However, one key respite 5G is bringing to the table is in the quality of services.
‘‘Initially, 5G subscriptions might cost more than 4G, so that the telecom operators can differentiate the different services. My guess is that with time the operators will push the monthly cost for a 5G subscription to the same range as today’s subscriptions, since most people don’t want to pay more than they are already doing. Hence you will get a much better service for your money. Huge investments will definitely be needed for 5G. Spectrum will be expensive, irrespective of what kind of bands that will be used. Deployment of new base stations and backhaul infrastructure will also be expensive.’’
So with faster internet infrastructure, expect more volumes of output.
The World Bank identified broadband Internet connectivity as a key catalyst for economic growth with every 10 percent increase in connectivity enabling a 1.38 percent growth in Gross Domestic Product (GDP).
“For instance, the average Internet speed in Nigeria might be 3.9Mbps but, if you are in Lagos, you could choose to buy a 4G connection and experience 10 to 20Mbps. If faster speeds are available, you do not need to worry about the average speed, hence it should not be a cause for slowing down economic activity. However, if you live or work in an area without fast access, then, for certain types of business, this would be an impediment to growth. Note also that if you do not have a fast access available your average speed is likely to be considerably worse than the nation’s average, because that’s the way averages work. This is the ‘Digital Divide’,” noted the Chief Executive Officer, Spectranet, David Venn.
5G Will Unleash More New Disruptive Ideas and Innovations
No gainsaying the fact that 5G technology will lead to the explosion of new disruptive ideas.
‘‘Many of the benefits probably aren’t yet apparent to us. Wireless network operators initially resisted proposals to give their customers mobile access to the internet, questioning why they would want it. At the dawn of 4G’s adoption no one could have predicted the new business models that grew on the back of mobile broadband, like Uber, Spotify and Facebook,’’ the World Economic Forum noted in its World Economic Forum Annual Meeting.
Unarguably, 5G would be a great enabler for the explosion of more disruptive innovations. One such innovation which has already achieved momentum is the Internet of Things. Embedded with electronics, Internet connectivity, and other forms of hardware, these devices can communicate and interact with others over the Internet, and they can be remotely monitored and controlled. One commentator describes how bizarre the world of the internet could get:
‘‘When someone wants Rebecca dead, he can just instruct her car to drive off a cliff. Mad stuff.’’
This is what ideas such as the Internet of Things are bringing to the table. One clear example of this is already seen in self-driving cars by Google. 5G will make such things become as ubiquitous as ever.
Consider alone the potential impact of the Internet of Things alone. McKinsey & Company says the Internet of Things (IoT) has a potential economic impact of $2.7 to $6.2T until 2025.
A host of disruptive applications will be built around 5G’s ultra-fast networks and real-time responsiveness once the infrastructure is fully deployed. Particularly, immediate disruptions are expected in these areas:
massive Machine Type Communications (mMTC) such as solar-powered streetlights or other innovations to help citywide infrastructure
Device-to-device public safety communications that don’t need active cellular coverage
Real-time operations employing robotics to link surgeons with remote sites
Machina Research forecasts “IoT will account for one-quarter of the global 41 million 5G connections in 2024.” Approximately ¾ of these will be in the auto industry via embedded vehicle connections.
Although the report sees 5G deployment “highly concentrated” in Japan, Korea, Europe, China and North America (with Japan and Korea leading the charge), it will also help operators extend their opportunities in new markets.
‘‘5G use case is in web apps. While it’s true that it’s just as easy to download apps as it is to download any program, and 5G makes the whole experience seem instant, you can free up storage space and avoid installation steps by using a web-based app that’s already set up and ready for you to stream from a web browser.
In other words, 5G will bring a world where you need very little storage on your phone because everything, including your apps, are instantly available from the cloud,’’ noted Tim Fisher, a technology expert
So get ready. 5G is bound to create more disruptions, just like Facebook, fin-techs and other digitally-focused platforms. For African startups, they would definitely be in the value chain.
Upsurge In Internet Users. More Consumers Available Online
With 5G, expect a huge upsurge in the number of consumers available online. 5G will, therefore, provide network support for massive increases in data traffic. According to Cisco, by 2022, mobile will represent nearly 20 percent of all global IP traffic, fueled in part by the Internet of Things.
