The Nigerian Civil Aviation Authority (NCAA) has clarified misinformation regarding the airworthiness of a helicopter that crashed in Port Harcourt last Friday. In a statement, Acting Director-General Captain Chris Najomo responded to reports from an online outlet, stating that the helicopter in question had never been scrapped.

The NCAA addressed a report by Sahara Reporters that suggested the helicopter, registered as 5N-BQG, was previously deregistered and presumed scrapped. The NCAA refuted these claims, providing detailed records to clarify the situation. Captain Najomo noted that aircraft can be tracked not only by registration marks but also by their Manufacturer Serial Number (MSN). For instance, the helicopter 5N-BQG has an MSN of 760486, while the previously mentioned 5N-BGN has an MSN of 760468.

The NCAA provided a timeline for both helicopters. The 5N-BGN was registered with Aero Contractors in 2004 and later deregistered to Transport Canada in 2009. The 5N-BQG, on the other hand, was registered on December 10, 2012, with Nestoil Plc as the operator and owner. It underwent ownership changes and re-registrations in subsequent years, with the latest ownership recorded in May 2022.

The NCAA’s statement aims to set the record straight and assure the public of the helicopter’s airworthiness prior to the crash.

Vanguard

1. Petrol Price Increase: The report highlights that Nigeria has experienced its third petrol price increase in just 60 days, leading to a subsequent rise in crude oil prices. This trend raises concerns about the impact on the economy and everyday life for citizens.
2. NASU and SSANU Strike: The National Association of Academic Technologists (NASU) and the Senior Staff Association of Nigerian Universities (SSANU) are reportedly on strike due to the Federal Government’s failure to engage in discussions about their terms. The ongoing strike raises alarms about disruptions in academic activities across various institutions.
3. Bandits Attack in Niger State: The Vanguard also reports on a distressing incident where insurgents attacked a military camp in Niger State, highlighting the ongoing security challenges facing the region.

The Nation

• Dangote Refinery’s Position: The Dangote refinery has called on the Nigerian National Petroleum Corporation Limited (NNPCL) and fuel marketers not to import petrol, asserting that their facilities can adequately supply local demands. This statement underscores the refinery’s potential impact on Nigeria’s fuel supply dynamics.

The Guardian

• Dependence on Federal Government: The Guardian reveals that 34 states in Nigeria are heavily reliant on the Federal Government to fund their operational expenses. This dependence poses questions about financial sustainability and autonomy for these states.

The Punch

• Power Supply Commitment: The Federal Government has expressed its commitment to resolve power supply deficiencies in 17 Northern states before November 12. This promise is crucial for improving energy access and economic activities in these regions.

Lieutenant General Herzi Halevi, Israel’s military chief, has issued a stark warning to Iran, promising a powerful response if Tehran retaliates against Israeli airstrikes conducted over the weekend.

“If Iran makes the mistake of launching another missile barrage at Israel, we will once again know how to reach Iran… and strike very, very hard,” Halevi stated during an address to military personnel involved in the recent operations. He indicated that specific targets have been earmarked for potential future strikes, emphasizing the ongoing nature of the conflict, saying, “This event is not over; we are still in the midst of it.”

Recent Developments

Israeli fighter jets executed pre-dawn airstrikes against Iranian military installations and missile production facilities, a direct response to a significant missile attack launched by Iran earlier in the month. This missile barrage, involving approximately 200 missiles, was reportedly in retaliation for the deaths of several Tehran-aligned militant leaders, including Hezbollah chief Hassan Nasrallah and a commander from the Revolutionary Guards.

Iran confirmed that Israeli strikes targeted military sites in Tehran and other locations but claimed the damage was “limited.” In a post on X (formerly Twitter), Iran’s supreme leader, Ayatollah Ali Khamenei, characterized the Israeli attack as a “miscalculation,” calling for it not to be exaggerated or minimized.

Historical Context

This missile barrage marks the second direct attack by Iran on Israel, following a similar incident in April, which led to further retaliatory actions from Israel. The escalating tension between the two nations reflects a broader regional conflict involving multiple factions and interests, highlighting the delicate balance of power in the Middle East.

As both nations remain on high alert, the international community watches closely, concerned about the potential for a broader conflict that could have significant implications for regional stability.

