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  • Addressing Africa’s Infrastructure Funding gaps

    Nigeria Returns to the Market with N100 billion Sukuk Offer

    By: Mohammed Abu

    Abdul Aziz Adewuyi Abdul Rahman of the Universiti Utra of Malaysia,in his abstract of his paper titled,” Sub-Sahara’s Infrastructure Funding Gap: Potentials from Sukuk Financing” notes that,Sub-Sahara African (SSA) region as a large part of the African continent suffers huge infrastructure deficit mainly as a result of the vast funding gap.

    The negative impact of the infrastructure deficiency continues to constrain socioeconomic development and the general well-being of the people of the region.

    Heavy reliance on the traditional sources of funding by many of the countries in the region, he intimates, has failed to meet ever-growing demands for infrastructural development of the region. Potentials presented by Islamic finance are yet to be exploited by a large number of countries in the region.

    The  study evaluates the depth of utilization of Islamic capital market using Sukuk instruments as another source of funding to fill the observed funding gap for infrastructure development.

    The study finds that the use of Sukuk as a long-term financing instrument is still at its infancy stage in the region. The paper, therefore, suggests that the SSA countries can undertake rapid and massive infrastructure developments in the region through the use of Sukuk instruments, thereby eliminating increasing sovereign debt overhang from the conventional debt market.

    The study also recommends that policy makers in the region put in place required laws and regulations that will provide enabling environments for effective utilization of Sukuk instruments for infrastructural development.

    Similarly, strong political will on the part of the region’s political leaders is essential in nurturing strong institutions that can engender policy continuity to ensure effective and efficient management of infrastructure projects funded by Sukuk instruments.

    It is therefore against this background that, the recent return of the Federal Government of Nigeria to the sukuk market to raise more funds for financing infrastructure could be best appreciated

    The Nigerian Federal government’s Debt Management Office (DMO) recently formally announced the opening of an offering for a 10-year N100 billion(USD225.62m) Forward Ijarah (Lease) Sukuk instrument at a rental rate of 15.64 percent per annum, payable half-yearly.

    The offer which opened on November 21 was due for closure on November 29, while the settlement date is also due on December 2, 2022..

    The offer at N1,000 per unit, an official statement said, is subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.
    .
    The Sukuk is a strategic initiative that supports infrastructure development, promotes financial inclusion and deepens the domestic securities market.

    According to the statement, the instrument was issued by FG Roads Sukuk Companies 1 Plc on behalf of the federal government.

    The DMO said that the proceeds from the offer would be used solely for the construction and rehabilitation of key road projects across the six geopolitical zones.

    The offer  which opened on November 21 was due for closure on November 29, with the settlement date due December 2, 2022.

    “It qualifies as securities in which trustees can invest under the Trustee Investment Act,” the statement reads.

    “It also qualifies as Government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension Funds, among other investors.”

    According to DMO, the Sukuk instrument is to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited.

    “Classified as Liquid Asset by the Central Bank of Nigeria, and certified by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria,” DMO said
    Since the establishment of the initiative in September 2017, Nigeria has issued four Sovereign Sukuk — 2017 (N100 billion), 2018 (N100 billion), 2020 (N162.557 billion) and 2021 (N250 billion).

    Islamic Capital Markets sources say, the Ijarah Sukuk, which was first issued in Nigeria in 2017, is a domestic component of government borrowings and has given the Federal Government NGN 612,557 billion (USD 1388) to fund 71 roads and six bridges totaling 1,881 kilometres across the country.

  • Breaking Africa’s Industrialization Jinx

    Breaking Africa’s Industrialization Jinx

    Beefing up Private Sector/ending raw materials exports, get focus!!!

    ……As African Union Extraordinary Summit ends in Niamey
    NIAMEY, Niger, December 1, 2022/ — African leaders reviewed the continent’s progress in industrialization, economic diversification, and the African Continental Free Trade Area (AfCFTA) in the context of global shocks, debt vulnerabilities, climate change, and security concerns.

    Twenty heads of state and government as well as their representatives attended the African Union Extraordinary Summit on Industrialization, Economic Diversification, and the AfCFTA in Niamey.

    “Not so long ago, the juxtaposition of the words industrialization and Africa might have seemed incongruous. Today, the question it raises is mainly one of ways and means,” said Nigerien President Mohamed Bazoum, the summit’s host. “This in itself is proof that we are on the right track. A Nigerien proverb says, ” You cannot stop a river,” he added.

    Bazoum called on African countries to entrench the rule of law to catalyze the emergence of the African private sector, unleash the energies of African entrepreneurs, and simplify the business environment.

    “Inclusive, coherent, and sequenced industrialization that we want cannot be imposed and can only be achieved by creating synergies between the private and public sectors to empower small and medium sized enterprises and create quality jobs. .”

    Bazoum added: “the youthfulness of the population and its growth, which are a challenge, can constitute an asset, provided the demographic transition is well-managed.”

    His Nigerian counterpart, President Muhammadu Buhari. echoed the sentiment.  He said, “The African continent is blessed with a large youth population that can meet our labor shortages. Therefore, we need to tap into this abundant human resource by providing our youth with quality education that is relevant to their goals and meets the requirements of the labor market.”