‘‘Mobile traffic will be on the verge of reaching an annual run rate of a zettabyte by the end of 2022. In that timeframe, mobile traffic will represent nearly 20 percent of global IP traffic and will reach 930 exabytes annually — nearly 113 times more than all mobile traffic generated globally in 2012. (An exabyte is 1,000,000,000 gigabytes and a zettabyte is 1,000 exabytes.),’’ noted Cisco in its annual Global Mobile Data Traffic Forecast Update (2017–2022)
5G will fuel more connectivity and internet penetration for consumers. Just take this fact for instance: although launched in 2014, in 2017, 4G already carried 72 percent of the total mobile traffic and represented the largest share of mobile data traffic by network type.
Cisco predicts that 4G will continue to grow faster than other networks, however, the percentage share will go down slightly to 71 percent of all mobile data traffic by 2022.
“The full value and transformational capabilities of 5G cannot simply be measured by performance improvements over 4G (higher bandwidth, broader coverage, and lower latency),” wrote Thomas Barnett, director of Cisco’s service-provider thought leadership in a blog about the report. “5G will also deliver enhanced power efficiency, cost optimization, massive IoT connection density and dynamic allocation of resources based on awareness of content, user, and location.”
Cisco’s study also noted that 5G growth will be driven by IoT applications — sensors and meters on the low end to autonomous cars on the high end. Awareness of content, user and location will determine how 5G resources are allocated. “This technology is expected to solve frequency licensing and spectrum management issues. Large scale commercial deployments are not expected until the latter years of the current forecast.
Interestingly, Cisco’s forecast also sees an opportunity for internet-based businesses, as more and more consumers will find online presence almost inescapable.
The study notes that:
By 2022, 5G connections will represent over three percent of total mobile connections and will account for nearly 12 percent of global mobile data traffic.
By 2022, the average 5G connection (22 GB/month) will generate nearly three times more traffic than the average 4G connection (8 GB/month).
By 2022, 4G connections will be 54.3 percent of total mobile connections, compared to 34.7 percent in 2017. The global mobile 4G connections will grow from 3 billion in 2017 to 6.7 billion by 2022 at a CAGR of 18 percent. 5G connections will appear on the scene in 2019 and will grow several thousand percents from under half a million in 2019 to over 400 million by 2022.
Indeed, 5G will create a whole new world of customer experience. 5G will also change Peer-to-Peer connections because instead of just servers having access to quick upload speeds, your phone and computer can do the same.
‘‘Every 5G cell has a minimum upload speed of 10 Gbps (1.25 gigabytes per second), meaning that in ideal conditions, users can transfer 1.25 GB of data every single second between devices. This is much faster than what’s currently widely available. Having such a fast upload speed on your end, and other people having access to 5G’s ultrafast download speeds, means that others can download data from you as fast as you can upload it,’’ Fisher noted.
‘‘P2P can be used in many forms, like when making phone calls, transferring files, relaying information between vehicles in a smart city, automating factory equipment, and interconnecting smart sensors in homes, cities, farms, etc.’’
Bottom Line
5G will definitely see a boom in the African startup ecosystem. It will not only make the mobile experience efficient but memorable. World Bank report estimates show that a 10% higher 3G penetration in 2012 resulted in an increase of 0.15 percentage points in the annual growth rate of GDP per capita. The study also estimated the impact of mobile data usage across 14 countries found that a doubling of mobile data consumption raised GDP by 0.5 percentage points. The study also noted that for every 10 percentage point increase in broadband penetration in China there was a 2.14% increase in GDP.
In contrast to other findings that broadband has the biggest economic impact of all ICTs, simple 2G mobile penetration was found to have a bigger and more significant impact than fixed broadband on the Senegalese economy. Each 10 percentage point increase in mobile penetration was found to raise GDP growth by 0.44% (at a 10% significance level).
So African startups should expect more from 5G! Such sectors that would see the immediate impact are Virtual and augmented reality, video, and music streaming services, among others.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
“Morocco has become a key player in the economic integration of the African continent”. It is with this in mind that Akinwumi Adesina, President of the African Development Bank, expressed his desire to collaborate with the Cherifian Kingdom in the implementation of the “Desert to Power” programme. It was on the sidelines of the 4th Annual General Meeting of Shareholders of the Pan-African Investment Platform Africa50, which ended on Wednesday, July 10, 2019, in Kigali, the capital of Rwanda.
The collaboration would allow Morocco to put its experience in the green energy sector at the service of the African continent. The “Desert to Power” operation would lead to the establishment of a “New deal for energy in Africa”. This AfDB programme, launched in 2017, aims to achieve universal access to energy throughout the continent by 2025. In particular, it will result in the installation of 10 GW of electricity from green energy.
