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FinDev Canada to invest $13 million in Energy Entrepreneurs Growth Fund for access to clean energy in Africa

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FinDev Canada and its 2X Canada facility have announced that it would be donating $13 million to the Energy Entrepreneurs Growth Fund to finance energy companies.

The Energy Entrepreneurs Growth Fund offers financial and technical assistance to early and growth-stage companies that show that they can increase access to clean, safe, dependable and affordable energy for off-grid houses and businesses in sub-Saharan Africa.

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This would be FinDev’s first transaction under the recently launched 2X Canada, and through its investments, the funding would aid in solving the energy needs of African women consumers and African women business owners. In addition, the fund commits to promoting inclusive practices within its companies thereby contributing to positive impact on women’s economic empowerment.

What they are saying

Paulo Martelli, Vice President and Chief Investment Officer of Fin Dev Canada stated that the Covid-19 pandemic has slowed down electrification in Africa, a situation that was already bad before the pandemic and that the funding is committed to expanding access to clean and reliable energy for African households and businesses, leading to inclusive and sustainable growth and the improvement of millions of lives.

“By increasing EEGF’s capacity to invest in this sector, FinDev Canada and its 2X Canada facility support energy companies committed to expanding access to clean and reliable energy for African households and businesses, leading to inclusive and sustainable growth and the improvement of millions of lives,” Martelli said.

Jan-Henrik Kuhlmann, Head of Sustainable Energy at Triple Jump said, “Investment Manager Triple Jump and Advisor Persistent are thrilled to welcome FinDev Canada as a new fund partner, given our alignment not only on climate-friendly energy access, BoP client support in LDCs in Africa, but also on gender equality and women economic empowerment.

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“FinDev Canada’s investment paired with targeted Technical Assistance support, will help address the unique needs of women as customers, entrepreneurs and employees in the access to energy sector.”

What you should know

Fin Dev is a Canadian Institution dedicated to providing financial services to the private sector in developing countries with the aim of combating poverty through economic growth by focusing on three main sectors: economic development through job creation, women’s economic empowerment, and climate change mitigation.

2X Canada is a finance fragility implemented by Fin Dev and funded by the Canadian government which aims at enhancing the resilience and socioeconomic well-being of low-income and marginalized populations, particularly women and girls, in the Caribbean and Sub-Saharan Africa. To Achieve this they have created the 2X challenge as a call to facilitate action and shift capital towards investments that empower women.

Source: NairaMetrics

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4th Mainland Bridge: Lagos selects 3 companies in final stage, contract to be awarded in March 2022

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The Lagos State Governor, Babajide Sanwo-Olu, says the state government has selected 3 companies for the final stage in the contract award process for the Fourth Mainland Bridge.

He also said that the selection process for the project, which will be executed under a Public-Private Partnership (PPP), will be completed by March this year.

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The project is running behind schedule as the governor had earlier said that the project will take off by the end of 2021.

This was made known by Governor Sanwo-Olu while speaking during an interview on a Channels Television programme; Sunrise Daily, as he was trying to highlight efforts by his administration to tackle the traffic gridlock and improve infrastructure across the state.

Sanwo-Olu, who noted that the fourth mainland bridge is a huge project, said 3 companies had been shortlisted for the final stage of the process from an initial list of 30 companies.

What the Lagos State Governor is saying

Sanwo-Olu, during the interview, said, “I also addressed the Fourth Mainland Bridge which is a big project we want to deliver under Public-Private Partnership (PPP). From about 30 companies that expressed interest, we are now at the final stage with three shortlisted companies and I am hoping by March we should have completed the process.

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‘’I want to say our administration is doing well, even if I do say so myself and our people can also testify to the progress we are making across board.

‘’I made a promise to serve Lagosians diligently and I intend to continue to do that with all the vigour and energy in me.’’

What you should know about 4th Mainland Bridge 

  • Recall that in August 2020, the Lagos State Government shortlisted 6 companies for the design, development, construction, operation, and maintenance of the Fourth Mainland Bridge.
  • This followed the government’s issuance of a Request for Qualification (RFQ) in February this year. The 6 companies were said to have completed the technical and financial capacity requirements.
    The Lagos State Government had earlier said that the preferred bidder for the fourth mainland bridge will be known by December 2021.
  • Governor Babajide Sanwo-Olu had earlier revealed that the foundation for the proposed Fourth Mainland Bridge would be laid before the end of the year 2021.
  • The Fourth Mainland Bridge is a 37.4km freeway subdivided into three sections namely Island Section, Lagoon Section and Mainland Section. It will commence from Abraham Adesanya Roundabout in Lekki through Ajah and Langbasa areas, crossing the Ado Badore Road before arriving at the Lagoon shoreline.

... 4th Mainland Bridge: Lagos selects 3 companies in final stage, contract to be awarded in March 2022 Read More on ... Nairametrics.

Source: NairaMetrics

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iPhone drives Apple’s net sales up 11% to $124 billion in Q4 2021

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Apple’s 2021 fourth-quarter financial report has shown that the total net sales reported hit N124 billion, up 11% from the 111 billion the same period last year in the face of supply chain bottlenecks and chips shortage.

iPhone saw massive patronage at $71 billion in fourth-quarter 2021 against $65 billion same quarter the previous year, while Mac and iPad sales totalled $10 billion and $7 billion respectively from the $8.6 billion and N8.4 billion respectively same period last year.

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This shows that more people continued to show interest in the company’s product than they did in 2020.

The growth could also be attributed to the late-September release of the iPhone 13 line causing sales to spike a 9% year on year increase from $65.6 billion.

While other Wearables, Home and Accessories also saw an increase from $12 billion to N14.7 billion last year, only services went down to reach $19.5 billion, a significant decline from 15.8 billion last year.

America tops the list in terms of region, as the highest spender of Apple products at $51 billion in 2021 followed by Europe, China and Japan at respective $29 billion, $25 billion and $7 billion while the rest of the Asia Pacific saw a $9.8 billion during the period.

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Tim Cook, the CEO said in the financial report, “This quarter’s record results were made possible by our most innovative lineup of products and services ever. We are gratified to see the response from customers around the world at a time when staying connected has never been more important.”

What you should know

Counterpoint Research put the company at the top of the market share list for the world’s largest smartphone market, as companies like Vivo, Oppo, Honor and Xiaomi followed in that respective order.

... iPhone drives Apple’s net sales up 11% to $124 billion in Q4 2021 Read More on ... Nairametrics.

Source: NairaMetrics

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