    For President Paul Kagame of Rwanda, the way forward on industrialization entails investment in energy and infrastructure.

    “The pace of industrialization in Africa is still too slow to achieve Africa’s development goals under Agenda 2063,” said Kagame. “We need to invest more of our national budgets in industrial policy, and significantly increase energy and infrastructure capacity.”

    In a speech read on his behalf, African Development Bank President Akinwumi Adesina noted that free trade areas had brought prosperity worldwide not by trading low-value products, but by industrial production. “It is, therefore, clear that Africa’s prosperity must no longer depend on exports of raw materials but on value-added finished products,” he said.  Marie-Laure Akin-Olugbade,  African Development Bank acting vice president for Regional Development, Integration and Service Delivery, represented Dr. Adesina and delivered the speech on his behalf.

    “Across Africa, we need to turn cocoa beans into chocolate, cotton into textiles and garments, coffee beans into brewed coffee,” Adesina said. He said the Bank was investing $25 billion to transform the continent’s agricultural sector and unlock the agribusiness market, which is expected to reach $1 trillion in value by 2030.

    The Bank chief also detailed efforts to develop spheres that will boost Africa’s industrialization and economic diversification, including the energy, health, natural resources, and pharmaceutical sectors.

    “Africa has an abundance of natural resources, oil, gas, minerals and metals, as well as a vast blue economy that needs to be rapidly industrialized,” Adesina said. “The future of electric cars in the world depends on Africa, given its vast deposits of rare mineral resources, including lithium-ion, cobalt, nickel and copper. The size of the electric vehicle market has been estimated at $7 trillion by 2030 and $46 trillion by 2050. Building precursor facilities for lithium-ion batteries in Africa will cost three times less than in other parts of the world,” he said.

    During the summit, the African Development Bank, the African Union, and the United Nations Industrial Development Organization launched (https://bit.ly/3Ul8mBC) the inaugural Africa Industrial Index.  The joint report showed that 37 out of 52 African countries have industrialized over the past 11 years. The study provides a country-level assessment of the progress made by the 52 African countries based on 19 key indicators.

    The 19 indicators in the index cover manufacturing performance, capital, labor, business environment, infrastructure, and macroeconomic stability. The index also ranks the level of industrialization of African countries along various dimensions such as capital, labor endowments, , institutions, infrastructure, and macroeconomic stability, amongst others.

    South Africa has maintained a very high ranking throughout the 2010-2021 period, followed closely by Morocco, which is in second place in 2022. Egypt, Tunisia, Mauritius and Eswatini complete the top six over the period.

    The report will help African governments to identify benchmark countries to better assess their own industrial performance and adopt best practices more effectively.

    During the summit, heads of state also reviewed the pace of operationalization of the African Continental Free Trade Area, which came into force in January 2021 as well as its linkages to industrialization.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media Contact:
    Olufemi Terry
    African Development Bank Group
    media@afdb.org

     

     

     

  • From Africa to the World: Landmark Event Presents Circular Economy Solutions for Green Growth, Climate and Biodiversity

    From Africa to the World: Landmark Event Presents Circular Economy Solutions for Green Growth, Climate and Biodiversity

    The WCEF2022 will challenge many shortcomings and destructive consequences of the predominant wasteful linear economy and introduce the concepts and opportunities of the circular economy
    KIGALI, Rwanda, November 29, 2022/ — The 6th World Circular Economy Forum WCEF2022 (www.WCEF2022.com) will take place 6–8 December in Kigali, Rwanda. This year’s forum will focus on how the circular economy can reduce greenhouse gas emissions, support climate change adaptation, safeguard biodiversity and bring benefits to our societies.

    One of the world’s leading circular economy events, originating in Finland, WCEF2022 will bring together business leaders, policymakers and experts from Africa and around the world to present circular economy solutions and examine how businesses can seize new opportunities. An online briefing for the media will take place on the eve of the Forum, 5 December 2022.

    For the first time on African soil, the World Circular Economy Forum will be a platform for Africa and the world to share lessons to shape more resilient and greener economies.

    The WCEF2022 will challenge many shortcomings and destructive consequences of the predominant wasteful linear economy and introduce the concepts and opportunities of the circular economy. Politicians, policymakers, business-leaders, journalists, researchers and the public will learn about the many benefits of circularity.

    “As a founding member of the African Circular Economy Alliance we are very pleased to host the World Circular Economy Forum in Rwanda. This is the first time the event is taking place in Africa,” says Rwanda’s Minister of Environment, Dr Jeanne d’Arc Mujawamariya. “The circular economy represents the single greatest opportunity to supercharge green growth and job creation in Africa, and we look forward to sharing Rwanda’s experience and learning from others.”

    The WCEF2022 will address a wide range of challenges in the transition from a linear to a more resilient and resource-efficient circular economy including trade, value chains, policy and technology. Circular economy actors and start-ups from the continent will present their business models and share their stories, particularly looking at opportunities for collaboration, growth, job creation and development.