In a significant initiative aimed at reshaping Nigeria’s agricultural landscape, the Federal Government, with support from the French Development Agency (AFD), has unveiled a comprehensive strategic plan. This plan is designed to bolster agricultural productivity, enhance food security, and improve the livelihoods of Nigerian farmers.

Key Features of the Strategic Plan

The strategic plan, developed with funding from AFD and expertise from the consulting firm Semaris, was formally presented to Dr. Aliyu Abdullahi, Minister of State for Agriculture, during a handover ceremony in Abuja. The event was attended by notable figures, including AFD Country Director Xavier Muron, Semaris Representative Timothee Witkowski, and RAAMP National Coordinator Engr. Aminu Bodinga Mohammed.

Crafted in collaboration with the World Bank and other key stakeholders, this initiative aligns with President Bola Tinubu’s priority to secure the nation’s food systems. The strategy emphasizes strengthening agricultural infrastructure, improving market access, and enhancing food safety standards to support farmers and facilitate growth within the sector.

Focus on Key Agricultural Corridors

According to a statement issued by Amadi Vivian, Development Communication Officer, the plan highlights critical agricultural corridors, including Kano-Kaduna, Oyo-Lagos, and Onitsha-Port Harcourt. The strategy aims to improve hygiene standards, develop essential infrastructure, and establish a more favorable market environment for smallholder farmers.

The initiative targets these critical regions with the expectation of improving transportation efficiency, reducing post-harvest losses, and increasing access to major markets for local farmers. This approach is anticipated to contribute significantly to enhanced agricultural productivity and national food security.

Ministerial Commitment

Dr. Abdullahi expressed deep appreciation for the partnership with AFD and the World Bank, stating, “This strategy underscores our commitment to fostering a resilient agricultural economy that can sustainably support Nigeria’s food needs and raise farmer incomes. We look forward to the transformative changes this strategy will bring to our agricultural markets.”

Implementation Timeline

The implementation of the strategic plan is set to commence in the first quarter of 2025, marking a crucial step toward establishing a vibrant and sustainable agricultural future for Nigeria. Engr. Aminu Mohammed described the report as a practical roadmap aimed at improving the lives of both urban consumers and rural producers, adding, “The report presents a detailed blueprint for enhancing Nigeria’s food distribution network. It is more than a policy document.”

This strategic plan is poised to play a vital role in transforming Nigeria’s agricultural sector, fostering economic growth, and ensuring food security for its growing population.

Tropical General Investments (TGI) Group’s Vice Chairman, Farouk Gumel, underscored the importance of sustainable multilateral collaborations in fostering Nigeria’s economic growth during a side event at the 79th United Nations General Assembly (UNGA). Speaking at the US-Nigeria Executive Roundtable in New York, Gumel showcased TGI’s proven track record as a reliable partner for driving economic and social impact.

Engagement with International Stakeholders

As a special delegate representing Nigeria’s private sector alongside Vice President Kashim Shettima, Gumel engaged with key players from the international business community. He highlighted TGI’s strategic partnerships, particularly a $200 million facility from the United States International Development Finance Corporation (DFC) to Union Bank.

Hosted by the American Business Council Nigeria and the US Chamber of Commerce, the roundtable focused on high-level discussions regarding investment opportunities and partnerships that can propel Nigeria’s development agenda.

Emphasizing Strategic Partnerships

Gumel emphasized that TGI’s collaboration with DFC and other international partners exemplifies the transformative power of strategic partnerships in enhancing growth and inclusivity for Small and Medium-Sized Enterprises (SMEs) in Nigeria. He stated, “Our collaboration with the DFC has not only enhanced our operational capacity but also enabled us to channel resources effectively to the sectors that matter most. This partnership has been instrumental in promoting youth employment and entrepreneurship, which are critical drivers of Nigeria’s GDP growth.”

The DFC funding, channeled through the Overseas Private Investment Corporation (OPIC), aims to bolster TGI Group’s various strategic operations, including enhancing agricultural value chains and supporting SMEs. Gumel noted, “TGI has demonstrated commitment and accountability in utilizing these resources, adhering to global best practices.” He referenced OPIC’s $40 million facility that facilitated the growth of Chi Limited, which ultimately led to Coca-Cola’s $1 billion acquisition of the company.

