Airtel Africa Announces Final Dividend Currency Exchange Rates

Brand Spur
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Airtel Africa Announces Final Dividend Currency Exchange Rates

10 June 2021: Airtel Africa, a leading pan-African provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today confirms that the default currency and options on currency election for the proposed final dividend (recommended by the Board to be 2.5 cents per ordinary share payable on 23 July 2021 to shareholders on the register at of close of business on 25 June 2021), and the currency exchange rates that will be applicable in determination of the final dividend payment to any shareholders that qualify for and have elected to receive the final dividend payment in U.S. dollars, GB pounds or Nigerian naira will be as follows:

Arrangements for Shareholders that hold their shares on the London Stock Exchange (LSE):

  • Shareholders that hold their shares on the London Stock Exchange may elect to receive their entire dividend payment in GB pounds or U.S. dollars.
  • Partial elections are not permissible.
  • Holders electing to receive a dividend should specify a choice of currency by completing the Currency Election Form and return to Computershare Investor Services plc.
  • Shareholders holding their shares on the LSE who do not indicate their currency of choice before 12 July 2021 will receive their dividends in U.S. dollars.
  • The closing date for the dividend currency election to the Company’s Registrars Computer share Investor Services plc in the UK is 12 July 2021.
  • Currency election forms can be obtained by contacting the Company’s Registrars,
    Computershare Investor Services plc, on the Company’s dedicated telephone line: +44
    (0)370 7030027.
Airtel africa
The logo of telecommunications company Airtel is pictured on an umbrella and chairs set up by vendors in Abuja. REUTERS/Afolabi Sotunde

Arrangements for Shareholders that hold their shares on the Nigerian Exchange Limited (NGX):

  • Shareholders that hold their shares on the Nigerian Exchange Limited may elect to receive
    their entire dividend payment in Nigerian naira or U.S. dollars.
    • Partial elections are not permissible.
    • Holders electing to receive a dividend in U.S. dollars should complete the Currency Election
    Form and return to Coronation Registrars Limited or email to
    eforms@coronationregistrars.com

Shareholders holding their shares on the NGX who do not indicate their currency of choice before 12 July 2021 will receive their dividends in Nigerian naira.

The closing date for the dividend currency election to the Company’s Registrars Coronation Registrars Limited in Nigeria is 12 July 2021.

Currency election forms can found on the website of the Company’s Registrar www.coronationregistrars.com or this direct link: https://coronationregistrars.com/currencyelection-form/

The following currency exchange rate will be applicable in the determination of the final dividend payment to any shareholders that qualify for and have elected to receive the final dividend payment:

Exchange Rate

  • 1 USD = 410.95 Nigerian naira
  • 1 USD = 0.7068 GB pounds

The exchange rate for the Nigerian naira or GB pounds amounts payable was determined by reference to the exchange rates applicable to the U.S. dollar available on 9 June 2021.

Trophy Extra Special Band Season 2 Begins With An Entertaining Round Of Auditions

Brand Spur
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Trophy Extra Special Band Season 2 Begins With An Entertaining Round Of Auditions

This week was ‘audition week’ for the second season of the Trophy Extra Special Band competition and it was all the rave! 

With the hopes of experiencing performances strong enough to turn them into fans, the judges (2Baba, Timi Dakolo and Cobhams Asuquo) were tasked with the responsibility of determining which of the bands will proceed to the next stage and compete for the grand prize of N10 million and brand-new musical instruments.

As expected in any audition for a talent show of this caliber, some groups smashed their performances, while others left us anticipating the end of their performances. The participating bands on the first episode included; Band of Five, Sounding, the Honey Band, Optimum Band, Wanda Band, Tritunez, The Benedicts, and Genial Sounds.

The most fascinating performance of the day was delivered by Genial Sounds – an all-girl band – who created an entire ‘owambe’ experience for the ages, thoroughly impressing the judges with an entertaining Lagbaja mashup. Of course, they were the first to walk away with green bands which secured their slot in the live shows. In fact, the judges attested to smelling jollof rice, small chops, and crisp currencies as they played.

In next week’s episode, more bands will perform and compete for the chance to take home the coveted N10 million and a set of brand-new instruments.

Will They Wow The Judges?

