TodayPrice

Author: Val Kosi

  • Polymarket user loses $114,000 on $100k Bitcoin price bet 

    Polymarket user loses $114,000 on $100k Bitcoin price bet 

    The month of November is gone and bitcoin did not hit the $100,000 price mark.

    This is sad news to some Polymarket users who placed huge bets on Bitcoin surpassing $100,000 in November.

    Traders who hedged their bets on Bitcoin hitting $100,000 in November have been liquidated as the asset did not achieve that fit despite coming as close as $99,000.

    Towards the end of the month, Bitcoin surged to an all-time high of $99,655, increasing the chances of hitting the $100,000 price level to 91%, on Polymarket.

    The 91% chance on Polymarket attracted lots of traders who put in their funds on the likelihood of the event occurring.

    However, that did not take place as Bitcoin faced a steeped correction dropping as low as $90,800 on Nov.27 before bouncing back.

    Bitcoin closed November around the $98,000 price range liquidating the bets of traders who hedged their money on the asset crossing the $100,000 mark in the month.

    Heavy Liquidation as a 91% odd fails  

    A 91% odd on Polymarket was enough to convince people to go big on their bets. A Polymarket user with the name TomApproves placed a $114,000 bet while another placed a $56,000 bet on the same event.

    Both users got liquidated as Bitcoin failed to cross the target within the month.

    The Total trading volume of the event hit $28.5 million according to Polymarket.

    $100,000 Price level In December poll surges to 71% 

    Another poll placing Bitcoin to hit $100,000 this month is currently live and has surged from 19% to 71%.

    The poll has already surpassed $14 million in trading volume at the time of the report.

    • Another Poll places a 40% chance of Bitcoin falling to the $90,000 price level.
    • Bitcoin started Monday morning surging to $98,150 but at the time of the report has dropped to $95,229. its 24-hour trading volume sits at $66 billion at the moment.

    Some Analysts still believe Bitcoin will hit the $100,000 mark in the last month of the year. Robert Kiyosaki a leading financial voice believes the asset will drop to as low as $65,000 before crossing the $100,000 mark.

    What to Know  

    Polymarket is a leading crypto-based online prediction site where users can hedge their bets on the outcome of live events.

    The platform surged to prominence during the US election cycle where it accurately predicted the outcome of the US elections days before the election.

    Polymarket however faces an existential crisis as analysts worry the platform might lose relevance Post US election due to a scarcity of reasonable world events to hedge bets on.

    I am Michael Ndu-Okeke, a crypto reporter and analyst covering the intriguing world of Cryptocurrencies and its market. My work focuses on informative news, industry trends and research explaining the crypto industry to a wide range of readers.

     
  • Australia introduces skilled refugee labour agreement pilot program

    Australia introduces skilled refugee labour agreement pilot program

    Australia has introduced a new pilot program to help businesses access skilled talent from refugee and displaced communities. The Skilled Refugee Labour Agreement Pilot allows employers to sponsor skilled individuals for positions in various industries. This initiative provides an opportunity for refugees who have marketable skills but face challenges in meeting visa requirements.  

    According to Australia’s Department of Home Affairs, The pilot will run until June 30th, 2025, with 500 visa places available. 

    Pilot program overview  

    The program was developed in collaboration with Talent Beyond Boundaries (TBB), an organization dedicated to helping refugees find skilled work. Through the pilot, businesses can tap into a pool of skilled refugees registered with TBB’s Talent Catalog. These refugees include professionals such as doctors, engineers, software developers, and skilled tradespeople. Many of them are highly qualified but face significant barriers when trying to access employer-sponsored migration pathways. 

    Details inform that TBB will assist businesses with identifying qualified candidates, guiding them through the visa application process, and providing support once the candidate arrives in Australia. Employers and refugees interested in participating must register with TBB, which will endorse both the businesses and the skilled individuals for the program. 

     

    Visa programs available for employers and refugees 

    Employers participating in the pilot can sponsor refugees for various skilled visa programs, including the Employer Nomination Scheme (ENS), Temporary Skill Shortage (TSS) visa, and Skilled Employer Sponsored Regional (SESR) visa. Employers can also offer positions to refugees on a permanent or temporary basis, with potential pathways to permanent residency after a few years on a provisional visa.  

