Nigeria’s Inflation Rises To 20.52% After Almost 20 Years — NBS Report

Brand Spur
-
0
Nigeria’s Inflation Rises To 20.52% After Almost 20 Years — NBS Report

The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.52 percent in August 2022, up from 19.64 percent in the previous month.

Brand Spur Nigeria reports that this represents the highest rate since October 2005, as sighted in the Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) on Thursday.

According to the report, the rate was 3.52 percent higher than the 17.01 percent recorded in August 2021.

“In August 2022, on a year–on–year basis, the headline inflation rate was 20.52%. This was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%). This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021). Meaning that in August 2022, the general price level was 3.52% higher relative to August 2021”.

The report made available to Brand Spur Nigeria states that increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.

“On a month-on-month basis, the headline inflation rate in August 2022 was 1.77 percent, this was 0.05 percent lower than the rate recorded in July 2022 (1.82 percent). This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05 percent,” the report reads.

“The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07 percent, showing a 0.47 percent increase compared to 16.60 percent recorded in August 2021.”

The report added that food inflation rose to 23.12 percent in August 2022 on a year-on-year basis, representing a 2.82 percent increase when compared to 20.30 percent in August 2021.

“This rise in the food inflation was caused by increases in prices of bread and cereals, food products like potatoes, yam and other tubers, fish, meat, oil and fat,” it added.

“On a month-on-month basis, the food inflation rate in August was 1.98 percent, this was a 0.07 percent decline compared to the rate recorded in July 2022 (2.04 percent).

“This decline is attributed to the reduction in prices of some food items like tubers, garri, local rice, and vegetables.

“The average annual rate of food inflation for the twelve-month period ending August 2022 over the previous twelve-month average was 19.02 percent, which was a 1.48 percent decline from the average annual rate of change recorded in August 2021 (20.50 percent).”

The report further analyzed price movements for states, Anambra and Ondo were the highest.

“In August 2022, food inflation on a year-on-year basis was highest in Kwara (30.80 percent), Ebonyi (28.06 percent) and Rivers (27.64 percent), while Jigawa (17.77 percent), Zamfara (18.79 percent) and Oyo (19.80 percent) recorded the slowest rise on year-on-year food inflation.

“On a month-on-month basis, however, August 2022 food inflation was highest in Anambra (3.05 percent), Ondo (2.92 percent), and Bauchi (2.78 percent), while Yobe (0.46 percent), Oyo (0.89 percent) and Delta (0.94 percent) recorded the slowest rise on month-on-month inflation.”

Also, the urban inflation rate stood at 20.95 per cent, 3.36 per cent higher than the 17.59 per cent recorded in August 2021. The rural inflation rate in August 2022 was 20.12 per cent on a year-on-year basis; 3.69 per cent higher than the 16.43 per cent recorded in August 2021

About Consumer Price Index (CPI)

This Digital News Platform understands that the CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living. The construction of the CPI combines economic theory, sampling, and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

The weighting occurs to capture the importance of the selected commodities in the entire index. The production of the CPI requires the skills of economists, statisticians, computer scientists, data collectors, and others.

 

Mastercard Foundation Scholars Program Celebrates A Decade of Developing Young Leaders

Brand Spur
-
0
Mastercard Foundation Scholars Program Celebrates A Decade of Developing Young Leaders

The Mastercard Foundation celebrates the decennial anniversary of the Mastercard Foundation Scholars Program. Launched in 2012, the Program began as a $500 million initiative to develop the next generation of leaders who would drive social and economic transformation.

 

The Program identifies talented young people from economically disadvantaged and hard-to-reach communities, primarily in Africa, and supports their secondary and higher education as well as leadership development. Initially, the Program aimed to support 15,000 young people. Over the last decade, the Mastercard Foundation has deployed $1.7 billion through the initiative to benefit nearly 40,000 young people, over 72 percent of whom are young women. To date, 18,544 young people have graduated from secondary and higher education.