Find out on MTV Base, DStv Channel 322, and GOtv, Channel 72, every Saturday at 7 pm, with repeats on Wednesdays at 9 pm. You can also follow the conversation on social media using the hashtag #TrophyExtraSpecialBand, and the Trophy Stout Instagram handle (@trophystout), episodes will be available every Sunday at 7 pm on Youtube.

Trophy Extra-Special Band is an initiative of Trophy Extra Special Stout.

Backed With $100K Investment, PayDay Is Bridging The Gap Between Talent And Opportunity In Africa

Brand Spur
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Backed With $100K Investment, PayDay Is Bridging The Gap Between Talent And Opportunity In Africa

A lot of people say “Africa is the future”, however, there are a handful of people doing the work required to ensure that Africa is not left behind. Favour Ori is a young entrepreneur working tirelessly with his team at TalentMatch to ensure accessibility of employment in technology on the African continent, with its flagship product, PayDay.

Ori and his team are currently rolling out PayDay, which they believe is the fastest and most efficient way for technology talent and creatives throughout the African continent to receive payments from their global or foreign clients within minutes, all on their mobile phones or personal computers.

PayDay is a product by TalentMatch, with team members including Dr Rex Idaminabo (co-founder), Chidi Nwaogu (co-founder), and many other competent African talents. Together, they are working to facilitate cross-border payments in Africa.

TalentMatch has raised over $100K in funding; $50K+ in pre-seed funding led by Microtraction, and $50K from angel investors. Though, TalentMatch, which will be joining a Canadian accelerator and will be setting up its headquarters there, is still seeking to raise a seed round of $1M in the following months.

You can join PayDay’s increasing waitlist to be notified when the product goes live.

But Who’s Favour Ori?

Favour Ori is a software engineer and entrepreneur, who is keen on building and shipping innovative products geared toward simplifying, automating, and generally improving lives in Africa. In 2016, Favour relocated to the United States to study Computer and Information Sciences at Southern Arkansas University. Since then, he has worked with the likes of Turing, GO, ABiTNetwork, CultureBase PBC, Saint Louis University, and Oklahoma State University.

Backed With $100K Investment, PayDay Is Bridging The Gap Between Talent And Opportunity In Africa-Brand Spur Nigeria
Backed With $100K Investment, PayDay Is Bridging The Gap Between Talent And Opportunity In Africa-Brand Spur Nigeria

Favour has spoken at several international conferences like the NCHC Conference in Atlanta, the United Nations Youth Assembly in New York, the YCBS Conference in Atlanta, and 1MillionCups in Tulsa. In 2018, prior to founding TalentMatch, he launched an IBM-backed non-profit called FavCode54, which aimed at empowering Africans and helping them launch their tech careers. IBM provided resources valued at $90M to enable beneficiaries of FavCode54 to learn and deploy real-world cloud products.

In 2020, Favour launched and sold College Situation and Tugure to ABiTNetwork. College Situation connects African students in Africa to renowned institutions, scholarship opportunities and fellowship programs in Canada, the United Kingdom, the United States, and many other countries outside the African continent.

On the other hand, Tugure allows Rwandese to trade new and fairly used items easily and securely.

In 2020, during the Coronavirus pandemic, Favour was inspired to build, WeJapa, a talent matching platform to help experienced software developers secure foreign jobs. He partnered with companies like IREMBO, Quorum Control GmBH, and ABiTNetwork to recruit.

Unfortunately, things took an unexpected turn barely a week before they would announce their pre-seed round by Microtraction. Favour is currently documenting the story of what really happened and will be publishing it soonest.

Rite Foods Celebrates World Environmental Day, Supports a Cleaner Lagos Initiative

Brand Spur
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Rite Foods Celebrates World Environmental Day, Supports a Cleaner Lagos Initiative

To commemorate World Environmental Day 2021, Rite Foods Limited, a truly world-class and proudly Nigerian Food and Beverage Company, Producers of Bigi Carbonated Soft Drinks (CSD), Fearless Energy Drinks, and variants of sausage brands, in partnership with Sterling One Foundation organized a Beach Clean-up at the Eleko Beach, Lagos on Saturday, June 5.

Rite Foods Limited, unarguably being one of the leading companies in the foods and beverage industry will also be running a digital campaign to encourage the social media communities to create art from scrap from June 5th till June 30th.