    “Transitioning to a circular economy is a way to make our economies wiser, resilient and future-proof”, says Jyrki Katainen, President of Sitra, the Finnish Innovation Fund. “These past years’ tragedies have shown that we are not resilient. The impacts of the pandemic, shifts in the global security environment, energy and food security are exacerbated by a fossil fuel dependent, wasteful and unfair linear economy. Now, we need to challenge the old model and build a new one, fit for today and for the centuries to come – the circular economy. Many solutions are already right in front of us, and we look forward to learning more about circular solutions from Africa in Kigali.”

    The circular economy is an alternative to the traditional linear economy (make, use, dispose) in which resources are kept in use for as long as possible, maximum value is extracted from them whilst in use, then materials are recovered and products are reused at the end of their life.

    Diverse and home-grown African circular solutions: from agriculture and waste management to the built environment

    Under the theme From Africa to the World, the WCEF2022 will present a wide range of circular solutions from Africa and globally for different industries and sectors, with a particular emphasis on harnessing the opportunities to improve livelihoods and end poverty, reduce greenhouse gas emissions, adapt to climate change and safeguard biodiversity. Some examples include:

    • Regenerative agriculture and nature-based solutions that help to mitigate and adapt to the consequences of climate change.
    • A scalable, affordable and sustainable built environment that is based on repurposing, renovation and the use of secondary raw materials.
    • Different circular policies and practices in water management, transport, infrastructure and food security in Africa’s rapidly growing megacities.

    In the transition from a linear to a circular economy waste management and recycling are key components and need to be improved and scaled rapidly. Africa already imports vast amounts of electronic and other waste, and with a rapidly growing population, will produce more waste. Circular economy approaches provide solutions for reducing waste by investing into modular product design, reduced packaging, life cycle extensions and product-as-a-service business models where using a product does not require ownership.

    Overcoming the challenges of circularity: policies and finance

    Africa’s vast natural resources and its young and entrepreneurial population can help it play a lead role in driving the circular economy transition and its contribution to achieving the UN Sustainable Development Goals (SDGs). Yet, two main challenges will need to be overcome: legislation and finance.

    First, many existing laws and regulations need to change to allow for more circularity. That is why WCEF2022 will facilitate policy dialogues and knowledge sharing as a circular economy transition requires lawmakers, governments and others to inspire and learn from each other.

    Secondly, new financing models for circular businesses are urgently needed. The current capital flows into sustainable businesses and circular ventures are far too low. Circular economy companies need to develop bankable businesses that attract venture capitalists willing to take a risk. Development banks and other institutions can de-risk such investments with grant financing and technical assistance.

    These reforms require debate and innovation, which WCEF2022 will help provide.

    “ACEN is delighted to be co-hosting WCEF2022 as we showcase to the world how circular principles are being applied across Africa. We are looking forward to engaging with delegates to accelerate the transition to a just and inclusive circular economy across the continent,” says Peter Desmond, Co-Founder of the African Circular Economy Network ACEN.

    WCEF2022 everywhere: online participation and local live studios in Cameroon, Nigeria, South Africa, Zambia and Rwanda

    While the main event will take place in Kigali, Rwanda, stakeholders across Africa will be able to participate in parallel local events. At the WCEF2022 African Studios in Yaoundé, Lagos, Cape Town and Lusaka, participants will tackle specific national and regional challenges related to the shift from a linear to a circular economy. A fifth Studio in Rwanda will reinforce the main Forum in Kigali. In addition, Global Studios will be held in select locations around the globe.

    The WCEF2022 Studios will live-stream the main forum’s content, discuss its relevance at a national level and give local experts the opportunity to meet and discuss face-to-face. The WCEF2022 African Studios are organised by ACEN, one of the Forum’s co-hosts.

    To ensure easy participation from anywhere around the world, WCEF2022 will livestream all seven sessions of the main forum on 6–7 December free of charge to all registered participants. In addition, WCEF partners will organise more than 25 Accelerator Sessions on 8 December – outcome-oriented events that link WCEF with real action – in Kigali and Africa or online.

    The Forum’s agenda is live at www.WCEF2022.com and anyone can register to follow all live-streamed sessions free of charge. Please note that the partner-led Accelerator Sessions require a separate registration.

    Online briefing on 5 December

    Want to learn more? Representatives of the co-hosts will share their thoughts and answer questions in an online press briefing on the eve of the forum, on 5 December at 15:00 (CAT/EET) / 12:00 (GMT). The briefing will take place on Microsoft Teams.

    The speakers of the briefing include:

    • Ntobeko Boyana, Executive and South African Chapter Lead, ACEN
    • Kari Herlevi, Head of Global collaboration unit for sustainability solutions, The Finnish Innovation Fund Sitra
    • Representative from the Ministry of Environment, Rwanda

    Attendees are required to register for the briefing by 2 December 16:00 (CAT/EET) / 14:00 (GMT) via www.WCEF2022.com. Registered attendees will be provided with the link to join the Microsoft Teams meeting.

    To follow the main forum, interested parties should apply for accreditation at www.WCEF2022.com

    Distributed by APO Group on behalf of World Circular Economy Forum.

    Media kit, logo and press photos:
    A Media kit incuding facts & figures, FAQs and other components is available at http://bit.ly/3Ud22Mg
    The WCEF2022 logo and press photos are available at Sitra’s material bank (http://bit.ly/3upriER).

