The use of technology and innovation in the lottery and gaming industry has brought the business closer to the people and made patronage seamless.

The lottery and gaming industry have become popular in Nigeria, with over 65 million young and old Nigerians actively engaging in it, spending at least 15 dollars daily on the average.

Recent statistics even claimed that more than 50 per cent of the country’s adult population engages in sports betting activities.

This has led to a proliferation of betting sites with over 100 betting sites said to be operating in the country.

Today, the industry has come to represent a significant segment of the economy, creating jobs and supporting economic growth.

The growth in the industry is driven by sound policies and innovative leadership that has received domestic and global acknowledgements.

In a glamorous ceremony at the International Casino Exhibition (ICE) in London, 2024, Nigeria’s Director-General of the National Lottery Regulatory Commission (NLRC), Lanre Gbajabiamila, was not just a participant but the star of the show.

His induction into the Africa Gaming Hall of Fame with an Award of Excellence was a testament to his unwavering dedication, innovation, and leadership in the transformation of the lottery and gaming industry in Africa, particularly in Nigeria.

Gbajabiamila, affectionately known as Mr. Lottery has been at the forefront of regulatory excellence and innovation in Nigeria’s lottery sector since his appointment. Under his stewardship, the NLRC has witnessed unprecedented growth and reform aligning perfectly with the government’s Renewed Hope Agenda to elevate the lottery business to new heights. His efforts have not only revitalized the industry but have also set a benchmark for gaming regulation in Africa.

Deepening global standards, partnerships

The hallmark of Gbajabiamila’s tenure has been his visionary approach to embracing international standards and fostering global partnerships. The transformation of the NLRC’s bi-annual gaming conference, which he pioneered in 2021 from a national to an international event, underlines his commitment to expanding Nigeria’s gaming industry on the global stage. The 2023 conference in Lagos was a melting pot of experts, operators, and investors from around the world, demonstrating Nigeria’s burgeoning influence in the global gaming industry.

This elevation of the gaming conference to international status has been a strategic move to attract foreign investment, increase the inflow of resources to Nigeria, and provide a platform for Nigerian gaming industry leaders to network with international giants. Gbajabiamila’s leadership has not only opened new revenue streams for the country but also enhanced the gaming experience for Nigerians, ensuring more robust winnings and a more regulated environment.

During the ICE London Conference, Mr. Gbajabiamila also participated in a pivotal round table discussion themed “Gaming Regulations in Africa: the journey so far, and what the future holds.” Alongside other esteemed gaming experts, he shared insights into the regulatory landscape of the industry, emphasizing the importance of fostering local content policies and partnerships to mitigate capital flight from African countries. His advocacy for the implementation and deployment of a Central Monitoring System by his Commission underscores his commitment to enhancing regulatory oversight and efficiency in Nigeria’s gaming sector.

Earlier, before proceeding to London for the ICE award, the Nigeria Data Protection Commission had in a grand event conferred on Mr. Lottery a Special Recognition Award under the chairmanship of the Minister of Communications, Innovation and Digital Economy

Presenting the special award, the Permanent Secretary in the ministry, Engr. Farouk Yusuf Yabo, who stood in for the minister, commended the remarkable contributions of the lottery boss to data protection in Nigeria.

Eulogising Mr. Gbajabiamila, the Minister said: ” Your steadfast support and contributions to the National Data Protection Commission have not gone unnoticed.  Your collaboration has been instrumental in furthering the goals of both commissions. ”

The recognition received from both the NDPC and the African Gaming Hall of Fame not only highlights personal accomplishments but also casts a spotlight on the essential elements of effective leadership, cooperation, and unwavering commitment in propelling the gaming industry forward. As the gaming landscape in Nigeria continues to mature, there’s no gain saying that the efforts and achievements of individuals like Gbajabiamila stand as a beacon for current and future industry leaders, demonstrating the significant influence of dedication and high standards across Africa.