    The program also includes several concessions to make it easier for businesses to hire skilled refugees. For example, businesses do not need to conduct labor market testing, and the sponsoring employer will determine whether the candidate has the required skills for the position.  

    Additionally, businesses can benefit from a reduction in the income threshold when hiring refugees for certain skill levels. This means they can pay refugees slightly lower salaries than usual, making it more affordable for employers to hire skilled refugees, particularly for jobs with lower income expectations. 

    Eligibility and requirements for employers and refugees 

    To participate, employers must meet several criteria, including being an active, registered business in good standing in Australia for at least 12 months. They must also demonstrate financial viability and comply with sponsorship obligations, which include paying the sponsored refugees a full-time salary and ensuring that their working conditions are no less favorable than those for Australian workers. 

    Refugee applicants must be under 55 years old (except for those applying for a TSS visa), meet health and character requirements, and demonstrate functional English. There is no need for them to provide a skills assessment or work experience; the sponsoring business will evaluate whether the refugee has the necessary qualifications for the job. 

    Support for refugees and employers post-arrival 

    Once a refugee arrives in Australia, sponsoring employers will provide support to help them settle into their new roles and lives. This includes coordinating with TBB and related organizations to assist with the transition. Additionally, the program offers concessions like an increased age limit and a reduced income threshold for employers hiring refugees in specific sectors such as aged care. 

    This pilot program not only helps businesses address skill shortages but also provides skilled refugees with an opportunity to contribute to the Australian economy. The collaboration between Talent Beyond Boundaries and employers intends to foster a more inclusive and diverse workforce in Australia while supporting the long-term success of refugees in their new homes. 

    For more information, businesses and refugees are encouraged to visit:https://immi.homeaffairs.gov.au/visas/employing-and-sponsoring-someone/sponsoring-workers/nominating-a-position/labour-agreements/skilled-refugee-labour-agreement-program 

    If you have specific questions about the pilot before registering your interest, email info@talentbeyondboundaries.org. 

  • Shettima launches ‘Grand Challenges Nigeria’ to revolutionize healthcare with local solutions

    Shettima launches ‘Grand Challenges Nigeria’ to revolutionize healthcare with local solutions

    Vice President Kashim Shettima has launched ‘Grand Challenges Nigeria’ (GCNg), a national innovation programme aimed at revolutionizing Nigeria’s healthcare landscape through locally developed solutions.

    The initiative, which is part of the global Grand Challenges network, will focus on maternal and child health challenges in the first phase.

    Launching the initiative on Monday at the Presidential Villa, Abuja, Shettima  said to the audience that the initiative became necessary following an urgency occasioned by the rapid pace at which the world “is evolving in the realms of science and technology.” 
    He emphasized the importance of contextualizing solutions to national challenges, citing this as “a cardinal message” of President Bola Ahmed Tinubu’s administration, just as he said the initiative will promote groundbreaking research and build local expertise, among others.

    In a statement issued by his spokesman, Stanley Nkwocha, Shettima said: “This initiative is more than a response to problems; it is an avenue to promote groundbreaking research, build local expertise, form strategic partnerships, and engage communities in co-creating culturally relevant solutions,” Shettima said.

    He explained that the programme will integrate with existing government healthcare initiatives, including the Nigeria Health Sector Renewal Investment Initiative (NHSRII) and the Nutrition 774 programme.

    “What Grand Challenges Nigeria promises is transformative: a Nigeria where every child has access to proper nutrition, where every family can rely on the quality of our healthcare system, and where our public health metrics continue to improve year after year,” Shettima noted.

    Call for proposals and global integration
    The Vice President also announced an immediate call for proposals on “Advancing Innovative Solutions for Maternal, Newborn, and Child Health, while explaining that the initiative will address various challenges, from infectious diseases to food security and climate resilience.

    “Our gateway to innovation is rooted in recognising our place within the global community,” he stated, adding that “we must believe that our progress is intertwined with the progress of the rest of the world.”