    Media Contacts:
    The Finnish Innovation Fund Sitra
    Samuli Laita
    email: samuli.laita@sitra.fi
    phone: +358 294 618 277

    Ministry of Environment of Rwanda
    Basile Uwimana
    email: buwimana@environment.gov.rw

    African Circular Economy Network (ACEN)
    Tashma Kritzinger
    email: tashma.kritzinger@acen.africa

    About The World Circular Economy Forum 2022:
    The World Circular Economy Forum 2022     is jointly organised by the Government of Rwanda, the African Circular Economy Alliance (ACEA) (http://bit.ly/3gBwja5), the African Circular Economy Network (ACEN) (http://bit.ly/3XH1l0T), and The Finnish Innovation Fund Sitra (http://bit.ly/3VfUjhP), together with other international partners. The World Circular Economy Forum (WCEF) is Sitra’s global initiative that examines how businesses can gain a competitive advantage through a circular economy and how the circular economy contributes to achieving the UN Sustainable Development Goals.

    About The Finnish Innovation Fund Sitra:
    The Finnish Innovation Fund     Sitra is a future fund that collaborates with partners from different sectors to research, trial and implement bold new ideas that shape the future. Sitra is a nationally and internationally influential think-and-do-and-connect tank, a promoter of experimentation and new operating models, and a facilitator of co-operation. Its aim is a Finland that succeeds as a pioneer in sustainable well-being. Sitra was named the number one public-sector circular economy accelerator in the world when Sitra won the public-sector category of the Circulars Awards 2018 for its pioneering work to accelerate the world’s transition to a circular economy.

    About The African Circular Economy Alliance ACEA:
    The African Circular Economy Alliance ACEA     is a government-led coalition of African nations with a mission to spur Africa’s transformation to a circular economy that delivers economic growth, jobs and positive environmental outcomes. It was conceived in 2016 during the World Economic Forum on Africa with the mindset of developing Africa’s circular economy ecosystem while capitalising on its development opportunities. The Alliance serves as a platform that supports the transition to a circular economy at the national, regional and continental levels through policy development, leadership and advocacy, and support in scaling circular businesses and projects.

    About The Government of Rwanda:
    The government of Rwanda     is a founding member of the African Circular Economy Alliance (ACEA), together with Nigeria and South Africa. The country has an ambitious vision to be a climate resilient and carbon neutral nation by 2050 and is investing in the circular economy to bring this vision to life.

    About The African Circular Economy Network ACEN:
    The African Circular Economy Network ACEN     is a registered non-profit company with a vision to build a restorative African economy that generates well-being and prosperity inclusive of all its people through new forms of economic production and consumption which maintain and regenerate its environmental resources. ACEN is a network made up of 100 Country Representatives in 30 Chapters, and 27 international partners. ACEN aims to support this acceleration by connecting people, sharing knowledge and disseminating opportunities throughout its network and beyond.

    SOURCE
    World Circular Economy Forum

    Distributed by: APO Group
     
  • IBF Industry Stakeholders go back to School in Manama.

    IBF Industry Stakeholders go back to School in Manama.

    ……As CIBAFI-Ivey Business School Resume Collaboration

    Story: Mohammed A. Abu

    The Manama, Bahrain based General Council for Islamic Banks and Financial Institutions(CEBAFI), and Ivey Business School, Western University,Canada, have kick started continuation of their productive collaboration through the eight series of their Executive Programme.

    The 2022 edition of the programme themed:” Agile and Strategic Leadership for Succeeding in a Hyper Turbulent World”,will  run for two days,a Press Release issued by CIBAFI in Manama,Monday said.

    “After conducting the last two series of this highly interactive programme virtually, CIBAFI and Ivey Business School convened this year’s programme at the Le Méridien City Centre, Manama, Bahrain.

    “The programme brought together Senior Executives from Islamic banks as well as regulatory authorities to lay the groundwork for a successful agile transformation and to lead cultural and behavioural changes within their organizations.

    “Agile leadership entails being adaptable and responsive to change, as well as empowering team members to collaborate to achieve the organization’s common goals.

    “In today’s fast-paced business environment, managers and executives can engage and empower their employees to become more flexible and adaptive by using an agile st Agile and strategic leadership, in this changing global paradigm, is now an absolute necessity for institutions around the globe.

    “CIBAFI is thankful to the Ivey Business School for their continuous support in jointly organising this world-class and highly interactive learning experience for the leaders of the Islamic financial services industry.”

    Participants,the release added, will learn how to change their mindset and develop fresh concepts so they may test out disruptive and agile initiatives in their organizations.

    Participants will also engage in thought-provoking discussions about As a leading international organisation, CIBAFI continually supports the Islamic financial industry through specific activities and initiatives which promote growth and uphold ethical practices and Islamic finance values in all financial dealings and transactions.

    CIBAFI is committed to facilitating cooperation between members and institutions of common interest as well as providing platforms to discuss emerging issues and share knowledge through specialized publications and comprehensive training programmes.how leadership teams should commit to being vigilant and future proof their organisations.

    Their openness to diverse inputs from anywhere inside or outside the organization, and the extent of active networking outside of their comfort zones will be gauged and tested through a curiosity exercise.

