News
IFC to Help Lagos State Improve Municipal Infrastructure, Increase Revenues
IFC, a member of the World Bank Group, and Lagos State government announced a memorandum of understanding under which IFC will seek to provide advisory services to enhance infrastructure development and strengthen Lagos State’s long-term financial sustainability.
IFC’s advisory services will be designed to improve procurement for key transport projects and support project development in areas including power, transport, municipal waste, health, education and energy efficiency. IFC will also be able to advise on strategies and policies for electric buses and ride-hailing services and assist Lagos State on its revenue mobilization strategies.
“We welcome IFC’s support and are confident that signing this memorandum will translate into viable infrastructure projects, expertise building and better access to financing for the benefit of all Lagosians” said Akinwunmi Ambode, the Executive Governor of Lagos State.
With a population of 20 million, Lagos State is Nigeria’s economic epicenter and main hub for commercial and industrial activities, accounting for 30 percent of the country’s GDP. Faced with a fast-growing population, Lagos State has been working to improve its economic and social infrastructure to enhance economic development. Lagos State aims to become Africa’s third largest economy, measured by GDP, by 2023.
Eme Essien, IFC’s Country Manager for Nigeria said, “Today’s announcement is only a first step in the building of a long term strategic partnership with the largest municipality in Sub-Saharan Africa. Our objective is to support Lagos State’s efforts through IFC’s Cities Initiative to improve living conditions, expand and renew its infrastructure, and help reinforce Lagos’s position as an attractive investment destination—and by extension Nigeria’s position.”
IFC’s Cities Initiative works to mobilize commercial financing for priority urban projects, to connect cities with capital markets, and to help improve municipalities’ credit-worthiness through financial management training.
The program supports efforts to build inclusive, safe, resilient, and sustainable cities that open new markets, and create opportunities for all. Over the last 15 years, IFC’s Cities Initiative has invested $13.5 Billion in over 400 city-related projects across more than 70 countries.
News
Adeleke Describes Adenuga’s Contribution to African Economy as Unquantifiable
Senator Ademola Adeleke, the Osun State Governor, has described the Chairman of Globacom, Dr. Mike Adenuga, Jr., as an icon who has made enormous contributions to the development of Nigeria and Africa.
Speaking when he received the Public Sector team from Globacom in his office at Osogbo recently, the governor also commended the positive impact the company has made in the telecoms industry in terms of innovation and pricing.
He described Dr Adenuga as a great believer in Nigeria “whose impact on the Nigerian and the African economy cannot be quantified”.
Adeleke assured the Globacom team led by Niyi Odejobi of his government’s readiness to explore areas of business partnership with the company. “Be rest assured that this partnership is already a reality. We just need to work out the details”, Senator Adeleke noted.
He urged telecommunications companies to strengthen ties with the state government, adding that “the subnational entities are where your market is. Even though the regulatory body is national, your market base remains the states and the local governments. You must deliberately prioritize partnership with the state government.
“The telecom community must understand that giving full support to the states in terms of payment of right taxes and corporate social responsibility is an investment in your market. The more robust the state governments are, the more buoyant your market will be,” the governor said.
In his own remarks, Odejobi pledged Globacom’s support for the growth and development of Osun State, adding that it would deploy various internet and digital infrastructure to promote governance and businesses in the state.
News
Foodstuff Store introduces Innovative Recycling Program
Foodstuff Store, an AgriTech company on Wednesday announced the introduction of its innovative recycling program. The expansion of the corporate mission to include waste management and recycling solutions underlines the company’s commitment to sustainability and environmental responsibility.
Foodstuff Store is providing a way by which their customers who are provided with wholesome and fresh food products directly from farmers can now dispose of their plastic wastes as an added service, thereby reducing their ecological footprint.
For every waste item delivered for recycling by customers, they’ll receive a credit that can be used for a next purchase at the Foodstuff Store.
Not only will this ensure a contribution to a cleaner environment, but it will also provide a way to incentivise their efforts towards adopting sustainability practices.
“We are thrilled to offer our customers a convenient way to recycle and contribute to a cleaner Nigeria and a cleaner planet,” says Diana Tenabe, Chief Operating Officer at Foodstuff Store. “By offering rewards for recycling, we hope to incentivize eco-conscious behavior within our communities in Nigeria.”
Nigeria faces a significant challenge with plastic pollution. The prevalence of single-use plastics, which is caused by widespread use of sachet water pouches, plastic shopping bags, and take-away containers, leads to massive waste generation. There are also recycling capacity challenges in Nigeria, where only a small percentage of plastic waste gets recycled.
Additionally, indiscriminate disposal of plastics and other waste materials contributes to overflowing landfills with plastics, clogged drainages that lead to flooding, and harming marine life.
Foodstuff Store believes that by working together with its customers, it can create a positive impact on the environment. This new program allows customers to enjoy the quality products and services they expect from Foodstuff Store, while also contributing to a more sustainable future.
News
Edenlife Opens the first Homemade Outlet Store in Oniru, to open 49 more Across the Country
Homemade by Eden, the food retail business of Nigerian home concierge startup, Edenlife has marked a significant step towards National expansion with the launch of its first Outlet store in Oniru, Lagos State. This move signals the company’s commitment to bringing its signature homemade meals directly to consumers across the country.
Commenting on the launch of the Oniru Outlet, Nadayar Enegesi, CEO of Edenliife stated, ‘’At Eden Life, it’s in our DNA to adapt and meet the evolving needs of our consumers.
The new outlet store by Homemade exemplifies this commitment. These outlet stores will deliver delicious, home-cooked meals to its customers and create job opportunities in logistics and tech support, driving local economic growth.
By sourcing fresh ingredients from smaller Nigerian farms, we strengthen the agricultural sector and ensure a reliable supply chain. And there’s more to come we have plans to launch mobile kitchens in other strategic locations across the nation.
It’s a win-win situation – our customers enjoy a taste of home, we create jobs, empower local businesses, and contribute to a stronger Nigerian economy.’’
The establishment of these outlet stores translates to new job opportunities in logistics and potentially tech support for the mobile units. Additionally, the focus on fresh, local ingredients could encourage partnerships with smaller Nigerian farms, strengthening the agricultural sector and supporting local food production.
This localized approach to food delivery keeps money circulating within communities and fosters a more sustainable economic ecosystem.
Speaking at the launch event on Friday, May 10, 2024, Orafiri Adoki, Business Lead of Homemade stated that some of Nigeria’s food culture has not been fully explored.
She stated, “Nigeria has such a rich culture around food, which has not been explored to its maximum. So, with the launch of the Homemade outlet, we hope to introduce some of the meals Nigerians are used to at home while providing creative and innovative ways to enjoy these meals,” .
As Nigeria’s e-commerce sector continues to evolve, Eden Life’s innovative approach positions the company as a frontrunner in driving industry growth and reshaping consumer expectations. By providing a seamless omnichannel shopping experience, Edenliife not only captures market share but also cultivates meaningful connections with Nigerian consumers.
Nigeria’s e-commerce industry has been experiencing a boom in recent years, driven by factors like increasing internet penetration, smartphone adoption, and a growing young population. The e-commerce market in Nigeria is estimated to be around USD 8.53 billion in 2024.
It is expected to grow at a compound annual growth rate (CAGR) of 11.82% during the forecast period (2024-2029), reaching approximately USD 14.92 billion by 2029. E-commerce is expected to continue its strong growth trajectory in Nigeria, presenting immense potential for e-commerce platforms like Edenlife to capitalize on the rising demand for convenient and affordable food options.
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