Business
Nestlé: Empowering More Rural Women Across Nigeria
Nestlé Nigeria is helping more rural women in Nigeria build financial security and improve their standard of living with the launch of the fourth phase of the Nestlé Empowering Rural Women in Nigeria Project in Port Harcourt recently. An additional 50 beneficiaries from the South South region of the country, selected from the company’s value chain, were inducted into the program at a ceremony that included several training sessions.
At the training and induction session in Port Harcourt, Nestlé Nigeria’s Commercial Manager, Mr. Khaled Ramadan said, “We are happy to fulfil our promise of expanding Nestlé Empowering Rural Women in Nigeria Project to reach more women in other parts of Nigeria. We are pleased with the progress made so far by the 150 currently benefiting from the project. The beneficiaries who currently enjoy the training and mentorship provided by Nestlé and her implementation partners – FDConsults, are reporting faster turnover and increased revenue as well as stronger visibility of their outlets within their locations. We are therefore confident that these additional 50 selected retailers in South South, will also reap the full benefits of the support we are providing through training, mentorship and grants.”
The beneficiaries comprising female retailers in Nestlé’s value chain, will receive grants valued at 300% of their monthly sales in form of Nestlé’s products. They will also participate in training and mentorship programs which will enable them scale up their businesses, thereby increasing their household incomes.
In his remarks at the induction and training for the new beneficiaries, Mr. Phranklin Audu, Head, Partnerships & Training at FDConsults said, “The Nestlé Empowering Rural Women project is such an amazing initiative. The progress and growth recorded by the women in the several states where the project is already ongoing is quite refreshing to see. We are talking about visible growth. Grade-C retailers are moving up the distribution ladder and more importantly these women are doing more sales turnovers thereby earning higher incomes for themselves. We must commend the visioners of this project and the entire project team for staying true to cause”.
One of the beneficiaries Mrs. Joyce Nwaiwo, expressing her gratitude to Nestlé said, “I feel so happy about this opportunity. I still cannot believe that this is true, because it is just like a dream. I want to say a big thank you to Nestlé.”
The Nestlé Empowering Rural Women in Nigeria Project is designed to help rural women retailers scale up their businesses and sustain the new level of up to three times the size of their existing businesses. It is one of the Creating Shared Value initiatives that Nestlé deploys to help build thriving communities by improving livelihoods.
The training and mentorship elements of the project are provided by FDConsults who has a track record of helping rural dwellers access information and skills to improve their standard of living. Each beneficiary retailer is linked to a mentor for one-on-one guidance and consistent support over three months to ensure their success.
The project started in August 2021, in North Central Nigeria, with the induction of the first 50 women beneficiaries into the project from the suburbs of Abuja. In November of last year, the project moved to the South West and added an additional 50 beneficiaries, selected from the axis of Oshogbo, Ede and Ilesha in Osun State. In February of this year, the South East benefited with 50 inductees from the Nsukka and Obolo-Afo axis of Enugu State.
With the additional 50 recently inducted into the project in Port Harcourt, Rivers State, 200 women have so far been reached under the program. The program aims to reach 300 women across the country before the end of 2022.
As part of President Bola Ahmed Tinubu’s state visit to France, the Chairman of UBA Group, in the presence of President Tinubu and the President of France, Emmanuel Macron, signed a landmark business cooperation agreement with the French Finance Minister, Antoine Armand. The agreement is a significant indication of support by the French Government for the development of UBA’s full banking operations in France.
Speaking at the signing ceremony, Tony Elumelu, the Chairman of UBA Group commented: ”This partnership reinforces our commitment to seamless international banking services for our customers, not just across the 11 Francophone African countries we serve, but Africa as a whole; and French and European customers transacting with Africa. Expanding into France is a natural progression, with Paris serving as our European Union hub, as we continue to bring Africa and the world together, through innovative financial solutions. Paris will join London, New York and Dubai, as a critical component of our unique global network.”
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.
In a bid to promote a savings culture and enhance financial literacy among young Nigerians, Unity Bank Plc has announced plans to launch a new app for children and teenagers designed to empower users to achieve their financial goals.
The announcement was made during the World Savings Day training held at Emerald Fields School, Calabar, Cross River State, as part of the Bank’s nationwide initiative to mark the global event.
World Savings Day is observed in Nigeria as an initiative of the Central Bank of Nigeria, Bankers Committee and Junior Achievement Nigeria to drive financial inclusion with the vehicle of Financial Literacy Training which is held in secondary schools across the country.
Speaking at the event, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun, represented by the Chief Compliance Officer, Mrs. Patricia Ahunanya, emphasized the importance of instilling good financial habits early in life. She explained that the upcoming app would equip students with tools to set SMART financial goals, understand the power of compound interest, and build financial safety nets through savings and prudent money management.