Rite Foods
From Left: Daniel Abokede, Events and Activation Manager, Rite Foods Limited; with Olapeju Ibekwe, Chief Executive Officer, Sterling One Foundation; Chief Gbadebo Fatau Labia, Baale of Eleko Community; and Dele Fasemo, Group Head, Oil and Gas, Sterling Bank Plc; at Eleko Beach clean-up exercise, supported by Rite Foods Limited, in commemoration of this year’s World Environment Day, on Saturday, July 5, 2021. | Brand Spur Nigeria

Speaking on the initiative, the Chief Executive Officer, Sterling One Foundation, Mrs. Olapeju Ibekwe, said the clean-up exercise is a beach adoption project that ensures that the environment is cleaned for a minimum of three days every week for a next year.

She stated that the exercise was the flag-off ceremony of the adoption of Eleko beach in addition to Alpha beach, which was cleaned earlier this year, and hugely supported by Rite Foods.

Rite Foods
Daniel Abokede, Events and Activation Manager, Rite Foods Limited (Middle); and other participants at Eleko Beach clean-up exercise, supported by Rite Foods Limited, in commemoration of this year’s World Environment Day, on Saturday, July 5, 2021. | Brand Spur Nigeria

According to her, waste on these beaches would be cleared at least three times a week. “The youths in the communities where these beaches are located would be empowered with the skill sets and remuneration to ensure the initiative is well executed as measures aimed at having a healthier and cleaner environment,” she explained.

She commended Rite Foods Limited for partnering with the Foundation and looked up to more organizations joining them to ensure the environment is cleaned sustainably. “Once we do it once, we set into place, a motion, a structure, and a process to ensure it is being done consistently through the year,” she said.

She explained that the Foundation is also in partnership with the Lagos State Waste Management Authority (LAWMA), as it takes care of solid waste while the Foundation does the same with the recyclables.

On his part, Eleko Community Leader, Chief Gbadebo Fatau Labia, thanked Rite Foods Limited for the immense support in ensuring that Eleko beach clean-up was successful.

“I give kudos to Rite Foods and urged the company to continue with its good works of environmental protection. I hope to see the organization do this next year,” he enthused.

World Environment Day is celebrated on June 5 every year since 1974; this day is one of the most renowned days for environmental action. The day serves as a reminder to each individual to protect and preserve the environment. Each year, World Environment Day takes on a theme that focuses on a pressing environmental concern.

Rite Foods have set the pace in the food and beverage industry with leading brands such as the Bigi Cola, Bigi Orange, Bigi Apple, Bigi Bitter Lemon, Bigi Soda Water, Bigi Lemon & Lime, Bigi Tropical, Bigi Chapman, Bigi Tamarind, Bigi Cherry Cola, Bigi Ginger Lemon, Bigi Ginger Ale, Fearless Redberry Energy Drink, Fearless Classic Energy Drink, Rite Spicy, Bigi Beef Sausage roll, and Rite Sausage roll.

The Bigi Premium Table Water which is produced with global best practices in purification offers quality, freshness, confidence, and reliability.

The company’s inventiveness has earned high recognition in the energy drinks market with the first-ever packaged polyethylene terephthalate (PET) bottle brands for the Fearless Red Berry and Fearless Classic.

Kenya’s Coffee Production to increase by 7% to 750,000 Bags in 2021/22

Esan Bolaji
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Kenya’s Coffee Production to increase by 7% to 750,000 Bags in 2021/22

FAS Nairobi forecasts Kenya’s coffee production will increase from 700 to 750 thousand bags in marketing year (MY) 2021/22 due to anticipated good weather and improved farm practices in response to higher prices. Area harvested is down from 112 to 105 thousand hectares in MY 2020/21 due to the encroachment of real estate development in peri-urban plantations.

Local consumption will remain depressed in MY 2020/21 due to the impact of COVID-19 on the restaurant and hospitality sectors, but will recover slightly from 36 to 43 thousand bags in MY 2021/22 as Kenya’s tourism sector improves. Trade estimates are revised based on data from Trade Data Monitor.

