PRESS RELEASE
- Sympathises with deceased family, media industry
Lagos State Governor, Mr. Babajide Sanwo-Olu, has mourned the passage of accomplished businessman and pioneer in the private media industry, High Chief Raymond Dokpesi, describing the death as a colossal loss to Nigeria.
Governor Sanwo-Olu in a condolence statement issued on Monday by his Media Adviser, Mr. Gboyega Akosile, sympathised with the entire management and staff of African Independent Television (AIT) and Raypower FM as well as friends and associates of the deceased.
The Governor said the late Dokpesi would be remembered for breaking the monopoly of government-owned broadcasting in Nigeria with the establishment of the first private radio station, Ray Power FM.
“On behalf of the Government and people of Lagos State, I mourn the passage of businessman and media guru, who contributed his quota to the economy of Lagos State by providing job opportunities for many young Lagos residents in the media sector.
“High Chief Raymond Dokpesi was a forerunner in private broadcasting in Nigeria. He established the first privately owned television and radio in Nigeria. His bold decision to break the government monopoly in the broadcasting sector gave birth to hundreds of privately owned television and radio stations in Nigeria.
“He was also an active participant in Nigeria politics during the present Fourth Republic and served his party and Nigeria in different capacities. He was a philanthropist who dedicated his life to the service of his community, state, and country.
“I pray for the repose of the soul of the late Dr. Dokpesi and pray that God grants the media industry and the deceased family, friends and associates the fortitude to bear the irreparable loss.”
Gboyega Akosile
Media Adviser to the Governor
29th May, 2023
Collective action can “move mountains” for Africa
Sharm El-Sheikh, 26 May 2023 (ECA) – Deputy Executive Secretary and Chief Economist of the Economic Commission for Africa (ECA), Hanan Morsy, has called for continued collective action in support of the Africa High-level Working Group on Global Financial Architecture (HLWG).
“Our key objective is to build African consensus on what needs to be done and amplify the continent’s voice on the global stage,” said Ms. Morsy, adding, “The work of this group (HLWG) shows that when we come together, we can move mountains.”
Ms. Morsy co-chairs the HLWG with African Union Commissioner Albert Muchanga and Ghana’s Minister of Finance, Ken Ofori-Atta.
In her remarks during a meeting with heads of regional and continental institutions, held on 25 May on the margins of the African Development Bank (AfDB) annual meetings in Sharm El Sheikh, Egypt, Ms. Morsy lamented the high cost of debt incurred by African governments.
“Debt service composes 22% of revenue” in Africa, limiting countries’ ability to make essential investments in health, education, and infrastructure to help operationalize the AfCFTA.”
Ms. Morsy underscored the urgent need to fix the global debt architecture so that countries in debt distress can obtain swift and effective debt restructuring.
The ECA Chief Economist highlighted some of the near-term reform proposals put forth by the HLWG, including the need to: suspend debt service for all countries entering the Common Framework restructurings to provide relief and incentivize speedy restructurings; expand eligibility to middle-income countries; establish Expanded Creditor Committees to incorporate private sector creditors, smooth coordination challenges, and accelerate restructurings; establish a ‘Comparability of Treatment’ formula to reduce technical disputes and accelerate restructurings further; and bolder use of IMF Lending into Arrears policies to reduce leverage of holdout creditors.
Credit enhancement tools and guarantee facilities would also help unlock more resources for investment, she noted. Such mechanisms can be combined with debt-for-climate investment swaps, which allow reducing countries’ debt servicing costs and create fiscal space.
Ms. Morsy urged stakeholders to rally behind a proposal by the AfDB and the Inter-American Development Bank for the rechanneling of Special Drawing Rights (SDRs) through Multilateral Development Banks.
“This will increase the leverage of SDR resources and provide much-needed liquidity,” Ms Morsy noted.
The meeting was chaired by AfDB President Akinwumi Ayodeji Adesina, who commended the work of the ECA and the HLWG, adding that “On the issue of debt resolution, I think AfDB and ECA will continue to work very hard” to ensure that Africa has a “common voice.”
The meeting was attended by over 18 heads of African regional and continental institutions.
The High-level Working Group is coordinated by the ECA. It comprises African Ministers of Finance, Planning and Economic Development, the African Union, the African Development Bank, Afreximbank, and the World Bank, and includes the participation of IMF staff and Executive Directors. The Group serves as a forum to develop reform proposals for the global financial architecture and strengthen the African voice on the global stage.
Heineken and Formula 1 immerses Lagos Consumers in an unforgettable Monaco Grand Prix experience
Heineken, the world’s premium lager beer, demonstrated its unwavering support for Formula 1 as it hosted an exhilarating Monaco Grand Prix watch party on Sunday, May 28, in Lagos.
F1 enthusiasts and Heineken consumers came together to witness the heart-pounding action of the iconic race while enjoying the thrilling atmosphere created by the Dutch beer giant. This was done in partnership with DStv, the official broadcast sponsor of F1 races in Nigeria.