    Shettima emphasised that the Tinubu administration is “steadfast in its resolve to provide the support needed to turn our aspirations into lifelines for our people.”

    The Vice President expressed anticipation for witnessing the ingenuity of Nigeria’s best minds, “whose innovations will receive the funding and support they deserve through this initiative.”

    In his keynote remarks, Minister of Innovation, Science and Technology, Chief Uche Nnaji, said the Grand Challenges Nigeria is aimed at developing local solutions to critical issues confronting Nigerians.

    The Minister noted that the model aligns with President Bola Ahmed Tinubu’s 8-point agenda using innovation to drive prosperity and growth, and in the process, empowering researchers and innovators.

    Stakeholders endorse initiative
    Chief Nnaji said the ministry remains committed to fostering growth, using innovation, even as he assured that the Grand Challenges Nigeria will prioritise key goals investment in education and environmentally sustainable projects, among others.

    On his part, the Chairman of the House of Representatives Committee on Nutrition and Food Security, Hon. Chike Okafor, commended the commitment of the Vice President and the dedication of the Federal Government to the launch of the initiative, noting that the programme would go a long way in complementing existing efforts in addressing food insecurity and malnutrition in Nigeria.
    He pledged the support of the House of Representatives for the Grand Challenges Nigeria framework, especially as it impacts food security and nutrition across the country, noting that he was looking forward to a rewarding collaboration with stakeholders to deliver on its vision.
    In his remarks, the Chairman of the Board of Trustees, Nutrition Society of Nigeria, His Highness, Muhammad Sanusi II, said the responsibility of addressing the issues of malnutrition and food insecurity requires focused efforts and collective actions, which, according to him, the Grand Challenges Nigeria initiative is designed to contain.
    He expressed hope that by adopting the framework of the Grand Challenges Nigeria, Nigerians would be at the forefront of finding solutions to problems in the country, thanking the Federal Government for believing in the efficacy of the initiative.
    The chairman commended the leadership of the Vice President as chairman of the Nutrition Council of Nigeria and a key promoter of advancing nutrition and related agenda across the country.
    In the same vein, the President of the Nutrition Society of Nigeria, Prof. Salisu Abubakar, commended the leadership demonstrated by the Vice President in the launch of the initiative, noting that it would help address health challenges by leveraging locally resourced and researched solutions/approaches.

    He pledged the support of the society in ensuring that solutions adopted through the programme are inclusive and adaptable to Nigerians, especially in improving their health and wellbeing.

  • FG disburses N1.3 billion grant to empower small business owners in Borno

    FG disburses N1.3 billion grant to empower small business owners in Borno

    The Federal Government has disbursed N1.3 billion through the Presidential Conditional Grant Scheme (PCGS) to support small business owners in Borno State.

    The scheme, implemented in collaboration with the Borno State Government and the Bank of Industry (BoI), aims to empower nano-businesses across the state, stimulating economic growth and creating vital opportunities for local entrepreneurs.

    Governor Babagana Zulum, represented by the Permanent Secretary for Establishment and Service Matters, Abubakar Muhammed, announced the disbursement during the Federal Government’s town hall meeting on loans and grants in Maiduguri on Friday, as reported by the News Agency of Nigeria (NAN).

     “The Federal Government has disbursed N1.3 billion to support the growth of small enterprises in Borno. 

    “The amount was disbursed under the Presidential Conditional Grant Scheme (PCGS), to bolster nano-businesses in 27 local government areas of the state,” the NAN report read in part. 

    The grant is part of the Federal Government’s ongoing efforts to rebuild and stabilize Borno in the aftermath of the insurgency. It specifically targets small-scale traders, artisans, ICT operators, eatery owners, and transporters across 27 local government areas of the state.

    According to the NAN report, each eligible beneficiary has been awarded N50,000 to help enhance their business operations and improve their capacity to thrive amid a challenging economic climate.

    More Insights  

    Mr. Muktar Musa, the Bank of Industry (BoI) Manager in Maiduguri, disclosed that the Federal Government has disbursed over N40 billion out of the approved N50 billion to support nano-businesses across all 774 local government areas nationwide.