 

“Through a network of extraordinary partners, the Mastercard Foundation Scholars Program is enabling thousands of bright and deserving young people to access quality education and develop as leaders who give back to their communities and help to improve the lives of others. Mastercard Foundation Scholars and Alumni are leaders and innovators; activists and entrepreneurs; tackling everything from climate change to health inequity. Their collective impact will be felt for generations to come,” says Reeta Roy, President and CEO of the Mastercard Foundation.

 

According to a 2020/2021 survey of a sample of Alumni from the Program, 87 percent of secondary-school graduates and 71 percent of university graduates are employed. Where Alumni have become entrepreneurs, they have collectively created over 16,000 jobs. In addition, 40 percent of university graduates say they are now supporting the education of their siblings. Importantly, Mastercard Foundation Scholars unanimously express a strong commitment to giving back to their communities, which is a core principle of the Program. During their education, each person creates or participates in a project, which address a specific challenge in their communities.

 

“Throughout my journey as a Mastercard Foundation Scholar, it has always been about being a better version of yourself so that you can go back to your community and help others,” says Joanna Gunab who is now a medical doctor practicing in Northern Ghana. Joana, a young woman living with a disability, also runs an initiative to support students with basic school necessities.

 

Another Alumni of the Mastercard Foundation Scholars Program, Faith Kipkemboi, is driving transformation in her native Kenya. She founded a community-based organization, Cactus Mama, to deliver evidence-based, high-quality, and affordable mental health services in remote areas, especially for women. “We hope to create a better Kenya; a healthier Kenya,” she says.

 

The Mastercard Foundation Scholars Program began with a strong focus on secondary education, working with partners such as CAMFED, BRAC, Forum for African Women Educationalists (FAWE), the African Leadership Academy (ALA), and the Equity Group Foundation (Wings to Fly) to provide young people with access to high school and improve completion rates —particularly for girls.

 

As more African countries adopt free secondary education policies, the Mastercard Foundation Scholars Program has focused its attention on higher education, where tertiary enrollment rates across the continent remain low. At the same time, the Mastercard Foundation is continuing to improve quality, relevance, and inclusion in secondary education to prepare young people for the world of work.

 

“Our partnership with the Mastercard Foundation Scholars Program is exceptional and has enabled us to fulfill our vision for the post-secondary school years,” says Ann Cotton, Founder and Trustee of CAMFED International. “Every child matters and the Foundation looks at justice in the broadest possible sense, from the most impoverished [and] marginalized child to the most powerful institution with whom they work. And there is authenticity at every point on that trajectory.”

 

The Mastercard Foundation Scholars Program has grown into a network of over 40 pan-African and global partners working together to drive inclusion in education. African organizations represent more than 45 percent of this network.

 

Over the next decade, the Mastercard Foundation Scholars Program will double its reach to support a total of 100,000 young people, 70 percent of whom will be young women. It will also dedicate more attention to the inclusion of disabled and forcibly displaced young people.

 

Moving forward, the Mastercard Foundation will also continue to support the network of higher education partners to promote innovation and entrepreneurship in ways that enable dignified work for young people in Africa. This is in line with the Foundation’s Young Africa Works strategy, which aims to enable 30 million young people across the continent to access dignified and fulfilling work by 2030.

#BBNaija: Biggie Unveils A New Level

Brand Spur
-
0
#BBNaija: Biggie Unveils A New Level

#BBNaija: Biggie unveils a new level, A strange kind of ‘ship’, Sabinus survives ghastly crash, plus more engaging Tweets on #TwitterNaija.

For up-to-the-minute updates on trending stories and news, Twitter remains the social media platform that keeps you informed. This week on #TwitterNaija is a recap of the latest in music, movies, sports, and entertainment you might have missed on Twitter.

#BBNaija: Biggie unveils a new level

When this season was named ‘Level Up’, we didn’t really get it. But with Big Brother introducing a Level 3, with just a few weeks remaining on the show, we get it now – and so do fans on the TL. Recall that we had Levels 1 and 2, which fans nicknamed ‘Trenches’ and ‘Island’, before Biggie merged them into one house. Anyway, we are still waiting for fans on #TwitterNaija to give the new level a nickname as they share mixed reactions.

