Federal Government Partners with NDE to Empower Women in Lagos with Confectionery Business Training

Headline: Federal Government Partners with NDE to Empower Women in Lagos with Confectionery Business Training

By RALD NEWS MEDIA

In a bid to promote women's economic empowerment, the Federal Government, in collaboration with the National Directorate of Employment (NDE), has initiated a training program aimed at equipping women in Lagos with essential skills in the confectionery business.

The primary objective of this initiative is to provide these women with the necessary tools and knowledge to attain financial independence through entrepreneurship.

During the event held on Tuesday, Mallam Abubakar Nuhu Fikpo, the director general of NDE, emphasized the significance of empowering women through skills acquisition. He articulated that the training program seeks to not only impart contemporary confectionery skills but also guide participants in establishing, nurturing, and ensuring the sustainable growth of their businesses.

Representing the director general at the event, Mrs. Elizabeth Omatsola, the Lagos State coordinator of the agency, underscored the pivotal role of NDE, established by the Federal Government in 1986, in addressing mass unemployment and steering individuals away from an overreliance on white-collar jobs, which often fall short in meeting the demands of the burgeoning graduate population.

Mrs. Omatsola reiterated NDE's commitment to fostering vocational training and encouraging entrepreneurship among interested individuals. The training, organized by the Women Employment Branch of the Small Scale Enterprises department, a core program department of NDE, aims to instill entrepreneurial spirit, creativity, and self-reliance in unemployed graduates and other interested persons, including retirees, to enable them to establish their own businesses and generate employment opportunities.

In her address, Mrs. Omatsola urged the trainees to seize the opportunity presented by the program and diligently acquire the skills necessary for financial independence.

Expressing gratitude to NDE for the opportunity, the trainees pledged to utilize the training to acquire new skills and embark on entrepreneurial ventures, with the ultimate goal of becoming employers of labor themselves.

The collaboration between the Federal Government and NDE in empowering women through vocational training reflects a concerted effort to address unemployment challenges and foster economic growth by tapping into the potential of skilled entrepreneurship among Nigerian women.

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Non-existing entities, other infractions make up $2.4bn FX backlog – Cardoso

In a recent interview with Arise TV, Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria, disclosed startling revelations about the foreign exchange backlog he inherited upon assuming office. Out of the $7 billion in obligations, approximately $2.4 billion was flagged for irregularities, including requests from non-existent entities, absence of import documents, and other infractions.

Addressing concerns about the currency market's recent volatility, Cardoso outlined the challenges faced in addressing the backlog. He emphasized that the process of settling the obligations required a meticulous approach, especially considering the limited resources available.

To thoroughly scrutinize the backlog, the Central Bank enlisted the services of Deloitte management consultants to conduct a forensic audit. The results, according to Cardoso, were eye-opening. The audit revealed that a significant portion of the $7 billion had issues, with approximately $2.4 billion being associated with various infractions. These infractions ranged from the absence of valid import documents to instances of non-existent entities and discrepancies in the allocation of foreign exchange.

In response to the findings, Cardoso affirmed the Central Bank's commitment to paying only valid transactions. He highlighted the diverse nature of the infractions, including instances where entities received more foreign exchange than requested, others obtaining it without making any request, and cases where the legitimacy of the entities was questionable.

When questioned about the contentious transactions, Cardoso stated unequivocally, "We are not paying if you don't qualify." This assertive stance underscores the Central Bank's dedication to rectifying the irregularities in the foreign exchange obligations, ensuring transparency and accountability in the process.

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United Bank for Africa (UBA) Secures 'African Bank of the Year' Title at 2023 Bankers Awards

United Bank for Africa (UBA) Secures 'African Bank of the Year' Title at 2023 Bankers Awards

 RALD NEWS MEDIA Reports: United Bank for Africa (UBA) Secures 'African Bank of the Year' Title at 2023 Bankers Awards

In an impressive feat at the 2023 Bankers Awards by The Banker Magazine, UBA Group clinches the prestigious 'African Bank of the Year' award, affirming its dominance across the continent. The Financial Times of London's publication recognized UBA's outstanding performance, with the bank securing a total of nine awards at the event.

UBA's triumph extends beyond the overall African Bank of the Year title, as its subsidiaries in Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Congo, Sierra Leone, and Tanzania individually emerge victorious as the Bank of the Year in their respective countries. This achievement marks the second time in the past three years that UBA has claimed the regional award for the best bank in Africa, following its 2021 win.

Oliver Alawuba, UBA’s group managing director, expressed gratitude for the recognitions, emphasizing that these accolades reinforce the bank's commitment to consolidating its leadership position in Africa and delivering superior value to stakeholders. Alawuba acknowledged the hard work, dedication, and innovative spirit of the entire UBA team, highlighting their role in consistently providing top-notch banking services.