    He further explained that the Presidential Conditional Grant Scheme (PCGS), launched as part of the post-subsidy recovery efforts, is aimed at reaching one million beneficiaries.

    • Musa provided an update on the scheme’s progress, noting that N10 billion had been allocated to the North-West, N6.6 billion to the North-Central, N5.9 billion to the North-East, and N4.8 billion to the South-East, benefiting a total of 96,000 individuals across 95 local government areas.
    • He also highlighted that the initiative has extended support to 117,000 beneficiaries in 123 local government areas in the South-South, and 146,000 recipients across 137 local government areas in the South-West.
    • Notably, women and youth account for 70% of the beneficiaries, while 10% are persons with disabilities, 5% are senior citizens, and 15% belong to other demographic groups.

    To date, the program has empowered 810,945 Nigerians, reinforcing the Federal Government’s commitment to supporting local economies and vulnerable populations.

    Musa emphasized that beneficiaries were selected based on criteria including possession of a Bank Verification Number (BVN), National Identification Number (NIN), and evidence of a registered business premise.

     

  • Nollywood’s piracy issue indicates a distribution problem – Barr. Isioma Idigbe

    Nollywood’s piracy issue indicates a distribution problem – Barr. Isioma Idigbe

    Nigeria’s film industry, Nollywood, stands as a pillar of African storytelling, culture, and economic potential, capable of delivering over 200% returns with the right investments.

    However, its growth is hindered by piracy, which highlights a deeper issue: the lack of robust distribution infrastructure necessary to fully monetize its demand.

    At the recent African Film Finance Forum (AFFF) in Lagos, industry experts highlighted how piracy—often seen solely as a threat—actually points to a supply-side issue that requires immediate attention.

    “Piracy proves there is demand; the issue lies in supply,” explained Barrister Isioma Idigbe, Partner at Punuka Attorneys & Solicitors. “Without strong distribution channels, we’re failing to fully monetize the market’s appetite for Nollywood content.” he noted.

    Moses Babatope, CEO of NILE Group, shared that while streaming platforms created excitement around Nollywood in recent years, their recent pullback serves as a reminder of the industry’s reliance on traditional distribution models like cinemas.

    “We got carried away by the streaming bubble,” he noted. “But the reality is that cinemas remain the cornerstone of sustainable film industries globally.” 

    Babatope highlighted the resilience of the Nigerian box office, which has seen significant growth despite macroeconomic challenges.

    “In 2024, we’re looking at N12 billion to N13 billion in box office revenue, with local films accounting for over 55% of this.

    “That’s a historic milestone, but it’s clear we need to bring cinema closer to underserved audiences if we’re to sustain this momentum,” he said.

    He also stressed the need for localized solutions, such as leveraging existing community centers and youth clubs to make cinema more accessible and affordable.

    More insights

    The consensus among panellists was that Nollywood’s future depends on a balanced approach to funding, with equal emphasis on production and distribution.

    Ben Murray-Bruce, Founder of the Silverbird Group, called for increased government support.

    “The film industry isn’t just about entertainment—it’s a critical value chain like manufacturing,” he said. 

    Murray-Bruce urged financial institutions to prioritize funding for cinemas, arguing that doing so would create jobs, drive economic growth, and make Nollywood more resilient.

    “If the government can fund non-performing refineries, it can certainly invest in an industry with a return on investment potential,” he added.

    • Mary Ephraim-Egbas, convener of AFFF, echoed these sentiments, stressing the importance of collaboration between the entertainment and financial sectors. She also emphasized partnerships with telecom companies to expand distribution and combat piracy.

    “The African film industry generates over $20 billion annually, employing thousands of people,” Ephraim-Egbas noted. “This is the right time to bridge gaps in the value chain and unlock Nollywood’s full potential.” 

    • Idigbe concluded with a broader perspective, comparing Nigeria’s challenges to those of Brazil and South Africa, where foreign content dominates.
    • However, she showed an opportunity for Nigeria to become a hub for international production, particularly as global markets look to reduce costs.

    “We have the talent, the audience, and the demand,” Idigbe said. “What we need now is an ecosystem that supports distribution, making it easier for Nigerians to access and enjoy local content while ensuring investors see meaningful returns.” 