Commitment to Agricultural Development

Through various initiatives, including a $10 million USAID-backed project with WACOT Rice, TGI has reinforced its commitment to Nigeria’s agricultural development. This project empowered local farmers and integrated them into the broader farming value chain, thereby promoting food security and economic stability.

Kendra Gaither, President of the U.S.-Africa Business Centre, delivered opening remarks that highlighted the investment and partnership opportunities in Nigeria. She noted that such collaborations are vital for fostering a stronger partnership between the U.S. and Nigerian counterparts. Gaither commended TGI and emphasized that the success of businesses, especially startups, could significantly accelerate economic growth and development. “The resilience in the innovation from the startup community continues to inspire and offers great prospects for economic growth and job creation for millions of youth,” she said.

Through initiatives like these, TGI Group continues to play a pivotal role in driving Nigeria’s economic development by leveraging sustainable partnerships and empowering local communities.

Baobab Nigeria, a financial institution dedicated to community empowerment, has announced a significant collaboration with AXA Mansard Health aimed at providing free health insurance coverage to low-income individuals across Nigeria. This partnership seeks to enhance healthcare access and improve the well-being of vulnerable populations.

Addressing Healthcare Barriers

Millions of Nigerians face substantial barriers to accessing healthcare, primarily due to financial constraints. Many individuals suffer from untreated or inadequately treated illnesses, leading to a diminished quality of life. Through this initiative, Baobab Nigeria aims to alleviate these challenges by offering health insurance coverage at no cost, enabling low-income families to prioritize their health without the burden of financial strain.

Leadership Insights

Eric Ntumba, acting CEO of Baobab Nigeria, emphasized the importance of healthcare access, stating, “We believe that access to healthcare is a crucial component of financial stability and overall well-being. This collaboration marks a significant step in our commitment to empowering low-income individuals in Nigeria, and we couldn’t have chosen a better partner for this initiative.”

Tope Adeniyi, CEO of AXA Mansard Health, echoed this sentiment, saying, “For us at AXA, we believe inclusive protection is crucial to sustainable well-being. We believe healthcare should be accessible, available, and affordable. Our partnership with Baobab Nigeria represents another significant leap in putting health insurance in the hands of everyone. Together, we are committed to empowering individuals and families, ensuring they receive the care they deserve, and fostering healthier futures for all.”

Launch and Future Plans

The initiative officially launched on October 23, 2024, with enrollment events planned in various communities across Nigeria, starting with Lagos. The goal is to reach 5,000 beneficiaries by 2026, significantly improving healthcare access for low-income families.

This partnership between Baobab Nigeria and AXA Mansard Health represents a proactive approach to tackling the healthcare accessibility crisis in Nigeria, ensuring that vulnerable populations receive the medical attention they need for a healthier future.

As Nigeria marked 64 years of independence, the Economic Community of West African States (ECOWAS) Woman & Youth Ambassador, Sonnia Agu, emphasized the crucial role women play in shaping the nation’s future. Speaking at the second Inter-Party Advisory Council (IPAC) policy roundtable in collaboration with the Westminster Foundation for Democracy (WFD), Agu highlighted the importance of inclusive democracy for national progress.

A Vision for Representation

With the theme, “64 years of independence, inclusive democracy, and options of special seats for women,” Agu recalled her experience in The Gambia in 2015, where legislation mandated that 30% of women and youths must be represented in governance. She envisioned a similar framework for Nigeria, suggesting that implementing such representation could address many pressing issues facing the nation.

Agu, who is also the founder and CEO of The Sapio Club and G1st International Foundation, stated, “Imagine if we have such a thing in Nigeria where every political party or cabinet members have 30% representation of women and youths. Then we would have solved most of the issues.”