Joy Macknight, editor of the Banker Magazine, commended UBA's clear victory, citing the bank's strong financial performance across most markets and its impressive footprint. Despite fierce competition among major banking groups on the continent, UBA emerged as the Bank of the Year for Africa for the second time in three years, a testament to its strength and competitiveness in various markets.

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FG unveils centre to monitor mini-grids operations

The Federal Government has inaugurated an energy management and control centre established in Abuja to monitor electricity mini-grids operating across the country.

It said the centre, known as the Energy Management System, would serve as the off-grid electricity supervisory control and data acquisition system for mini power grids in Nigeria.

Speaking at the launch of the centre in Abuja on Wednesday, the Minister of Power, Adebayo Adelabu, said, “For us, the EMS is not just a tool; it is a mechanism we plan to optimise to alleviate the existential problem of poor energy data in the nation’s energy space.

“It is surely a gateway to a future where data becomes a strategic asset in our pursuit of reliable, accessible, and sustainable energy. This system will revolutionise the way we manage and utilise energy data across our electrification programmes.”

RALD NEW MEDIA reported that the Chief Executive Officer of Rural Electrification Agency, Ahmad Salihijo, said the centre, constructed in the Abuja headquarters of REA, was made possible with the support of the Korean government under its Official Development Assistance.

He explained that the Electricity Act 2023, under Section 154 (Monitoring of Rural Electrification Projects), mandated the REA to put in place appropriate machinery for the monitoring of rural electrification implementation projects nationwide.

“Furthermore, the mechanism for rural electrification monitoring should include the use of geographic information systems and geo-mapping technologies to monitor projects effectively and generate and analyse project data without physical visits to projects’ locations.

“In a landscape where data is paramount, the EMS stands as a beacon of efficiency and transparency. It is a tool that will empower us to make informed decisions, optimise our energy resources, and enhance the impact of our electrification initiatives across Nigeria,” Salihijo stated.

He said the system would integrate with REA’s existing programmes, providing real-time insights and enabling the agency to navigate the dynamic energy landscape with precision.

“For instance, the system will further strengthen our collaboration with the power distribution companies on the development, integration, monitoring, and management of interconnected mini-grids,” Salihijo stated.

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Ecobank and African Guarantee Fund Forge $200 Million Partnership to Boost SMEs and Economic Growth in Africa

Ecobank and African Guarantee Fund Forge $200 Million Partnership to Boost SMEs and Economic Growth in Africa

Rald News Media reports that a groundbreaking move to fuel economic growth and support entrepreneurial ventures, Ecobank and the African Guarantee Fund (AGF) have joined forces in a $200 million risk-sharing agreement. The partnership aims to catalyze economic development and provide substantial support to small and medium-sized enterprises (SMEs) across the continent, with a special focus on women-owned enterprises.

The strategic partnership agreement was signed on the sidelines of the Africa Financial Industry Summit (AFIS) in Togo, showcasing the commitment of both organizations to fostering economic resilience and entrepreneurship in Africa.

This $200 million risk-sharing agreement represents the third renewal of Ecobank's collaboration with AGF. The initial guarantee, initiated in 2013, covered seven countries with a total guaranteed portfolio of $50 million.

Ecobank Group CEO, Mr. Jeremy Awori, expressed enthusiasm about the potential impact on SMEs and the broader economic landscape. He stated, "Our enhanced partnership with the African Guarantee Fund marks a significant step forward in our commitment to supporting SMEs across Africa with affordable financing." Awori emphasized the initiative's goal to eliminate stringent collateral requirements, particularly benefiting women-focused businesses in accessing credit.

The CEO of African Guarantee Fund Group, Jules Ngankam, acknowledged the transformative impact of the longstanding partnership between AGF and Ecobank Group on the SME landscape. Ngankam stated, "This partnership will catalyze close to $1 billion of financing for SMEs, who are the real drivers of growth in African economies."

He highlighted that Ecobank's "Ellevate" program would significantly benefit from the "AFAWA Guarantee for Growth" facility, boosting financing for women-led or owned SMEs.

The renewed partnership extends to 27 countries within Ecobank's African network, offering 50 percent coverage for qualifying SMEs across all target markets. Key highlights include an enhanced 75 percent guarantee cover for gender financing and green transactions, with favorable terms to expedite transactions led by women or focused on environmental sustainability.

The collaboration is designed to address challenges faced by SMEs in accessing affordable financing by leveraging Ecobank's extensive network and financial expertise, combined with AGF's proven track record in risk mitigation.

This $200 million risk-sharing agreement is poised to have a profound impact on various sectors, contributing to increased economic activity, job creation, and sustainable development across sub-Saharan Africa. The collaborative effort showcases a landmark initiative driving economic growth and fostering entrepreneurship in the financial landscape of Sub-Saharan Africa. The partnership covers countries such as Benin, Ghana, Kenya, Nigeria, Rwanda, Tanzania, Uganda, and Zimbabwe, among others.

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