    As a leading international organisation, CIBAFI continually supports the Islamic financial industry through specific activities and initiatives which promote growth and uphold ethical practices and Islamic finance values in all financial dealings and transactions. CIBAFI is committed to facilitating cooperation between members and institutions of common interest as well as providing platforms to discuss emerging issues and share knowledge through specialized publications and comprehensive training programmes.

  • ABH 2022 GRAND FINALE

    ABH 2022 GRAND FINALE

    MEET THE ABH 2022 TOP 3 WINNERS

    1ST PLACE WINNER

    Elia Timotheo, Founder and CEO of East Africa Fruits Co. (Tanzania) https://www.eafruits.com/

    Elia has grown East Africa Fruits Co into the largest food distributor/aggregator in Tanzania by modernizing systems never implemented in East Africa before. By distributing fresh produce directly from farms to B2B customers, they ensure no brokerages and less waste. The software resolves market inefficiencies by pairing crops with market demand, boosting efficiency, and yielding 60% more earnings for farmers as they tackle Africa’s 4-billion-dollar problem of post-harvest food wastage.

    2ND PLACE WINNNER

    Tesh Mbaabu, Co-Founder and CEO of Marketforce Technologies (Kenya) https://marketforce360.com/

    Tesh Mbaabu is an African serial technology entrepreneur who lives to blend commerce and technology. MarketForce is a B2B Commerce platform that empowers over 200,000 neighbourhood merchants across 5 African markets to source, order and pay for inventory, access financing and earn more by reselling financial services in their communities.

    3RD PLACE WINNER

    Nadia Gamal El Din, Founder and CEO of Rahet Bally (Egypt) https://rahetbally.com/

    Nadia Gamal El Din studied finance at the American University in Cairo, after which she started her professional career as an assistant brand manager at Procter & Gamble. She became a mother at the age of 24 and realized there was a huge market gap when it comes to supporting new moms. Consequently, in 2015 she founded Rahet Bally, an all-inclusive platform to support Egyptian mothers financially, physically, emotionally, and intellectually, both online and in person, on top of Rahet Bally Discount App for Moms, Rahet Bally Mama Fitness Programs, the Cloud by Rahet Bally, and Mumerz.com.

    OTHER 7 TOP FINALISTS THAT MAKE UP THE TOP 10 & EACH A WINNER OF A PORTION OF THE GRANT MONEY

    Flavien, a Cameroonian engineer by training, runs an agricultural company that designs and manufactures aquaponic units for individuals and professionals wishing to produce large-volume organic food as close as possible to sales areas, i.e., in town. Their system is a solution to climate change, the land challenge of young African farmers, and the increased use of agricultural chemicals.

    Amena Elsaie, Co-Founder of Helm Consulting (Egypt) https://www.saveouragriculture.com/

    Amena is a multiple Award-winning entrepreneur. Created in 2014, Helm supports 4000+ persons with disabilities, promotes their social inclusion, serving more than 200 entities and working with top notch experts from 16 countries. In addition to sponsorships and grants, Helm is the first provider of localized and customized inclusion solutions in the region, awarded multiple times as innovative global best practices and successful business models by Zero project, JICA, Rise Egypt, etc.

    Amadou Daffe, CEO/Co-Founder of Gebeya Inc. Addis Ababa (Ethiopia) https://gebeya.com/

    Gebeya.com is a Pan-African freelance talent marketplace that identifies the Best of African Talent and matches them with cutting-edge projects from selective customers with a goal of solving one of Africa’s biggest challenges: employment. Their tech-driven marketplace connects remote African tech talents with employers globally. The continent needs to generate 12 million new jobs every year to keep unemployment at bay. Startups, SMBs, and corporations in industries like telecommunications and transportation rely on Gebeya to be a one-stop shop for talent capable of building new products and services to scale up their businesses.

    Coliba is an award-winning and leading Ghanaian plastic waste recycling company operating in Ghana & Ivory Coast.  Prince co-founded Coliba to address the issue of plastic pollution and to promote environmental sustainability. Plastic waste is a serious problem in West Africa, and Prince decided to tackle this issue after losing his best friend in a flood disaster caused by plastic pollution. Coliba collects, sorts, and recycles plastic and metal garbage. This initiative employs over 110 workers.

    Growing up as a refugee, Francine had no access to electricity. Francine’s founded Munyax Eco to harness the Africa’s recurring problem – lack of access to electricity and to solve Rwanda’s energy challenges in rural and urban areas by providing solar equipment adapted and tested for the African continent. Francine is well known for her gender-oriented recruitment and sales strategy which is to bring women into the fight against climate change while empowering them economically. To date, over 10,000 people across Rwanda, DRC and Burundi have access to clean energy, thanks to Munyax Eco’s women-led and focused solutions.

    Shona founded her company to address the challenges of children with mobile disabilities living in peri-urban and rural areas of South Africa. Shonaquip’s range of tailor-made mobility products and health services can be assembled and maintained even in conditions with limited resources. Their inclusive early childhood education training, social services, advocacy and research directly impacts nearly 20,000 individuals with disabilities and their families annually.