Key Recommendations for Inclusive Democracy

In a communiqué signed by IPAC Chairman Yusuf Dantalle and National Secretary Maxwell Mgbudem, several recommendations were made during the roundtable to promote gender inclusivity:

1. Support for Special Seats: Commendation of the National Assembly for introducing the Constitution Alteration Bill for Special Seats for Women, sponsored by Deputy Speaker Benjamin Kalu. This Bill seeks to amend the 1999 Constitution to provide seat reservations for women in the National and State Assemblies.
2. Visibility for Marginalized Groups: The need for deliberate measures to ensure the representation of marginalized groups, including women, minorities, and people with disabilities.
3. Decentralization of Power: Advocating for decentralizing power to lower levels of government, allowing for greater involvement and control from the populace.
4. Deliberative Democracy: Encouraging wider participatory processes that bring diverse perspectives into decision-making, leading to equitable policies.
5. Inclusive Party Structures: Ensuring party leadership and decision-making bodies reflect equal representation of women and men.
6. Candidate Quotas: Political parties should adopt policies to implement candidate quotas, ensuring a certain percentage of candidates are women.
7. Capacity Building: Investing in leadership training, financial resources, and networking opportunities to support female politicians.
8. Temporary Special Measures: Implementing measures to reserve women-only seats in politics to create a level playing field in a skewed environment.
9. Collaborative Efforts: Encouraging partnerships among stakeholders, including civil society organizations and political parties, to promote inclusive democracy.
10. Addressing Obstacles: Identifying and addressing cultural, social, and educational barriers that hinder women’s political participation.

Moving Forward

Agu’s call to action underscores the urgent need for a structured approach to inclusivity in Nigeria’s political landscape. By fostering an environment that encourages women’s participation and representation, Nigeria can pave the way for a more equitable and prosperous future. The roundtable highlighted a collective vision to empower women and ensure that their voices are heard in the nation’s decision-making processes.

With the support of various organizations and a commitment to addressing existing barriers, Nigeria has the opportunity to enhance women’s participation in politics and governance, ensuring that the country’s progress is truly inclusive.

The Nigerian Ports Authority (NPA) has announced a temporary suspension on the release of cleared cargoes from the Apapa Port Complex (APC) due to severe congestion issues currently affecting the port’s operations. This development is likely to disrupt logistics, supply chains, and the overall efficiency of cargo movement at one of Nigeria’s busiest ports.

In an official notice directed to the trucking sector, Truck Transit Parks (TTP)—the firm responsible for managing truck movements along the Apapa port corridor—confirmed the halt on truck releases from the Lagos Port Complex’s pre-gate area. The notice explained that the NPA is closely monitoring the situation to determine when normal operations can resume.

The notice stated: “Please be informed that there is a temporary hold on truck release from the Lagos Port Complex pre-gates due to ongoing congestion. We are closely monitoring the situation and will relax the hold as soon as conditions improve.”

The congestion has created significant bottlenecks at the port, delaying the flow of goods and hampering both local and international trade activities. This has raised concerns among stakeholders in the logistics and transportation sectors, who warn of potential economic impacts if the congestion persists.

Mr. Sani Mohammed, an official from the Association of Maritime Transport Owners (AMATO), attributed the congestion primarily to the inefficiency of terminal operators at the port. He criticized these operators for failing to effectively manage the inflow and outflow of cargo, exacerbating the congestion crisis.

Expressing frustration, Mohammed stated, “What we are experiencing is a result of low efficiency by the terminal operators. They have not been able to facilitate the smooth movement of cargo, and yet, they will still charge demurrage fees for the delays caused by their inefficiency.”

The situation continues to develop, with industry stakeholders urging immediate action to resolve the congestion and restore efficient cargo movement at the Apapa Port.

During the 2024 National Physicians Week celebrations in Uyo, Akwa Ibom State, Prof. Bala Audu, President of the Association, emphasized the urgent need for consistent implementation of the Consolidated Salary Medical Structure (CONMESS) across all states in Nigeria. His remarks came as part of a broader discussion on the theme of the week: “Ensuring Universal Applicability in Remuneration: A Panacea to Talent Retention in the Healthcare System.”

Prof. Audu highlighted the ongoing challenges faced by healthcare professionals, stating, “Many doctors and indeed health workers find themselves overworked and underpaid, and the inconsistency in salaries is evident not only across the country but even within similar healthcare institutions.” He noted that these salary disparities are a significant deterrent for young, talented individuals considering careers in healthcare, which ultimately places an increased burden on those who remain in the workforce.

