The Senate has approved the upgrade of Federal Polytechnic, Ilaro, Ogun State to a university of technology following the third reading of “A Bill for an Act to Provide for the Establishment of Federal University of Technology, Ilaro and for other Matters Connected Therewith” sponsored by Senator Solomon Adeola (APC Lagos West).
The bill was originally sponsored by Senator Adeola in the 8th Senate but could not be passed before the expiration of the 8th Senate and it was again represented in the 9th Senate for consideration and passage.
Presenting the report of the Senate Committee on Tertiary Institutions and TETFUND, Senator Sadiq Umar Sulaiman(APC, Kwara) on behalf of the chairman of the committee Senator Ahmad Babba-Kaita (APC, Katsina North), said there is a need to expand opportunities for advanced education in technology adding that the upgrade of the Federal Polytechnic, Ilaro to a university of technology will be of tremendous benefits for host communities, provide employment as well as educational development to quickly increase avenue for degree awards in technological fields for teeming Nigerian youths.
Senate Approves Upgrade Of Ilaro Poly To A University-Brand Spur Nigeria
The bill which was passed after thorough consideration of its clauses by the Senate in plenary is now set for concurrence of the House of Representatives and eventual assent by the President.
The President of the Senate Ahmad Lawan congratulated Senator Adeola for the passage of the bill that he had pursued since the 8th Senate.
Senator Adeola who was elated at the passage of the bill stated that the passage marks a fulfillment of one of his legislative agenda in relation to the institutional development of education at all levels adding that Federal Polytechnic, Ilaro already have enough facilities for the upgrade to take off immediately without much expenditure as would have been required for a brand-new university.
With an installed capacity to generate 800MWh of solar electricity per year (enough to power the production of 13.3 million bottles of beer), the new 663.6kilowatts per peak solar plant represents a major achievement in its quest to be more energy-efficient, while meeting the needs of millions of our consumers.
Nigerian Breweries Commissions New Solar Plant In Ibadan-Brand Spur Nigeria
Speaking at the occasion, the company’s Chairman, Chief Kolawole Jamodu disclosed that the project marks an important milestone in the company’s history and development. Jamodu said Ibadan brewery which is the company’s third-largest plant was used as the pilot project because of the importance NBL attaches to the Oyo people.
The former Minister of Industry said,
“From a humble beginning in 1946, the company now has nine fully operational Breweries from which its high-quality products are produced and distributed to all parts of Nigeria, in addition, the two malting plants in Aba and Kaduna.”
In his remarks, the company Managing Director, Mr Jordi Borrut Bel said,
“We are not only interested in being No.1 in Sales and Profitability. We also want to be No.1 in Environmental Sustainability – ensuring that the communities where our breweries are located benefit from our operations in the best possible way”.
Governor of Oyo State, Seyi Makinde | Brand Spur
Bel also hinted that the company was in the process of commissioning similar projects in its Ama, Aba, Enugu, Lagos plants soon. The top manufacturer further disclosed that his company has donated $10, 000 to help develop Asejire dam closed to the Ibadan plant.
“We are looking forward to the partnership with other partners to deliver more renewable projects in Nigeria,” he promised.
Also, speaking, the Governor of Oyo State Seyi Makinde commended the company for its support to his state, even as he called on other private firms to follow suit.
Makinde said with the commissioning of this project, his administration is challenged to do more for the businesses in the state, adding that he looks forward to providing more amenities to the businesses of the state.
Zoom Video Communications, Inc. has announced financial results for the first fiscal quarter ended April 30, 2021. Zoom’s total revenue for the first quarter was $956.2 million, up 191% year over year.
Q1 Fiscal Year 2022 Financial Highlights:
Income from Operations and Operating Margin: GAAP income from operations for the first quarter was $226.3 million, up from $23.4 million in the first quarter of the fiscal year 2021. After adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, and litigation settlements, net, non-GAAP income from operations for the first quarter was $400.9 million, up from $54.6 million in the first quarter of the fiscal year 2021. For the first quarter, GAAP operating margin was 23.7% and the non-GAAP operating margin was 41.9%.
