Market Report: Local Bourse Rebounds…ASI Up 12bps

14/02/2019

The local bourse rebounded at the close of trade yesterday following price appreciation in UNILEVER (+6.8%), DANGCEM (+0.5%) and UBA(+1.3%).

As a result, the All Share Index (“ASI”) rose 12bps to 32,453.7 points, YTD gain improved to 3.4% and market capitalisation increased by N14.0bn to N12.1tn. On the flip side, activity level weakened as volume and value traded declined 10.1% and 12.1% to 422.7m units and N3.7bn respectively.

The most active stocks by volume were DIAMOND (97.6m units), TRANSCORP (41.1m units) and ZENITH (40.3m units) while by value, ZENITH (N997.1m), GUARANTY (N992.6m) and ACCESS (N263.7m) led.

Mixed Sector Performance
Across sectors, performance was mixed, albeit with a bullish bias as 3 of 5 indices under our coverage advanced.

The Insurance index rose 1.2% as NEM (+5.0%) and CUSTODIAN (+1.7%) recorded gains. Also, the Industrial and Consumer Goods indices inched 0.7% and 0.3% respectively, due to buying interest in DANGCEM (+0.5%), WAPCO (+3.1%), UNILEVER (+6.8%) and PZ (+5.2%).

On the other hand, the Oil & Gas and Banking indices declined, down 0.8% and 0.5% respectively on the back of profit taking in OANDO (-5.2%), ETERNA (-3.1%).ZENITH (-0.6%),and ACCESS (-0.8%).

Investors Sentiment Strengthens
Investors sentiment as measured by market breadth (advance/decline ratio) strengthened to 1.7x, an improvement from the 0.7x recorded yesterday as 22 stocks advanced against the 13 stocks that declined. The best performers were LIVESTOCK (+10.0%), ABCTRANS (+10.0%) and UNITY (+9.6%) while UBN (-8.0%), OANDO (-5.2%) and DANGFLOUR (-4.6%) were the worst performing stocks.

Despite yesterday’s positive performance, we maintain a conservative outlook for tomorrow’s trading session. We expect profit taking activities in fundamentally good stocks as the market closes for the week.

Facebook: ‘We Are Preparing for Nigerian Elections’

Business Journal

13/02/2019

By Akua Gyekye
Public Policy Manager, Africa Elections
Facebook

With a number of upcoming elections across Africa, we want to share an update on our work to reduce the spread of misinformation, protect election integrity and support civic engagement across the continent. We’ve dedicated unprecedented resources to these efforts globally — and our work across Africa is focused in eight key areas.

Fighting False News
We want to stop the spread of false news on our platforms. That’s why we’ve teamed up with local third-party fact-checkers across South Africa, Nigeria, Kenya, Cameroon and Senegal — including Africa Check (Africa’s first independent fact-checking organisation), AFP (Agence France-Presse – an international news agency), Pesa Check (a local Kenyan fact-checking organization) and Dubawa (a local Nigerian fact-checking organization). These independent groups help us assess the accuracy of news shared on Facebook, and when they determine content is false, we reduce its distribution in News Feed so fewer people see it. We also show related articles from fact-checkers for more context and notify users if a story they have shared is rated as false. Additionally, in Nigeria, WhatsApp has worked with Africa Check and CrossCheck Nigeria to let users send questions about potential rumors they have received through the platform. These fact-checking expansions are part of a broader strategy to fight fake news that includes extensive work to remove fake accounts; cut off incentives to the financially-motivated actors that spread misinformation; promote news literacy; and give more context so people can decide for themselves what to read, trust, and share.

Boosting Digital Literacy and Helping People Spot False News
We want to make sure people can spot false news and know how to flag it. That’s why we’ve rolled out educational tips on national and regional radio and in print media across Nigeria, South Africa, Zambia, Kenya and Zimbabwe. In Nigeria, WhatsApp has launched its “Share Facts, Not Rumours” campaign to help increase awareness about hoaxes. Additionally, at the end of last year Facebook began a new Online Safety Programme for students in Nigerian secondary schools. The 12-week workshop is designed to help teenagers understand the fundamentals of online safety and digital literacy, covering topics such as managing an online presence; social media and sharing; public Wi-Fi safety; building healthy relationships online; understanding password security and privacy settings; and identifying misinformation online.

Promoting Civic Engagement
Helping to build informed and civically engaged communities is central to our work around elections. In Nigeria, we’ve rolled out new options in English & Hausa so people can report posts that contain incorrect election information, encourage violence or otherwise violate our Community Standards. On Election Day, we’ll show a voting day reminder in English and Hausa at the top of Facebook’s News Feed.

Making Political Ads More Transparent
Earlier this month we began temporarily expanding enforcement and not accepting foreign election ads on Facebook in Nigeria to help prevent foreign interference. Already today you can see any ad that a Page is running on Facebook regardless if it’s shown to you.

Journalist Trainings
We continue to educate media groups and journalists across the country on best practices for sharing content on our platforms and online safety. We also provide trainings on our Community Standards which govern what is and is not allowed on our platform.

Proactive Removal of Impersonation Accounts
We’ve always had policies against impersonation. Thanks to recent advancements in our detection technology, we’ve become much more effective at identifying these accounts.

Partnerships with NGOs and Civil Society
In order to better understand local issues and how we can tackle them more effectively, we work with a number of NGO and civil society partners across many African countries. These local partners have been instrumental in giving us feedback that we’ve incorporated into our policies and programs, including the aforementioned trainings with teens and journalists.