The President urged all levels of government to prioritize the uniform application of CONMESS across all states and healthcare sectors. He argued that equitable remuneration is essential for retaining skilled professionals in the healthcare system.

Prof. Audu further advocated for increased government investment in health infrastructure, better working conditions for healthcare workers, and placing healthcare as a priority in the national agenda. He stressed that addressing these issues is vital for ensuring the sustainability and efficiency of Nigeria’s healthcare system.

Wande Kasope Elugbaju, a Nigerian business analyst based at Ashland University in Ohio, USA, has emphasized the importance of data-informed decision-making for Nigerian SMEs to foster resilience and drive growth amid economic uncertainty. In a statement titled “Data-Driven Resilience: How Nigerian SMEs Can Harness Information to Thrive Amidst Economic Challenges,” Elugbaju shared insights on how small and medium-sized enterprises can navigate the challenges posed by Nigeria’s current economic landscape.

Elugbaju noted that SMEs in Nigeria are grappling with inflation, currency instability, and rising operational costs. However, he believes that utilizing data—even on a small scale—can empower these businesses to make more informed choices, cut costs, better target customers, and ultimately achieve growth.

He provided examples to illustrate his point:

• Retail businesses can leverage data on sales and customer behavior to identify top-selling products. For instance, an electronics store in Lagos might analyze its sales data and discover that phone accessories like chargers and cases are in high demand. By focusing on these high-demand items, the store can attract repeat customers and increase sales while minimizing overstocking of less popular products.
• In the agricultural sector, data on weather patterns and market demand can help farmers optimize their planting schedules and crop selection. A cassava farmer in Benue State could utilize weather forecasts from the Nigerian Meteorological Agency (NiMet) to mitigate the risk of crop loss. Additionally, data indicating a rising demand for maize can guide farmers to adjust their production to align with market needs, thereby reducing waste and enhancing profitability.

Elugbaju further emphasized that manufacturers can benefit significantly by tracking production rates and material usage, which can lead to streamlined operations and cost savings.

By embracing data-driven strategies, Nigerian SMEs can better navigate economic challenges, enhance operational efficiency, and position themselves for sustainable growth.

Vitafoam Nigeria Plc, a prominent manufacturer of reconstituted foams and household materials, has reaffirmed its commitment to delivering value to investors, even amidst a challenging operating environment marked by high costs and low consumer purchasing power.

In a statement to the Nigerian Exchange Limited (NGX), in compliance with its post-listing requirements, the company reported unaudited interim financial results showing a revenue of N82.58 billion as of September 30, 2024, up from N52.99 billion the previous year, representing a 56% increase. The Group also recorded an operating profit of N7.54 billion, compared to N6.99 billion in the corresponding period.

Despite this revenue growth, the Group’s profit before tax saw a decline from N6.01 billion to N1.525 billion, primarily attributed to a significant rise in the cost of sales, which escalated from N35.04 billion to N52.54 billion. These challenges were compounded by increased foreign exchange costs and other operational expenses.

Taiwo Adeniyi, the Group Managing Director and Chief Executive Officer, stated, “Vitafoam has always navigated challenging environments before and emerged stronger. We are taking proactive measures to mitigate current challenges and capitalize on emerging opportunities. Our focus remains on delivering sustainable value to our shareholders, customers, and stakeholders.”

He emphasized that the company is diligently working to enhance operational efficiency and that its diversified product portfolio is expected to drive future growth. Adeniyi added, “Our innovative products and strategic investments will enhance competitiveness.”

Notably, over 95% of Vitafoam’s sales occur within Nigeria, and all six of its subsidiaries are fully operational. These subsidiaries include:

• Vitafoam Sierra Leone Ltd.
• Vitapur Nigeria Ltd.
• Vitablom Nigeria Ltd.
• Vitavisco Nigeria Ltd.
• Vono Furniture Products Ltd.
• Vitaparts Nigeria Ltd.

Vitafoam’s strong revenue performance and commitment to growth illustrate its resilience and strategic focus on overcoming operational challenges in the current economic landscape.

A 27-man committee has been established to spearhead the FreeMed initiative in Isi-Uzo, aimed at addressing healthcare challenges faced by vulnerable populations in the area. The committee, chaired by Hon. Emeka Ogbuabor, a renowned Professor of Medicine and former Enugu State House of Assembly member, includes various experts, such as pharmacists and health professionals.