Net Income and Net Income Per Share: GAAP net income attributable to common stockholders for the first quarter was $227.4 million, or $0.74 per share, up from $27.0 million, or $0.09 per share in the first quarter of the fiscal year 2021.
Non-GAAP net income for the quarter was $402.1 million, after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, litigation settlements, net, and undistributed earnings attributable to participating securities. Non-GAAP net income per share was $1.32. In the first quarter of the fiscal year 2021, non-GAAP net income was $58.3 million, or $0.20 per share.
Cash and Marketable Securities: Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of April 30, 2021, was $4.7 billion.
Cash Flow: Net cash provided by operating activities was $533.3 million for the first quarter, compared to $259.0 million in the first quarter of the fiscal year 2021. Free cash flow, which is net cash provided by operating activities fewer purchases of property and equipment, was $454.2 million, compared to $251.7 million in the first quarter of the fiscal year 2021.
“We kicked off the fiscal year with a very strong first quarter, posting 191% total year-over-year revenue growth combined with strong profitability and cash flow. Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results.
With this solid start, we are pleased to raise our total guidance range from $3.975 billion to $3.990 billion for the full fiscal year,” said Zoom founder and CEO, Eric S. Yuan.
“We have also opened our technology portfolio to developers through our powerful video SDK and to businesses to expand their reach through Zoom Events. Work is no longer a place, it’s a space where Zoom serves to empower your teams to connect and bring their best ideas to life. We are energized to help lead the evolution to hybrid work that allows greater flexibility, productivity, and happiness to both in-person and virtual connections.”
Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the first quarter of the fiscal year 2022, Zoom had:
Approximately 497,000 customers with more than 10 employees, up approximately 87% from the same quarter last fiscal year.
1,999 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 160% from the same quarter last fiscal year.
A trailing 12-month net dollar expansion rate in customers with more than 10 employees above 130% for the 12th consecutive quarter.
Zoom is providing the following guidance for its second-quarter fiscal year 2022 and its full fiscal year 2022.
Second Quarter Fiscal Year 2022: Total revenue is expected to be between $985.0 million and $990.0 million and non-GAAP income from operations is expected to be between $355.0 million and $360.0 million. Non-GAAP diluted EPS is expected to be between $1.14 and $1.15 with approximately 311 million non-GAAP weighted average shares outstanding.
Full Fiscal Year 2022: Total revenue is expected to be between $3.975 billion and $3.990 billion. Non-GAAP income from operations is expected to be between $1.425 billion and $1.440 billion. Non-GAAP diluted EPS is expected to be between $4.56 and $4.61 with approximately 311 million non-GAAP weighted average shares outstanding.
We keep our Outperform rating on Zenith Bank, but make a downward revision of c.-9% to our price target to NGN38.8, implying a potential upside of c.70% from current levels. In contrast, we have increased our FY ’21f EPS forecast by c.2% because the bank’s PAT beat our forecast by 10%.
The earnings beat was on the back of a positive result of NGN6.0bn in other comprehensive income (OCI). Despite our earnings upgrade, our new price target is lower because we have increased the risk-free rate driving our DDM model by 150bp to 12.5% to reflect the rise in government bond yields.
Going forward, we expect Zenith to be a key beneficiary of higher market interest rates. The bank’s financial soundness indicators are also robust. Its capital adequacy and liquidity ratios at 21.1% and 70% respectively are amongst the best in class within the sector.
Its NPL ratio of 4.8% is also below the regulatory minimum of 5%. Having suffered a multiple contractions of c.13% this year, we believe that the bank’s current valuation multiple – ’21f P/B multiple of 0.6x for 19.4% ROAE in ’22f justifies a more positive view on the stock. Zenith also trades at a 38% discount to GT Bank, its closest peer.