    • By addressing the supply-side constraints highlighted by piracy, Nollywood can move from being a rising star to a global powerhouse in the entertainment industry.

    Deborah Dan-Awoh is a seasoned lifestyle analyst with a knack for storytelling. The focus of her work covers people, money and culture as it relates with business and economy. When she’s not keeping tabs on the latest trends in lifestyle and finance- Deborah enjoys networking with industry experts to gain insight into major markets as it affects the populace

     

  • Nasarawa state reviews public health bills to strengthen health security

    Nasarawa state reviews public health bills to strengthen health security

    Nasarawa State has announced the review of its public health bills to strengthen health security and improve healthcare services for residents.

    The bills under review are the Nasarawa State Public Health Security Bill and the Public Health Bill.

    The Attorney General and Commissioner for Justice, Labaran Magaji, revealed this development during a four-day stakeholders’ meeting held on Monday in Nasarawa.
    The meeting focuses on refining the bills to strengthen the state’s health security framework.

    The initiative is a joint effort by the Nasarawa State Ministries of Justice and Health, in partnership with Orixine Consulting and Resolve to Save Lives (RTSL).

    The proposed bills aim to close gaps in the state’s legal framework, aligning it with international health regulations and national health security standards.

    Magaji stressed the urgency of updating the laws, underscoring that the health and well-being of citizens remain the state’s top priority.

    Aligning with global health standards
    “Revising these laws would not only ensure compliance with national and international standards but also enhance the state’s preparedness to prevent and respond to public health emergencies,” Magaji stated.

    Dr. Gwamna Shekwonugaza, the Commissioner for Health, represented by Mrs. Naomi Oyegbenu, reiterated the goal of creating practical and enforceable laws that could make a real difference in people’s lives.

    “Our goal is to create laws that are not only theoretical but also practical, enforceable, and capable of making a tangible difference in people’s lives,” Shekwonugaza noted.

    Commendations from national and global experts
    Mr Yenan Sebastian, Director of the Subnational Support Department at the Nigeria Centre for Disease Control (NCDC), commended Nasarawa State for setting a precedent in public health.

    “The state’s proactive approach to legal reform in health security was commendable and essential for building resilience against emerging health threats,” he noted.

    Similarly, Emem Udoh, Senior Legal Advisor at Resolve to Save Lives (RTSL), emphasized the importance of robust and actionable legislation.

    He expressed optimism about the outcomes, stating that strong legal frameworks were the backbone of effective public health systems.

    Mr Audu Arome, Executive Director of Orixine Consulting, highlighted the significance of stakeholders’ engagement in legal reforms.

    He noted that inclusive participation ensured comprehensive and considerate laws that catered to all facets of public health.

    The meeting, which will run until November 21st, aims to refine a set of bills ready for legislative action, demonstrating Nasarawa State’s commitment to prioritizing public health.

     

     

  • UK aims to attract 50 million international visitors by 2030

    UK aims to attract 50 million international visitors by 2030

    The United Kingdom is aiming to draw 50 million international visitors annually by 2030, a key target to strengthen its position as a leading global tourist destination.

    This goal is part of a new effort to expand and enhance the country’s tourism sector, which officials say will also contribute to economic growth.

    According to a report from TravelBiz, the UK’s government is focused on increasing tourism numbers, expanding beyond London, and ensuring the sector’s long-term growth.

    The country’s tourism minister, Chris Bryant, revealed the plans during the Tourism Alliance conference in London.

    He highlighted the importance of the tourism industry in driving economic expansion and outlined several initiatives to help meet the ambitious target.

    New council to lead tourism expansion 

    One of the central elements of the new plan is the formation of a Visitor Economy Advisory Council, which will be co-chaired by Minister Bryant, TravelBiz informs.

    It is noted that the council will play a key role in coordinating efforts between the government and industry stakeholders.

    Bryant emphasized the need for collaboration to achieve the target and develop a comprehensive National Visitor Economy Strategy, which will be unveiled next autumn.

    “The UK has great potential as a top tourist destination, and we must work together to make that happen,” Bryant said. The council will be tasked with supporting the development of the strategy, which will outline the specific steps needed to increase international tourism and ensure benefits are felt across the country. 