“Financial literacy is the foundation of a secure future. By teaching students to distinguish between needs and wants, budgeting, and embracing delayed gratification, we empower them to take charge of their financial journeys. The new app will serve as a practical tool to support these lessons and help young Nigerians build a culture of savings,” Mrs. Somefun stated.
The training session in Calabar, one of 16 held simultaneously across secondary schools in Nigeria, aimed to instil essential money management skills. Participants were exposed to simulations on earning, budgeting, spending wisely, and understanding the principles of borrowing and saving. Unity Bank’s representatives guided the students through interactive discussions, encouraging them to set financial goals and cultivate habits that support long-term financial stability.
World Savings Day, celebrated annually on October 31, aims to promote the importance of savings and financial awareness globally. In Nigeria, the Central Bank of Nigeria (CBN), in collaboration with the Banker’s Committee, Deposit Money Banks, and Junior Achievement Nigeria, coordinated activities to engage students nationwide.
Unity Bank’s initiative aligns with the CBN’s financial inclusion strategy by encouraging young Nigerians to embrace financial literacy early. The Bank’s upcoming app, designed specifically for children and teenagers, will complement this effort by providing an engaging platform for setting savings goals, tracking progress, and building healthy financial habits.
With financial literacy training held in six geopolitical zones, Unity Bank reinforces its commitment to youth development and capacity building.
FirstBank, the premier West African financial institution and financial inclusion service provider has announced its hosting of the first-ever China-Africa Interbank Association (CAIBA) Forum to strengthen economic ties and investments between China and Africa.
The forum, themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification,” will take place on November 27, 2024, at the Fraiser Suites Abuja.
Established in 2018, CAIBA marked a significant milestone in fostering financial cooperation between China and Africa, comprising 16 African banks, including FirstBank, and China Development Bank (CDB) as well as ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa, RawBank with the aim to enhance partnerships in various spheres, such as infrastructure interconnection, international cooperation, and cultural exchange. This initiative was driven by the need to address the funding gap in Africa for industrialization, infrastructure, and poverty alleviation.
The CAIBA Forum which will be co-hosted by China Development Bank offers a unique opportunity for knowledge sharing, networking and deal making, for the purpose of fostering a win-win cooperation and promote joint development among member-banks. Formerly convened only in Beijing, the Forum will now provide a unique platform to spotlight Nigeria’s pivotal role in the growing China-Africa economic relationship as the host country.
Intrinsically woven into the fabric of the society and with its extensive network across Sub-Saharan Africa, UK, and China, FirstBank provides unparalleled access to markets, to facilitate trade and investment flows between China and Africa.
Additionally, FirstBank’s expertise in financial inclusion, trade finance, corporate and investment banking positions it as an ideal partner with China Development Bank with key strengths in inclusive and sustainable financial solutions in driving this important initiative to support Chinese and African businesses.
Speaking about the forum, the CEO of FirstBank Group, Mr. Olusegun Alebiosu, said, “We are honoured to host this pivotal event that fosters dialogue and collaboration between Chinese and African financial institutions. This forum reinforces our commitment to bridging the gap between Africa and China, catalyzing economic growth and development. The selection of FirstBank as the host is a testament to our rich legacy, deep expertise in African markets, and an impressive 130-year history of empowering businesses and communities to thrive. We are proud to support the continent’s economic transformation and growth and remain dedicated to exploring the partnership opportunities this forum will bring for the mutual benefit of China and Africa.”
Participants will have the chance to engage with government officials, business leaders, and financial experts from both regions. Expected guest speakers include His Excellency, the Vice President of Federal Republic of Nigeria, the Governor of the Central Bank of Nigeria, Minister of Trade, Industry & Investment, MD of China Development Bank, Federal Capital Territory (FCT) Minister, Governors of Lagos, Kano and Anambra States; Ambassadors from countries of CAIBA members, President and Chairman of the Board of Directors of the African Export–Import Bank, Representatives from the China-Africa Development Fund, and many industry leaders, policymakers, and experts to explore opportunities for cooperation and mutual growth.
In addition, the CAIBA Forum will feature a plenary session which include Dr. Abiodun Adedipe – Founder & Chief Consultant BAA Consult, David Ofosu-Dorte – Senior Partner, AB & David Africa, A Pan-African Law Firm, Ugo (UgoDre) Obi-Chukwu – Publisher Nairametrics, Wole Adeniyi- CEO, Stanbic IBTC, Bamidele Abu- CEO, ABSA Nigeria Capital Markets, Mrs Kouassigan Dovi Eliane Khady – Head Financial Institutions West African Development Bank (BOAD). Other exciting line-ups include a trade exhibition, keynote speeches, and networking events that will explore the latest trends and opportunities in China-Africa cooperation.
The establishment of CAIBA is a positive development that has the potential to significantly impact the economic landscape, actively shaping economic future and fostering partnerships that drive sustainable growth and prosperity of both China and Africa.