Before ascending to the pinnacle of the NLRC, Gbajabiamila had left significant footprints in the gaming industry, including a remarkable stint at the National Sports Lottery His pioneering work on the Essnet Lottery Operating System, managing five million lottery transactions weekly, showcases his blend of technical expertise and visionary leadership.

His reappointment in 2022 by former President Muhammadu Buhari for a final term of four years was a nod to his impactful leadership and the profound strides made under his guidance. The Africa Gaming Hall of Fame Award of Excellence presented by Kate Chambers at ICE 2024 is not just a personal accolade for Gbajabiamila but a spotlight on Nigeria’s rising prominence in the global gaming and lottery industry.

As Gbajabiamila continues to chart a progressive course for Nigeria’s gaming sector, his story is a beacon of excellence, innovation, and transformative leadership. It underscores the potential of the gaming industry to contribute significantly to Nigeria’s economic diversification and growth, marking a new era of prosperity and international recognition for the country’s gaming industry.

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Group Chairman, UBA Plc, Tony Elumelu disclosed this as the Guest Speaker at the  Public Wealth Management Conference organised by Ministry of Finance Incorporated in Abuja with theme: “Championing Nigeria’s Economic Posperity”.

He said that times are hard for Nigerians everywhere, hence the  need to come together and act in unison to catalyse significant socio-economic development for Nigeria and all her people.

According to him, there was need to assemble the best in the industry who possess a turnaround mindset to transform the state assets and set performance targets for them, create a high-performance environment and build culture of excellence that is entrenched in sound corporate governance processes.

Elumelu said that achieving economic growth requires that stakeholders set strategic intent, prepare the milestones, know how they will be judged, and then execute, with discipline, keeping the  strategic intent in focus.

He said: “There is no rush to see immediate profits; we must have that mindset if we are to fully unlock the value contained within these state-owned assets”.

Elumelu said that MOFI can replicate the Temasek example in Singapore, where Temasek was established with state-owned assets worth $300 million, but today those assets are now worth approximately $300 billion.

“How did this happen? In 1974, following independence from the British, the Singaporean government found itself as the owner of a variety of new state-owned enterprises. The Singaporean Government felt that it was necessary to separate governance from business management,” he said.

This, Elumelu, who is also Chairman, Heirs Holdings Group, disclosed,  stemmed from the principle that it was not the business of the government to operate the businesses it owned.

“This principle led to the establishment of Temasek in 1974 to own and manage the assets held by the Singapore Government. The arrangement allowed the government to focus on its core role of policymaking and regulations.Today, Temasek has investments in the strategic sectors of its economy to unlock significant value: Transportation, industrial, financial services, technology, telecommunications, real estate and consumer goods”.

He said that Temasek typically owns significant stakes in companies, often with a focus on strategic investments that align with Singapore’s economic development goals.

He said: “In our Group, we are known for how to turn around businesses. Our expertise is in unlocking the value in the assets we hold. And our track record speaks for itself. The turnaround of a defunct Crystal Bank birthed into Standard Trust Bank, which is now part of today’s United Bank for Africa (UBA). This was not a state-owned enterprise but the same principles for turnaround occurred here”.

He said the group had a clear vision from day one of what it wanted to achieve in the financial services industry- “We set out clear goals which we labelled our strategic intent and worked assiduously to ensure we met them”.

“Today, UBA Group operates in 20 African countries, the UK, France, the UAE and the USA. We are the only African bank with a deposit taking license in the USA,” Elumelu said.

He also spoke about  Heirs Holdings Group, his family’s investment firm which acquired Transcorp Plc.

“At the time, Transcorp was formed to lead the industrialisation of Nigeria.The only asset Transcorp Group had back then was this hotel in which we are all gathered today. Today, Transcorp plays in the hospitality, power (both in generation and distribution) and in the oil & gas sectors”.

