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Major African Power Projects Key Focus Of London Summit

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Africa’s power deficit is a major constraint on economic growth and social development; The Global African Investment Summit (‘TGAIS’) in London will bring together African governments and the international finance community to tackle this critical issue.

With government delegations presenting bankable investment projects to global investors, TGAIS will help secure funding needed to transform Africa’s economies from some of the world’s largest financial institutions and investment funds.

Excluding South Africa, per capita consumption of electricity in sub-Saharan Africa is 10 KWh (kilowatt hours) per month, in high income countries this figure is almost 1000 KWh.

In some countries in Africa, backup generators supply up to half total generation capacity, explaining, in part, why electricity is more expensive on the continent than anywhere else in the world; up to three times as much as those in the United States or Europe.

This is a social disaster, reducing Africa’s ability to create jobs or industrialise its economies.   At a basic livelihoods level, there are 600 million people on the continent with no regular access to power, relying solely on charcoal, wood and biomass for cooking.

To achieve the target of universal access to electricity in Africa by 2030, the International Energy Agency states that sub-Saharan Africa will need more than $300 billion in investment.

For international investors, this demand is well recognised, but identifying specific projects that have the right legal, regulatory and political support and will bring returns on investment is not straightforward.

All these aspects are critical for financiers to see a project as investable.

TGAIS is working with African governments to bring those bankable projects to the international market.

Organised by Chief Olusegun Obasanjo, former Nigerian President and led by the Presidents of Rwanda, Uganda, Ghana, Tanzania and Togo, TGAIS will present major power projects from across the continent including green-field gas, solar and wind plants as well as national distribution networks and privatisation opportunities.

One such project is the Grand Inga Dam, a project that – if realised – will revolutionise the supply of power to Africa by providing as much as 40,000 megawatts to southern Africa.

The electricity will be far cheaper than current supply and, critically, comes from a renewable source.  The energy produced by just this one dam could power homes and businesses in the Democratic Republic of Congo, South Africa and possible other countries in the region.

The dam already has World Bank support through technical assistance funds to help make the project bankable for investors.

Claver Gatete, Rwandan minister of Finance and Economic Planning was keen to highlight the significance of being able to meet international investors at TGAIS, “It’s great that our government gets to go to events like The Global African Investment Summit in London to profile investment opportunities in Rwanda.  What we want investors to know is that we need their investment and that we provide the right incentives and have created one of the best business environments that can be found anywhere in the world.”

Amama Mbabazi, Ugandan Prime Minister highlighted the significance of finding the right investors for his country; “we have a number of important projects that will help the Ugandan economy grow substantially.  Finding the best investors for those projects is crucial to knowing that they will be undertaken in a way that creates shared value and promotes long-term sustainability.”

TGAIS also receives strong support from the UK’s government, with Minister for Africa Mark Simmonds hosting a gala reception at the Foreign and Commonwealth Office for all participants.

Senior African government delegates will also be invited to Buckingham Palace for a VIP luncheon on the opening day.

The inaugural Global African Investment Summit, run in partnership with four African state houses, is the only platform that brings together the public and private sectors to discuss specific transactions, access to finance, and bankable projects in Sub Saharan Africa requiring investment and technology transfer.

African Presidents will travel to the event with Finance ministers, sector specific ministers and CEOs from state owned enterprises to address and hear from the global financial markets, project implementers, consultants and law firms about co-financing and executing their most pressing projects in agribusiness, natural resources, power, and transport infrastructure.


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CBN Pulls Rate Cut Trigger, King Dollar Returns

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By Lukman Otunuga, Senior Research Analyst at FXTM,

In a move that caught investors off-guard this week, the Central Bank of Nigeria (CBN) slashed interest rates by 100 basis points bringing the MPR to 11.5%. Given how inflation has been above target since 2015, rates were expected to remain unchanged for the rest of 2020 and possibly early 2021.

 

The question on the mind of many is whether the rate cut will achieve the desired effect by stimulating consumption and economic growth? Ongoing border closures and disruptions created by COVID-19 have pushed inflation to levels not seen since March 2018 above 13.20% while a drop in the production and price of Oil continues to rub salt into the wound. While looser monetary policy could support growth, it may come at the cost of rising inflation and weaker Naira.

 

Over the past few months, central banks across the globe have deployed unprecedented measures to defend their respective economies against the coronavirus menace. However, fiscal policy has been identified as the sharper tool with governments across the world providing a critical lifeline to keep the wheels of their respective economies rolling.

 

Outside of Nigeria, King Dollar made a return by appreciating against every single G10 currency. In times of uncertainty, everyone wants a juicy piece of the world’s most liquid currency. As coronavirus cases rise in Europe and other parts of the world, the flight to safety is likely to boost appetite for the Dollar. This is bad news for many emerging markets currencies, especially those with high Dollar-denominated debt.

 

On the commodity side, Oil prices remain heavily influenced by demand-side factors and the state of the global economy. Prices are likely to remain stuck around the $40 regions in the near term, especially If another round of possible lockdowns hit Oil demand. Looking at the technicals, WTI Crude is under pressure on the daily charts. If prices are unable to break away from the sticky $40 regions, the next key point of interest remains around $38. A weekly close above $41.50 could pave a path towards $43.


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NCC Arrests Man for Hacking into DSTV System

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Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


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NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

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The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


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