Connecting with Political Parties About Security
We’ve trained parties, campaigns and candidates on security best practices, including how to turn on two-factor authentication and how to avoid common threats online. For the Nigerian elections, we’ve trained vice presidential candidates, senatorial candidates and top advisors from over 35 major political parties — and the information included in these trainings is all available for anyone to access at politics.FB.com.
We want Facebook and WhatsApp to be places where people feel safe, can access accurate information and make their voices heard. We are making significant investments, both in products and in people, and continue to improve in each of these areas.

Soft Recovery in Non-Oil Sector Lifts Economic Growth to 1.9% in 2018 By Afrinvest Research

Business Journal

13/02/2019

The GDP report which shows Nigeria’s economic performance in 2018 was published on Tuesday by the National Bureau of Statistics and the results were firmly in line with our expectations. Real GDP expanded by an improved 2.4% Y-o-Y in Q4:2018 (Q3:2018 – 1.8%), the strongest quarterly growth since Q3:2015.

This performance was mainly driven by an improvement in non-oil sector growth to 2.7% Y-o-Y, the highest since Q4:2015. Meanwhile, growth was weighed down by the oil sector which contracted 1.6% Y-o-Y in Q4:2018 as oil production reduced to 1.91mb/d in Q4:2018 from 1.95mb/d in the corresponding period of 2017.
In full year terms, economic growth reached the fastest in 3 years at 1.9% in FY:2018, compared with 0.8% in the preceding year. The performance was also more broad-based as the non-oil sector grew by 2.0% in FY:2018 compared with 0.5% in the previous year.

This is in sharp contrast to the previous year when growth was almost entirely oil driven. In the oil sector, growth decelerated to 1.1% from 4.7% in FY: 2017 as average oil production increased only marginally by 20,000 bpd to 1.92mb/d.

Agriculture Growth Slows to Weakest in 25 years
We saw a soft recovery in growth in the agriculture sector which expanded by 2.5% Y-o-Y in Q4:2018, above an average growth rate of 1.5% in the previous two quarters. This was mainly supported by crop production (90.0% of Agriculture GDP) which grew at 2.5% Y-o-Y due to better harvests in the latter part of the year.

However, this does not suggest that the conflicts that affected output in the middle-belt and some parts of Northern-Nigeria have been resolved. We believe security issues will limit current growth prospects below historical quarterly growth rate of 3.8%.
In full year terms, the agriculture sector slowed considerably as the growth of 2.0% in FY:2018 was the weakest in 25 years, compared with historical average growth of 7.6% between 1998 and 2017.

Across the two sub-sectors accounting for a share of 95% of total agriculture GDP – crop production and livestock – the slowdown was broad-based. Growth in crop production decelerated to 2.3% (2017: 3.6%) while livestock output growth was lower at 0.3% (2017: 1.6%).

Manufacturing Growth Reaches Positive Territory in FY: 2018
The manufacturing sector advanced by a stronger 2.4% Y-o-Y in Q4:2018, a modest improvement over 1.9% and 0.7% in Q3 and Q2:2018 respectively. This was partly driven by other manufacturing sub-sectors with a share of 23.3% of total manufacturing GDP which grew by 4.2% Y-o-Y.

Elsewhere, growth was positive but slightly weaker in major sub-sectors such as Cement (+1.0% Y-o-Y), Textile, Apparel & Footwear (+1.2%) and Food, Beverage and Tobacco (+2.2%).
In FY:2018, manufacturing sector growth which had persisted in the negative growth since 2015 turned positive at 2.1% (2017: -0.2%). We attribute this positive performance to exchange rate stability which ensured access to imported inputs as well as recovering consumer spending.

ICT Growth Drives Strong Rebound in Services
The services sector (52.6% of GDP) sustained a robust performance in Q4:2018, with growth advancing to 2.9% Y-o-Y from 2.6% in the previous quarter. This was helped by an impressive outing yet again in the information and communication sub-sector which grew by 13.8% Y-o-Y, slightly better than 12.1% in the previous quarter. In other large sub-segments, the performance was mixed.

While insurance and trade recorded negative growth of -1.8% and -3.8% Y-o-Y respectively, growth in construction and trade sub-sectors was relatively better at 2.0% and 1.0% Y-o-Y in Q4:2018.
On an annual basis, services growth recovered to 1.8% in FY:2018 (FY:2017 – 0.9%), the highest since 2015. Among the large sub-sectors, construction and finance & insurance were the star performers as they grew faster at 2.3% and 2.0% respectively, from 1.0% and 1.3% in FY:2017.

In Trade, growth remained negative, although it improved at -0.6% (2017: -1.1%). Meanwhile, in the real estate sub-sector, growth slid deeper into the negative territory at -4.8% (2017: -4.3%).
Overall, we believe a slight improvement in consumer spending lifted services growth. However, sub-sectors such as real estate continue to be held back by structural issues such as high cost of credit for mortgage, FG’s failure to incentivise wide-scale housing supply by the private sector and overdue reforms pertaining to land administration.

Real GDP Growth Expected at 2.5% in 2019
In line with our 2019 economic and financial markets outlook titled “On the Precipice!”, we note that our growth expectation is unchanged at 2.5% for the base case. This will be supported by a continuous but slow recovery in agriculture and stronger performance in manufacturing and services.

In the oil sector, while production in the 200,000 bpd Egina field should lead to a faster expansion, we expect moderate growth due to OPEC output cap.