As Akinwumi Adésina also pointed out, several projects are in the pipeline between Morocco and the AfDB, mainly in the infrastructure, governance and financial market integration domains. In 2016, Morocco inaugurated the Ouarzazate power plant located in the middle of the desert.
At the time, it was the largest solar power plant in the world. The country’s commitment to promoting wind and solar energy are key factors that have convinced the AfDB to turn to it to help it implement the “Desert to Power” project. A letter of intent to cooperate had already been signed to this effect on the 7th of November 2018 between the AfDB and the Moroccan Agency for Sustainable Energy (Masen).
The desert becomes an opportunity
The AfDB, through the “Desert to Power” programme, would like to use the solar potential of the Sahel countries to increase electricity production. AfDB estimates show that 64% of the Sahel population is without electricity. Yet the continent is twice as sunny as Europe. With the implementation of this initiative, more than 90 million Africans would have access to electricity for the first time ever. The “Desert to Power” project seems to be timely, at a moment when the energy deficit is estimated to cost between 2 to 4% of Africa’s annual GDP.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
A Non-profit organization called We Care Solar, based in California; the USA says it has installed 435 Solar Suitcases in 430 health facilities across Liberia. The organization working in partnership with the Ministry of Health (MOH) here is dedicated to improving maternal health care in health facilities through access to renewable energy.
We Care Solar Global Program Officer Kim Gordon presented the evaluation study result of the organization at a one-day conference held at the Paynesville City Hall outside Monrovia on 18 July. During the presentation, Mr. Gordon said 518 health facilities were assessed and it was found that 430 were in need of reliable electricity, following which 435 solar suitcases were installed in 430 health facilities.
According to him, 44 installers were trained; 2,203 health workers trained, and 220,000 mothers and newborns served in health facilities using Solar Suitcases. He discloses that since 2010, the organization has designed technology and developed programs to bring compact rugged solar electric systems-Solar Suitcases-to under-resourced health centers.
To date, Mr. Gordon reveals that more than 3,800 health centers globally have been equipped with this technology, replacing candles and kerosene lanterns with bright, efficient LED lights which provide electricity for photo charging, fetal monitoring and small medical devices which enable health workers to promote life-saving care.
He notes that the organization had a special interest in supporting Liberia conduct a plot solar suitcases program in Bong and Lofa counties in 2011, in partnership with Liberian Institute of Biomedical Research and the Light Every Birth initiative.
Mr. Gordon discloses that funding came from UN DESA, UBS Optimus Foundation, Gilead Foundation, Music for Relief, Meadow Fund, and other generous donors. According to him, assessment of health facility electricity needs was conducted by the Family Health Division of the Ministry of Health, County Health Teams and We Care Solar.
In order to qualify for solar suitcase development, he says the health facility must offer delivery services by a skilled trained professional, have unreliable electricity and lighting, and be a building suitcase for installation, among others. Liberia’s Minister of Health Dr. Wilhelmina Jallah expressed gratitude to We Care Solar for helping to save the lives of newborns in health facilities across the country. She assured the organization of the government’s continued commitment to collaborating with it in achieving the goal of providing solar suitcase to every health facility in Liberia.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
Engen Ghana Limited, one of the leading players in the petroleum downstream sector has opened a new station to its existing network of 22 stations nationwide. The station is located in Ayikai Doblo, a suburb of Amasaman in the Ga West municipality and operates a 24-hour service delivery for fuel.
Mr. Henry Akwaboah, MD, Engen Ghana in a statement, said that this latest addition to the network was an assurance to customers that the company was here to stay. The company’s mission is to act more responsibly by ensuring that there are the right skills set of forecourt staff.“With the right skills and knowledge, customers will be better served at this new station and have value for money spent on fuel and lubricants,” he explained.
He said as an international brand, Engen goes the extra mile to produce only the best fuel and lubricants. Ms. Nana Ama Larbie, Retail, and Property Development Manager, at Engen, said the Engen Dynamic Diesel and Primax Super have been purposely produced with the vehicle engines in mind to protect, clean and maintain the engine. This is available at all Engen Service Stations across the country.
“At Engen, we are committed to selling high-quality fuels and lubricants to our customers and the consuming public. We are mindful of the harmful effects of low-quality fuels on vehicles, equipment, and the environment hence, our supply and distribution processes ensure quality assurance right from the loading depot until delivery at our service stations and bulk consumer facilities,” she intimated. He said: “Engen Ghana Limited hopes to continuously improve and expand to meet the needs of their patrons nationwide.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
If you think that it is harder for small and medium-sized businesses to get loans from banks in Namibia, this is a chance to think again. A new report is saying Namibia is the best place in Africa for small scale businesses to get credit facilities from banks.