We find this discount unjustified even when we consider their ’21f ROAEs – 19.8% ROAE vs 22.8% for GT Bank. Zenith’s forecast dividend yield potential of c.13.4% is also higher than the 10.3% yield that we forecast for GT Bank. We expect this valuation gap to narrow in the medium term. Taken together with the dividend yield, we see a total return of c.83% from current levels.
Q1 PAT down 6% y/y due to a -50% y/y reduction in OCI
Zenith’s Q1 PBT was up 4% y/y to NGN61bn on the back of a 5% y/y growth in pre-provision profits. To a lesser extent, a 2% reduction in loan loss provisions also contributed. Together, both positives overshadowed a 6% y/y increase in opex. Both revenue lines contributed to revenue growth.
However, non-interest income, which was up 10% y/y, was the stronger of the two. A 104% y/y expansion in income from net fees and commission – mainly e-banking and credit-related fees underpinned the growth in non-interest income. Funding income growth was modest at c.2% y/y.
Further down the P&L, PAT fell by -6% y/y because of a 50% y/y decline in other comprehensive income to NGN6.1bn. Sequentially, PBT and PAT fell by between 22% and 29% q/q due to a 35% q/q reduction in non-interest income and a 16% y/y rise in opex.
Presco’s Q1 21 earnings beat our estimate by around 61%. Stronger-than-expected sales of N7.9bn vs. our N6.2bn forecast drove the positive surprise. Similar to Okomu, Presco’s topline was supported primarily by double-digit y/y price increases. The re-opening of global economies following COVID-19 related lockdowns in 2020 have sparked a rally in commodities.
Over the last 12-months, crude palm oil futures prices are up 77% and up by around 9% year-to-date, to slightly above USD1,000/MT. Traditionally, local producers transfer changes in global palm oil prices to consumers. We do not expect an easing in pricing for the rest of the year.
As such, we have raised our sales forecast for FY ’21 by around 32% to NGN29.7bn, which in our view more than offsets rising production and operating costs. Overall, our EPS forecasts over the ’21-22E period are up by around 47%.
Our new price target of NGN109.3 is up by only 24% because we have raised our risk-free rate assumption to 12.5% from 10% to reflect the higher interest rate environment. At current levels, our price target implies a potential upside of 44%. Presco retained a NGN2.00 dividend for FY ’20, similar to the past four years. Management did not provide guidance on dividends for this year.
As such, we retain a NGN2.00 dividend forecast for FY ’21, even though we believe strong earnings growth during this financial year provides management with enough flexibility to raise dividends. Year-to-date, Presco shares are up +5.7% vs. the ASI’s -4.6% decline. We retain our Outperform rating on the stock.
Q1 ’21 PBT and PAT up 110% y/y and 114% y/y respectively
Q1 ’21 results were very strong. Sales of NGN7.9bn were up 48% y/y and 59% q/q respectively. Pre-tax profit of NGN5.0bn grew 110% y/y while PAT grew by 114% y/y. Improved profitability was driven by a +280bps y/y gross margin expansion to 80.9% and a -41% decline in net interest expenses which more than offset a 16% y/y rise in operating expenses.
Compared with our forecasts, sales and PAT beat by 28% and 61% respectively. The wider variance on the profit line was driven by positive surprises on the cost lines. For FY ’20, sales of NGN23.9bn grew 21% y/y while PBT and PAT of NGN8.7bn and NGN5.3bn advanced 43% y/y and 37% y/y respectively. Presco’s proposed dividend of N2.00/share implies a payout of c.40% and a yield of 2.6%.
These admissions on FMDQ Exchange are yet again reflective of the potential of the Nigerian debt capital market (DCM) and the commendable level of confidence demonstrated by both issuers and investors in the market.