The risks to our GDP growth forecast in the base case are sub US$60.0/b oil prices, production disruptions that reduce output below 2.0mb/d in the Niger Delta, and a deterioration of security conditions in the country.

Dangote, Imouhkuede Launch Africa Business Coalition for Health

Business Journal

13/02/2019

An ambitious platform designed to bring together business leaders in Africa to collaborate with heads of government and other stakeholders to tackle basic health challenges in Africa has been launched in Addis Ababa, Ethiopia with assurances from government to collaborate for a healthier Africans.
The platform, African Business Coalition for Health (ABC Health) was launched with commitments by all partners and stakeholders to put efforts together to improve basic health care services in the continent during the inaugural Africa Business: Health Forum 2019, which witnessed the launch of the official logo of the ABC Health.
The ABC Health is a joint initiative of Aliko Dangote Foundation; GBCHealth, and United Nations Economic Commission for Africa (UNECA), with the objective of driving business leadership, strengthening partnerships, and facilitating investments to change the face of healthcare in Africa.
Taking place on the margins of the 32nd African Union Summit Heads of Governments and Business Community leaders across Africa, the forum examined opportunities to accelerate economic development and growth of the continent through a healthcare reform agenda that focuses on the wellbeing of employees for a more active and productive workforce.
The forum is expected to unify Africa’s key decision makers in exploring opportunities for catalysing growth in the continent’s economy, through business partnerships to invest in the health sector.
In his opening remarks, the Chairman of Aliko Dangote Foundation, Alhaji Aliko Dangote, who was represented by the Foundation’s Executive Director, Halima Aliko-Dangote said Africa Business Health Forum would identify issues and solutions to Africa’s health challenges with a view to mobilizing the will to confront it headlong.
He said it is a well-known fact that there is a vital relationship between health and economic growth and development in Africa as healthy populations live longer, are more productive, and save more. Access to essential health services is an important aspect of development.
Dangote stated that “Governments from both developed and developing countries are increasingly looking at public-private partnerships (PPPs) as a way to expand access to higher-quality health services by leveraging capital, managerial capacity, and know-how from the private sector.”
According to him, “Africa’s healthcare systems demand significant investments to meet the needs of their growing populations, changing patterns of diseases and the internationally-agreed development goals.
He said as a businessman, and through Aliko Dangote foundation, he is committed to working with governments and key stakeholders for the development of impactful health initiatives in Africa in the belief that private sector leaders have a strong role to play.
Back in his home country, Dangote informed his audience that in keeping with his passion to see a healthier African people and better continent he has proposed and charged business leaders to commit at least one percent of their profit after tax to support the health sector.
In his own remark, the Co-Chair of the GBCHealth, Aigboje Aig-Imoukhuede, said while Africa has made significant progress in the funding of healthcare, “we are still very far from where we need to be to achieve SDG Goal 3,”
He lamented that the healthcare in Africa is constrained by scarce public funding and limited donor support, and that the out of pocket expenditure accounts for 36% of Africa’s total healthcare spend pointing out that given the income levels in Africa, it is no surprise that healthcare spend in Africa is grossly inadequate to meet Africa’s needs leading to a financing gap of N66bn per annum.
Imhokuede said it was clear that African government alone cannot solve this challenge, which is further exacerbated by our growing population and Africa’s changing disease portfolio. Therefore there is no alternative but to turn to the private sector to complement government funding.
Said he “Our continent accounts for less than 2% of global health even though our very fertile people account for 16% of global population and carry 26% of the global disease burden. By 2050 Africans will account for more than 50% of global population growth much of that coming from my country Nigeria, a great opportunity and at the same time a ticking time bomb should we fail our health systems quickly.
“That is why we have gathered here in Addis Ababa today to see how together we can fix health in Africa. The private sector and the public sector working together as partners have the potential to change Africa’s healthcare from doom and gloom to progress and results. Africa’s private sector has great capacity to be relevant partners.
“The private sector must be encouraged to optimize and step up its involvement and contribution to health funding in Africa. We have seen what global private sector players accomplished in the fight against the AIDS epidemic through powerful coalitions such as GBCHealth. This is an indication of the power of consolidated effort which Africa’s growing private sector can bring to solving our health challenges.”
“African leaders now have a stronger sense of urgency to combat the lack of quality health care that Africans endure. The inequality of healthcare available to Africans compared to people in other parts of the globe is vast and unacceptably pervasive. With the cooperation of both the public and private sectors, there is a huge potential to boost health outcomes with significant financial gains,” said Aigboje Aig-Imoukhuede, Co-Chair GBCHealth.

Profit Taking in Bellwethers Drag Benchmark Index… ASI down 15bps

Business Journal

13/02/2019

In yesterday’s trading session, profit taking in bellwethers – GUARANTY (-2.6%), ACCESS (-6.3%) and SEPLAT (-3.3%) – dragged the benchmark index 15bps lower to 32,413.9 points. As a result, YTD performance fell to 3.1% while market capitalisation declined by N18.0bn to N12.1tn.

Similarly, activity level declined as volume and value traded fell 19.0% and 47.2% to N4.2bn and N470.3m respectively.

The top traded stocks by volume were DIAMOND (131.0m units), ZENITH (44.1m units) and UBA (40.6m units) while ZENITH (N1.1bn), DANGCEM (N0.6bn),GUARANTY (N0.5bn) led by value.