Ebuka announced that the new level will house the evicted housemates. He explained that they are Biggie’s guests but no longer in the race for the 100 million Naira prize. Chomzy, Eloswag and Doyin, who were evicted, are the first guests. Interestingly, they still think they are among the housemates to win the competition! All the drama continues to unfold on Twitter.

Big Brother Naija: <blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>From the introduction of a new Level, to a twist in the fate of Evicted Housemates. The Live Show was filled with a lot of breathtaking and shocking moments. Click through for the gist. <a href=https://twitter.com/hashtag/BBNaija?src=hash&amp;ref_src=twsrc%5Etfw>#BBNaija</a></p>&mdash; Big Brother Naija (@BBNaija) <a href=https://twitter.com/BBNaija/status/1569080020890427400?ref_src=twsrc%5Etfw>September 11, 2022</a></blockquote> <script async src=https://platform.twitter.com/widgets.js charset=”utf-8″></script>

A strange kind of ‘ship’

Ebuka’s table-shaking antics in questioning Bella about her “unique relationship” with Sheggz at the live eviction only served to highlight what many have called a strange ‘ship’. Bella defended her relationship, explaining that her man is improving by the day. Fans on #TwitterNaija are not convinced as they view their relationship as toxic. However, the sailors continue to have each other’s back. Did you see how Sheggz defended Bella against Phyna?

FranklySpeakingWithGlory: <blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Frankly speaking Sheggz and Bella are rude, arrogant, mannerless, uncouth, classist and proud spoilt brats. Whatever energy they are getting from Phyna and every other housemate they’ve had issues with, they deserve 100%. THEY ARE NOT THE VICTIM!<a href=https://twitter.com/hashtag/bbnaija?src=hash&amp;ref_src=twsrc%5Etfw>#bbnaija</a></p>&mdash; FranklySpeakingwithGloryElijah #BbnaijaLevelUp (@Fswglory) <a href=https://twitter.com/Fswglory/status/1569676670663114752?ref_src=twsrc%5Etfw>September 13, 2022</a></blockquote> <script async src=https://platform.twitter.com/widgets.js charset=”utf-8″></script>

Phyna wins the HOH Title

It was a tough battle this week for the Head of House title, but Phyna came out victorious. Cross, a BBN S6 finalist, expressed his excitement for Phyna, in a Tweet. For the first time this season, a member from the level 2 house won the HOH title. As expected, Phyna chose Groovy to be her deputy and share the HOH room with her.

Big Brother Naija: <blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>For the first time this Level Up Season, a former Level 2 Housemate is now the Head of House. Congratulations to Phyna 🎉🎉!<br>Click here ➡️ <a href=https://t.co/NhcdNV9FOG>https://t.co/NhcdNV9FOG</a> for more <a href=https://twitter.com/hashtag/BBNaija?src=hash&amp;ref_src=twsrc%5Etfw>#BBNaija</a> gist. <a href=https://t.co/IQ8cSXDAWL>pic.twitter.com/IQ8cSXDAWL</a></p>&mdash; Big Brother Naija (@BBNaija) <a href=https://twitter.com/BBNaija/status/1569384564203704321?ref_src=twsrc%5Etfw>September 12, 2022</a></blockquote> <script async src=https://platform.twitter.com/widgets.js charset=”utf-8″></script>

Sabinus survives ghastly crash

Shortly after his secret introduction with his Fiancé, comedian and skit-maker Sabinus was involved in a car accident crashing his newly acquired Benz. Shortly after the incident, he Tweeted to let his fans know that he was faring well. His fans on #TwitterNaija are grateful that he came out of the incident alive.

Sabinus: <blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Don’t Drink and Drive. Stay safe</p>&mdash; Sabinus (@Sabinus1_) <a href=https://twitter.com/Sabinus1_/status/1568920676630949893?ref_src=twsrc%5Etfw>September 11, 2022</a></blockquote> <script async src=https://platform.twitter.com/widgets.js charset=”utf-8″></script>

@Twitter remains your official source for what is trending.

Weststar Appoints Mary Ojulari As New Managing Director

Brand Spur
-
0
Weststar Appoints Mary Ojulari As New Managing Director

The Board of Directors is pleased to announce the appointment of Mrs. Mary Ojulari as the new Managing Director of Weststar Associates Limited.