In Power, the group acquired the 972MW gas-fired Ughelli Power Plant and ramped up its generations from 160MW to 701MW within four years of taking over the plant.  The Ughelli Power Plant is the first privatized power company to be discharged from post- privatization monitoring having surpassed all set targets by the BPE and the National Council on Privatisation.

“We have partnered with the FG to unlock the value of state-owned enterprises and we have shown how private sector efficiency translates into profitability and increased prosperity.”

“In our group, we are guided by the philosophy of Africapitalism, investing for the long-term, not the short-term, in strategic sectors of the economy that not only create profit but also create social wealth for the communities we operate in. It is the philosophy that drives our business, but it is also what drives the Tony Elumelu Foundation – why I have catalysed thousands of young entrepreneurs across Africa – why we have funded, trained and mentored them, to create a new generation fo Africapitalists,” Elumelu said.

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The company’s unaudited financial statement for 2023 released on the Nigerian Exchange Limited reaffirmed its commitment to delivering exceptional value to stakeholders and sustaining its growth momentum.

Its profit after tax grew by 132.9 per cent to N6.1 billion ($6.8 million) from N2.6 billion ($2.9 million) achieved in the previous year.

Transcorp Hotels Plc’s  revenue surged by 35.8 per cent to N42.7 billion ($47.5 million) in 2023 from N31.4 billion ($35.0 million) in 2022.

Also, cost of sales stood at N12.089 billion from N9.052 billion, while gross profit grew 36.7 per cent to N30.6 billion ($34.0 million) in 2023 from N22.4 billion ($24.9 million) during the same period in 2022.

Its total assets stood at N125.687 billion higher than N120.487 billion recorded in the year ended 2022.

Speaking recently on the company’s performance, Managing Director and Chief Executive Officer (CEO) of Transcorp Hotels, Dupe Olusola said the consistent financial upswing reinforces the Company dedication to excellence and resilience in the face of economic challenges.

She said, “we have remained nimble, adapting quickly to meet the dynamic preferences of our guests.”

According to the her, the company continued to experience strong performance in its international business travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as a new government resumed office.

She said Transcorp Hotels continues to set the pace with excellence in the delivery of both business and leisure offerings.

According to the company’s financial statement, the Group has sufficient capital adequacy ratio and projected liquidity that will make the business to continue to thrive.

“This is based on historical experience that short-term obligations will be refinanced as required in the normal course of business. Liquidity ratio and continuous evaluation of current ratio of the Group is carried out on an ongoing basis to ensure that there are no going concern threats to the operations of the Group,” the company said.

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Founded by the Franco-Gabonese self-made entrepreneur, Nicolas Pompigne-Mognard, APO Group has come to redefine the media and communications industry in Africa and using same to attract investments to the continent.

From campaigns for capital flows to Africa, to supporting Rugby Africa and the Roman Catholic Church in Africa, as well as giving mileage to the music industry, Pompigne-Mognard APO Group reiterates commitment to deepening business and economic growth within the continent.

In a media interview during a visit to Nigeria, Pompigne-Mognard said APO Group was created to provide international and African media access to reliable news about the continent’s economy, businesses, and investment.

Pompigne-Mognard said APO Group is seeking a much more direct involvement into the Nigerian economy. To achieve this, he has held discussions with top government officials on ways to realize such objectives in terms of investment in tourism, sports development, sports infrastructures, national sports strategy, among others.

“APO Group has since been helping communicators relay compelling, uniquely African stories to audiences, enabling a change in the African narrative to a more positive tone.”

Pompigne-Mognard created APO Group in 2007 while he was a journalist for online Gabonese media Gabonews and Deputy President of the Pan African Press Organisation in France (APPA – Association de la Presse Panafricaine). He founded the company with a savings of €10,000, as start-up capital.

APO Group is a communications and media content distribution service company, which includes print to online, broadcast TV and radios has so much to offer to the continent.