    • Elmarie Pereira, Chief Operations Executive, Co- Founder & Acting CEO of Memeza Shout (PTY) Ltd (South Africa) https://memeza.co.za/

    Elmarie is on a mission to make South Africa safer. Memeza is an ICT Social Enterprise providing affordable innovative safety technology and monitoring services to lower income communities who don’t have access to private security, as well as assists government and corporates with specialized community-based project deployment services. To date Memeza has created over 2700 income opportunities for youth, and reduced GBV by 67% in low-income communities focusing on solving social ills.

    MEET THE ABH REPRESENTATIVE/SPOKESPERSON

    Zahra Baitie-Boateng, Head of Partnerships & Programs, Africa’s Business Heroes

    Zahra Baitie-Boateng is the head of partnerships and programs of Africa’s Business Heroes (ABH). ABH is a philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy with an aim to support and inspire the next generation of African entrepreneurs across all sectors who are building a more sustainable and inclusive economy for the future of the continent.

    Prior to her role at ABH, Zahra worked at Alibaba’s global retail marketplace AliExpress as a senior business development manager and at Alibaba’s China wholesale marketplace 1688 as special assistant to its president.

    Zahra’s prior experience includes working at Dalberg Global Development Advisors. At Dalberg, she consulted for governments and organizations across several African countries on a range of issues related to youth unemployment, tourism development and agriculture transformation policies. She also worked at Development Reimagined, where she served as China director focusing on Africa-China trade facilitation. Her experience also includes working as an analyst at Bill & Melinda Gates Foundation to promote industry collaboration between Ethiopia and China.

    Zahra is a native Ghanaian and a graduate of Yale University and Schwarzman College, Tsinghua University.

    -ENDS-

     

  • Caterpillar rolls out first all-electric 793 mining truck prototype

    By Paul Ridden

    Heavy duty construction machinery producer Caterpillar has built and demonstrated an electric version of its monstrous 2,650-horsepower mining truck, aimed at helping the mining industry transition to more sustainable operations.

    The 793 Electric has a similar imposing look and gargantuan proportions to the 1,000-kWh effort from Anglo American and Williams Advanced Engineering, though that model was designed with battery-electric and hydrogen-electric variants in mind. The Caterpillar prototype is battery all the way.

    The company is not revealing what are likely to be mind-boggling specs at this stage, but we do know that the truck was loaded to capacity – which would be up to 265 US tons assuming it can haul a similar payload to the regular 793 – and driven over a 7-km (4.3-mile) course at Caterpillar’s Tucson proving ground in Green Valley, Arizona, which is where it was built.

    It’s reported to have rumbled up to a top speed of 60 km/h (37.3 mph), tackled a 10% gradient for one kilometer (0.62 miles) at 12 km/h (7.5 mph) and then used the 10% downhill jaunt to recoup some energy for its unspecified battery pack. At the end of the course, Caterpillar reports that enough charge remained for more complete cycles if needed.

    The 793 Electric mining truck prototype was demonstrated to customers at Caterpillar's Tucson proving ground
    The 793 Electric mining truck prototype was demonstrated to customers at Caterpillar’s Tucson proving ground Caterpillar

    Watching the demonstration were customers from the company’s Early Leaner program, which was launched last year to speed up development and deployment of Caterpillar’s battery electric trucks to help clients meet their emissions targets. Companies in the program that have committed to embracing electric vehicles include BHP, Freeport-McMoRan, Newmont Corporation, Rio Tinto and Teck Resources Limited.

    “Our global team came together to develop this battery truck at an accelerated pace to help our customers meet their sustainability commitments,” said Caterpillar’s Resource Industries Group President, Denise Johnson. “This demonstration is a significant milestone, and we are excited for these trucks to get to work at customers’ sites around the world in the near future.”

    Other than announcing a “significant investment” to install renewable energy technologies at the proving ground for the creation of a testbed for the sustainable mine of the future, Caterpillar is remaining tight-lipped on the finer details of the mammoth 793 Electric mining truck prototype. But you can see it in action in the video below.

    Meet Caterpillar’s First Battery Electric Large Mining Truck

    Source: Caterpillar

    Credit(New Atlas)
  • Nigeria signs MOU for solar mini-grids project

    Nigeria signs MOU for solar mini-grids project

    Modified date: Nov 25, 2022

    CarbonAI has signed an MOU with the Rural Electrification Agency (REA) of Nigeria to develop solar mini-grid projects across the country. According to CarbonAI, the carbon credits produced by its gas flare capture projects, which it has set up all over Nigeria, would be used to pay for the solar mini-grid installations.

    The initiatives will concentrate on underprivileged neighborhoods close to CarbonAI’s technologies that are harmed by gas flares. While CarbonAI will be in charge of financing, designing, and building, the REA will locate prospective project areas and communicate with locals.

    Credit:(Construction Review)

  • Cheaper, tougher, less toxic: new alloys show promise in developing artificial limbs

    Cheaper, tougher, less toxic: new alloys show promise in developing artificial limbs

    Titanium is a strong, resilient and relatively light metal. Its properties have also been well studied; scientists know a great deal about it. All of this makes it the ideal base for fashioning artificial limbs – particularly knees and hips – and teeth. It is less likely than other metals to rust and, as research has shown, it is more compatible with the human body than, for instance, stainless steels and cobalt based materials.