    Efforts to promote regional tourism 

    While London remains a major draw for tourists, the UK government is committed to expanding tourism opportunities beyond the capital.

    • The new strategy aims to promote tourism across other regions and cities, offering a more diverse experience for visitors. To achieve this, the government plans to invest in several areas.
    • According to reports, enhanced marketing campaigns will be launched to showcase the UK’s varied cultural offerings, while tourist boards will be reformed to better support regional tourism growth.
    • There will also be an increased focus on addressing skills gaps within the sector, with new training programs designed to prepare the workforce for the anticipated increase in visitors.

    Focus on economic growth and global competition 

    Reports inform of tourism’s vital contribution to the UK economy, generating £74 billion annually and accounting for 4% of the country’s Gross Value Added (GVA).

    • With 38 million international visitors in 2023, the sector is already showing signs of recovery after the impact of the COVID-19 pandemic.
    • However, officials are hopeful that the sector can reach new heights, surpassing the 41 million visitors recorded in 2019.
    • The government believes that tourism’s growth will not only benefit the economy but also create jobs and support businesses across the country.
    • Expanding the tourism market to include more regions is seen as a way to share economic benefits more evenly, ensuring that the positive impacts of tourism are felt throughout the UK.

    Impact on visitors and the travel industry 

    For international visitors, reports supply that the government’s plan promises more travel opportunities and access to a wider range of destinations.

    • As part of the effort to promote regional tourism, visitors can expect to explore new areas beyond London and experience the unique cultural offerings of the UK’s other cities and regions.
    • To support this growth, the government also plans to improve infrastructure and services. Visitors can look forward to better travel facilities, smoother transportation, and enhanced services, all aimed at improving the overall tourist experience.
    • TravelBiz further informs that the UK is expected to streamline its visa processes, making it easier and more efficient for international travelers to visit the country.
    • This move, as revealed, could simplify the visa application process and provide more straightforward travel options for those looking to visit the UK.

    With collaboration between the government and tourism stakeholders, these initiatives are expected to position the UK as an even more attractive destination for international travelers.

  • EU, Enugu State launch N3.33bn ‘Solar for health project’ to power 25 Primary Healtchcare Centres

    EU, Enugu State launch N3.33bn ‘Solar for health project’ to power 25 Primary Healtchcare Centres

    he European Union (EU) and the Enugu State Government have initiated a N3.33-billion Solar for Health Project to electrify 25 Primary Healthcare Centres (PHCs) across the state.

    This initiative also saw the inauguration of the Enugu State Solar for Health Project Steering Committee, chaired by the State Commissioner for Health, Prof. Emmanuel Obi, to ensure the project’s sustainability.

    The launch was part of an EU project titled “Nigeria Solar for Health Programme (NISHP)” which aims to provide 24-hour electricity to over 100 healthcare facilities in five states—Enugu, Ogun, Plateau, Abia, and Akwa Ibom.

    The NISHP will run from 2024 to 2027, the program is designed to strengthen Nigeria’s healthcare system by deploying sustainable solar power solutions.

    Enugu State, being the first to contribute a counterpart fund of N1 billion, is a priority state in the project’s implementation.

    EU commitment to Sustainable Development Goals
    Speaking at the launch held at the Old Government Lodge, Enugu, Mrs. Inga Stephanowicz, Head of Green and Digital Economy for EU Nigeria and ECOWAS, said the project was aimed at bringing electrification to communities, especially health facilities.

    Many primary health centres in the country lack basic amenities and are in need of electrification,” Stephanowicz said adding that five states in the country would benefit from it.

    Stephanowicz stated, “Enugu is one of the first states that volunteered and made the necessary commitment to become a priority state in the EU intervention.”

    She further explained, “Enugu state will get N3.33 billion from the EU support as the state government has paid counterpart fund of N1 billion and when you multiply this amount by the five states, that is the amount we are spending on the project.”

    She emphasized that the initiative is one of the UN Sustainable Development Goals (SDGs) of providing basic health, community services and electrification needed for people to live, become healthy and raise families.