Kenya’s Coffee Production

Weather projections for MY 2021/22 indicate that many coffee-growing regions will receive rainfall and temperatures which are conducive to coffee growing. Additionally, yields are projected to increase due to improved crop husbandry practices by farmers as growers rehabilitate their farms and increase inputs in response to improved prices.

MY 2021/22 is also expected to be a cyclical peak production year for most trees in Kenya. Coffee trees undergo annual variations in their yield, usually increasing two consecutive years and falling the third.

Area planted is revised down from 112 to 105 thousand hectares in MY 2020/21 as many large farms have been converted into real estate development, particularly in peri-urban areas such as Kiambu and Nyeri. This trend will continue in MY 2021/22 but will be offset as some growers plant new trees outside of peri-urban areas in response to high prices this year.

In April 2020, the Government of Kenya (GOK) announced a $14 million coffee revitalization program, with the majority of these funds allocated to improving coffee processing and the rest dedicated to input use and support for cooperatives. The impact of this program will likely not be observed until after 2022.

Leading Export Destinations for Kenya Coffee by Marketing Year

Coffee Production
Source: TDM

Consumption

Coffee consumption is expected to increase from 36 to 43 thousand bags in MY 2021/22 as the tourism and hospitality sectors recover from COVID-19 disruptions. In MY 2019/20 and 2020/21 consumption was depressed due to low tourism and the closure of hotels, restaurants, coffee houses, and other eateries.

As most consumers in Kenya continue to prefer tea over coffee, Kenyan consumption is driven by tourism, immigration, and rising domestic consumption in urban areas where coffee culture is taking root.

While MY 2021/22 consumption is expected to increase, it is not forecast to recover to pre-pandemic levels. While Kenya may see an increase in vaccinated tourists next year, Kenya itself may not achieve high vaccination levels over this time frame. Prior to the pandemic, coffee consumption in Kenya was growing, particularly through increased investment in coffee houses.

Additionally, several businesses set up training facilities to promote coffee preparation and consumption.

Euro 2020 kicks off with top class action on StarTimes

Brand Spur
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Euro 2020 kicks off with top class action on StarTimes

UEFA Euro 2020 is finally kicking off on Friday with an exciting clash between Italy and Turkey.

Then, Group Stage will bring more top-class action with matches such as Belgium vs. Russia and England vs. Croatia on Saturday and Sunday respectively.

All Euro 2020 matches will be broadcast live and in HD on StarTimes basic (antenna users) for N1700 or StarTimes Smart (dish users) for N2200 monthly.

Euro 2020: Kroos, Ronaldo, Mbappé Face Each Other In Group Of Death- Brand Spur Nigeria
Euro 2020: Kroos, Ronaldo, Mbappé Face Each Other In Group Of Death- Brand Spur Nigeria

Even though they have played each other twice since 2018, England fans still have a score to settle with Croatia. In their 2018 World Cup semi-final, Luka Modric inspired his team-mates to an unexpected and surprising 2-1 extra-time victory in Moscow – a victory that denied England their first place in the World Cup final since 1966.

If the match between England and Croatia is a stand-out fixture at the Euro 2020, it is certainly not the only highlight of the first round of matches. Belgium begin their Group B campaign on Saturday in St Petersburg against Russia.

Inter Milan striker Romelu Lukaku scored the winner in the friendly against Croatia to take his international tally to an astonishing 60 goals from 93 matches.

The 24 competing teams have been divided into six groups, with the Group F being labelled the “Group of Death” for containing three former Euro champions — Germany, France, Portugal — and two-time FIFA World Cup runner-up Hungary.

What Budget You Need As A Sustainable Investor

Esan Bolaji
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What Budget You Need As A Sustainable Investor

Each beginner trader dreams of taking their trading on a professional level (i.e., making trading the main source of their income). And this is understandable.

Who would not want to make good money doing what they love? And you can trade from almost anywhere in the world, from Nigeria or any other country (the choice of location is limited only by the availability of the Internet) and at any convenient time.

In general, the dream of being your own boss is so close to many (and not only to novice traders, by the way). But to achieve this dream, a trader must, first of all, achieve stable results in trading.

From Beginner To Professional

Whatever one may say, but without gaining your own experience, sometimes through difficult mistakes, you will not be able to become a professional trader. Several crucial recommendations help mitigate as much as possible the consequences of failures on the path of becoming a trader so that these mistakes do not throw you out of the rut. After all, it is no secret that many novice traders, after a series of failures (hitting hard on their pocket), simply leave, later remembering Forex trading as a bad dream.