Pharm. Nnaemeka Ugwu, CEO of NEMEL Pharmaceutical Company, has been appointed as the Vice-Chairman. Ogbuabor emphasized the committee’s commitment to enhancing healthcare access for those who cannot afford basic medical services. He highlighted the unacceptable situation where avoidable or curable diseases lead to suffering and mortality, particularly regarding maternal health.

“This initiative complements the efforts of Governor Peter Mbah’s administration, which is focused on revitalizing primary healthcare through the construction of 260 world-class Type 2 Primary Healthcare Centres across the state and a substantial recruitment drive for health workers,” Ogbuabor stated.

The Council Chairman, Hon. Obeagu, reaffirmed the administration’s dedication to collaborating with the state government to attract further healthcare benefits to the community. He stressed the importance of a healthy population for meaningful social and economic progress and announced partnerships with the Nigerian Medical Association (NMA) and other organizations for crucial medical interventions in Isi-Uzo.

Obeagu also expressed concerns over the rise of quack practitioners and counterfeit drug dealers exploiting remote communities, asserting that the administration is determined to eliminate such harmful entities.

The FreeMed Committee is tasked with raising funds for sustainable healthcare projects, accepting donations of drugs and equipment, and coordinating capacity-building programs for community health workers. It will also focus on community education and awareness regarding health, hygiene, disease prevention, and reproductive health.

The committee includes various representatives, such as:

• Prof. Euzebus Ezeugwu
• Dr. Zikora Obiora
• Dr. Benita Azaka
• The Head of Health Department, Isi-Uzo LGA (Secretary)
• Representatives from women’s groups, youth, traditional rulers, and religious organizations

This initiative is seen as a significant step towards improving healthcare access and quality for the people of Isi-Uzo, reflecting a strong commitment to community health and well-being.

Ahead of the November 16 Ondo State gubernatorial election, Ifeoluwa Ehindero, a House of Representatives member representing Akoko Northeast/Northwest, has endorsed Governor Lucky Aiyedatiwa, the All Progressives Congress (APC) candidate.

Ehindero praised the governor’s leadership and strategic 2025 budget planning, emphasizing its focus on addressing key needs across the state.

During Aiyedatiwa’s campaign stop in Akoko Northwest, Ehindero lauded the community’s loyalty to the APC and expressed gratitude to local leaders and stakeholders for their steadfast support. He emphasized Aiyedatiwa’s dedication to inclusive budgeting, urging constituents to show strong support at the polls to ensure continued development.

“Governor Aiyedatiwa has shown he’s a leader who listens and acts, particularly through a budget that reflects the real needs of every region in Ondo,” said Ehindero. “I encourage the people of Akoko Northwest to come out in full support on election day to keep this vision alive.”

Governor Aiyedatiwa, addressing supporters in Oke Agbe, reaffirmed his commitment to infrastructure, security, and agricultural development as key pillars of his administration. He emphasized that the 2025 budget is designed to meet the pressing needs of all communities, ensuring that no area is overlooked.

“We are crafting a budget that mirrors the needs of our communities,” Aiyedatiwa stated. “Your unwavering support strengthens my resolve to continue pushing Ondo State forward.”

Aiyedatiwa concluded by thanking traditional leaders for their endorsements, stating that their trust underscores a shared vision for a prosperous Ondo State.

Youths across Nigeria have been urged to embrace hard work as the most reliable path to economic freedom.

Chibuikem Emmanuel Onyekachi, Managing Director of Powell Homes and Shelters Limited, made this call while addressing newsmen in Enugu. He emphasized the importance of diligence and resilience, noting that these qualities can open doors to opportunities and economic independence.

Onyekachi encouraged young people to focus on building sustainable skills and ventures instead of seeking quick gains. “Our nation needs young minds who are not only willing to dream big but also ready to put in the hard work to make those dreams a reality,” he remarked.

Reflecting on Nigeria’s economy, he pointed out that hard work remains essential for those aiming to overcome financial challenges. He expressed optimism that, with a strong work ethic, youths could find ways out of financial difficulties. “When young people commit themselves to purposeful work and development, they set a foundation for personal growth and national progress,” he added.