    But there’s a major problem: titanium is not cheap. Precise data is hard to come by, but a conservative average cost of titanium-based prostheses is between US$3,000 and US$10,000. That’s expensive for most people, and prohibitively so for the majority of people in middle- and low-income countries like those in Africa.

    Again, data is scarce, but a recent study about sub-Saharan Africa (excluding South Africa, which has better facilities for such procedures than most other countries on the continent) found that 606 hip and 763 knee replacements were performed between 2009 and 2018. Many more people in the region likely need replacements but will go without because they simply can’t afford the procedure. And, with the global population of those aged 65 and older rising, the demand for implants is set to increase; this age group is prone to diseases like osteoporosis and osteoarthritis.

    That’s why we are working to produce cheaper titanium based materials that can be used to make affordable limbs. In our latest research my colleagues and I experimented with metallic elements like titanium, aluminium, iron and vanadium to create new alloys. We tested each in a solution that mimics humans’ bodily fluids.

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    We found that the new alloys showed negligible rust in the solution. The new alloys, which are slightly cheaper than the commercial grade alloy, performed as well as it does – and one alloy even outperformed it.

    Pure titanium vs titanium alloys

    The biggest benefit of titanium for making artificial hips, knees and teeth is that it’s safe for use in the human body because it doesn’t degrade easily when exposed to body fluids.

    However, when titanium is used in its pure form, it lacks the necessary strength and wear resistance required to cope with the rigours of human activity.

    That’s why other metallic elements are added. Examples include aluminium, vanadium, zirconium, tantalum, niobium, molybdenum and iron. Scientists use these and other elements to create new alloys that are stronger and resistant to wear.

    Currently the most utilised alloy in artificial hips and knees is Ti-6Al-4V: 90% titanium, 6% aluminium and 4% vanadium. Though it is effective, it has two major drawbacks. The first is the cost. Vanadium is nearly as expensive as titanium. The second is toxicity: aluminium and vanadium are toxic in large quantities. When the material degrades through corrosion, ions are released into the body and can cause chronic inflammation. These ions have also been linked to Alzheimer’s disease.

    For this study we reduced the amount of aluminium and vanadium that are added to Ti-6Al-4V to make new titanium based materials. We also excluded aluminium and replaced vanadium fully with iron to make another, cheaper, titanium based material.

    Read more: South Africa is one step closer to processed titanium alloys

    Then we investigated whether these new implant materials would degrade quickly when immersed in the human body fluid. We used a solution called Hanks Balanced Salt Solution which contains the main ingredients in the human body fluid. We compared the new titanium materials with the commercial grade Ti-6Al-4V that is commonly used.

    The findings

    Almost all the new alloys performed better than Ti-6Al-4V in the salt solution. Those that fared worse in the solution were still on a par with Ti-6Al-4V. And none of the new alloys degraded more than 0.13 millimetres per year, the maximum permissible degradation rate allowed for implant material.

    The alloys without vanadium and aluminium performed well, meaning they are potentially safer than Ti-6Al-4V because they have lower toxicity levels.

    And, crucially, the new alloys are cheaper to produce than Ti-6Al-4V. We are not working on the actual manufacturing of artificial limbs – this research focuses on the chemical composition of the alloys. So we can’t say what the ultimate cost-saving would be if these alloys were to be used. But, merely by altering the starting materials as we did, replacing aluminium and vanadium fully or partially with iron, up to 10% cost savings can be achieved.

    A promising step

    From 2030 and beyond, more older adults will reside in developing countries such as those across the African continent. As this population increases, the demand for artificial limbs may also rise. That’s why identifying affordable, safe materials is so important. Our research is a promising step towards meeting that goal.

    Credit:(“The Conversation,Africa” Edition )

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    Ghana: African Development Fund approves $27.9 million grant for Savannah Agriculture Value Chain Development Project (SADP)
    The grant will increase the climate-resilient production of maize, rice and soybean, support the poultry value chain, and generate employment for women and youth

     
    ABIDJAN, Ivory Coast, November 23, 2022/ — The Board of Directors of the African Development (https://www.AfDB.org) Fund has approved a $27.9 million grant to Ghana for the development of agricultural value chains in the Savannah region. The grant will increase the climate-resilient production of maize, rice and soybean, support the poultry value chain, and generate employment for women and youth. It will increase the incomes of farmers and support household nutrition, especially in more vulnerable women-headed households.

    This would be achieved through the facilitation of private sector investment in sustainable value chains associated with commercial maize, soybean and rice production, with an integrated poultry value chain, which will primarily involve women and youth. The Savannah Agriculture Value Chain Development Project will be implemented by Ghana’s Ministry of Food and Agriculture from 2023 to 2027. Overall, the project will benefit at least 150, 000 people indirectly and 50,000 directly. It will add to the production of at least 8,000 hectares of new rice, maize and soybean, which will improve feed availability for the poultry industry.

    This grant aligns with the Bank’s medium-term development framework for 2022-2025, which seeks to provide conditions for the private sector to boost growth and create abundant employment opportunities, especially for the youth by transforming agriculture and industry. It is also aligned to the Bank’s priority area focusing on the development of agro-ecological zones, especially the Savannah regions of Africa and creating opportunities for the continent’s youth.