    “We are championing an all stakeholders-driven model where local businesses will be connected to as the solar project will be powering both health facilities and SMEs around it.”

    “This means that we are not electrifying only health facilities but businesses around it too. One of those businesses will be a telecom tower to improve telecommunication in that facility,” Stephanowicz added.

    Enugu Governor reaffirms vision for better healthcare
    Governor Peter Mbah, represented by Prof. Chidiebere Onyia, Secretary to the State Government, in a keynote speech, emphasized the project is a step in the collective journey toward the attainment of SDGs and improved healthcare delivery for citizens.

    “It is a quick reminder that the challenges in the primary healthcare and energy access are interconnected and require innovative and collaborative solutions,” Mbah noted, disclosing that the State had long been committed to improving healthcare outcomes and addressing the energy deficit.

    He further explained, “We are taking a bold step toward ensuring that our primary healthcare facilities have reliable, sustainable and uninterrupted energy supply.”

    He emphasized that the initiative aligns perfectly with our administration’s vision to enhance people’s lives. “The deployment of solar energy in our healthcare facilities means that critical health services will no longer be disrupted due to outages.”

    Also speaking, the Programme Manager, Energy Access, EU Nigeria, Mr Godfrey Ogbemudia revealed that the EU has invested €20 million in Nigeria’s power sector both off-grid and renewable energy between 2008 to 2020 and an additional €37 million for new energy access programmes from 2021 to 2027.

    He assured that by 2030, more than 100 million Nigerians would have access to electricity through the project.

    Sustainability at the core of the project
    Mr Tinyan Ogiehor, the Senior Stakeholder, and Engagement Manager of NISHP, explained that NISHP was funded by the EU in collaboration with the Enugu State Government to particularly improve health outcomes in the state.

    He further mentioned that the project was designed with key elements of long-term sustainability, hence the need to electrify productive load sers, as well as have the government provide counterpart funds.

    “The EU is providing funds for solar PV, batteries, and inverters for a minimum of 25 health facilities in Enugu State, spread across 17 Council Areas,” he added.

     

  • Holcim to exit Nigeria sells major stake at Lafarge Africa to Huaxin Cement for $1bn

    Holcim to exit Nigeria sells major stake at Lafarge Africa to Huaxin Cement for $1bn

    Swiss building materials giant, Holcim AG has announced the sale of its Nigerian business to China’s Huaxin Cement Co. in a deal valued at $1 billion.

    This transaction involves Holcim’s 83.81% stake in Lafarge Africa PLC, and it is expected to close in 2025, pending regulatory approvals.

    This was disclosed in a statement issued by Holcim on Sunday.

    The company is divesting its stake in Lafarge Africa as part of its strategy to streamline its portfolio and focus on core markets.

    “Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81% shareholding in Lafarge Africa PLC, at an equity value of USD 1 billion on a 100% basis.  

    The transaction is expected to close in 2025, subject to customary and regulatory approvals,” the company stated.

    Details of the deal 

    The divestment in Nigeria aligns with Holcim’s plans to spin off and list its North American business in the US next year.

    • The company aims to capitalize on strong demand in the North American market driven by a housing shortage and regulatory pressures for sustainable construction materials.
    • The deal forms part of the company’s broader strategy to streamline its portfolio by shedding non-core assets.
    • The sale is in line with Holcim’s focus on optimizing operations and expanding in markets where demand for its products, such as roofing and energy-efficient building materials, is growing rapidly.

    • Previous disposals in Africa 

      This sale is not Holcim’s first divestment on the continent. In 2021, Holcim closed the sale of its business in Zambia, representing a 75% stake in the company, to the Chinese cement group Huaxin for an enterprise value of USD 150 million for 100% of the company.

      The deal was closed following approvals from Chinese and Zambian authorities.

      Holcim’s CEO, Jan Jenisch, described the divestment as part of the company’s transformation towards becoming a leader in sustainable building solutions, enabling investments in growth opportunities, and praised Huaxin as a trusted partner suited to advancing the Zambian business.

      “This divestment is another step in our transformation to become the global leader in innovative and sustainable building solutions giving us the flexibility to continue investing in attractive growth opportunities. Huaxin has been a trusted partner for many years and we see the company as an ideal owner to further develop the business in Zambia.” 