Mary has a successful history within our organization and has played a key part in the company as CFO and Deputy Managing Director before.
We wish her all the best in her new role.

Black Market Dollar To Naira Today 16th September 2022

Brand Spur
-
0
Black Market Dollar To Naira Today 16th September 2022

Black market dollar to naira exchange rate today 16th September 2022 can be accessed below.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦712 and the price can change (high or low) within hours.

How much is the exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES September 16th, 2022 (BLACK MARKET): dollar to naira exchange rate today black market September 14th dollar to naira black market exchange rate: $1 dollar to naira = ₦712

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N712.00 per $1 at the parallel market otherwise known as the black market today Friday, 16th September 2022, in Lagos Nigeria, after it closed at N710.00 per $1 on Thursday, 15th September 2022.
Even though the dollar to naira opened in the parallel market at ₦712 per $1 today, Brand Spur Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Brand Spur Nigeria reports that in the black market, the players buy a dollar for N708 and sell for N712 on Friday, September 16, 2022, after they bought N707 and sold for N710 on Thursday, 14th September 2022. This means the exchange rate changed its position from the previous day.
Meanwhile, Brand Spur Nigeria reports that the USD started this week at ₦710 in Parallel Market also known as Black Market on Monday, September 12, 2022, in Lagos Nigeria, after it opened at  ₦702 last week Monday, September 5, 2022.
Disclaimer: Brand Spur Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

APPLY Now: British High Commission (BHC) Nigeria Job Recruitment (4 Positions)

Brand Spur
-
0
APPLY Now: British High Commission (BHC) Nigeria Job Recruitment (4 Positions)

British High Commission (BHC) Nigeria Job Recruitment is open with 4 positions available for job seekers.

Brand Spur Nigeria reports that the British Government is an inclusive and diversity-friendly employer.  We value difference, promote equality, and challenge discrimination, enhancing our organizational capability. We welcome and encourage applications from people of all backgrounds.
We do not discriminate on the basis of disability, race, colour, ethnicity, gender, religion, sexual orientation, age, veteran status or other categories protected by law. We promote family-friendly flexible working opportunities, where operational and security needs allow.

We are recruiting to fill the following positions below:

1.) Corporate Services Assistant, AA

Location: Lagos

Salary: USD 765.70 Monthly.

Deadline: 28th September 2022.

Click here to view details

2.) Immigration Liaison Officer, EO

Location: Lagos

Salary: USD 1,827.80 Monthly.

Deadline: 28th September 2022.

Click here to view details

3.) Immigration Liaison Assistant, AO

Location: Abuja

Salary: USD 1,314.06 Monthly.

Deadline: 28th September 2022.

Click here to view details

4.) Health & Safety / Compliance Manager, EO

Location: Abuja

Salary: USD 1827.80 Monthly.

Deadline: 27th September 2022.

Click here to view details

Elon Musk, Jeff Bezos, 8 Other Lost $50 Billion As Stock Prices Tumbled

Brand Spur
-
0
Elon Musk, Jeff Bezos, 8 Other Lost $50 Billion As Stock Prices Tumbled

Ten of the world’s wealthiest men saw an estimated $50 billion wiped from their combined fortunes by the stock market’s slump on Tuesday.

Elon Musk’s wealth took an $8 billion hit from Tesla stock falling 4%, while Jeff Bezos’ net worth shrunk by almost $10 billion as his Amazon shares slid 7% in value, according to the Bloomberg Billionaires Index.

Larry Page and Sergey Brin, the Alphabet co-founders nicknamed the “Google Guys,” each lost about $5 billion on paper due to the search-and-advertising giant’s stock price dropping 6%.

Similarly, a 5% slump in Microsoft stock dealt a $3 billion blow to the enterprise-software titan’s cofounder, Bill Gates, and a $5 billion whack to its former CEO, Steve Ballmer.