Mixed Sector Performance
Sector performance was mixed today with a bearish bias as only 2 out of 5 indices under our coverage advanced. The Industrial and Consumer Goods indices were the day’s gainers, up 1.6% and 0.9% respectively due to buy interest in DANGCEM (+0.4%), CCNN (+4.5%), NIGERIAN BREWERIES (+1.2%), OKOMUOIL (+3.4%) and DANGFLOUR (+6.1%).

On the flip side, the Oil & Gas index bucked gains recorded in previous trading sessions, declining by 2.2% as investors took profit in SEPLAT (-3.3%) and OANDO (-1.7%).

Also, the Banking and Insurance indices trailed, down 1.8% and 0.7%, dragged by losses in GUARANTY (-2.6%), ACCESS (-6.3%) CUSTODIAN (-3.2%) and NEM (-4.4%).

Investor Sentiment Softens
Investors sentiment as measured by market breadth (advance/decline ratio) softened to 0.9x from 2.7x recorded in yesterday’s trading session as 19 stocks advanced relative to 22 that declined.

The top performing stocks for the day were BERGER (+10.0%), UNILEVER (+10.0%) and UNITY (+9.5%) while CILEASING (-10.0%), CHAMPION (-9.6%), PZ (-9.4%) were the least performing stocks. We expect to see sustained profit taking in previous advancers in the last two sessions before the elections.

Employers Leverage New Technology in Hiring Process

Business Journal

13/02/2019

In the next three years, top HR executives and employers have asserted that the biggest impact on recruitment will be Technology Augmenting the Hiring Process. In other words, how technology will make the hiring process more effective through easier filtering and more accurate matching.
This discovery, along with other invaluable insights into the evolution of the job market has been pioneered through in-depth research conducted by ROAM (Ringier One Africa Media).

ROAM encompasses the market-leading job portals in West Africa (Jobberman) and East Africa (BrighterMonday), as well as Executive recruitment and HR solutions firm, The African Talent Company. The company periodically surveys over 50,000 employers who use their services, to understand how employers see the hiring space and how ROAM’s brands can support the changes.
Matthew Page, ROAM’s Head of Jobs, credits a strong shift in the behavioral patterns amongst Millennial job-seekers as the main driver behind piloting research to better understand the trends.

He says: “As advocates for the use and power of technology in the hiring space, we are pleased to see technology is on top of the HR agenda. It aligns with our vision to transform productivity on the African continent. We’re seeing some pretty incredible trends coming out of our millennial users. Firstly, the growth in job activity is massive over the last 3 years. It differs by market but some countries are seeing as much as 50% of the workforce being made up of millennials – these users are actively searching and enquiring about opportunities. More than any other demographic we have seen before.”
The company’s research further brought to light that increasingly Millennials are moving away from having physical CVs, and instead, are opting to store their data in a digital profile via the Jobberman web portal in West Africa and the BrighterMonday portal in East Africa respectively.

“This is convenient”, says Page. “Job Seekers – and especially millennials – are mobile-centric. They are hungry for the right job and they are looking for an easier to use, digital application processes. Sending a CV over email or via post is slow, arduous and inefficient.”
This aligns with the trends ROAM has uncovered on employer beliefs for augmentative hiring processes. Page goes on to say: “Having structured data in a digital profile is good for the employer and the seeker. The data is in the cloud, is easily edited and allows for a seamless desktop to mobile experience.

For employers, filtering through 100 CVs in hardcopy is a nightmare task. Being able to match profiles to role requirements with technology takes out the manual element and allows for focus on what really matters – the top matching candidates.”
Clemens Weitz, CEO of ROAM, doubles down on the potential for growth in African productivity: “In the future, hiring decisions will be vastly improved through technology. The hard copy CV as the main instrument for candidate selection is a 20th-century practice that our generation will be the last to see. For both candidates and hiring managers, there are tremendous positives ahead. As more candidates embrace digital profiles, it is imperative employers leverage the sourcing technology available or risk missing out on ideal applicants.”

AfDB, AU Partner on African Economic Transformation

Business Journal

13/02/2019

The Chairperson of the African Union Commission (AUC), Moussa Faki Mahamat and the President of the African Development Bank Akinwumi Adesina, met yesterday in Addis Ababa, Ethiopia to reaffirm their commitment to accelerate Africa’s economic transformation.

Mahamat and Adesina co-chaired a high-level consultative meeting attended by senior management of both institutions to take stock of the ongoing collaboration between the two institutions. Discussions focused on ways to strengthen partnership in delivering Agenda 2063 and other global frameworks for development.

AUC Chairperson Mahamat noted the strong alignment of the African Development Bank’s High 5 strategic priorities with the African Union’s Agenda 2063 and the United Nations Sustainable Development Goals (SDGs).

“The African Development Bank is the financial muscle of the African Union as far as Agenda 2063 is concerned, and we need to further institutionalize this partnership to make it more effective,” Mahamat said.

Addressing the audience, Adesina recalled that it was at the first meeting of the AUC, then known as the Organisation of African Unity (OAU) in 1963, that heads of state endorsed the establishment of the African Development Bank. Since then, there has been a long history of cooperation between the two institutions.

“We must, therefore, build on the long-standing relations between our two institutions and pool our collective expertise and resources in pursuit of the economic development and social transformation of our dear continent,” he said.

Adesina underscored the strategic importance of the Joint Secretariat Support Office (JSSO) for the African Union Commission, UNECA and the African Development Bank. He also reaffirmed the Bank’s need to position JSSO as a platform to foster effective coordination and collaboration, while leveraging the comparative advantages of the three pan-African institutions.

