Business
Sahara Group Foundation Unveils Global Extrapreneurship Model
The social impact vehicle of energy conglomerate, Sahara Group, the Sahara Group Foundation (SGF), has unveiled its transformative Extrapreneurship strategy across Africa, Asia, Europe, and the Middle East.
Biztellers reports that the social impact strategy was aimed at driving integrated economic and community empowerment programs through collaborative partnerships and support for innovative as well as scalable business in the focus regions.
ALSO READ: Clean Cooking: Sahara Group Advocates Pan African Investment In LPG Infrastructure
Director, Governance and Sustainability, Sahara Group, Ejiro Gray, said in New York that the SGF had over the years implemented interventions focused on promoting the sustainable development goals, recording over two million beneficiaries across Sahara’s business locations.
According to Gray, the new strategy ensures the Foundation continues to actively drive the attainment of 11 of the 17 SDGs through “inclusive and progressive partnerships”.
“We are excited that with Extrapreneurship we can provide extra impetus to Africa’s march towards bringing sustainable development to African communities working through extrapreneurs, who through the support of Sahara Group Foundation can take their ideas and solutions to greater heights,” she said.
Similarly, Head of Programs at SGF, Chidilim Menakaya, expressed optimism that the EXTRApreneurship Strategy will promote economic growth in local communities through platforms that give entrepreneurs, social innovators, inventors, and small businesses access to honing their craft and scaling their businesses, “one community at a time”.
“Our Extrapreneurship model is designed to help Sahara Group Foundation play a key role as a bridge for economic empowerment and sustainable development by linking beneficiaries to sundry support platforms valued at 100 million USD, ultimately creating an ecosystem of collaborators working towards transforming Africa,” she said.
Menakaya noted that the SGF’s new model aims to prepare the entrepreneurial community for the future of work through the integration of artificial intelligence in the Extrapreneurship framework.
“These community entrepreneurs, or what we call EXTRApreneurs will not only drive forward thinking organizations but also empower ambidextrous individuals who are the backbone of the SME sector, a pivotal force for driving economic growth,” she added.
She revealed that the Extrapreneurship program would identify and support innovators, entrepreneurs, inventors and researchers who have developed proven sustainable products or solutions to everyday problems using locally available resources.
This will be done through financial, advisory and investment support as well as building business hubs within the community leveraging the business niche area of each community.
The SGF, she noted, will continue to drive its recycling initiative, an environmental sustainability and economic empowerment initiative that converts waste to wealth.
Business
NNPC/Seplat JV’s “Eye Can See” Programme Restores Vision, Hope In Imo
The NNPC Ltd/ Seplat Energy Joint Venture (JV) partnership has conducted a medical outreach, providing free eye health services to individuals with visual impairments in Ohaji/Egbema community of Imo State.
This was revealed in a statement in Abuja by the Chief Corporate Communications Officer. NNPC Ltd, Olufemi Soneye.
According to Soneye, through its “Eye Can See” programme, a Corporate Social Responsibility (CSR) initiative, the JV dispensed more than 10,000 reading glasses and successfully performed 639 eye surgeries, including cataract removals, for host community members who otherwise had limited access to such vital medical services.
ALSO READ: NNPC Confirms Petrol Purchase From Dangote In Dollars, Naira Transactions Commence Oct
The “Eye Can See” programme, which commenced in 2017, has been a beacon of hope in the eastern asset of the NNPC upstream investments, positively impacting over 20,000 people to date.
During the event, Chief Upstream Investment Officer of NNPC’s Upstream Investment Management Services (NUIMS), Bala Wunti, represented by Dr. Obinna Otuu, Manager, JV Asset B emphasized the significance of the initiative to NNPC Ltd’s corporate mission of enriching the lives of Nigerians.
Elaborating on the broader vision behind the programme, Wunti stated that the NNPC Ltd takes pride in being more than just an energy provider.
“We are a partner in progress, dedicated to making sustainable contributions to the communities that support us,” he added.
According to him, the “Eye Can See” initiative reflects “our belief that corporate structures can and should play a vital role in societal development.”
He noted that the programme goes beyond immediate medical care by educating individuals on lifestyle choices to prevent conditions like hypertension and diabetes, which can lead to permanent vision loss.
Expressing his appreciation for the support of the local government, beneficiaries, and NNPC Ltd’s partners, Wunti observed that together with Seplat, the National Oil Company is paving the way for a brighter future where access to essential health services is possible for all.
“This project is not just about restoring vision; it is about giving people hope and the opportunity to lead fulfilling lives. This year’s outreach in Ohaji/Egbema is a testament to the ongoing commitment of NNPC and Seplat to improve the quality of life in their host communities,” he affirmed.
The “Eye Can See” initiative has had a profound impact on the communities it serves. By providing free eye screenings, surgeries, reading glasses, and health education, the programme has transformed lives and restored hope to many who had been suffering from visual impairments.