Furthermore, he urged both government and private sectors to support youth-focused programs that promote skill acquisition, entrepreneurship, and financial literacy. According to Onyekachi, these initiatives would equip young Nigerians with the necessary tools to succeed, ultimately creating a generation of self-sufficient individuals.

Ghana-based agri-tech company, Oyster Agribusiness, has secured US$2 million in funding to expand Africa’s food base and deepen its impact on smallholder farmers across Ghana.

The funding was raised with the support of Root Capital, RDF Ghana, and Sahel Capital Social Enterprise Fund for Agriculture in Africa (SEFAA FUND). The fundraising process was facilitated by Pangea Africa Limited, a leading Business Development Service provider specializing in climate-smart agriculture.

Oyster Agribusiness, known for its focus on climate-smart agricultural practices, has played a pivotal role in transforming the livelihoods of smallholder farmers in Ghana over the past five years. During this period, the company has paid over GH¢60 million—approximately US$3.8 million—to smallholder farmers, positively impacting the lives of 4,500 individuals. The company has also cultivated over 20,000 acres of farmland and supplied more than 25,000 tons of agricultural produce to local and international markets.

This new capital injection will enable Oyster Agribusiness to expand its operations, reach more farmers, and scale its climate-smart agricultural initiatives, thereby strengthening the resilience of Ghana’s agricultural sector against climate challenges.

Mr. Edmond Kombat, the CEO of Oyster Agribusiness, expressed enthusiasm for the support received: “We are thrilled to have the support of Root Capital, RDF Ghana, Sahel Capital, and Pangea Africa Limited, whose expertise and backing will help us to accelerate our vision. This investment is a testament to the impact we’ve made with smallholder farmers and the tremendous potential we see in scaling our operations. Together, we are working toward a more sustainable, inclusive, and resilient agricultural ecosystem in Ghana.”

Nii Lokko, Partner at Pangea Africa Ltd, praised Oyster Agribusiness as a model of a growing African agribusiness generating triple bottom-line impact. He highlighted the leadership of Mr. Edmond Kombat, stating that Oyster is achieving impressive profits while delivering measurable social and environmental benefits, particularly for Ghanaian farmers. He described the company as a shining example of leadership for its West African agribusiness counterparts.

In a powerful plea for action, Gatefield has called on President Bola Tinubu to urgently implement a diabetes drug subsidy fund as part of broader efforts to address the rising healthcare crisis in Nigeria. This demand follows alarming findings presented on the second day of the Gatefield Health Summit 2024.

The comprehensive study titled “Impact of Inflation on Affordability and Adherence to Anti-diabetics,” conducted by Gatefield and DGI Consults, highlights that exorbitant drug prices are overwhelming patients and pushing hospitals into crisis. An increasing number of Nigerians are requiring emergency care due to untreated diabetes complications.

According to the study, the average cost of diabetes management in 2024 is approximately one million naira, compared to less than five hundred thousand naira in 2023. Dr. Gafar Alawode, the research principal investigator, revealed that the costs of treating diabetes have become impossible for the overwhelming majority of Nigerians, resulting in a hospitalization crisis.

“The poorest of the poor require over 600% of their annual income for basic treatment. We are seeing fewer diabetic patients in clinics and more in emergency rooms,” he said.

Gatefield urged the Tinubu administration to implement subsidies for diabetes medication while proposing sustainable funding through increased sugar taxes. Shirley Ewang, Advocacy Lead at Gatefield, stated, “WHO recommends that the government introduce a minimum 20% tax to help drive down consumption. We need to incentivize healthier lifestyles while making it possible for every Nigerian to access affordable diabetes medication. The funds from the sugar-sweetened beverage taxes must go directly into subsidizing these drugs.”

The crisis was further illustrated during the unveiling of Gatefield’s documentary “The Silent Epidemic: Diabetes in Nigeria,” presented by journalist Adesuwa Giwa-Osagie. Featured in the documentary, Nigeria’s former President, Olusegun Obasanjo, shared his personal struggles living with diabetes for 50 years and emphasized the importance of early intervention and lifestyle changes, such as adopting a sugar-free diet and engaging in regular exercise.