The Meeting welcomed the appointment of Lamin Barrow as the new Director for the JSSO and the Bank’s Permanent Representative to the African Union.

In a declaration issued at the end of the meeting, both leaders pledged to support the speedy implementation of various continental initiatives, Agenda 2063 and its 12 Flagship Programmes. These include the implementation of the Grand Inga Dam Port; the African Passport and Free Movement of People; the establishment of a Single African Air Transport Market; an African Virtual University; the Integrated High Speed Train Network and the establishment of a Continental Free Trade Area.

The institutions further recognized the need to continue to explore opportunities to accelerate the implementation of programmes with Regional Economic Communities and partners.

The communique resolved to prepare an action plan for the implementation of the resource mobilization strategy set in place to advance the continent’s development agenda.

The institutions also committed to work together for the successful replenishment of the African Development Fund and the Bank Group’s General Capital Increase.

Equities Market Sustain Bullish Performance… ASI up 2.1%

Business Journal

13/02/2019

In yesterday’s trading session, the domestic equities market maintained its bullish performance on the back of sustained buying interest in DANGCEM (+2.3%), NESTLE (+6.0%) and SEPLAT (+6.1%).

Consequently, the All Share Index (“ASI”) rose 2.1% to 32,462.3 points while YTD gain improved to 3.2% as market capitalisation increased by N253.7bn to N12.1tn. Activity level also improved as volume and value traded for the day increased by 5.5% and 42.2% to 580.4m units and N8.0bn respectively.

The most traded stocks by volume were DIAMOND(125.8m units), ZENITH (63.2m units) and GUARANTY (57.1m units) while for the most traded stocks by value, GUARANTY (N2.2bn),ZENITH (N1.6bn) and DANGCEM (N1.5bn) were the top stocks.

Positive Sector Performance
Across sectors, performance remained bullish with 4 of 5 indices under our coverage advanced. The Oil and Gas index gained the most, up 4.1% following price appreciation in SEPLAT (+6.2%) and OANDO (+7.1%).

The Consumer Goods and Banking indices trailed, up 4.0% and 1.3% respectively as investors rallied in NESTLE (+6.0%), NIGERIAN BREWERIES (+2.3%), UBN (+9.6%), and ETI (+3.2%). Similarly, the Industrial Goods index advanced, albeit flattish, up 3bps due to gains in DANGCEM (+2.3%) and WAPCO (+4.2%).

On the flip side, the Insurance index pared gains, down 0.2% due to profit taking in AIICO (-5.2%) and PRESTIGE (-3.9%).

Investor Sentiment Strengthens
Investor sentiment as measured by market breadth (advance/decline ratio) strengthened to 2.7x from 1.3x recorded the previous session consequent on 38 stocks advancing against 14 that declined.

The top gainers for the day were JAIZ (+10.0%), LIVESTOCK (+10.0%) and DANGFLOUR (+10.0%) while REGALINS (-8.0%), UACPROP (-7.9%) and LASACO (-6.1%) led laggards.

In recent weeks, we have observed increased inflow into the domestic market despite the political risk. We believe concerns for post-election stability are beginning to moderate thus the increased appetite for cheap assets. Hence we expect the market to record gains in the near-term.

Harrison Ford: ‘Climate Change is Greatest Moral Crisis of Our Time’

Business Journal

13/02/2019

Actor and conservationist, Harrison Ford said climate change presents humanity in the 21st century with its most urgent moral crisis in an impassioned speech at the seventh World Government Summit (WGS 2019) in Dubai yesterday.

Ford said global cities including Dubai, London, Los Angeles and Hong Kong are under threat from rising sea levels caused by warming oceans.

“75 per cent of the largest cities are on the coastline. As oceans warm, sea levels rise – endangering populations, threatening economies and their existence. All of us –rich or poor, powerful or powerless – will suffer the effects of climate change,” the Conservation International Vice Chair, 76, said in front of a packed out plenary hall at Madinat Jumeriah, Dubai.

He arguedwhen it comes to protecting oceans – the world has proved woefully inadequate, stating. “The earth and seas are the legacy we leave our children. In 10 years it may be too late.”

The UAE is the world’s first nation to have a Ministry of Climate Change and Environment, and Minister Dr. Thani Al Zeyoudi introduced Ford.

Ford warned delegates at the event: “We are facing what I believe is the greatest moral crisis of our time. We need to ask governments, businesses and communities to act, to invest in their environment and in our future. If nature is not kept healthy, humans will not survive – it’s as simple as that.”

“If we are to survive on this planet – for our climate, for our security for our future – we need nature now more than ever. Because nature doesn’t need people – people need nature.

“So let’s work together, let’s roll up our sleeves. Let’s get this thing done,” he concluded.

The three-day World Government Summit 2019 runs until February 12 at Madinat Jumeirah in Dubai. The landmark event has convened more than 4,000 participants from 140 countries, including heads of state and governments, as well as top-tier representatives of 30 international organisations.

African Airlines Report 1.3% Drop in 2018 Cargo Growth

Business Journal

13/02/2019

African carriers saw freight demand decrease by 2.2%, in December 2018, compared to the same month in 2017. This was significantly less than the 9.4% decrease the previous month. Capacity increased by 4.9% year-on-year.

It’s worth noting that seasonally-adjusted international freight volumes, despite being 7.7% lower than their peak in mid-2017, are still 50% higher than their most recent trough in late-2015. Annual growth in freight demand among Africa carriers in 2018 decreased by 1.3% and capacity grew by 1%.

