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Business

Shell Foundation and DFC mobilize $145 million for renewable energy in Africa, Asia

Shell Foundation and DFC have signed a partnership to strengthen their investments in renewable energy in Africa and Asia.

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Reps to probe FG’s N3.4 billion failed solar power project

The Shell Foundation and U.S. Development Finance Corporation (DFC) have signed a partnership agreement to invest $145million by 2025 in renewable energy in Africa and Asia.

According to Afrik 21, the two partners are strongly committed to investing $145million to enable them to support the African private sector, particularly small electricity producers who install clean energy systems in rural areas.

What they are saying

According to Dev Jagadesan, Acting CEO of the DFC said;

“The new partnership has the potential to expand the pool of investment opportunities that DFC can make by providing deeper connections to a portfolio of energy investments that the Shell Foundation has built in tandem with the UK Foreign, Commonwealth and Development Office (FCDO), Power Africa and the US Agency for International Development (USAID) over the past five years – and by providing information, co-financing and guarantees that reduce the risk of supporting new types of businesses in emerging sectors.

“We are delighted to work with the Shell Foundation to help companies grow through commercial financing, a sign of long-term sustainable development while prioritizing women’s economic empowerment and supporting economic growth as countries continue to respond to the Covid-19 pandemic.”

What you should know

  • DFC is committed to providing $100 million by way of debt and equity.
  • While the Shell Foundation would deploy more than $45 million in grants by 2025 to build a network of high-growth, high-impact businesses that provide distributed renewable energy (DRES) to households, farmers, and businesses in off-grid areas in Africa and Asia.
  • DFC intends, through this partnership, to give a boost to the Power Africa initiative launched in 2013 by former US President Barack Obama, with the aim of generating 30,000 MW to electrify 60 million homes and businesses in Africa.
  • DFC as well wants to utilize the platform to economically empower the rural women in Africa, through the growth of social enterprises that would provide essential renewable energy services especially to people living on $2 to $10 a day in off-grid areas.

Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Business

Bandits kidnap students at Girls Secondary School in Zamfara State

Armed bandits have attacked and abducted students of a secondary school in Zamfara State.

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Armed bandits have kidnapped an unspecified number of students at the Girls Secondary School, Talata Mafara Local Government Area of Zamfara State.

This was disclosed by the state media agency, NTA in a statement on Friday morning.

“Armed bandits kidnapped an unspecified number of Students at Government Girls Secondary School, Jangebe in Talata Mafara Local Government Area of Zamfara State,” they said.

More details shortly…

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Business

Border trade: Onion marketers commence land exports to West Africa

Nigerian onion marketers have commenced documented exports to West Africa.

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The Onion Producers and Marketers Association of Nigeria (OPMAN) has inaugurated the launch of documented onion exports to West Africa through the Illela land border in Sokoto State.

This was launched by Mr Abdulrahameed Ma’aji, the Area Controller of Nigerian Customs Service (NCS), for Sokoto and Zamfara states on Thursday, as he urged the onion traders to maximize the opportunity for enhanced production and trade with the continent.

He added that the Customs Service had implemented laws and guidelines to improve Nigerian trade and encourage businesses to export to Africa.

“Despite COVID-19 Pandemic, NCS provided proactive solutions to the public that will aid continued reliable and quality service delivery for sustenance of global trade,” Ma’aji said.

National President of OPMAN, Aliyu Maitasamu, stated that the union was working with sister agencies to develop a recovery plan to boost production by 20% each year until 2026.

“In line with the Federal Government’s plan to diversify the economy and create jobs, the union in conjunction with sister bodies in West and Central Africa, developed an onion recovery plan which will target an average steady growth of 20 per cent each year, from 2020 to 2026,” he said.

“Nigeria is among the 10 top onion exporting countries in the world, and with competitive advantage of production, the largest onion producing country in sub-Saharan Africa, with annual 1.4 million metric tonnes in output.

“With the present arrangement, Nigeria will continuously export onions to Niger Republic, Ghana, Burkina Faso, Benin Republic, Mali, Cote D’ Ivoire, and others, with more expanding opportunities,” Maitasamu added.

In case you missed: Nairametrics reported on December 16, 2020 that President Muhammadu Buhari had ordered the immediate reopening of four of Nigeria’s land borders, over a year after they were all shut.

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