1. Get ready to work hard

After all, many start trading precisely because of the deceptive feeling of easy money, it would seem, what is complicated about it: bought at a cheaper price, sold at a higher price, made a profit. Technically it is, of course, true. Buy cheaper, sell higher, make a profit. But do not forget that money does not come out of thin air, and for it to appear in your pocket, you must first find the pocket from which it will disappear. In other words, you have to beat other market participants, and given the fact that real professionals are playing against you, it is hard to do.

To consistently gain profit from foreign currency trading, you must always be head and shoulders above the majority of other players. And for this, you need to constantly be in the process of continuous improvement (both in terms of sharpening your trading system by reading the Forextime blog and self-improvement in a psychological sense).

2. Experience is the son of difficult mistakes

Secondly, do not immediately rush into the stormy and sometimes muddy waters of the market — learn to swim first! For these purposes, all more or less serious traders have demo accounts. Such accounts are no different from real ones, except that you trade (play) for virtual money. The demo receives the same quotes in real-time (as if you were working with real money). Practice, thought out your strategies, achieve stability first on a demo, and then switch to real accounts.

At the same time, always remember that no success on the demo will guarantee you the same in real life. There are many reasons for this. Among them, for example, there may be such as:

● Requotes and slippages that prevent a trader from opening and closing their positions normally. They can be associated with both the dealer’s dishonesty and objective circumstances (liquidity shortage due to the emergence of new unexpected information, etc.).

● Floating spread. On demo accounts, the spread is usually fixed, while on real accounts, it can swell significantly.

● Psychological discomfort associated with the fear of losing your money.

3. Do not try to jump over your head

Set realistic goals for yourself and do not chase super-profits. In other words, you should not expect to start making millions with a couple of hundred dollars in start-up capital to implement this grandiose plan.

Forex attracts many since it allows you to start real trading with a deposit of not only $100, but sometimes even $10 (or even less) on the so-called mini- and micro-accounts.

It is necessary to clearly understand the direct dependence of potential earnings on the degree of risk assumed. The higher you take on the risk, the more money you can end up making (or losing). And vice versa, the less the risk, the less the percentage of the profit will be, but the likelihood of its gaining will increase to the same extent.

4. Discipline

It would seem that Forex trading is not an army, but on the contrary — free flight as a trader independent of anyone. What is the discipline here? But trading at a professional level requires no less, but on the contrary, sometimes even much more stringent control. The only difference here is that you need to obey not your boss but yourself.

As trite as it may sound to some — adhere to your trading system and follow the rules of money management. Everyone talks about it, but few people actually do it. Meanwhile, this is one of the pillars on which stability in trading is built.

FBNH Sustained Impact Of Low-Yield Environment Depress Interest Income

WSTC Research
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FBNH Sustained Impact Of Low-Yield Environment Depress Interest Income

We lower our valuation of FBNH Plc on the back of a significant decline as reported in its Q1 2021 earnings results. FBNH’s gross earnings declined by 14% YoY to N136.58bn in Q1 2021 from N159.68bn in Q1 2020.

Interest income declined by 25% to N78.36bn in Q1 2021 from N104.91bn in Q1 2020. However, on a positive note, non-interest income grew by 6% YoY to N58.22bn in Q1 2021
from N54.78bn in Q1 2020.

Resulting from the material decline in net interest income, the Group’s operating income declined by 8% YoY to N92.24bn in Q1 2021 from N100.29bn in Q1 2020. the cost-to-income ratio worsened by 900 basis points to 80%, from 71% in Q1 2020. Therefore, profit before tax dipped by 34% YoY to N18.91bn in Q1 2021 from N28.68bn in Q1 2020.

Net income also declined by 32% YoY to N15.62bn in Q1 2021 from N23.14bn in Q1 2020.

Sustained Impact of Low-Yield Environment Depress Interest Income

Interest income on investment securities declined by 62% YoY to N14.68bn in Q1 2021 from N38.45bn in Q1 2020.