The International Air Transport Association (IATA) released full-year 2018 data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs) grew by 3.5% compared to 2017. This was significantly lower than the extraordinary 9.7% growth recorded in 2017.
Freight capacity, measured in available freight tonne kilometers (AFTKs), rose by 5.4% in 2018, outpacing annual growth in demand. This exerted downward pressure on the load factor but yields proved resilient.

Air cargo’s performance in 2018 was sealed by a softening in demand in December. Year-on-year, December demand decreased by 0.5%. This was the worst performance since March 2016. Freight capacity, however, grew by 3.8%. This was the tenth month in a row that year-on-year capacity growth outstripped demand growth.

International e-commerce grew in 2018 which was a positive factor for the year. Yet, there was a softening of several key demand drivers:

· The restocking cycle, during which businesses rapidly built up inventories to meet demand, ended in early 2018;

· Global economic activity weakened;

· The export order books of all major exporting nations, with the exception of the US, contracted in the second half of 2018;

· Consumer confidence weakened compared to very high levels at the beginning of 2018.

“Air cargo demand lost momentum towards the end of 2018 in the face of weakening global trade, sagging consumer confidence and geopolitical headwinds. Still, demand grew by 3.5% compared to 2017. We are cautiously optimistic that demand will grow in the region of 3.7% in 2019. But with the persistence of trade tensions and protectionist actions by some governments there is significant downside risk. Keeping borders open to people and to trade is critical,” said Alexandre de Juniac, IATA’s Director General and CEO.

“To attract demand in new market segments, the air cargo industry must improve its value proposition. Enabling modern processes with digitalization will help build a stronger foothold in e-commerce and the transport of time- and temperature-sensitive goods such as pharmaceuticals and perishables,” said de Juniac.

Saudi Arabia Projects $34.5bn ICT Spend in 2019

Business Journal

13/02/2019

Overall spending on information and communication technology (ICT) in Saudi Arabia is expected to reach $34.5 billion this year, up 1.0% on 2018.

That’s according to the latest insights, trends, and predictions presented by International Data Corporation (IDC) last week as it hosted the 2019 edition of its annual IDC Directions event at The Ritz-Carlton, Riyadh.

The forum brought together more than 100 of the Kingdom’s most influential technology vendors, telecommunications operators, and IT service providers.

Running under the theme ‘Multiplied Innovation: Scaling a Technology Revolution in Saudi Arabia’ , the highly anticipated event explored the emerging trends and priorities that will shape ICT investments in 2019 and beyond. IDC’s group vice president and regional managing director for the Middle East, Turkey, and Africa, Jyoti Lalchandani, opened the event by outlining IDC’s chapters of innovation in the digital economy and contextualizing their relevance to the Kingdom’s ongoing digital transformation.

He explained that cutting-edge technologies are increasingly forming the core of modernization efforts in the Kingdom and that a wave of pan-industry digitalization is set to hit organizations of all sizes, with the future of the ICT presenting pockets of opportunity like never before.

This was followed by the event’s keynote presentation from Hamza Naqshbandi, IDC’s country manager for Saudi Arabia, during which he highlighted the critical role that digital transformation and innovation-accelerating technologies will play in shaping ICT investment decisions over the coming years.

He stressed the vital role that technology will play in enabling some of the most important aspects of the Kingdom’s National Transformation Program (NTP) and its overarching Vision 2030 strategy.

He also identified several areas of opportunity around software and IT services, with IDC anticipating these to be the fastest growing IT markets in Saudi Arabia over the coming years, expanding at five-year compound annual growth rates (CAGRs) of 7.9% and 6.0%, respectively, to reach combined spending of $6.2 billion in 2022.

“As the Kingdom further enhances its digital transformation posture, adoption and use of innovative technologies demanded by the NTP objectives will drive significant ICT spending,” said Naqshbandi.

“While traditional ICT segments like hardware, mobile phones, and telecom services will see a significant slowdown, innovation accelerators and 3rd Platform technologies such as IoT, cloud, mobility, AI, and robotics will continue to offer quick wins for the supply side.”

Naqshbandi explained that use cases around these advanced technology solutions are emerging across Saudi Arabia, reinforcing the significance of these technologies in achieving some of the key NTP and Vision 2030 goals.

He also revealed IDC’s prediction that spending on IoT solutions in the Kingdom will touch $1.5 billion in 2019, while security solutions will attract total spending of more than $400 million. Spending on public cloud, meanwhile, is forecast to cross the $250 million mark in 2019.

“Technology spending momentum will rapidly shift from traditional technologies to transformative solutions, while the ‘doing more with less’ mantra will continue to prevail,” said Naqshbandi. “The Saudi ICT market will show symptoms that are typical of a transforming economy as private sector organizations gear up to keep pace with digital transformation initiatives driven by the government. Developing an effective digital transformation platform that can sustain, advance, and scale business operations may be the most important task facing the Kingdom’s decision makers in 2019 and beyond.”

Ecobank Deepens Financial Inclusion with EcobankPay Zone

Business Journal

10/02/2019

Capture — Left: Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria; Ben Okolie, General Secretary, Alaba International Market Association (Electronics); Patrick Akinwuntan, Managing Director, Ecobank Nigeria; Okwelogu Romanus, Managing Director, Ajuoye Dynamic Concept, (customer of Ecobank) and Jude Esedebe, Managing Director, J-Clax International (customer of Ecobank) at the launch of EcobankPay zone at Alaba International Market by Ecobank in Lagos on Friday.