They also validate the efficient processes and integrated systems through which FMDQ Holdings PLC (FMDQ) and its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, and FMDQ Depository Limited – has sustained their integrated service delivery to the market and its diverse stakeholders.
The proceeds from the quotation of these issuances, which were co-sponsored by FMDQ Exchange Registration Member (Quotations) – Renaissance Securities (Nigeria) Limited – lead sponsor; Standard Chartered Capital & Advisory Nigeria Limited; and UCML Capital Limited – will be used to support Union Bank’s short-term funding requirements, thus validating the Exchange’s mandate to provide a reliable platform to support the capital-raising needs of the stakeholders.
“The series 8 and 9 commercial paper issuance under our ₦100.00 billion Domestic Debt Issuance programme is another strategic milestone in our bid to establish Union Bank as a leading financial institution in Nigeria.
Emeka Okonkwo | www.brandspurng.com
The net proceeds from the issuance will further diversify our sources of capital as we continue to accelerate business growth and drive our long-term strategy. Since the registration of the Debt Issuance Programme in 2018, we have continued to see active participation from the market, demonstrating continued investor confidence in Union Bank and its growth trajectory”.
Also commenting on the issue, the Ag. Chief Executive Officer and Director Financing, Renaissance Securities (Nigeria) Limited, Samuel Sule, expressed that
“Renaissance Capital is pleased to have partnered with Union Bank on successfully accessing the domestic commercial paper markets once again. Union Bank is an established and sophisticated issuer and has proven its ability to navigate our everchanging rate and liquidity environments on numerous occasions.
The solid participation by institutional investors on this oversubscribed dual series issuance underscores the sustained confidence in Union Bank’s medium-term strategy and highlights the Bank’s attractive credit story”.
In keeping with its commitment to the development of the DCM, FMDQ Exchange shall continue to provide, in collaboration with market stakeholders, innovative and efficient services aimed at deepening and effectively positioning the Nigerian DCM for growth, in support of the realisation of a globally competitive financial market and vibrant economy.
FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing & quotation services, seamless trading, clearing, settlement, risk management, and depository of financial market transactions, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited and FMDQ Depository Limited.
The spectacular performance by Emmanuel Elijah one of the contestants in the ongoing Nigeria idol season six, sponsored by Bigi drinks was captivating and electrifying.
The judges were forced to give a standing ovation as he performed “Kiss from a rose” by Seal. Daniel who had the least vote was evicted from the show.
Kingdom Kroseide ignited the stage by performing “un-break my heart” by Toni Braxton and the rendition was simply breathtaking as he held the entire viewers glued to the screen all through his performance.
Short of words, Obi Asika says “you have done a great job to the song and it was a great performance”, while Seyi Shay added, “I am blown away with your vocals and the way you delivered the song”. DJ Sose couldn’t help but shower praises on the contestant reiterating that he killed the song.
Akunna Okey would do everything possible to continue to up her game, and with her rendition of LeAnn Rimes “how do I Live.”
She has once again assured her fans that she is the contestant to beat as the comments from the judges say it all. Obi Asika said, “Any time I see you I believe there’s more to come and you have not disappointed me with that beautiful rendition”. DJ Sose gave kudos and said, “You just prove to us the reason why you are still here, Well done.”
The competition continues next weekend with the following contestants still competing: Kingdom Kroseide, Akunna Okey, Faith Onyeje, Francis Atela, Beyonce Ajomiwe, Comfort Alalade and Emmanuel Elijah.
Daniel Ikechi’s hope has been dashed as he is now out of the competition with the least votes, eviction continues next Sunday, June 6th, the battle for whom to be crown the winner journeys till July 11 which has been slated for the grand finale.
The Nigeria idol music talent reality show aired on DStv Channel 198 and GOtv Channel 29, is sponsored by Bigi, its homemakers; Rite Foods Limited, a truly World-Class and Proudly Nigerian Food and Beverage Company, through its premium Bigi soft drinks brand.