Meanwhile, Warren Buffett’s net worth fell by $3 billion as Berkshire Hathaway stock retreated, Larry Ellison’s fortune declined by $2 billion as his Oracle shares dipped in value, and Mark Zuckerberg’s wealth shrunk by $6 billion as Meta’s stock price tumbled.

Moreover, LVMH CEO Bernard Arnault’s riches were reduced by $4 billion, lifting his total wealth decline for the year to $43 billion. Bezos and Zuckerberg also rank among the index’s biggest losers, with wealth declines of $42 billion and $68 billion respectively since the start of January.

As of Tuesday’s close, the 10 men’s combined wealth was down $295 billion or 20% for the year, reflecting a widespread decline in stocks amid growing fears of stubborn inflation, sharply higher interest rates, and a potential market downturn and recession. Yet their combined wealth still approached $1.2 trillion, and they continued to rank among the 20 richest people on the planet.

Eight of the top 10 names on the rich list saw their fortunes shrink on Tuesday. Only Gautam Adani and Mukesh Ambani, two Indian billionaires, registered gains in net worth on the day. Adani’s wealth has surged by about $70 billion since the start of January, while Ambani’s wealth has grown by around $4 billion.

Ecobank Partners with AMA Academy To Launch First Pan-African Fintech Training And Awards For Journalists

Brand Spur
-
0
Ecobank Partners with AMA Academy To Launch First Pan-African Fintech Training And Awards For Journalists

Ecobank Group, the leading Pan-African banking Group, is committed to developing and supporting Fintechs to transform digital finance and banking, and today announces a partnership with AMA Academy, which is the only free-to-use pan-African online learning platform dedicated to upskilling journalists in Africa.

Ecobank Group and AMA Academy will work together to develop customised fintech training modules for business, finance, and tech journalists across the continent. Modules will be available in two languages: English and French.

The five-module curriculum will be taught online by industry experts and will culminate in recognition and other awards for Africa’s top fintech journalists. It will cover topics including the history of financial services in Africa, its transformation, blockchain, AI in fintech and Open Banking. It will also cover security, regulation, governance, inclusion, and future trends of the fintech market in Africa. The partnership aims to provide a deeper knowledge and understanding around the fastest-growing industry on the continent and to improve the quality of reporting and have more effective public awareness.

Eloïne Barry, Founder and Chief Executive Officer of African Media Agency and AMA Academy, said “We are delighted to partner with Ecobank Group, which is at the forefront of fintech transformation and progression in Africa. Our Academy is equally committed to enhancing the skills of journalists by creating access to experts and training. Journalists are often faced with several beats to cover, and our aim is to help support the quality and effectiveness of their reporting.”

Africa is responsible for an astonishing 45.6% of mobile money activity in the world – a phenomenon made possible by the rapid growth in access to the internet and smart phone devices, and further accelerated by the COVID-19 pandemic in 2020.

According to tech industry researchers, in 2021 fintech companies received 60% of the over $4 billion investments in the tech industry, surpassing total investments made into the broader tech start-up ecosystem in previous years. An estimated 6 million young Africans gain access to the internet every year, delivering ripe growth prospects in budding fintech sectors like agriculture, insurance, healthcare, clean energy and education; in addition to relatively unexplored areas such as crowdfunding, blockchain technology, artificial intelligence and augmented reality.

“In the midst of all the positivity around growth in the African fintech industry, there is a deficiency and imbalance in how this story is told and understood. The narrative today is driven from international media sources. We lack a strong homegrown narrative with in-depth analysis of what is really taking place in Africa, by Africans. This course will give journalists the confidence, skills and understanding required to become as relevant and competitive as journalists operating within the same space globally,” Eloïne Barry added.

Djiba Diallo, Senior Fintech Advisor at Ecobank Group, commented on the partnership saying “The continent has seen the rise of ‘challenger markets’ outside of the traditional strongholds of Nigeria, Kenya, and South Africa to include Ethiopia, Ghana, Rwanda, Senegal, and Uganda, just to mention a few. These are countries in which Ecobank is present and where the fintech media training course will have real impact. As a pan-African banking Group, we are committed to growing local fintech solutions, many of which have the potential to become global solutions, and to empowering our local media partners.”