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan, has launched EcobankPay zone at Alaba International Market, Lagos, and expressed the bank’s commitment to continue innovating more payment and financial solutions to best serve traders across the country.

According to Akinwuntan, the bank has designated Alaba market as an EcobankPay zone, meaning that patrons of the market, Ecobank and non-Ecobank account holders, have more easy, secure and convenient ways to pay when they visit the market. He added that EcobankPay’s unique offering is that anyone from any bank in Nigeria can pay with MasterPass, mVISA and mCASH with any phone by scanning QR code or using USSD.

Traders, he said, can now enjoy more possibilities to grow their business as they can also sell to customers with EcobankPay in 32 countries in Africa. He added that “EcobankPay is free to set up as the shop owner only needs his/her QR code and phone for notifications to start receiving quick and easy payments.

Left: Carol Oyedeji, Executive Director, Commercial Banking, Ecobank Nigeria; Ben Okolie, General Secretary, Alaba International Market Association (Electronics); Patrick Akinwuntan, Managing Director, Ecobank Nigeria; Okwelogu Romanus, Managing Director, Ajuoye Dynamic Concept, (customer of Ecobank) and Jude Esedebe, Managing Director, J-Clax International (customer of Ecobank) at the launch of EcobankPay zone at Alaba International Market by Ecobank in Lagos on Friday.

EcobankPay, a special merchant QR Code product of the Pan African Bank, enables customers make seamless payment for goods and services across the three major payment platforms without the use of plastic cards. The uniqueness of the digital product according to the bank is that it has MasterPass, MVisa and Mcash embedded in the merchant identity QR Code. If the person that wishes to buy goods is coming from a bank that has MVisa and wishes to pay, the same QR Code would accept MVisa payment and vice versa. That creates interoperability and convenience for the merchants. The QR Code is much cheaper than having a point of sale (PoS).

For the merchants, the beauty of EcobankPay is in the cost of setting up, as the shop owner simply prints the QR Code on a paper and can stick it anywhere and do not run any risks. It is convenient and the mobile app is ubiquitous, allowing you 24/7 access and affordabl for every Nigerian.

As a merchant on EcobankPay, you automatically have a QR Code that accepts all the three payment platforms – MasterPass, MVisa and Mcash. Shoppers who used the EcobankPay QR Code are right now treated to special discount transactions at selected shops in Lagos, Abuja, Port Harcourt and Aba.

Court Restrains NAICOM over Guinea Insurance

Business Journal

10/02/2019

A Federal High Court sitting in Abuja has restrained the National Insurance Commission (NAICOM) from restricting Guinea Insurance Plc from taking in new businesses pending the determination of the substantive suit (FHC/ABJ/CS/151/2019) filed against the insurance industry regulator by the company.

The court presided over by Hon. Justice I. E. Ekwo granted the Order of Mandatory Injunction against NAICOM last Friday when the matter came for hearing.

Marriott Hotels Fastracks Rapid Expansion in Africa

Business Journal

10/02/2019

From the Forum de l’Investissement Hôtelier Africain in Marrakech, Marriott International announced three new deal signings across North and West Africa, reinforcing the company’s commitment to expanding its presence across the continent. The new deal signings highlight the company’s growth in Morocco and Ghana, while marking its debut in Liberia.
Organised by Bench Events, Forum de l’Investissement Hôtelier Africain is a gathering that unites North and West African countries in a bid to develop their economies and support hospitality investment. The forum connects business leaders from international and local markets – driving investment into tourism projects, infrastructure, entertainment and hotel development across the region.
“New and established markets across North and West Africa continue to present us with immense opportunities to further enhance and diversify our portfolio in the continent,” said Jerome Briet, Chief Development Officer, Middle East & Africa at Marriott International. “The new deal signings further strengthen our robust development pipeline, which is a result of our long-established presence in Africa and the trust owners have in Marriott International and our compelling portfolio of diverse brands.”
The three new hotel signings announced during the Forum de l’Investissement Hôtelier Africain are:

The St. Regis Marrakech Resort
Marriott International’s luxury brand portfolio in Morocco is slated to further expand with the signing of The St. Regis Marrakech Resort. The St. Regis Marrakech Resort will be a part of the Assoufid Golf Resort and will include 80 luxuriously-appointed guestrooms and villas, all offering spectacular views of the Atlas Mountains. With leisure facilities such as a spa, pool, and a state-of-the-art fitness center, The St. Regis Marrakech Resort will also feature six distinctive culinary experiences, including two specialty restaurants and the iconic St. Regis Bar inspired by the King Cole Bar at the brand’s flagship in New York. Offering the ideal escape from the city, the resort will be in close proximity to the award-winning, 18-hole Assoufid Golf Club which has established itself as one of the best courses in Africa. Anticipated to open in 2024, the resort is owned by Assoufid Properties Development SA and developed by United Real Estate Company (URC), part of the Kuwait Projects Company (KIPCO) group of companies.

Residence Inn by Marriott Accra Kotoka Airport
The company’s footprint in Ghana is expected to further expand with the signing of the Residence Inn by Marriott Accra Kotoka Airport, which will mark the debut of the extended-stay brand in the country. Projected to open in 2023, the 12-story hotel will consist of 160 spacious suites with separate living, working and sleeping zones, all equipped with fully functional kitchens. Other facilities in the hotel will include three food and beverage outlets, including a rooftop bar, a health and leisure club and a boardroom. The hotel will be strategically located in the Airport Residential Area of Accra and less than 1.5 kilometres from the Kotoka International Airport. A franchised property, the hotel will be managed by Yamusah Hotels Management Company Limited, the owner and developer of the property.