The brand which has set the pace in the beverage sector with its 12 leading variants, consisting of 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, and the Bigi Ginger Ale.
Other Rite Foods’ products comprises Rite Spicy, Bigi Beef, and Rite Sausages which have been the mark of excellence for the industry, while its Bigi Premium Table Water, produced with global best practices in purification, offers quality, freshness, confidence, and reliability.
Established in 2007 as a subsidiary of Ess-Ay Holdings, Rite Foods’ 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.
With a reputation for highly advanced and innovative cross-media research and analytics solutions, the MeMo2 team and portfolio is highly complementary to Kantar’s campaign measurement offer.
The acquisition brings approx. 50 specialists into the Kantar team, creating a platform to significantly expand the media effectiveness measurement business in Europe, as well as strengthening Kantar’s Dutch business with MeMo2’s client roster.
MeMo2 offers streamlined, fully integrated and highly automated cross-media effectiveness measurement products targeted at ongoing, country-level campaign measurement. The offer is enhanced by the award-winning THX technology platform capable of monitoring daily, validated, real-time consumer behaviour, including actual retail traffic, OOH exposures and large sports events.
Ian Griffiths, Deputy CEO and Chief Financial Officer, commented:
“In today’s tough business environment, understanding campaign effectiveness has never been more vital. Today’s acquisition makes it easier for our clients to measure the brand and sales impact of every advertising campaign they run.”
“This is our third acquisition since becoming an independent company. It illustrates the focus we have on winning with clients and growing our business by providing the most comprehensive and value-add portfolio in the market.
MeMo2 is a natural fit with our media effectiveness measurement offering and will accelerate that business. It is also another example of the investments we are making in talent and technology to build a stronger client-driven business.
It strengthens our competitiveness across Europe, especially in the Netherlands, and its high level of automation aligns to our strategy of developing highly scalable products that combine advanced technology with our in-depth data and analysis capabilities.”
“Coming so soon after the transformational Dutch Audience Measurement contract; the world’s most advanced cross-media currency, today’s acquisition also speaks to the great momentum our Dutch leadership team are creating in the market.”
Tim Koekkoek, Managing Partner of MeMo2 and Marcel Vogels, MeMo2’s founder, added:
“Kantar and MeMo2 share a common philosophy of people-centric, transparent media effectiveness measurement. In joining Kantar, we have the opportunity to have an impact at scale.
We are excited to bring our ‘Brands in Control’ vision to a wider range of advertisers, agencies and publishers, providing them with the instant transparency they require to understand and optimize the dynamics underlying sales growth and brand activity like cross-media campaigning, in-store promotions, and large-scale sponsorship.
In 2021, challenges brought by Coronavirus (COVID-19) continue to weigh heavily on the Middle East. Uncertainties over the regional and global outlook, coupled with residual effects of the pandemic, such as increased unemployment and social distancing mandates, are expected to dampen retail spending in 2021 and subsequent years.
One year on from the advent of the pandemic, consumers have acclimatised to the new normal, but spending habits have changed. Three consumer trends to watch for in the Middle East in 2021 and beyond are the pivot to e-commerce, trading down and staying close to home.
Slow and divergent economic recovery ahead
While the majority of markets in the Middle East will see an increase in retail spend in 2021, most will not recover to 2019 levels until mid-2022 or 2023.
Photo by Headway
For example, total retail sales in the United Arab Emirates are expected to grow 12% in 2021, but won’t reach pre-pandemic levels of retail spend until at least mid-2022, due to the country’s high reliance on tourism and travel spend, especially to drive its outsized luxury goods market.
On the other hand, in Lebanon further retail declines are forecast for 2021 through 2025, owing to dramatic currency devaluation and political strife.
The pace of retail recovery will be buoyed by inoculations but is expected to be uneven across the region, due to wide discrepancies in vaccine rollout, with the United Arab Emirates as one of the fastest globally, and countries like Oman and Lebanon lagging significantly behind.