Fintech Journalist of the Year Award

Journalists who attend the full training modules will also stand the chance of being awarded the top Anglophone and Francophone fintech journalist at an awards ceremony following the training.

Journalists based in Africa covering business, Finance and Technology, should visit https://amacademy.io/ecobank to register for the fintech masterclass.

Terraoil Announces Completion of Audits; Statutory Audits for Fiscal Years 2020 and 2021 Completed

Media Outreach
-
0
STEINHAUSEN, SWITZERLAND – EQS Newswire – 16 September 2022 – Terraoil Swiss AG (“Company”), an energy company with a strong focus on the Mediterranean is pleased to announce that the statutory audits for the fiscal years 2020 and 2021 have been completed for the Company and its Albanian subsidiary.

Each of the four audits were completed with clean audit opinions. The Company will now proceed with the necessary steps to prepare its Annual General Meetings for both years.

Chief Financial Officer, Bill Cummins commented:

“The completion of these audits is an important milestone for the Company. Delays in their completion were a direct result of investigations and difficulty raising capital that were caused by the false accusations made by the Swiss public broadcaster Schweizer Radio und Fernsehen (“SRF”) in its television programs and on the internet. Management continues to work tirelessly to secure the Company’s future and to position it to achieve value and liquidity for its shareholders.

We would like to thank our entire team and our new auditors for their professionalism and efficiency in completing the audits.”

If you are an Terraoil shareholder and would like additional information, contact Peter Krempin either via email investors@terraoil.swiss or by telephone at +41 71 544 01 20.

Hashtag: #Terraoil

The issuer is solely responsible for the content of this announcement.

About Terraoil Swiss AG

Terraoil is an international energy company with a focus to identify and rapidly advance business opportunities in the upstream oil and gas and renewable energy sectors in the Mediterranean region.

https://terraoil.swiss

Terraoil forward-looking statements

This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of Terraoil Swiss AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services. In addition, investors should seek advice from their bank or their financial adviser. This media release and the information contained therein are not being issued for the purpose of selling shares in the United States of America, Australia, Canada, Japan, the United Kingdom, or the European Economic Area and must not be distributed within or to such countries or via publications with a general circulation in such countries.

This media release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements are subject to certain risks and uncertainties which may cause actual results, performance, or events to differ materially from those anticipated in this media release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this media release are based on the views and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG does not assume any obligation to update or revise this media release.

Tech Industry Ready To Roll Up Its Sleeves To Fight Climate Change At Africa Tech Festival

Brand Spur
-
0
Tech Industry Ready To Roll Up Its Sleeves To Fight Climate Change At Africa Tech Festival

 “Africa has sufficient resources to power itself entirely by clean energy. Therefore, the question for most of the continent is not one of transitioning to clean energy or reducing emissions in power generation, but how to effectively finance the development of clean energy in the continent.” Kellie Murungi Chief Investments Officer, East African Power

Each year, Africa Tech Festival (https://bit.ly/3Uj7v5I) addresses some of the most pertinent and pressing issues facing the African continent’s socio-economic future and the role that technology and communications’ play in facilitating this progression. One of the more burning issues that will be addressed is climate change, and with International Day for the Preservation of the Ozone Layer happening on 16 September, there’s no better time than to look beneath the hood and see what is on offer at this year’s event.

There had been rumblings from scientists about the dangers of household products and appliances to the ozone layer for many years. Lined up as potential public enemies were toiletries such as aerosols and shaving foams, as well as pulsing products the likes of fridges and air-conditioners, all of which were believed to be causing damage to the ozone layer. As is the case with most warnings from the scientific community, everyone ignored it until theory became reality in 1985, when a hole was spotted in said ozone layer.

With the planet’s natural sun shield now compromised, the world (notably the corporate world) was forced to re-design aerosols, foaming cans, fridges, and air-cons.

Industry was quick to act, including adapting factories, waste systems and recycling practices, to ensure they were ready for the rafts for regulations that were to follow. Key among these was the Montreal Protocol on Substances that Deplete the Ozone Layer, which came into effect on September 16, 1987. The Montreal Protocol was a significant statement of intent from the world’s leaders and marked an unprecedented turning point in the history of environmental protection and was ratified by every country in the world by 2008.