The report presents what it calls an “SME Competitiveness Grid” which allocates scores to the various sizes of enterprises in Namibia— small, medium and large — for various aspects of business services available to them using key indicators such as a country’s Gross Domestic Products (GDP) per capita, current account surplus, deficit and share of GDP, Tariff preference margin and many others.
Small Businesses
In Namibia, small businesses are scored at 76.6 percent with regards to investment financed by banks which is well above the threshold score of 22.4 percent below which the availability of a business service is assessed as weak. This is the highest in Africa, closely followed by Kenya at 65.2 percent. Botswana is third at 62.5 percent. Following Botswana is Mali which is fourth at 61.9 percent. Africa’s largest economy, Nigeria was scored 15.8%. At this rate, it is hardest for small businesses to get a loan in Congo DR at 4.1% or in Sierra Leone at 4.7%
This figure means that small enterprises have far more access to bank financing in Namibia compared to other African countries and also compared to Namibian medium and large-sized counterparts. The survey regards any score over 67.3 percent as strong and in Namibia, only large-sized firms are assessed to have strong access to finance, although medium-sized enterprises come close.
Central and South American countries scored the highest in this regard with Chile scoring 85.6 percent, Dominican Republic 86.0 percent, Nicaragua 68.7 percent, and Guatemala 61.7 percent as prime examples.
Conversely, sub-Saharan African countries fared poorly. Surprisingly, Liberia scored a relatively high 46.6 percent but neighboring Nigeria recorded a low 15.8 percent.
It is easiest for medium scale businesses in Kenya at 70.6% to get bank loans compared to their counterparts in Africa. In this regard, Namibia scored 56.3 percent. It is also easiest for large scale companies in Burundi at 83.5% to get loans compared to their counterparts across Africa.
This indicates that activities in Namibia’s banking sector gravitate heavily towards the financing of small scale businesses making it increasingly possible for small, medium and larger businesses to attract the needed investments from various banks.
It is deemed that SMEs contribute to the Sustainable Development Goals (SDGs) through the jobs and wages they provide to their respective employees; their business practices; the sector in which they operate as well as their contribution to the national economy.
Financial institutions in most cases do not extend substantial credit facility to SMEs, most especially in the developing countries to either expand their business or make direct investment owing to the lack of information on SME creditworthiness which in turn leads to high perceived risks.
This recent outlook is, therefore, making a strong case on the need to encourage continuous investments in the country’s small business sector in order to realize the SDGs.
It is in this regard that the ITC is advocating that local financial institutions namely banks, insurance providers and microcredit agencies playing an effective role by providing information on SMEs such as credit history, that is necessary to accurately assess performance risk.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.
Representatives of the US government say plans are underway to establish the West African Trade Hub (WATH) in Lagos and Abuja, Nigeria. This is in a bid to support the bilateral trade between Nigeria and the United States. Grace Adeyemo, Director of the Nigeria-American Chamber of Commerce (NACC), said this at a conference for Prosper Africa, an initiative of the US government targeted at “creating an enabling environment for foreign and direct investment” in African countries.
Adeyemo expressed optimism about the economic prospects of the President Donald Trump-backed trade initiative, which, according to her, prompted the decision to move the trade hub into Nigeria.
She, however, noted that Nigerian entrepreneurs who seek access to opportunities that would accrue from the initiative through the hub would need to meet the regulatory standards required to break into the US/global market.
According to her, the NACC would also offer advice to prospective exporters who would like to take advantage of the tariff-free market on the US-Nigeria bilateral trade agreement.
“US representatives have told us that the West African Trade hub would now move into Nigeria to be situated in Abuja and Lagos. This is so that we can address our challenges and have the hub serve as an overseer reciprocatory for all we are going to be doing in the US,” she said.
“It will be launched anytime soon. It has always been in Ghana. US government is willing to support a partnership between US investors and Africa. Nigeria can latch onto that but we need to get it right first. We need to try to grow our businesses and add value to them.”
WATH is a one-stop-shop organization backed and funded by the United States Agency for International Development (USAID) to increase the value and volume of West Africa’s exports by addressing challenges in intra-regional and export-oriented products.
Apart from synergizing with local regulatory agencies and policymakers to influence the business environment and attract investors, it is also targeted at promoting the two-way trade between Africa and the US under the African Growth and Opportunity Act (AGOA).