The company’s impact across key segments of the society has also led to sterling outputs. In terms of performance, the company grew its revenue by 40 per cent in 2020, and 60 per cent in 2022 while also taking strategic steps to keep the revenue streams rolling in.

During his time as CEO at APO Group, Pompigne-Mognard said he has been growing the company as well as serving and advising hundreds of multinational companies to invest and conduct business in Africa. As Chairman, he is focusing on delivering high-level counsel for the company’s clients and developing his investment fund dedicated to Africa.

Prior to founding APO Group in 2007, Pompigne-Mognard  served successively as Deputy-Director of the French regional daily newspaper Le Petit Journal, Director of FNSEA farmer’s Union in Tarn-et-Garonne (France), parliamentary assistant at the French parliament (Assemblée France), correspondent in Europe of the Gabonese press agency, Gabonews, and Deputy- President of the Pan-African Press Association in France (APPA).

Pompigne-Mognard studied law at the Université de Lille (France) and speaks English and French. Nicolas is aalso Senior Advisory Board member of The Canada-Africa Chamber of Business.

APO Group, he said, currently works with more than 300 clients, ranging from governments to international institutions, prominent personalities, and companies active in Africa. Some of APO Group’s prestigious clients, he stressed,  include: Facebook, Dangote Group, Nestlé, GE, NBA, FIFA, Canon, DHL, Marriott Group, Ecobank, Siemens, Standard Chartered, Orange, Jack Ma Foundation, African Development Bank, World Health Organization, Islamic Development Bank, Liquid Intelligent Technology, Rotary International, Kaspersky, Greenpeace, among others.

“APO Group is also the Official Strategic Public Relations Partner of the African Union at the Expo 2020 Dubai, the Pan-African public relations agency of FIFA, the governing body of football/soccer, the Pan-African public relations agency of the NBA; the Pan-African public relations agency of the Basketball Africa League (BAL);  the Main official Sponsor of World Rugby’s African association, Rugby Africa, the governing body of rugby in Africa; and the Official Partner of iconic French Football Club Olympique de Marseille’s African programme, ‘OM Africa,” he disclosed.

Pompigne-Mognard said the company’s footprint and network allows it to independently serve its clients in each of the 54 countries of the continent.

He also spoke on specialisation within the APO Group, including allowing talents and departments to focus on their core competent areas like press release distribution, consultancy, and public relations. He disclosed that Data mining and software deployment have also made the press release segment of the company to operate seamlessly.

He said that as a Pan-African organisation, the APO Group’s impact has continued to resonate across diverse segments of the society and business community.

“Even if the press release really has no interest, we guarantee that it will be published on a minimum of 320 websites, and those are not websites we own! In addition, Crisis communication is part of the services we are delivering to our clients. We advise companies on the best ways to approach their crisis communication plans using specific processes.” Nicolas noted.

Still, Pompigne-Mognard insists that publication of the press content is entirely the decision of the journalists.

“Obviously the press has the total freedom not only to publish or to not publish, but total freedom, including legal freedom to modify the text before they publish”.

He said that 98 per cent of corporations that issue press releases hope that the journalists will not just copy and paste their press releases but should do a little more research to give more depth to the reports.

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According to the 2023 Tax Transparency in Africa  progress report unveiled at the 13th Meeting of the Africa Initiative in Cape Town, African countries realised the additional revenues following  voluntary disclosures, the implementation of information exchange mechanisms, and rigorous offshore investigations.

From 2009 through 2022, these measures have effectively boosted tax revenue, interest, and penalties, underscoring a substantial progress in tax transparency across the continent.

The report—co-produced by the Global Forum on Transparency and Exchange of Information for Tax Purposes , the African Union Commission and the African Tax Administration Forum presents the progress of 38 African countries in tackling tax evasion and other illicit financial flows (IFFs) through transparency and exchange of information. Five non-member countries participated in the study.