These changes have also had an impact on helping in the next great challenge faced by our planet – global warming.

One industry that has expanded massively since the humble days of the “low-tech” 1980s, is the electronics and communications industry. Whereas in the 1980s, perhaps one in every three homes in the industrialised world had a personal computer for example, today that figure has potentially risen to two to three screens per person per household or more. The impact on global warming of all this production of screen-based equipment is potentially enormous, not to mention the energy needed to fuel them.

The ICT sector has traditionally been a significant contributor to greenhouse gas emissions as data centres, for example, contribute to 2% of global GHG. The sector, therefore, also has a real potential to play a part in combating climate change and taking steps to reduce energy consumption and operate more sustainably.  Consequently, Africa Tech Festival will host a Fireside chat: What is the role of Green ICT in combating climate change – on Tuesday 8 November- and one on Green ICT: Building a Continent powered by sustainable energy as a route to affordable and reliable electrification for all.

The fireside chat will ask the core question of how the ICT sector can look to lower its own significant impact on greenhouse gases. The panel will discuss best practice ways to lower carbon emissions as well as the possible impact of smart electricity grids and smart cities on lowering Africa’s carbon emissions.

Regarding Africa’s development of clean energy, Kellie Murungi Chief Investments Officer, East African Power remarks that: “Africa has sufficient resources to power itself entirely by clean energy. Therefore, the question for most of the continent is not one of transitioning to clean energy or reducing emissions in power generation, but how to effectively finance the development of clean energy in the continent.”

A keynote address at AfricaCom, titled ‘How Carbon reduction can accelerate the creation of a digital economy’, will highlight the big question for the African continent, which is how governments can help to address the climate disaster without affecting the basic needs for its population.

“Although Africa still may have many challenges in its way, there are also many opportunities for rapid advancement if the right questions are asked, such as how the continent can get ahead of the curve and collaborate across countries to build financially viable power projects, for instance,” says James Williams, Director, Events | Connecting Africa | Informa Tech.

“Africa’s economic future depends on the rapid development of ICT and related infrastructure across the continent, but it’s essential that all future projects and rollouts are in line with global best practice in terms of greenhouse gas emissions,” adds Williams. “Our hope is that AfricaCom will play a major role in connecting entrepreneurs, big corporate and major public sector players to create homegrown innovations that could help to drive these changes.”

Also worth attending:

Tuesday, 8 November 2022, 14:00 – 14:45
Panel: The Future of Africa must be driven by renewable energy
Although Sub-Saharan countries (excluding South Africa) are only responsible for 0.55% of the carbon emissions, 7 of the top 10 most vulnerable countries to climate change are in Africa. This session will explore how the continent can leverage its breadth of resources to become a leader in renewable energy production and reduce its vulnerability to the effects of climate change.

Tuesday, 8 November 2022, 14:45 – 15:30
Fireside Chat: Championing Sustainable Energy as a Route to Affordable and Reliable Electrification for All and As a Central Pillar of Africa’s 4IR

Wednesday, 9 November 2022, 12:50 – 13:15
Fireside Chat: Central Africa’s role in the green energy revolution
Countries across Central Africa have some of the lowest rates of electricity access across the continent with resources in the DRC, for example, covering less than 10% of the population. Given the climate, however, it is an ideal region to implement clean energy solutions to combat climate change and provide the population with a basic need

Wednesday, November 2022, 6pm-8pm

Africa Tech Festival Awards, with the announcement of the winner for the Green ICT Champion of the Year Award, an exclusive recognition of the individual or organisation leading on the development and integration of sustainable energy solutions.

For the full programme to the 2022 AfricaCom schedule, visit https://bit.ly/3xqxmi9

Further information can be found on the Africa Tech Festival website here (https://bit.ly/3QM3JhW)

FREE delegate passes are available here (https://bit.ly/3QKqhj5)

MEDIA – please use this link (https://bit.ly/3xnnhT2) to register for accreditation and advance news on announcements etc

1...2,2462,2472,248...5,526Page 2,247 of 5,526