From the heart-stopping action on the track to the vibrant atmosphere in the stands, Heineken left no stone unturned in ensuring that consumers were immersed in the exhilaration of the Monaco Grand Prix as they were treated to an unparalleled experience. Activities at the watch party included raffle activations and music performances.
As the official global partner of Formula 1, Heineken has consistently strived to enhance the race experience for fans, and the Monaco Grand Prix viewing experience was no exception. Through their innovative approach and unwavering commitment to excellence, the premium beer brand has successfully amplified the allure and thrilling excitement of the prestigious event, leaving consumers in Lagos captivated and thirsting for more.
“Bringing the Monaco experience to Lagos was an absolute thrill for us as we were able to create opportunities for fans to immerse themselves in the excitement and thrill of Formula 1 whilst celebrating the spirit of passion, and performance. “ Sampson Oloche, Portfolio Manager, Premium Brands, NB Plc, said at the event.
“This collaboration exemplifies our commitment to pushing boundaries and creating remarkable experiences that leave a lasting impact.” he added.
With Max Verstappen taking the lead in this season’s race, closely followed by Fernando Alonso, Esteban Ocon, Lewis Hamilton, and George Russell, the Monaco Grand Prix further solidified its place in motorsport history. The partnership between Heineken and Formula 1 has consistently pushed the boundaries of what is possible in the world of motorsport, and by seamlessly blending their passion for innovation, a dedication to excellence, and a shared desire to thrill fans, this collaboration continues to set new standards for global sporting events.
As the season continues, F1 fans can be sure to enjoy the races on DStv, courtesy Heineken, the official broadcast sponsor of F1 races in Nigeria.
Call for accelerated action to support structural transformation of Landlocked Developing Countries
Landlocked Developing Countries, currently experiencing economic and infrastructural challenges, need increased technical and financial support to achieve sustainable development, leaders have called during the High-level Africa regional review meeting of the Vienna Programme of Action (VPoA) for Landlocked Developing Countries (LLDCs) which opened in the Botswana Capital, Gaborone.
In a video message at the opening of the meeting, Acting Executive Secretary of the Economic Commission for Africa (ECA), Antonio Pedro, said while African LLDCs have made some notable development progress, this has not been substantial enough to reach the goals and targets set out in the VPoA.
Nonetheless, the limited progress made does not mean achievements should go unnoticed. For example, LLDs have improved access to electricity from 24 to 37 per cent between 2014 and 2020, and an economic growth forecasted at 5.3 per cent for 2023. Furthermore, work was underway to further unlock progress, including the African Continental Free Trade Area (AfCFTA).
“Successful implementation of the AfCFTA would allow for enhanced regional cooperation and economic integration on the continent and would directly address some of the challenges that LLDCs faced over the years – particularly regarding the reduction of transit costs,” he said, noting that peculiar challenges arising from their lack of access to the sea, as well as inadequate transport infrastructure were some of the challenges faced by LLDCs.
“We will have to continue our critical work addressing the unique challenges facing LLDCs, and we must do so together,” Mr. Pedro told participants, adding that the challenges of a majority of African LLDCs were compounded by a recurrent incidence of conflicts, political instability and un-receding high levels of poverty and inequality.
Africa is home to 16 of the world’s 32 landlocked developing countries, 13 of which are also Least Developed Countries (LDCs).
The two-day meeting being held under the theme, “From Vienna to Kigali: towards a new decade of partnerships for a transformative Programme of Action for LLDCs’ ‘ will review the implementation of the Vienna Programme of Action in Africa. Organized by the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS) jointly with the ECA and the Government of Botswana, the meeting is being attended by Ministers and senior government officials from ministries dealing directly with the implementation of the VPoA.
The regional level meeting precedes the Third United Nations Conference on Landlocked Developing Countries (LLDCs) slated for 2024 which will comprehensively review the implementation of the Vienna Programme of Action for LLDCs.
Addressing the review meeting, High Representative and Under-Secretary- General Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, Rabab Fatima, said the United Nations General Assembly has adopted an ambitious ‘Call for action to accelerate the implementation of the Vienna Programme of Action’ to help LLDCs effectively implement the VPOA and achieve sustainable development.
“Clearly, the targets and aspirations of the VPOA, the 2030 Agenda and Agenda 2063 are far off-track, Ms. Fatima noted, adding that, “We must double-pace our efforts to turn things around. The 3rd LLDCs Conference provides us with an opportunity to do that.”
Ms. Fatima said Africa must leverage the once-in-a-decade opportunity of the 3rd LLDC conference to mobilize global support and solidarity to strengthen partnerships to transform the lives and livelihoods of 533 million people in 32 landlocked countries.
For his part, Botswana Assistant Minister of Agriculture, Molebatsi Molebatsi, said LLDCs should not be left behind in sustainable development but need financing for better connectivity to implement the Vienna Programme of Action and to meet the Sustainable Development Goals.
Calling for the successor Programme of Action of the VPoA to be an accelerator in achieving the SDGs, Mr. Molebatsi, bemoaned that Africa’s LLDCs are locked out of global trade.
“There is a need to work together to ensure the overcoming of the common challenges we have. The use of the latest technologies will go a long way in helping us achieve this objective,” said Mr. Molebatsi.