We attribute the decline to repricing of investment securities purchased in 2020 when
interest rates were significantly lower. Interest income on loans and advances to customers also declined by 6% YoY to N59.85bn in Q1 2021 from N63.95bn in Q1 2020, despite a 16% YoY growth in loan book to an average of N2.26trn in Q1 2021 from an average of N1.95trn in Q1 2020.

Meanwhile, interest income on loans and advances to banks grew by 53% YoY to N3.82bn in Q1 2021 from N2.49bn in Q1 2020.

The decline in interest income on investment securities accounted for c.90% of the overall interest income decline during the period.

Higher Impairment Losses Erode Cost Savings from Interest Expense

Interest expense declined by 43% YoY to N25.56bn in Q1 2021 from N35.15bn in Q1 2020, although interest-bearing liabilities grew by 18% YoY to an average of N6.39trn in Q1 2021 from an average of N5.44bn in Q1 2020. Specifically, deposits from customers grew by 20% YoY to an average of N4.99trn in Q1 2021 from an average of N4.15trn in Q1 2020. We link the higher deposits generated during the period to the sustained impact of increased liquidity in the financial system, due to the continued accommodative policy stance of the monetary policy authorities.

The steeper decline in interest expense moderated the decline in net interest income to 12% YoY to N52.79bn in Q1 2021 from N75.75bn in Q1 2020. However, a 36% YoY spike in impairment charge for credit losses to N13.18bn in Q1 2021 from N9.71bn in Q1 2020, eroded the cost savings and thus resulted in a 22% YoY decline in net interest income after impairment losses.

Increased Digital Banking Activities Lift Non-Interest Earnings

Non-interest income grew by 6% YoY to N58.22bn in Q1 2021 from N54.77bn in Q1 2020, driven by fee and commission income (+32% YoY to N34.03bn from N25.81bn), and net gains on investment securities (+32% YoY to N17.86bn in Q1 2021 from N13.50bn). Meanwhile, the Group recorded a decline in dividend income (-99% YoY to N26mn from N4.02bn), and net gains from financial assets held for trading purposes (-63% YoY to N3.12bn from N8.34bn).

The significant increase in fee and commission income and net gains on investment securities totally offset the decline recorded on other non-interest income components.

Bottomline Deteriorates on the Back of a Higher Cost-to-Income Ratio

Profit before tax declined by 34% YoY, induced by a 2% YoY increase in operating expense to N73.33bn in Q1 2021 from N71.61bn in Q1 2020, whereas operating income declined by 8% YoY.

Therefore, the double-whammy of an operating income decline and an increase in operating expense translated to a lower bottom line.

Outlook

In our previous report, we forecasted the N2.43 earnings per share (EPS) forecast for FY 2021. We expected the repricing of assets to take effect much sooner. We still expect to see a repricing of risk assets in the subsequent quarters, amid an upward trend in yields in the economy.

Owing to the impact of Q1 2021 earnings, our revised FY 2021 EPS estimate now stands at N1.87, with an expected dividend of N0.40.p

Using a blend of Discounted Dividend Model (DDM) and Residual Income Model (RIM) valuation methodologies, we arrived at a revised value of N6.57 per share. At the current market price, the stock offers a -2% total return (price return: -8%; dividend yield: 6%).

Thus, we believe that the stock is fairly valued and recommend a HOLD.

Inflation To Drop In May To 18.05% From 18.12% – Analysts

Meristem
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Inflation To Drop In May To 18.05% From 18.12% – Analysts

As coronavirus vaccination and bolder steps at reopening economies gains momentum, concerns around the build-up of inflationary pressure (following the sharp decline witnessed in the wake of the pandemic) above acceptable thresholds have headlined monetary policy discuss.

However, top of mind for monetary authorities seem to be the need to keep monetary policy supportive of economic growth till pre-pandemic levels of output are achieved.

In the United States, consumer prices were higher by 3.6%YoY in April (vs. 2.4%YoY in March and 1.6%YoY in February) mainly on account of a low base from last year and higher energy prices. While the FOMC (Federal Open Market Committee) classes these factors as transitory, the Committee also recognized the speedy rate of economic growth (+6.4%YoY in Q1:2021), which it described as “rapid progress towards the Committee’s goals”. Like in the US, price levels in the Eurozone have also maintained an uptrend; climbing from 1.3%YoY in March to 1.6%YoY in April 2021.