    The Bank’s Acting Vice-President of its Regional Development, Integration and Business Delivery Complex, Marie-Laure Akin-Olugbade, said building local capacity, would help reduce imports and help Ghana to mitigate the negative impact of Russia’s invasion of Ukraine on global food systems. It would also alleviate the impact of climate change, in line with the Bank’s African Emergency Food Production Facility, she noted.

    “This builds on Bank’s earlier investments in the savannah areas of Ghana, putting 20,000 hectares of maize and soybean under production using conservation agriculture practices and technologies. This project has come at a time that Ghana seeks to enhance domestic production and reduce imports. These are the key objectives of Bank’s Feed Africa Strategy,” said Martin Fregene, the Bank’s Sector Director of Agriculture and Industry.

    The grant will support farmers with farm inputs to produce climate resilient rice, maize and soybean. It will also support the production of certified seeds by commercial farmers and work closely with the Savannah Agriculture Research Institute, to support smallholder farmers with equipment to improve planting and crop husbandry. This support will include the enforcement of community by-laws and promote the use of hybrid seeds, good agriculture practices and sound water, climate resilience and adaptation and integrated pest management.

    The project will also enhance the capacity of Micro and Small-sized Enterprises (SMEs) and offer skills development for youth and women through sustainable entrepreneurship and mentoring programs, especially in the poultry value chain.

    On the approval of the project, Eyerusalem Fasika, Ghana Country Manager of the African Development Bank said “the approval of this project is a significant addition to the Bank’s active agriculture portfolio in the country with immense potential to contribute to sustainable food systems in Ghana. Furthermore, the project’s approval is an opportune time for the Bank to support the Government in its efforts to produce enough basic commodities to meet food security challenges and support industrialization.”

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Contact:
    Amba Mpoke-Bigg
    Communication and External Relations Department
    email: media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

     

  • Sharjah Chamber successfully concludes trade trek in Kenya and Uganda

    Sharjah Chamber successfully concludes trade trek in Kenya and Uganda

    SHARJAH, 20th November, 2022 (WAM) — The Sharjah Chamber of Commerce and Industry (SCCI), represented by the Sharjah Export Development Centre (SEDC), concluded its business mission to Uganda and Kenya, heading a delegation that included private sector representatives and a host of prominent manufacturers in Sharjah and the UAE.

    The six-day mission was a hit for the SCCI as it helped explore new areas of commercial and industrial cooperation with Kenya and Uganda in such many vital domains as energy solutions, technology, food security, iron and steel, and agriculture, as well as exploring new opportunities for available investments, in addition to introducing the abundant economic advantages of Sharjah, promoting the facilities granted by the emirate to foreign investors, promoting the ‘Made in UAE’ tag, and providing the SCCI’s associates with the chance to discover new and promising markets, as well as promoting the emirate’s exports.

    The first leg of the trade tour, which was in the Kenyan capital, Nairobi, witnessed a Sharjah-Kenya business meeting, during which Abdallah Sultan Al Owais, SCCI Chairman, underlined the fact that the business tour led by the SCCI is in line with the UAE strategy to reach out to more and more international trade partners, and open up more to all friendly countries across the world in order to facilitate the growth of businesses. He pointed out that the Republic of Kenya is the UAE’s sixth trading partner in non-Arab Africa, and that the volume of non-oil trade in 2021 amounted to about US$2.2 billion (AED8.2 billion), which translates into a growth of 20 percent compared to 2020. Al Owais spotlighted the bilateral agreements and the upcoming comprehensive economic partnership agreement, which is the first of its kind between a GCC country and an African nation.

    Richard Ngatia, President of Kenya National Chamber of Commerce, and Industry (KNCCI), called on Kenyan businessmen and investors to further ties and build partnerships with the Emirati business community, and benefit from the efforts of the official authorities in Kenya and the UAE to take the bilateral relations to broader horizons.

    The trade tour’s second stop was in the Ugandan capital, Kampala, and witnessed a business meeting between Sharjah and Uganda, which highlighted the investment opportunities on both sides, as well as introducing the exceptional advantages that the Emirate of Sharjah possesses, and the emirate’s investment-stimulating legislations and other attractive incentives that contribute to the flow of investments to the region’s markets.

    Al Owais pointed out at the meeting that the UAE is a major trading partner for Uganda, serving as a linkage between the African nation and the Middle East and an important hub for Ugandan exports to the Americas, Europe, Asia, China and Japan. He also underscored Uganda’s role as a major gateway for the UAE exports to Africa’s Great Lakes region, nothing that the volume of trade exchange between the two countries increased from US$1.8 billion to US$3.8 billion in 2021.

    Jessica Alupo, Ugandan Vice President, said that the mission is a key station for [UAE] businessmen in various economic sectors to learn more about the investment opportunities in Uganda and establish fruitful investment partnerships with their Ugandan counterparts, noting that her government is keen to facilitate investments for the Emirati investors and overcome all the challenges they face.

    Amjad Saleh/ Lina Ibrahim

    Credit(WAM)