AGOA is a US policy that accords duty-free treatments to virtually all products that are exported to the US by beneficiary sub-Sahara African countries. Acclaimed as the cornerstone of US trade policy with Africa, it is aimed at facilitating the export of over 6,000 goods with no tariff.
Prosper Africa, a trade initiative launched by the Trump’s administration, is one aimed at synchronizing the efforts of the US government agencies to facilitate more deals between the US and African businesses and address trade/investment barriers.
Earl Gast, executive vice president of programs at Creative Associates International, said the end-result of the initiative would create more jobs for Nigerians. He said it would significantly grow the economies of both countries and improve the export capacity of Nigerian businesses.
“With Africa’s prosperity should come the US’ prosperity. We’re looking at how we can marry up the private sectors of both countries and, in the context of Nigeria, partner with the US capital know-how and exports,” he said.
“Economies would grow, jobs would be created through private sector development. Nigeria would export into the region, through AGOA strategy, and to the US. We’re also looking at US exports that might help grow companies in Nigeria so that they can take advantage of the US market.”
On her part, Florie Liser, CEO of the Corporate Council on Africa (CCA), said the initiative would support US firms that intend on investing in Africa and develop the value of Nigerian products to enable the private sector benefit substantially from the value chain.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
OFID’s highest policy-making body, the Ministerial Council, held its 40th Annual Session in Vienna, Austria, and approved the general principles of OFID’s new Strategic Framework. The new strategy affirms OFID’s commitment to providing support to developing countries – especially low-income countries – in an increasingly complex and challenging development landscape.
At the Ministerial Council meeting, OFID Director-General Dr. Abdulhamid Alkhalifa said: “OFID’s vision is to be a relevant, agile and efficient development finance institution that can deliver maximum development impact to its partner countries while becoming self-sustainable in financing its operations.”
Over the coming months, OFID will embark on a journey to diversify its financial resources and to implement a coherent and consistent set of actions aimed at creating greater efficiency throughout the institution and equipping it with more innovative and responsive operational and financial instruments.
As part of its new strategy, OFID will renew its focus on partnerships. OFID works closely with organizations such as the World Bank, regional development banks and the bilateral and multilateral agencies of OFID member countries, as well as specialized agencies of the United Nations. In addition to strengthening existing partnerships, OFID aims to form new relationships to revitalize the global partnership in support of sustainable development.
In keeping with previous years, a highlight of the Ministerial Council’s public session was the presentation of the OFID Annual Award for Development. The 2019 Award was bestowed on Vida Duti – Country Director of the IRC International Water and Sanitation Centre in Ghana – in recognition of her remarkable work and engagement in ensuring sustainable water, sanitation and hygiene (WASH) services for the population of Ghana (see press release PR14).
The Ministerial Council also considered and approved OFID’s financial statements and 2018 Annual Report, which shows cumulative commitments to global development exceeding US$23.4 billion.
OFID aims to continue to support the global efforts to overcome development challenges, as it has done since 1976, by extending concessionary financial assistance; participating in the financing of private sector activities in developing countries; contributing to the resources of other development institutions.
Since it was established, the organization has improved its capabilities and operational reach to support South-South development and socioeconomic growth in partner countries around the world. Public Sector lending, including to low-income countries, will continue to represent the largest portion of OFID’s loan portfolio, going forward.
The Ministerial Council comprises the finance ministers and other high-level representatives of OFID Member Countries. It meets once a year.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
2019 The OPEC Fund for International Development (OFID) Award for Development has been conferred upon Vida Duti, in recognition of her remarkable work in striving for sustainable water, sanitation and hygiene (WASH) services for the population of Ghana. Duti, who is Country Director of the IRC International Water and Sanitation Centre in Ghana, will receive US$100,000 from OFID in recognition.
Duti leads a team of 12 in Ghana. The team’s priority is advocating for greater financial and political support for WASH, while also supporting national government policies, standards, and guidelines. Its priority in its partner district, Asutifi North, is to support the roll-out of a WASH ‘master plan.’
This plan aims to provide universal WASH services for the entire population of the Asutifi district by 2030. Currently, only around half of the district’s 62,816 people have access to adequate water facilities and just 15 percent to decent sanitation. The project’s coalition includes local government, World Vision, the Conrad N Hilton Foundation, Safe Water Network and non-profit organization Aquaya.