The release of the report comes as African governments continue to step up efforts to bolster domestic resource mobilisation in the face of economic headwinds that include global inflation and mounting debt levels. The Organisation for Economic Co-operation and Development (OECD) estimates that Africa loses as much as $60 billion each year in illicit financial flows.

Enoch Godongwana, South Africa’s Minister of Finance, disclosed that  during the past eight years, the Africa Initiative has changed the tax transparency landscape in Africa and aided the mobilisation of more  domestic resources.

Stressing the importance of political will in efforts to increase tax transparency, Godongwana said, however, that more could be done. He called for the Africa Initiative to strengthen African countries’ capacity to leverage exchange of information standards and protocols.

Zayda Manatta, Head of the Global Forum Secretariat, presented the report to participants.

Among the key highlights of the report are for the first time, one African country reported collecting additional taxes—worth €10.6 million— through the use of common reporting standard data.

The Republic of the Congo, Angola, Zimbabwe and Sierra Leone have joined the Global Forum as 165^th, 166^th, 167^th and 168^th members since June 2022.

23 African countries are now parties to the multilateral Convention on Mutual Administrative Assistance in Tax Matters, the most comprehensive instrument for all forms of  co-operation to tackle tax evasion, thus substantially expanding their Exchange of information networks.

Manatta cited a World Bank study that projected that participation in exchange of information mechanisms could increase African countries’ tax revenues from 5% to 19% of Gross Domestic Product (GDP).

“The more familiar countries are with this tool, the more they exploit this tool, the more revenue should be collected. And if you manage to monitor this link between revenue collection and exchange of information, we would be able to further demonstrate the benefits countries are getting from this tool,” she said.

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The TAT delegation comprised of the Chairman of the Zone, Barr. Chukwuemeka Eze; three Commissioners: Ide John Udeagbala, Mr. Ogar, Francis Obri, and Barr. (Mrs.) Anne Chinyere Akwiwu as well as the Secretary of the Zone, Barr. (Mrs.) Uche Ukuta.

The delegation, who paid a working visit to the Executive Governor of Abia State, Dr. Alex Otti and his team, at Isiala-Ngwa, Abia State.  

The visitors had explained to the  Otti, and his tam that the tribunal’s establishment, purpose, vision, its activities including the provisions in the new TAT Rules of 2021, which provides for e-filing, resolution of a tax dispute through documents-only procedure, duration of conclusion of tax disputes within six months, among other changes.

The delegation was well received by the Governor and his team, among who are the Secretary to the State Government, the Commissioner for Justice and Attorney-General of the State, the Chief of Staff, and the Technical Adviser to the Governor.

Governor Otti said that his government’s strategy towards taxation is to administer it with a human face. 

He stated that he does not subscribe to a system where touts chase after business owners in the guise of revenue generation. He stated that his government’s approach has started yielding dividend following the rise in revenue after the initial decrease when the policy was initially implemented. He promised that his government will find ways to collaborate with the Tribunal in tangential areas.

The delegation presented the Governor with a set of three volumes of the Tax Appeal Tribunal Law Reports and a set of three booklets of the TAT Rules, 2021. Ide John Udeagbala, who is also the Mayor of Aba, on behalf of the delegation, gave the vote of thanks, after which group photograghs were taken for the record.

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This strategic partnership stems from the need to address environmental concerns and promote responsible business practices. With their shared passion for achieving ecological sustainability using technology, Yalo and FBRA intend to transform society positively.

Speaking on the importance of the partnership, Yalo Sales VP, Manuel Centeno said, “We are excited to partner with FBRA to revolutionise recycling and the future of sustainability in Nigeria. Using our advanced AI technology, we intend to offer solutions to help create awareness about recycling, responsible waste management, and reducing packaging carbon footprint within the food and beverage industry. We can’t wait to unlock new possibilities for growth.”