The NNPC/Seplat JV remains dedicated to contributing meaningfully to Nigeria’s development through initiatives like the “Eye Can See” programme. The partnership is committed to expanding the reach of its CSR programmes, ensuring that even more people across Nigeria can benefit from the life-changing services.
Business
Naira Strengthens Against Dollar, Ends Week On High Note
The Nigerian naira appreciated further against the U.S. dollar in both the official and black markets, closing the week with significant gains.
Data from FMDQ shows the naira strengthened to N1631.21 per dollar on Friday, improving from Thursday’s exchange rate of N1659.26, marking a gain of N28.05.
In the parallel market, the naira also performed well, rising by N10 to N1670 per dollar on Friday from N1680 exchanged the previous day.
Related News: Naira Strengthens As Dollar Supply Rises By 147.66%
Despite a drop in foreign exchange transaction turnover, which fell from $450.39 million on Thursday to $238.36 million on Friday, the local currency’s appreciation underscores positive market sentiment.
These gains follow recent policy measures introduced by the Central Bank of Nigeria (CBN) aimed at stabilizing the naira.
Recall that on Thursday, the CBN introduced new FX code guidelines and electronic FX matching to reduce speculation and enhance market transparency.
As the week closes, traders and investors are hopeful that these interventions will continue to stabilize the naira amid persistent currency fluctuations in the forex market.
Business
FG Exempts 63 Items From Value-Added Tax
The Federal Government of Nigeria has announced that 63 items have been exempted from Value-Added Tax (VAT) as part of ongoing efforts to stimulate economic growth and support key industries.
This was disclosed by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, in a post on X on Friday.
The exempted items are outlined in the “Value Added Tax (Modification) Order, 2024,” which was officially gazetted on September 3, 2024.
Read Also: Iran Defends Missile Strikes On Israel, Vows Continued Resistance
The exemptions primarily target goods and equipment related to clean energy and the oil and gas sectors, signaling the government’s commitment to transitioning to more sustainable energy sources and revitalizing the oil and gas industry.
This announcement came just two days after Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed the introduction of key fiscal incentives aimed at boosting Nigeria’s oil and gas sectors, both upstream and downstream.
The incentives include the VAT modification order and a notice of tax incentives for deep offshore oil and gas production, under the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order, 2024.
Here are all 63 items exempted from Value-Added Tax (VAT)
1. CNG/LPG Dual Fuel Vehicles
2. Dedicated LPG Vehicles
3. CNG/LPG Dual Fuel Vehicles Parts
4. Semi-knocked down units (for assembly) of CNG and LPG Buses
5. Parts and semi-knocked down units (for assembly) of Electric Vehicles
6. Electric Vehicles
7. Electric Vehicle Batteries
8. Electric Vehicle Charging Systems
9. Electric Vehicle Solar Charging Systems
10. LPG/CNG Conversion Kits
11. CNG Cylinders
12. CNG Cascades
13. CNG Dispensers
14. Gas Generators
15. CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers)
16. Steel Pipes
17. Steel Valves & Fittings
18. SS Tubes & Fittings
19. Storage Tanks (all sizes)
20. Regulators
21. CNG Pumps and Compressors (all types)
22. Steel
23. Pressure Relief Valves
24. Hydraulic Press/Rolling Machines
25. Heat Treatment Equipment
26. Liquid Level Gauges
27. Pumping Housing and Motors
28. Regulator Bodies
29. Pressure Gauges
30. Truck Chassis
31. Metering and Measuring Equipment (including weighbridges, filling scales)
32. Dispensing Equipment (dispensing scales, nozzles, gas filling systems)
33. Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)
34. Gas Water Heaters
35. Gas Burners for Industry
36. Gas Boilers
37. Gas Washing Machines and Dryers (launderettes)
38. Household or Laundry-type Washing Machines, including machines that both wash and dry
39. CNG, LPG, and Cryogenic Hoses
40. Tubes, Pipes, and Hoses, and Fittings (e.g., joints, elbows, flanges) of Plastics
41. CNG Truck Heads
42. Gas Leak Detectors
43. Gas Air Conditioners
44. Cylinder Refurbishment Equipment
45. Blending Skid/Unit
46. Odourizing Units
47. Chromatography Unit (GC)
48. LNG Liquefying Equipment
49. Heat Exchangers
50. LNG Vaporizers
51. Regassification Plant
52. Liquefied CNG Compression Terminals
53. LNG Plant, Machinery, Pumps, Compressors, Filters (including Gas Filters), Weighing Machines, Valves Equipment
54. Cryogenic Storage Tanks
55. Liquefied CNG Conversion Tanks
56. Pipes, Piping Fittings, and Flanges for LNG Processing
57. Electrical Equipment, including Cables for LNG Processing
58. Steel Plates, Angles, and Bars for LNG Processing
59. LNG-Related Chemicals
60. Biogas Digesters
61. Biogas Compressors
62. De-sulphurization Units
63. Distillation Columns for Processing Biofuels