Duti attended a presentation ceremony at OFID’s headquarters during the 40th Annual Session of the organization’s Ministerial Council in Vienna. She said she was humbled to receive the award and that it would motivate and strengthen her resolve to work harder to improve the quality of life of people in the developing world.
“I dedicate this award to the people of Ghana and the Asutifi North district for whose quest I gained this recognition,” said Duti. “I wish to express my profound gratitude to the Chairman and Ministerial Council, the management and staff of OFID. I assure you of my resolve to work harder towards improving the quality of life for people in the developing world, especially Ghana.”
OFID Director-General Dr. Abdulhamid Alkhalifa said: “OFID recognizes the important role women play in the WASH sector, advancing solutions and encouraging behavioral change. Vida Duti’s engagement in this sector is exemplary and is helping to deliver access to safe, reliable and affordable water services to numerous people in Ghana.
“OFID hopes that bestowing this year’s Annual Award for Development to Mrs. Duti will help accelerate action in sub-Saharan Africa, encourage the many women working in development, and highlight the important issues of safe water and hygiene.”
The OFID Annual Award for Development was introduced in 2006 to highlight the achievements of organizations and individuals in poverty reduction and sustainable development. Past winners include: Bangladesh-based BRAC, for its support of Rohingya refugees in Bangladesh; the Foundation for Integral Development in Guatemala; Syrian refugee Doaa Al Zamel; the Children’s Cancer Hospital in Egypt; Kenya’s Kakenya Center for Excellence; Malala Yousafzai of Pakistan; Dr Mazen Al-Hajri, renowned ENT surgeon and philanthropist; Professor Muhammad Yunus; and Bartolina Sisa National Confederation of Peasant Indigenous Native Women of Bolivia.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
One of the most cultivated leguminous vegetables in Nigeria, Soybean attracted the most gain in agricultural commodities trading on AFEX exchange during June and continued to outstrip paddy rice, cocoa, sorghum, ginger, and maize season-till-date.
The crop gained 3.4 percent week-on-week, moving from an average of 151 points during the first week to 156.50 between 7th and 13th of the month, based on the data obtained from AFEX Commodities Weekly Price Report. The increase drove the soybeans from 2508 percent to 35 percent, followed from a distance by ginger 11.47 percent, maize 11.11 and sorghum 7.79 percent.
The latest AFEX Commodities Index composite – a collection of all commodity indexes averaged together to represent overall market or sector performance- averaged 170.8 points during June, marking a 2.97 point increase from 1.77 percentage point at the beginning due to the closure of markets from the public holidays.
According to the report, the maximizing prices for Maize, Sorghum, Soybean and paddy rice recorded in Shuwarin market in Jigawa state; Oja tuntun, Kwara; Dawanau market, Kano and Mbulatawiwi, Borno state. The minimum price for maize, sorghum, soybeans, and paddy rice were recorded in Sabuwar Kasuwa, Borno state; Leggal, Gombe; Mbulatawiwi, Borno and Kamba, Kebbi state. For ginger, the minimum and maximum price was recorded in Kwoi market Kaduna state.
The report tracked the price movement of commodities traded on the exchange and all executed prices inclusive of logistic costs, covering commodities from the farm gate to the reference delivery point.
During the first week of June, the commodities index composite averaged 167.71 points marking a flat performance over the week due to the closure of markets from the public holidays. All sub-indices of the composite index recorded neutral independent performances for the period with maize falling during the week due to the increase in quantity available in the market without an equal increase in their demand.”
The period saw maximizing prices for Maize, Sorghum, Soybean and Paddy rice in Dawanau market, Kano state; Kwaya Kusar, Borno and Biu, Borno state. The minimum price for maize, Sorghum Soybeans, and paddy rice was recorded in Saba, Kaduna state; Biu, Borno and Burbara, Jigawa state respectively.
Digital platforms on agricultural investments monitored by AgroNigeria show that soybeans deals for July were sold out already. On Farmcrowdy, for instance, a unit of soybeans to be farmed in Jos was offered at N148,000 with 14 percent return on investment in five months. As of July 5th, no units were left.
According to IITA, the demand for soybeans in Nigeria alone is currently estimated at 2.2 million tons while the annual production Is only at 600,000 tons. Although Nigeria remains the largest producer of soybeans in Sub-Saharan Africa, the huge gap between demand and supply makes the crop insufficient for consumption, hence, a need to cultivate soybean.
But according to the United States Department of Agriculture, Nigeria had produced 1.1 million metric tons so far in 2019, rising 4.3 percent from 1.054 million in 2018.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.