Middle-class jitters see more consumers trading down
In 2021, battered consumer confidence continues to take a toll on the Middle East and consumers are responding by trading down and looking for value for money, even among those who still have a steady income.
Seeking value for money is especially growing in modern grocery retailing, as consumers opt for less expensive brands or private label. For example, in the United Arab Emirates Landmark Group’s Viva only entered the market in late 2018, the first and only discounter to date.
Viva is a no-frills grocery format where the majority of the products – around 80% of shelf space – is private label. 2021 has seen rapid expansion of Viva across the United Arab Emirates including Sharjah, Al Ain and Ajman, doubling their number of outlets in less than a year It is expected that a greater number of discounters will enter the market and this channel will expand significantly by 2025.
This will ultimately benefit consumers by offering lower prices, but it will create major challenges for smaller grocery formats, which may have to squeeze their margins in order to compete.
Trading down is also highly evident in the beauty and personal care industry, where premium growth rates are being outpaced by mass growth rates in almost all categories across the region. Consumers may be trading down, but they do not want to sacrifice on quality or attractive packaging.
This emergent trend offers a window of opportunity for “masstige” products, also known as “prestige for the masses,” as an avatar for affordable luxury – those products that project a more premium quality but at a lower price point.
Staying close to home
Another trend that is expected to continue in 2021 and beyond is the impulse to stay close to home, even when restrictions are lifted. This “homebody” attitude will impact not just FMCG but how and where consumers shop—with many expected to opt for local and neighbourhood grocers in order to avoid travelling long distances and big crowds.
Some retailers have responded by expanding their footprint to smaller grocery chains and even convenience stores. In the United Arab Emirates, for instance, ADNOC Distribution’s convenience stores underwent major renovations in 2020 and upgraded shelf space to include bath and shower and home care products in an ever greater selection.
Whereas in 2019 one brand of deodorant might have been present on their shelves, in 2021 there are five or six.
This trend has important implications for beauty and personal care since staying close to home has given rise to the growth of at-home rituals like facial and hair masks and DIY spa treatments. For example, in Saudi Arabia, hair care saw double-digit growth in 2020 and is forecast for further growth in 2021 through to 2025. And for the most part, once skin care routines become normalised, they tend to stick.
Digital transformations will shape the recovery
The Middle East’s young and digitally-savvy population put e-commerce into hyperdrive and most notably, food and drink e-commerce saw triple-digit growth during the pandemic. For example, in the United Arab Emirates, food and drink e-commerce sales grew 259% in 2020 in constant value terms and these habits remain fixed, with only a low single-digit decline forecast for 2021, before a rebound to double-digit growth well into 2025.
In Saudi Arabia, food and drink e-commerce grew around 200% in 2020 in constant value terms and sales are expected to sustain double-digit growth in 2021 and subsequent years until 2025.
The figures demonstrate that these new habits – particularly online grocery shopping – will stick even when social distancing measures are removed. Retailers have had to quickly adapt to this skyrocketing demand for e-commerce, improving their online and mobile communications.
Many have implemented alternative ways of communicating with consumers, including the use of WhatsApp, Facebook and telephone communications, with local and neighbourhood stores using these tools to fuel sales.
For many consumers in the region, mobile is their first foray into technology, surpassing the desktop, which has created the perfect environment for mobile e-commerce and has helped accelerate the shift away from cash.
In the more advanced GCC, the rapid movement towards contact-free payment with Google Pay, Apple Pay and other apps is set to fuel the recovery. The pandemic has dampened the previous favouring of cash on delivery and has helped overcome people’s reluctance to put their credit card details on their mobile devices.
The future: consumer data as the key to recovery
Inventory forecasting has always been a challenge in the Middle East, and never more so than in 2021 since uncertainty remains as to how consumers will react in this transition year. One thing is for certain: E-commerce will continue to grow, which will give consumers a broader choice of goods and greater options to find value for money and stay closer to home.
