EU Business News Q1 2019

EU BUSINESS NEWS / Q1 2019 5 NEWS , The African Development Bank ( w w w . A f D B . o r g ) and the Economic Community Of West African States Commission (ECOWAS) have signed an agreement for a study into a 1,000 kilometre highway linking Cote d’Ivoire’s commercial capital Abidjan, to Lagos in Nigeria, marking a new step in building regional integration and trade. The proposed Abidjan-Lagos Corridor Highway, a six-lane (3- lane dual) motorway, will connect the countries via Ghana (Accra), Togo (Lomé) and Benin (Cotonou). The agreement signed Monday for a study on the technical, implementation and operational aspects of the project, comes nearly five years after the presidents of Côte d’Ivoire, Ghana, Togo, Benin and Nigeria, signed a treaty on the establishment of the highway in March 2014. Jean Claude Brou, President of the ECOWAS Commission, Vice President of the ECOWAS Commission Finda Koroma, the Nigerian Ministry of Power, Works and Housing and Chairman of the Ministerial Steering Committee for the Abidjan-Lagos Corridor Highway Development Program, Babatunde Raji Fashola, attended the ceremony, which took place in Abuja, Nigeria. European Union (EU) Head of Co-operation in Abuja Kurt Cornelis, together with other relevant stakeholders, were also present at the event. The Bank has approved a financing package of US$12.6 million to finance part of the study for project and mobilized a Euro 9.1 million grant from the EU Commission, bringing the total financing for this important study, to US$22.7 million. By linking some of Africa’s largest and economically dynamic cities, the road will promote cross-border trade and integrate fast-growing economies within the ECOWAS. This is expected to contribute to reducing the poverty levels of the population that depends on inter regional trade for livelihood. Ebrima Faal, Senior Director of the Bank’s Nigeria office noted that “the Bank remains fully committed to the 2020 ECOWAS Vision. “We will work closely with the public and private sectors to unlock new sources of growth for Africa, while reducing inequality between countries and within countries. Together, we can unlock the enormous potentials of the West African region and deliver on the Sustainable Development Goals for the region,” Faal said. UK-based Azuri Technologies, a leader in pay-as-you- go solar technology, and First Bank of Nigeria Limited today announced a unique part- nership that will help deepen financial inclusion in Nigeria while bringing affordable, reliable and clean power to millions of Nigerians. Under the partnership, Azuri’s solar home TV product will be co-branded and co-marketed by FirstBank and Azuri. Pay-as- you-go customers will be able to pay for their solar via FirstBank’s Firstmonie agent network and mobile payment solution. Firstmonie agents are positioned within rural and semi-urban locations across the country and provide basic financial services such as account opening, cash deposit, cash withdrawals and bill payments. More than 60 million of Nigeria’s roughly 200 million people do not have bank accounts and as little as 6% of people have a mobile mon- ey account. (World Bank 2018). Speaking on the partnership, Az- uri CEO Simon Bransfield-Garth and FirstBank CEO Adesola Adeduntan stated the partnership was a positive step in providing much needed energy and ena- bling access to financial services in rural, low-income areas. “This partnership combines the reach of FirstBank with Azuri’s technology and pay-as-you-go solar expertise to bring next generation power to off-grid African Development Bank, Economic Community Of West African States Commission (ECOWAS), sign agreement for study on Abidjan-Lagos Corridor Highway The proposed Abidjan-Lagos Corridor Highway, a six-lane (3-lane dual) motorway, will connect the countries via Ghana (Accra), Togo (Lomé) and Benin (Cotonou). consumers in Nigeria” said Azuri CEO Simon Bransfield-Garth. “Azuri and FirstBank share the vision of a level playing field where all consumers have the ability to benefit from modern financial and digital services, regardless of where they live and this agreement is another step in making that vision a reality.” According to FirstBank CEO Adesola Adeduntan, “Finan- cial inclusion is a priority with FirstBank and we are excited that with this partnership, our customers are able to access a wide range of services that address real problems such as access to power. With our over 16,000 Firstmonie Agents spread across the length and breadth of Nigeria, our customers are at an advantage in enjoying seamless financial services from the Bank that puts them first.” From solar home lighting to solar satellite TV, Azuri systems are designed to deliver world class performance at an affordable price for all customers that ex- perience irregular power supply. Customers make small weekly or monthly payments to unlock their system and power. Pay-as-you-go solar is transform- ing lives by providing energy for lighting, phones and TVs while helping boost local economies with new employment oppor- tunities and connecting off-grid households to financial and digital services that are help- ing improve productivity and increase income.