News
African Development Bank’s Board approves Policy on Non-Sovereign Operations
The Board of Directors of the African Development Bank Group has approved the Bank’s Policy on Non-sovereign Operations (NSO). The document provides the framework within which the Bank through its private sector lending window may provide financing or investment without sovereign guarantees to private and public entities that meet specific eligibility requirements on non-concessional terms.
Non-sovereign Operations (NSOs) refers to financing and investment operations that are not guaranteed by a State, covering mostly private sector transactions. They also cover non-sovereign guaranteed financing of eligible public sector enterprises, as well as financing of regional development finance institutions.
The approval of the Policy comes at a critical moment when the Bank is seeking to accelerate inclusive and sustainable economic growth, and crowd in more private sector funding for strong and inclusive growth to drive economic transformation and sustainable development in its Regional Member Countries (RMCs).
The NSO Policy will complement the Bank’s overarching 2013 Private Sector Development policy framework, notably, by defining what the Bank will do in the area of non-sovereign lending. Within this context, the objective of the Bank’s non-sovereign operations is to help accelerate the continent’s transformation through various financial support mechanisms and products including loans, lines of credit, guarantees, blended finance, equity investments and trade finance. This would enable the Bank to contribute to the sustainable economic growth and inclusive social development of its RMCs individually and jointly, in fulfilment of the Bank’s mandate.
More specifically, the Bank’s engagement in its selected non-sovereign operations will aim to maximise the catalytic impact of its limited resources, while seeking to promote inclusive growth and the gradual transition to ‘green growth’ in its RMCs. It will also help scale up financing in the Bank’s High 5 priority areas of intervention.
Under this NSO Policy, the Bank would provide financing to non-sovereign operations subject to four conditions: (i) the borrower is a private enterprise or an eligible public sector enterprise; (ii) the operations are financially sound; (iii) the operations should result in satisfactory development outcomes, including supporting or creating opportunities for private sector development; and (iv) the Bank brings additionally, which could be either financial or non-financial.
The Policy would ensure that NSOs: (i) are well-prepared with clear value added/additionally brought by the Bank; (ii) are technically, economically and financially sound, and diligently managed, adhering to high ethical norms; (iii) are environmentally and socially sustainable; and (iv) have solid prospects of generating significant development results in the RMCs in which they are implemented.
The NSO Policy does not apply to the Bank’s sovereign loans and sovereign-guaranteed loans. Such operations will continue to be governed by the relevant policies that guide the Bank Group’s public sector operations.
News
NAF Pharmacist Shines at 97th PSN Conference, Bags Three Prestigious Awards
Air Commodore David Olumuyiwa Babalola, a consultant clinical pharmacist in the Nigerian Air Force (NAF), has achieved an extraordinary milestone in Nigerian pharmacy practice, earning three prestigious honors at the 97th Annual National Conference of the Pharmaceutical Society of Nigeria (PSN).
Held from November 4 to 9, 2024, the conference celebrated Babalola’s exceptional contributions with the Biogenerics Integrity Award, the Pfizer Excellence Award, and the Fellowship of the Pharmaceutical Society of Nigeria (FPSN).
Babalola was recognized as the best overall public-sector hospital pharmacist in Nigeria, clinching the Biogenerics Integrity Award. This esteemed honor, accompanied by a ₦1,000,000 cash prize, celebrates excellence in patient care, career achievements, innovations, training, research, professional service, philanthropy, and leadership in public hospitals.
Adding to his accolades, he was one of four pharmacists nationwide to receive the Pfizer Excellence Award. This award highlights outstanding contributions to hospital and community pharmacy and includes a ₦250,000 cash prize, a commemorative plaque, and a certificate.
Representatives of Pfizer Nigeria presented the award during the conference’s grand closing banquet at Flairmore Event Centre, Uyo.
This achievement makes history as Babalola becomes the first pharmacist in the Nigerian Armed Forces to win a PSN-sponsored corporate award since its inception nearly two decades ago.
In his acceptance speech, Babalola expressed gratitude to Biogenerics Nigeria Ltd and Pfizer Nigeria for their sponsorship, which he said inspires excellence in hospital pharmacy practice.
He also acknowledged the Chief of the Air Staff, Air Marshal HB Abubakar, for fostering an enabling environment for pharmacists within the NAF and for approving the implementation of the Pharmacists Consultant Cadre in the force.
Babalola’s accolades were further crowned by his conferment with the Fellowship of the Pharmaceutical Society of Nigeria (FPSN), the highest honor awarded to pharmacists in the country. This recognition, reserved for individuals who have rendered exemplary and meritorious service, solidifies Babalola’s status as a trailblazer in the field.
As the first pharmacist in the Nigerian Air Force to attain the rank of air commodore, Babalola’s career is marked by groundbreaking achievements.
His latest recognitions underscore his relentless commitment to advancing pharmacy practice in Nigeria and inspiring a new generation of pharmacists.
The investiture ceremony for his FPSN honor is slated for early 2025, promising yet another celebration of his outstanding contributions to the pharmacy profession and the Nigerian Armed Forces.
News
NGO Launches Ibadan Food Bank Project to Combat Hunger Among Vulnerable Nigerians
The Founder and Executive Director of the Temmy Helping Hands and Youth Empowerment Foundation, Mrs. (Pastor) Elizabeth Bakare, on Saturday unveiled the Ibadan Food Bank Project during the foundation’s 2024 annual convention in Ibadan.
