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Africa Needs Massive Capital Investment in Power, Human Resources to Drive Economic Growth – Elumelu

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SÈMÈ CITY

The Chairman, United Bank for Africa(UBA), and Founder, Tony Elumelu Foundation, Tony Elumelu has advocated massive private capital investment as well as increased support to youth development as catalysts for driving the much needed economic growth on the continent.

 

Elumelu said this while speaking on a panel at the  UK-Africa Investment Summit 2020, in London. He stressed the need to invest in critical sectors of the economy such as electricity and human resources, noting that this will galvanise the continent, taking into consideration the huge population which Africa currently boasts of.

According to Elumelu, “Africa needs massive private capital investment to enable us drive the sectors that will develop the economy, especially sectors like power. Access to electricity is very critical if we are to develop our continent. We have a huge youth population in Africa and I think that is our biggest resource as a continent. So, in order to talk about the development of our continent, we must prioritise this segment and focus on how to empower them.

 

“Empowering the youths will help us create jobs and alleviate poverty and I think that this empowerment must start from creating an enabling environment, from making sure we have roads, mass transportation systems and most importantly, fixing the problem of shortage of electricity on the continent.  If we do all of this, we will unleash the enormous potential that resides in Africa and in these young people.”

Through his foundation, the Tony Elumelu Foundation, (TEF), in the past 5 years, over 9,600 youths have been empowered across the continent with seed capital, mentoring and networking to grow their businesses and enable them contribute to economic development.

Also Read:  Tony Elumelu to Speak as President Obama Celebrates Emerging Global Entrepreneurs

Throwing more light on what TEF has been able to achieve, he said, “During lunch, I interacted with some alumni of the Tony Elumelu Entrepreneurship programme who said they were beneficiaries of $5,000 support in 2015 from the TEF, and today, they have just completed raising U$3million becoming one of the biggest food chain providers in Rwanda. These are some examples of what such interventions can do. We support, give them an enabling environment, provide a platform and think of our prosperity in a sustainable fashion,” Elumelu explained.

Other speakers on the panel include the President of the World Bank Group, Mr. David Malpass; the Chief Executive Officer, Development Partners International, Ms Runa Alam; and the Group Chief Executive Officer, Vodafone Group, Mr Nick Read.

Also Read:  TONY ELUMELU FOUNDATION ACCEPTING APPLICATIONS FOR 4th CYCLE OF $100M ENTREPRENEURSHIP DEVELOPMENT PROGRAMME

 

On his part, the World Bank President, Malpass, spoke of more focus on digital financial services, stating that investing in Africa will help to take the continent to another level, adding that there is need for more availability of electricity and good trade policies that will boost businesses on the continent.

The UK Africa Investment summit 2020 which was opened by the British Prime Minister, Boris Johnson, for the first time ever, brought together African heads of states, business leaders and investors, to discuss future partnerships between the UK and African nations. Africa has many suitors he posited. ’The United Kingdom is who you should be doing business with. We have no divine right to this business, it is a competitive world but look  at what the UK has to offer. We are the partner of choice, of today, tomorrow and decades to come’ said Johnson as he addressed the African presidents and business leaders

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Jumia Implements “Contactless” Delivery And “Cashless” Payments In Response To The COVID-19 In Africa 

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MSMEs Empowerment

The delivery and payment methods of the e-commerce platform ensures safer transactions for riders and consumers

 

Lagos (Nigeria), 31st March 2020: Africa’s leading eCommerce platform Jumia has announced the implementation of ‘contactless’ delivery for prepaid packages on the platform. The company is taking additional measures to keep consumers, delivery agents and partners safe in the wake of the COVID-19 outbreak.

 

To drive the initiative, the ‘contactless safe delivery’ option has been implemented on JumiaPay, the payment platform. This enables consumers to make prepaid payments for products online and get it delivered without a direct body contact or cash exchange with the delivery agent.

 

 “The health and safety of our customers and delivery agents is our absolute priority. We are uniquely positioned to step up and be part of Africa’s response strategy in this challenging time. We have implemented a “Contactless” delivery option, which eliminates any possibility of physical contact. Convenience, social distancing and cashless measures are woven into one solution to combat the current situation.”  said Apoorva Kumar, SVP Logistics at Jumia.

