Despite the undulating global business terrain, the African Export-Import Bank (Afreximbank) has posted a gross revenue of $343 million as contained in its unaudited financial statements for the half-year period ended 30 June 2018, that was released, on Friday, in Cairo.
The figure represents a $21 million increase over the gross revenue for the same period in 2017.
The results attributed the higher gross revenue to a significant increase in fee income by 119 per cent while interest and similar income recorded a 2 per cent growth compared to prior year performance.
The Bank’s attributable earnings over the six months also amounted to $110 million, beating the budget by 34 per cent.
The key profitability ratios equally came in well above budget, with the return on the Bank’s average shareholders’ equity (ROAE) standing at 10 per cent, compared to the budget: of 8.08 per cent, and the return on the average assets (ROAA) at 1.88 per cent as against the budget of 1.57 per cent.
Other key figures from the results include: Interest and similar income that stood at $314.81 million; Net interest margin – 3.17%; Net fee and commission income – $23 million; Operating expenses – $23.04 million; Allowance and impairment on loans and advances – $31.95 million; Total assets – $11.52 billion; Total liabilities – $ 9.21 billion and Shareholders’ funds – $2.31 billion.
In another development, Afrexim Bank has called for the quick passage of a law on factoring in Nigeria is a crucial step in facilitating the ease of doing business and procuring the trust of investors in the country.
Kanayo Awani, Managing Director of the Intra-African Trade Initiative at the African Export-Import Bank (Afreximbank), highlighted the importance of factoring in unlocking the economic potential of SMEs, noting that it could play a key role by supporting the SMEs; promoting open accounts, which is beneficial to SMEs in enhancing their competitiveness, and providing an alternative source of trade access to finance.
She said that Afreximbank was committed to supporting the appropriate legal and regulatory environment as a key strategic initiative for the promotion and development of factoring, noting that, under its strategy, the Bank was required to work on improving the legal environment in order to bring about harmonised standards and transparency within the factoring industry in Africa, and providing for legal enforcement arrangements.
Speaking during the Public Hearing on the Factoring Bill, Jones Onyereri, Chairman of the House of Representatives Banking and Currency Committee, said that the introduction of factoring in the financial sector would serve as complementary financing to conventional financing and will largely target micro, small and medium enterprises (MSMEs).
“This will facilitate the provision of cash flows to MSMES, especially those that have quality receivables and may not be in the position to obtain adequate conventional bank finance due to high interest rate, collateral or credit profile constraints,” continued Mr. Onyereri.
The public hearing, which was organised in collaboration with Afreximbank, also attracted the participation of representatives of the House of Representatives Banking and Currency Committee, NEXIM, FCI, the Central Bank of Nigeria, the Debt Management Office, the Nigeria Deposit Insurance Corporation, the Financial System Strategy 2020, and several other stakeholders.
COP28: We are taking action to slash methane emission — World Bank
The World Bank President, Ajay Banga, says the Bank is taking action to decisively slash methane emissions to help increase agricultural yields and improve health outcomes.
Banga said this in his address at a High-Level Segment Summit on Methane at COP28 in Dubai, UAE, a copy of which was obtained on Sunday.
He said Methane was 80 times more powerful than carbon dioxide in warming the planet, making it a major driver of climate change.
“Yet, it is often subjugated to carbon dioxide, receiving less than two per cent of global climate financing. We do this at our peril.
“The good news is not all solutions require a herculean effort or a trillion-dollar price tag. Sometimes, the most impactful changes stem from our willingness to embrace the solutions that are well within our grasp.
“The frontier of methane reduction is one such area where the World Bank believes there are answers at our fingertips.
“That is why the World Bank is taking action, scaling proven and urgently needed strategies that can decisively bend the methane emission curve.”
The president said over the next 18 months, as part of a blueprint for methane reduction, the bank would help inaugurate15 national programmes that aim to slash methane emissions.
Banga said these programmes were built upon successful pilots that delivered transformative results for rice production, livestock operations, and waste management.
He said in Vietnam, rice farmers were embracing new techniques that slash methane emissions, while increasing incomes.
Banga said animal nutrition and breed management in India cut methane emissions and dramatically increased milk production.
“Simply separating organic waste in landfills in Brazil cuts nearly all the methane emissions by diverting it to provide electricity to 200,000 households.
“By deploying proven reduction methods from our blueprint, methane emissions from rice production can be reduced by up to 40 per cent, from livestock by 30 per cent, and waste by 80 per cent. The potential is huge.
“Taken together, this methane reduction blueprint could slash up to 10 million tons of methane.”
He said while these efforts would make considerable progress toward the methane goal, it would not be enough if simple and effective solutions for the emissions from the power sector were not embraced.
“That is why the World Bank has been working with Germany, Norway, the United States, and the UAE alongside the private sector to expand our long-standing efforts to significantly cut methane emissions across the whole energy value chain.”
Banga said in the fight against climate change, too often genuine impact was impeded by intractable challenges, considerable expenses, political challenges, and underdeveloped technologies.
“Methane is one rare, clear area where we know there are low-cost remedies, effective and simple solutions that can be replicated and scaled.
“But hope is not a strategy. We must act, and in doing so we can reduce emissions, enhance agricultural yields, and improve health outcomes all in one go.