Four Points by Sheraton Monrovia
The company expects to make its debut in Liberia with the Four Points by Sheraton Monrovia. Anticipated to open in 2020, the hotel will consist of 111 stylishly appointed guestrooms and four food and beverage outlets, including a rooftop bar and lounge and speciality restaurant. The hotel will be in the heart of Monrovia’s central business district and near key governmental and ministerial buildings, diplomatic facilities and the University of Liberia. The hotel will boast Four Points by Sheraton’s approachable design and excellent service and reflect the brand’s promise to provide what matters most to today’s independent travellers. The Four Points by Sheraton Monrovia is a franchised property owned by Sea Suites Hotel LLC and will be managed by Aleph Hospitality.

Strong Growth Momentum across North and West Africa
Marriott International is on track to expand its footprint in Africa to 200 hotels by the end of 2023. The North and West Africa regions play a pivotal role in the company’s overall growth strategy for the continent.
In North Africa, Marriott International currently has 30 hotels and over 10,000 rooms in its portfolio and with a robust pipeline in place, the company expects to grow its hotel portfolio by 60 percent by the end of 2023.

Presently home to nine Marriott International brands, the company expects to introduce six new brands in North Africa – including St. Regis, W Hotels, Autograph Collection, Residence Inn by Marriott, Courtyard by Marriott and Marriott Executive Apartments.

The company anticipates the opening of four new properties across North Africa in 2019, including the debut of The Ritz-Carlton Rabat which will mark the company’s first luxury property in Morocco. Other planned openings include the launch of the St. Regis brand in Egypt with The St. Regis Cairo, the Four Points by Sheraton Setif in Algeria and the Marrakech Marriott Hotel in Morocco.
In West Africa, the company expects to grow its current footprint by 75 per cent with the addition of nine new hotels and more than 1,800 rooms by the end of 2023. Currently operating 12 properties across Nigeria, Ghana, Mali and Guinea, Marriott International plans to enter Benin and Ivory Coast as a part of its development pipeline.

In 2019, the company is on-track to open the Four Points by Sheraton Ikot Ekpene, its ninth property in Nigeria, and the Protea Hotel by Marriott Accra Kotoka Airport in Ghana.

Cadbury Partners UNHCR to Support IDPs

Business Journal

08/02/2019

Amir Shamsi Managing Director Cadbury Nigeria Plc

Cadbury Nigeria Plc today announced a donation of Bournvita, a non-alcoholic beverage, to some internally displaced persons (IDPs) in Nigeria, in collaboration with the United Nations High Commission for Refugees (UNHCR).

In a statement, the company’s Corporate and Government Affairs Director for West Africa, Mr. Bala Yesufu said Cadbury was moved to make the donation by the plight of IDPs living in various camps in the country.

“The gesture is in line with our corporate social responsibility (CSR) agenda, which seeks to empower the less-privileged in society,” Yesufu said. “As a company, we believe that the IDPs require support in terms of a food drink like Bournvita that is rich in energy and essential micro-nutrients.”

He said the company is happy to partner the United Nations High Commission for Refugees (UNHCR) in this regard, and hopes this will help in some way to provide some succour to the IDPs.

Receiving the donation on behalf of UNHCR at the company’s head office in Agidingbi, Ikeja, Lagos, Felicia Ejike, Senior Protection Assistant (Community Based), expressed gratitude to Cadbury, and enjoined other corporate organisations to emulate the kind gesture of Cadbury.

“As the UN Refugee Agency, we are extremely encouraged to see that the private sector is joining others to support the displaced,” UNHCR said.

“It is evident to us that we cannot do it alone. We have to join hands in solidarity of the suffering displaced families.”

Cadbury Nigeria also donated products to flood disaster victims in 12 communities of Edo North, recently. Cadbury is fully involved in CSR initiatives, and is currently executing a three-year community partnership, in collaboration with Helen Keller International (HKI), to promote good nutrition and healthy lifestyle, for over 6,000 children in nine public primary schools within its host community in Lagos.

Various stakeholders have lauded the initiative, which they noted will cause positive behavioural change among the children and their parents.

About Mondelēz International

Mondelēz International, Inc. empowers people to snack right in approximately 160 countries around the world. With 2017 net revenues of approximately $26billion, MDLZ is leading the future of snacking with iconic global and local brands such as Oreo, belVita and LU biscuits; Cadbury Dairy Milk, Milka and Toblerone chocolate; Sour Patch Kids candy and Trident gum. Mondelēz International is a proud member of the Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index.

About Cadbury Nigeria

Cadbury Nigeria Plc (CN), a publicly quoted company, is the pioneer cocoa beverage manufacturer offering some of the most loved brands in the country. Cadbury Nigeria is a 74.99%-owned subsidiary of Mondelēz International, a global snacking powerhouse with an unrivalled portfolio of brands. The remaining 25.01% of shares are held by a diverse group of indigenous, individual and institutional investors. A front-runner in beverages, confectionery and gum, Cadbury Nigeria’s quality products–Bournvita, Hot Chocolate, TomTom, Buttermint, Trident and Clorets–are market leaders in their respective consumer segments.

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