Also Read:  Tony Elumelu Foundation to Launch World’s Largest Digital Platform for African Entrepreneurs at TEF Forum 2018

 

Jumia’s delivery agents have been trained to enforce necessary standards during delivery. They are instructed to call or text when they arrive at the customer’s place and drop off the package at their doorstep, then step back to the safe distance limit and will wait for the customer to take the package before leaving.

Also Read:  When Hakeem Belo-Osagie Stepped Out

 

Consumers are strongly encouraged to pay “cashless” on Jumia through JumiaPay. This will ensure less physical cash coming into contact with delivery riders and  the wider population and will in turn help reduce the risk of coronavirus transmission.

 

Jumia “Contactless” delivery payment option is available on all JumiaPay/ Prepaid Packages and all cashless delivery modes that are contactless such as mobile money.

 

About Jumia

Jumia is a leading e-commerce platform in Africa. It is built around a marketplace, Jumia Logistics, and JumiaPay. The marketplace helps millions o

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Union Bank Ramps Up Support for the Fight Against COVID-19 in Nigeria  

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Union Bank

 Union Bank today announced additional donations totalling Three Hundred Million Naira (N300million)as part of its multi-pronged approach to tackle the spread of Coronavirus in Nigeria.

 

As part of the Private Sector Coalition Against COVID-19, Union Bank has contributed Two Hundred and Fifty Million Naira (N250million) into the fund set up by the coalition to raise N120bn (One Hundred and Twenty Billion Naira) to fight the outbreak in Nigeria.

 

In addition, the Bank also made a further donation of Fifty Million Naira (N50million) to the Lagos State Covid-19: Emergency Food Response programme which was set up to support low-income families who will be directly impacted by the state-wide restrictions in place to limit the spread of the disease. Lagos State currently has the highest number of COVID-19 cases in Nigeria.

Also Read:  Forget The Image Laundry Campaign, Tunde Ayeni Is No Saint

 

Commenting on the Bank’s active efforts to tackle COVID-19 in Nigeria, the Chief Executive Officer of Union Bank, Emeka Emuwa, said:

“The fight against Covid-19 requires all hands-on deck with close collaboration between the public and private sector. Union Bank is committed to supporting Nigeria’s response to ensure the country avoids a pandemic. We will especially be looking to support ordinary Nigerians who will be disproportionately impacted economically at this time.”

Last week, as part of its immediate response to the outbreak, the Bank made an initial donation of N50,000,000 ($130,000) into a $500,000 fund set up by 54gene, African genomics research, services and development company working closely with the Nigeria Centre for Disease Control (NCDC) to fight the COVID-19 menace.

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Prudential Zenith Life protecting its customers during the Coronavirus (COVID – 19) pandemic

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Africa Prudential

 

In the face of the coronavirus pandemic and the resulting lockdown, Prudential Zenith Life Insurance is rolling out a range of services to help customers cope with the lockdown.

The new services include a range of additional COVID-19 insurance cover enhancements, without additional premium charges, and a waiver for ‘pandemic’ exclusions as contained in its policy language.

In line with the recent pronouncement of the federal government, the company will be temporarily locked down and has therefore set up a dedicated claims team with remote working capabilities, to enable customers make and receive claims virtually.

According to the statement from the insurance company, the claims procedure will be simplified to allow customers make claims through the WhatsApp channel.

Also Read:  Tony Elumelu Foundation to Launch World’s Largest Digital Platform for African Entrepreneurs at TEF Forum 2018

This development makes it possible for customers to buy insurance products without any physical interface with sales personnel or visit to a physical branch.

Commenting on the changes, Prudential Africa CEO Matt Lilley said, “we realise this is a worrying time for everyone and we want to reassure you that protecting the health and wellness of our customers, employees and partners is our primary concern.

“At Prudential, we have been delivering promises for over 170 years and this time will be no different. I am proud of the measures we are announcing today and I know that they will provide our customers additional peace of mind.”

He added that the waiting periods for new cover have been reduced, and the company is providing additional training and incentives to sales personnel to continue providing advice and access to insurance, even as they work remotely.

Also Read:  No Drums As Tony Elumelu Adds Another Year

He encouraged Nigerians to stay safe and adhere to the directives from the Ministry of health, Nigerian centre for disease control (NCDC) and other relevant authorities.

“We are going to get through these trying times together” he assured.

What you should know

Prudential Zenith Life Insurance was born when Prudential Plc, one of the oldest and most strongly capitalized life insurance companies in the world, acquired a majority stake in Zenith Life Assurance.

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