“This is one shot that we should not miss,” he said.
AfDB, GGBI partner to strengthen Africa’s green bond market
The African Development Bank (AfDB) Group, has signed a declaration with the coalition of development finance institutions to promote green bond markets in Africa.
AfDB’s Group Vice President and Chief Financial Officer, Ms Hassatou N’Sele, said this in a statement issued on the bank’s website.
The News Agency of Nigeria (NAN) reports that Africa’s engagement in the green bond market currently represents less than one per cent of the more than 2.2 trillion dollar community green bond issued in 2022.
N’Sele said the institutions in the Global Green Bond Initiative (GGBI) comprised the European Investment Bank, European Bank for Reconstruction and Development, and Italy’s Cassa Depositi e Prestiti.
Others are the Spanish Agency for International Development Cooperation, Green Climate Fund and Germany’s KfW development bank, while PROPARCO of the AFD Group act as consortium of European development finance institutions.
The AfDB’s chief financial officer signed the declaration with representatives of the coalitions’ institutions on the sidelines of the 2023 UN Climate Change Conference (COP28) in Dubai, United Arab Emirates.
N’Sele said the engagement was to tap from the Global Green Bond Initiative technical assistance programme announced by European Commission President Ursula von der Leyen in June 2023.
”The Initiative will help private capital flow from institutional investors into climate and environmental projects in EU partner countries, increasing their access to capital.
”Providing technical assistance to green bond issuers in emerging markets and developing economies (EMDEs), and crowding in private investors through a dedicated de-risked fund.
”This will act as an anchor investor in green bonds issued in EMDEs.
“The anticipated impact can be up to 15-20 billion euro in green investments,” she said.
N’Sele said the partners supported the origination of green bonds, development and identification of pipelines of green projects, and the development of credible and coherent green bond frameworks.
“This joint declaration among us to collaborate on technical assistance on green bonds in Africa is our commitment to work together and it is significant and impactful.
”There cannot be impactful development in Africa without vibrant local capital markets,” the AfDB official said.
N’Sele highlighted the AfDB’s engagements in the green bond market, including issuing over 10 billion dollar worth of green and social bbondsin 2022 to support sustainable progress across Africa.
“Let’s help Africa fully leverage the power of green bonds, and we can contribute together towards a sustainable future for Africans,” she said.
Mr Stefano Signore of the European Commission’s partnerships directorate, described the partnership with the AfDB as an important milestone in efforts to mobilise green bonds in emerging developing economies.
Also, representative of the Spanish Agency for International Development Cooperation (AECID) expressed hope that the partnership would contribute to the intensification of climate and environmentally relevant projects.
”We hope to also contribute to pipelines that can set off the mobilisation of the global green bond initiative.”
NIS opens passport office in Ikorodu
The Comptroller- General of Nigeria Immigration Service(CGI), Mrs Caroline Adepoju ,on Friday assured Nigerians that they would get their passports within three weeks of submitting their applications.
Adepoju gave the assurance while inaugurating a new passport office in Igbogbo community in Ikorodu, Lagos State .
Adepoju said passports would now be processed and issued speedily provided applicants submit all the required details in their applications.
She advised the public to ensure that they renew their passports six months before its expiration to avoid problems while applying for visa to some countries.
Adepoju thanked the people of Igbogbo for their support and for providing all that was needed to start operation in the area.
“I thank the traditional ruler and the people of Igbogbo for their support and for ensuring the realisation of this project.
“This is my first assignment after my confirmation as the substantive Controller General of Nigeria Immigration Service.
“I want to advise the public to ensure they renew their passport six months before expiration to avoid being denied visa by some countries,” she said.
Speaking, Gov. Babajide Sanwoolu said the establishment of the passport office in Igbogbo would improve service delivery i to Nigerians and save the people of Igbogbo and environs the stress of traveling far to obtain tbeir passports..
Sanwoolu, represented by Mr Ibrahim Layode, Commussioner for Home Affairs, said the role of Immigration in any country could not be over- emphasised.
He said that the establishment of the passport front office in Igbogbo was a testament to Federal Government’s commitment to providing world -class immigration services in line with global standard.
Also speaking, the council Chairman of Igbogbo Baiyeku Local Counvil Development Area(LCDA) Mr Olusesan Daini, urged the CGI to consider expanding operations at the new passport front office .
Daini said the council would synergise with NIS to ensure the edifice was maintained.
“We will also improve our security architecture to ensure the office is secure.”he said.
He said that the new passport office was a welcome development as residents would no longer have to travel far to obtain or renew their passports.
“The establishment of this passport front office in Igbogbo will improve commercial activities.
“The council will also improve its security architecture to provide adequate security in the area,” he said.
Adeboruwa of Igbogbo, Oba Orimadegun Kasali ,who spoke on behalf of all the traditional rulers in Ikorodu Division , said he was very happy that the passport front office was established in his domain.
He added that it would go a long way in improving commercial activities in the area.
Adeboruwa commended all those who facilitated the establishment of the passport office in the community.
“I cannot say how happy I am today, infact ,this office will put Igbogbo community in world map.
” I appreciate everybody that has contributed in one way or the other to make this a success,especially the family that donated the land .
“I am glad that Igbogbo passport office has come to stay,” he said.
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