Eurostat estimates inflation would come in at 2.0%YoY in May 2021, driven mainly by much higher energy prices. We note that in May, Brent crude oil price averaged c. USD68pb (vs. USD65pb in April and March respectively).

For oil prices, the elephant in the room is the ongoing negotiation between the US and Iran, and the likely return of Iran’s supply to the oil market.

On another hand, global food prices have also continued to trend higher. Food inflation as shown by FAO (Food and Agriculture Organization of the United Nations) food price index was at 39.7%YoY in May 2021 – its highest since September 2011.

The increase in May was due majorly to a sharp rise in the prices of oils, sugar, cereals, meat and dairy.

Nigeria: Base Effect to Relieve Headline Inflation

In April 2021, the first instance of disinflation in 20 months was recorded. Although our prognosis is that risk to consumer prices remain tilted to the upside, on a year-on-year basis, we expect a moderation in headline inflation due to the relatively high CPI
reading in May 2020.

Nonetheless, the persisting insecurity plaguing the Nation’s food belt and the extant challenges associated with sourcing FX supports our notion of a month-on-month increase.
Based on our perception of market prices, we expect food items like vegetables, fruits, yams, fish, and beverages to remain the key drivers of food inflation. Also, we fully expect festivity driven demand during the Ramadan celebrations to add another layer of pressure
to prices.

Overall, we expect headline inflation at 18.05%YoY in May 2021.

Mastercard Foundation To Deploy $1.3 Billion Partnership With Africa CDC

Brand Spur
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Mastercard Foundation To Deploy $1.3 Billion Partnership With Africa CDC

The MasterCard Foundation has announced that it will deploy $1.3 billion over the next three years in partnership with the Africa Centres for Disease Control and Prevention (Africa CDC) to save the lives and livelihoods of millions of people in Africa and hasten the economic recovery of the continent.

The Saving Lives and Livelihoods initiative will acquire vaccines for at least 50 million people, support the delivery of vaccinations to millions more across the continent, lay the groundwork for vaccine manufacturing in Africa through a focus on human capital development, and strengthen the Africa CDC.

“Ensuring equitable access and delivery of vaccines across Africa is urgent. This initiative is about valuing all lives and accelerating the economic recovery of the continent,” said Reeta Roy, President and CEO of the MasterCard Foundation. “In the process, this initiative will catalyze work opportunities in the health sector and beyond as part of our Young Africa Works strategy,” she added.

The African Union’s goal as set out in the African COVID-19 Vaccine Development and Access Strategy is to vaccinate at least 60 percent of its population – approximately 750 million people or the entire adult population of the continent – by the end of 2022. To date, less than two percent of Africans have received at least one vaccine dose.

The new partnership builds on the efforts of the COVID-19 Vaccines Global Access facility (COVAX), the COVID-19 African Vaccine Acquisition Task Team (AVATT), and the global community to expand access to vaccines across Africa.

The number of vaccines available to Africa represents a small portion of the global supply and the financial costs to purchase, deliver, and administer vaccines remain significant. The Africa CDC is calling on governments, global funders, the private sector, and others to help meet this goal.

“Ensuring inclusivity in vaccine access, and building Africa’s capacity to manufacture its own vaccines, is not just good for the continent, it’s the only sustainable path out of the pandemic and into a health-secure future,” said Dr. John Nkengasong, Director of the Africa CDC. “This partnership with the MasterCard Foundation is a bold step towards establishing a New Public Health Order for Africa, and we welcome other actors to join this historic journey.”

In 2020, Africa faced its first economic recession in 25 years due to the pandemic. The African Development Bank has warned that COVID-19 could reverse hard-won gains in poverty reduction over the past two decades and drive 39 million people into extreme poverty in 2021. Widespread vaccination is recognized as being critical to the economic recovery of African countries.

The initiative builds on an earlier collaboration between the MasterCard Foundation and the Africa CDC to expand access to testing kits and enhance surveillance capacity in Africa. Through the Foundation’s support, the Africa CDC’s Partnership to Accelerate COVID-19 Testing (PACT) deployed nearly two million COVID-19 tests and more than 12,000 trained health care workers and rapid responders across Africa. In total, the PACT has enabled over 47 million COVID-19 tests across the continent.

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