Through Yalo’s platform, the FBRA intends to raise awareness about responsible waste management, recycling, and reducing packaging foodprint within the food and beverage industry by making it easy to sell more, track behaviours, and build genuine relationships through conversations.

According to the Executive Director of Food and Beverage Recycling Alliance, Agharese Lucia Onaghise, the partnership will go a long way towards changing lives, reducing waste, and improving recycling rates through circular economy in the country. She said, “The collaboration will promote advocacy to reduce plastic pollution and provide technological solutions for sustainability across Nigeria. It will help drive positive behavioural change in the waste management sector and create more awareness to drive a sustainable future for Nigeria.”

Thanks to Yalo, FBRA has the tools to create conversational solutions facilitating communication, information dissemination, and engagement, helping the public grasp the ’why’ and the ‘what’ to foster effective recycling and sustainability initiatives in Nigeria.

This collaboration is a testament to a shared commitment to addressing the issues of waste management, recycling, and the dangers of high carbon footprints within the food and beverage industry.

The public presentation of Yalo in Nigeria, set to be held on Tuesday, December 12th, 2023, in Lagos, will mark the beginning of this shared desire for growth and environmental sustainability.

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For the third consecutive quarter, Nigeria recorded a positive trade balance amounting to N1.3 trillion, aided by the faster growth in export earnings (up 8.1 per cent quarter-on-quarter (q/q) to N7 trillion) as against import expense (up three per cent q/q to N5.7 trillion).

The improvement in export earnings was mainly spurred by crude oil receipts which rose 8.5 per cent q/q to N5.6 trillion (about 79.6 per cent of total exports), though production level was unimpressive as per NBS data (down 19.2 per cent q/q to 1.22mbpd).

Afrinvest analysts said  the improvement in oil receipt was also impacted by exchange rate revaluation gain given that the Central Bank of Nigeria (CBN) switched from a hard-pegged exchange rate regime to a managed float in June 2023, causing the official conversion rate of oil proceeds to rise from N461.00/$ to over N650.00/$. Hence, nullifying both the effect of lower crude oil production and price in second quarter (1.22mbpd and $78.13/bbl.) relative to first quarter (1.51mbpd and $81.11/bbl.).

The analysts said official, and parallel market rates at N775.31/$ and N1007.00/$, crude oil output (August average: 1.18 mbpd), Forex reserves ($33.3 billion), and foreign capital inflows ($1.1 billion) – are all at their lowest ebbs in a decade.

Similarly, non-crude oil and non-oil exports also grew 6.8 per cent and 5.6 per cent q/q to N1.4 trillion and N688.7 billion respectively.

It is important to highlight that Agricultural goods remain Nigeria’s largest source of non-oil export earnings (four per cent of export share), while manufacturing, raw material goods, and solid mineral goods trailed with three per cent, 2.1 per cent, and 0.5 per cent, share respectively.

Cashew nuts (shelled and unshelled), sesame seeds, and cocoa beans combined accounted for 65.7% of the total N278.4 billion Agric exports in the period – an indication of potential investment opportunity in these cash crops amid high global demand.

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The partnership is expected to drive financial inclusion, promote brand loyalty and promote healthy lifestyle in the ever-evolving societal landscape.

Group Head, Marketing and Corporate Communications, Alero Ladipo, who spoke during the signing ceremony with the three organisations, said the bank is continuously on the look-out for meaningful collaborations that will excite customers, while driving the bank’s vision of providing services that will be beneficial to its huge customer base across the continent.

She said, “The partnership brings together UBA’s innovative solutions with the distinct market presence of Medplus Plc, a renowned health and beauty retailer, Oriki’s premium skincare and beauty products, and i-fitness’ cutting-edge fitness and wellness offerings, and by combining their strengths, the companies are poised to revolutionise the financial and lifestyle experience of its customers across various demographics.”