The growth of e-commerce during the pandemic has created a large amount of consumer data, which had previously been in short supply in the Middle East. More and more retailers now know how consumers are browsing and what products they are buying. This in turn will create better customer personalisation and recommendations and will be a determining factor to help fuel sales in 2021 and beyond.
Nigeria, 2 June 2021 – The END Fund, a private philanthropic initiative solely dedicated to ending the five most common neglected tropical diseases (NTDs), today announced its partnership with IHS Nigeria, the leading telecom infrastructure service provider company, to tackle prevalent neglected tropical diseases (NTDs) in Ekiti state, in the Southwest part of Nigeria.
The generous planned donation from IHS Nigeria will enable the END Fund to deliver thousands of treatments to those most affected by Onchocerciasis, Lymphatic Filariasis, Schistosomiasis and Soil-Transmitted Helminthiasis; reducing the suffering, disability and poor health caused by these diseases, and significantly improving the quality of life of the recipients.
Mass administration of medicines in Nigeria. Photo Credit: The END Fund/Yagazie Emezi
“The END Fund is delighted to collaborate with IHS Nigeria, in tackling these diseases that cause cognitive impairment, physical ailments, social isolation, and economic regression. Through the financial commitment of this partner, we will make good strides in reducing the burden for these diseases in Ekiti state.
This is in support of the state government’s drive to enable a healthier populace, and also feeds into the national framework for supporting the sustainable progress of Nigeria, especially in the areas of health and economic advancement.
In addition, tackling the NTDs is directly correlated to the attainment of UN Sustainable Development Goal (SDG) 3 on good health and wellbeing; while contributing to meeting other SDGs, including SDGs 1 and 2 – alleviating poverty and hunger respectively, and SDG 4 – enabling people to pursue an education,” said Oyetola Oduyemi, Director of Public Affairs, at the END Fund.
The END Fund announced its partnership with IHS Nigeria on the occasion of its multi-stakeholder webinar being hosted under the aegis of its African NTD Leadership Initiative on June 01, 2021. The event was supported by many critical stakeholders who are committed to both building and expanding a sustainable and locally-driven movement to end NTDs on the continent.
Speaking at the multi-stakeholder webinar, and taking the opportunity to announce the partnership between the END Fund and IHS Nigeria, Dapo Otunla, the Chief Corporate Services Officer, IHS Nigeria said,
“Today we are pleased to take this significant step in collaborating with the END Fund to tackle these debilitating diseases. Our robust program in Ekiti state involves funding preventive treatment for endemic NTDs, supporting the effective deployment of Water, Sanitation and Hygiene (WASH) measures, and working to end open defecation and its detrimental impact on the people of the state – including the contribution of this unhealthy practice to the state’s NTD burden.”
Otunla added,“As a business, we have invested in improving WASH practices across Nigeria in which thousands of households across the country have been impacted so much so that last year, the Vice President of Nigeria, through the Honorable Minister of Water Resources, awarded our Nigeria CEO, Mohamad Darwish a WASH Ambassador status under the Clean Nigeria Campaign. We know that addressing NTDs is only a logical step in the right direction and this will enable our impact to go further.”
According to the World Health Organisation, more than 134 million Nigerians require treatment for one or more NTDs, with 48 million children and adults affected by intestinal worms, and 25 million people affected by schistosomiasis – in terms of impact this disease is the world’s second most devastating parasitic ailment after malaria.
The country bears approximately 40 percent of Africa’s NTD burden. The END Fund has been a key partner for the Nigerian national framework for tackling NTDs, and continues to support the country’s plans to eliminate endemic NTDs.
In order to achieve this goal, a multi-stakeholder engagement strategy is crucial – with the private sector playing a fundamental role. The partnership with IHS Nigeria is supporting the safe delivery of life-changing treatments to affected
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