The initiative tagged “Let Nobody Go to Bed Hungry,” aims at tackling food insecurity and hunger among Nigeria’s most vulnerable populations”.
Mega Icon Magazine recalled that a recent survey by the National Bureau of Statistics (NBS) has highlighted the severe economic challenges faced by Nigerian households, revealing that two-third of the population struggle to afford healthy and nutritious meals.
The survey titled “Nigeria General Household Survey – Panel (GHS-Panel) Wave 5 (2023/2024)”, noted the worsening multidimensional poverty and the erosion of purchasing power due to the persistent rise in the cost of goods and services.
According to the report, approximately 63.8% of households have been forced to eat only a few kinds of food due to financial constraints. About 62.4% of respondents admitted worrying about food insufficiency, while 60.5% ate less than they thought they should.
“The situation has deteriorated significantly since the last survey, as the proportion of households expressing food insecurity concerns rose from 36.9% in the previous wave to 62.4% in the current one”, the report reads further.
Speaking at the unveiling in Ibadan, during the 2024 annual convention of the foundation, Mrs. Bakare described the alarming rise in hunger caused by the nation’s economic challenges, including the removal of fuel subsidies and the increasing exchange rate, which have led to soaring food prices.
She noted that these conditions have placed immense strain on widows, single parents, orphans, and other underprivileged groups, making it imperative to act swiftly.
The Ibadan Food Bank is set to provide food support to 2,500 individuals monthly, with plans to expand its reach to 30,000 beneficiaries annually by 2029 and 105,000 per annum by 2034.
The initiative incorporates several interventions, such as the free distribution of essential food items, a food subsidy programme offering discounted staples, and a mobile kitchen service providing one free meal daily.
Continuing, it includes outreach to prisons, orphanages, IDP camps, and leprosy centers, as well as educational meal subsidies for schools and centers for people with disabilities. The project also encourages self-reliance through a home farming initiative that offers seeds, tools, and training, and through food processing training to empower beneficiaries with sustainable livelihood skills.
Since its establishment in December 2023, Temmy Helping Hands has already made significant strides in alleviating hunger and poverty. Past achievements include food distributions during World Food Day celebrations and financial support for widows.
Bakare also announced an upcoming initiative, “Make This December One to Remember,” which will provide assistance to 500 vulnerable individuals during the festive season.
She called for partnerships to expand the scope and reach of the Ibadan Food Bank, urging individuals, organizations, and corporations to support the initiative through food donations, financial contributions, and volunteering.
Highlighting various ways to collaborate, she appealed for sponsorship of families or meals, establishment of endowment funds, employee volunteer programs, and media campaigns to raise awareness.
According to Bakare, such contributions would not only transform lives but also demonstrate a strong commitment to corporate social responsibility and sustainable development.
She thanked the awardees for their dedication to humanitarian service, urging everyone to join in the fight against hunger.
“Together, we can ensure that no one in Ibadan goes to bed hungry. Every act of kindness matters,” the Founder added.
The keynote address at the occasion was delivered by Dr. Ibraheem Okunlola Akinwale, an Assistant Director at the National Orientation Agency (NOA), who spoke on strategies for coping with the economic hardship in the country.
Speaking on behalf of other beneficiaries, Princess Oyedele Bolatito, from Oyo State WAZOBIA Widows commanded Temmy Helping Hands and Youth Empowerment Foundation for the laudable initiative, urging others to emulate such kind gesture.
News
Two-Thirds of Nigerians Can’t Afford Healthy Meals — NBS
A recent survey by the National Bureau of Statistics (NBS) has highlighted the severe economic challenges faced by Nigerian households, revealing that two-thirds of the population struggle to afford healthy and nutritious meals. The survey, titled Nigeria General Household Survey – Panel (GHS-Panel) Wave 5 (2023/2024), underscores the worsening multidimensional poverty and the erosion of purchasing power due to the persistent rise in the cost of goods and services.
The report shows that approximately 63.8% of households have been forced to eat only a few kinds of food due to financial constraints. About 62.4% of respondents admitted worrying about food insufficiency, while 60.5% ate less than they thought they should. The situation has deteriorated significantly since the last survey, as the proportion of households expressing food insecurity concerns rose from 36.9% in the previous wave to 62.4% in the current one.
Power Outages and Access to Energy
The survey also sheds light on the nation’s energy crisis, revealing that Nigerian households experience an average of 6.7 power blackouts per week. While 82.2% of urban households have access to electricity, the figure drops to 40.4% in rural areas.
Cooking remains predominantly dependent on traditional methods, with 65% of households using three-stone stoves and 70.2% relying on firewood. However, the use of liquefied petroleum gas (LPG) is reportedly increasing.
Sanitation and Asset Ownership
In terms of sanitation, the report highlights that many households still lack basic toilet facilities, relying on bushes or streets for waste disposal. Access to clean drinking water is often through tube wells or boreholes, reflecting a lack of formal infrastructure in many areas.
On asset ownership, the survey indicates a decline since 2018/19. While two-thirds of households own mobile phones, only 21.3% have internet access. Housing ownership remains significant, with 70.4% of households owning their homes—80.1% in rural areas compared to 49.1% in urban centers.
The NBS report provides a stark reminder of the challenges many Nigerians face daily, from food insecurity and power outages to inadequate sanitation and declining asset ownership. It calls for urgent policy interventions to address these critical issues and improve the living standards of the population.
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