      The sale of Holcim’s business in Zambia follows the divestment of the Indian Ocean cluster, which was closed at the end of October 2021. Since 2019 the company has achieved over USD 3.1 billion in divestments.

      What you should know 

    • Holcim AG is a Swiss-based global leader in building materials and sustainable construction solutions.
    • The company specializes in cement, concrete, aggregates, and innovative building products, with a strong focus on sustainability and recycling.
    • The company has over 70,000 employees worldwide.

     

  • Canada pauses new applications for refugee sponsorship program 

    Canada pauses new applications for refugee sponsorship program 

    The Government of Canada has announced a temporary halt on new applications for the Private Sponsorship of Refugees (PSR) Program from Groups of Five and community sponsors.

    This decision, effective from November 29th, 2024, until December 31st, 2025, aims to address the growing backlog of applications and improve processing times for applicants and sponsors.

    In Canada, the “Group of Five” refers to a group of five or more Canadian citizens or permanent residents who come together to privately sponsor a refugee. They are responsible for helping the refugees settle in Canada by providing financial and emotional support for at least one year. 

    Canada’s PSR Program has been helping private groups sponsor refugees for over 40 years, offering them a fresh start and support for integration. However, its growing popularity has led to a surge in applications, causing processing delays. Immigration, Refugees and Citizenship Canada (IRCC) reports that the increasing backlog is now a significant challenge.

    “Processing times have become increasingly lengthy, creating uncertainty for both refugees and their sponsors,” IRCC said in a statement.

    Challenges faced by the PSR program   

    • The PSR Program, which has been a cornerstone of Canada’s humanitarian immigration efforts, now faces pressures due to the high number of applications.
    • INC reports that the application inventory has grown faster than it can be processed, and the demand for spaces in the program exceeds the current limits set by Canada’s Immigration Levels Plan.
    • As a result, IRCC has decided to suspend new applications from Groups of Five and community sponsors until December 2025. This will allow the system to catch up with the existing workload and improve the predictability of processing times.

    What does the pause mean for sponsors and refugees?   

    • Reports inform that the pause directly impacts Groups of Five and community sponsors, who will not be able to submit new refugee sponsorship applications during the suspension period.
    • However, this decision does not affect applications already in the system.
    • Refugees whose applications have been submitted before November 29th, 2024, will continue to be processed. In addition,
    • Canada plans to resettle 23,000 privately sponsored refugees in 2025, reaffirming its commitment to meeting targets under the Immigration Levels Plan.

    Why the pause is necessary   

    The government’s decision to pause new applications aims to balance the demand for the PSR Program with the capacity to process applications.

    The current backlog has created delays, which can be stressful for both refugees and their sponsors. The pause is part of an effort to stabilize the program, ensuring that Canada can meet its resettlement goals without further increasing the backlog.

    IRCC has indicated that it will use this time to consult with stakeholders about possible improvements, including digital solutions and more efficient processing systems.

    The future of refugee sponsorship in Canada  

    While the pause is temporary, it raises questions about the long-term future of Canada’s PSR Program.

    Advocacy groups and sponsors have long pushed for reforms to make the system more efficient. IRCC has expressed its intention to use the suspension to explore these reforms and make the program more responsive to the needs of refugees.

    “This measure is about ensuring fairness and efficiency in the system,” IRCC said, adding that it is a necessary step to build a stronger program that can serve both refugees and sponsors effectively in the future.   

    Despite the suspension, INC reports that Canada remains committed to humanitarian efforts and will continue to lead in resettling refugees.

    While some groups may find the pause disappointing, it provides an opportunity for the government and stakeholders to work together to improve the PSR Program.

    What to know 

    • New applications for the PSR Program from Groups of Five and community sponsors will not be accepted from November 29th, 2024, to December 31, 2025.
    • Existing applications will continue to be processed, and 23,000 privately sponsored refugees are expected to arrive in 2025.
    • The pause will allow IRCC to address the backlog and improve processing times.
    • Future discussions will focus on potential reforms to the PSR Program, including digital solutions and more efficient processing systems.