According to her, with this collaboration, the parties will leverage their wide customer base and with the joint marketing initiatives, innovative campaigns, and events, they will be able to reinforce their position as a customer-centric institutionsand cultivate long-term brand loyalty.

While stating that customers will enjoy exciting discounts, she explained that as part of the partnership, UBA will deploy the latest cutting-edge technology in the form of NQR (Nigeria Quick Response) codes. These codes will revolutionise payment systems and provide customers with a swift and efficient way to make transactions across various platforms.

The Founder/Chief Executive Officer, Medplus Pharmacy, Joke Bakare, expressed excitement at the partnership with UBA, and said that as Nigeria’s Leading Health and Beauty Retail Pharmaceutical Chain with over a hundred branches nationwide, UBA customers will be entitled to discounted prices on drugs and other health services to our customers, as they will enjoy a 7.5 per cent discount off drugs and 2.5% off non-drug products when they shop at any MedPlus Pharmacy nationwide.

“We are very pleased to enter into this partnership with UBA Group. The bank not only strive to make banking seamless for customers, but also offers ease in a key aspects of their lives which is health. At Medplus, we are passionate about our customers, health, beauty, lifestyle and wellness. We are excited to welcome UBA into the Medplus family,” she stated.

The Founder/Chief Executive Officer, I-Fitness Gym Nigeria, Folusho Ogunwale, said that as Nigeria’s First & Fastest Growing Fitness Chain with 21 branches across the country (18 in Lagos); the partnership with UBA will entail a 30% discount on joining fee to our customers as well as a 12%, 17% and 20% discount on monthly, quarterly, and annual subscription plan.

“We are serious about being able to contribute meaningfully to the lives of Nigerians,“ Ogunwale stated.

To the Managing Director, Oriki Spa and Wellness Centre, Joycee Awosika, “There has never been a more important time than now to prioritize wellness; our bodies are the only places we have to live. Individuals who prioritise self-care statistically live more wholesome, happier and healthier lives.

She explained that ORÍKÌ Group is the leading wellness spa and first and only all-natural farm to skin brand in Nigeria to operate a luxury spa chain coupled with its own product line and are offering a discount of 10% off all products and services to UBA customers, adding that “Oriki & Unwind exist to democratize wellness and make it easier to incorporate into your lifestyle.”

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The lingering global food security challenges and the critical role trade with Russia plays in guaranteeing Africa’s food security was at the core of discussions at the conference.

Oramah said the bank will use the Africa Trade Exchange (ATEX) e-commerce platform to facilitate seamless flow of goods and payments in any currencies chosen by sellers and buyers in a transparent manner.

“The platform pools Africa’s demand for grains and fertilizers, and the Bank has placed an aggregate credit limit of $3 billion to support these transactions,” he said.

The bank explained that with the prevalent dependency of African economies on external supply of fertilizers and grains and up to 30 per cent of cereals imported from Russia, ensuring that critical trade flows continue uninhibited, remains the priority of Afreximbank and its African member states.

He said: “Beyond the food security priorities and in line with the Bank’s mandate, Afreximbank and the Russian Export Centre are collaborating to promote trade and investments in other critical sectors, with focus placed on activities that will help integrate the African economy and advance the implementation of the African Continental Free Trade Agreement (AfCFTA)”.

He said Afreximbank offers a portfolio of solutions to support investments in agriculture, industrial parks and critical infrastructure, in partnership with the Russian Export Centre, and supports African investors seeking to explore opportunities in Russia.

Trade flows between Africa and Russia reached almost US$20 billion in the four years to 2021, as against about $10 billion in 2015, despite the COVID-19 pandemic and other significant global crises, bringing it closer to the target of US$40 billion by 2026. It is expected that the trade flows could double over the next four years.

The first Russia-Africa Economic Forum held in Sochi in 2019 had committed to systematically pursue stronger trade and investment ties between Russia and Africa and to reset socio-economic relations, in addition to moving the two-way trade to $40 billion by 2026.

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