Finance: UK Launches £100 million MOBILIST Funding to Unlock Investments

The total listing is valued at NGN 64 billion ($41 million), with InfraCredit raising NGN 27 billion ($17.7 million) in new equity.

The Nigerian government has estimated that over $2.3 trillion in investment will be needed between 2021 and 2043 to close the country’s enormous infrastructure gap, but the long-term capital needed is not available in the local banking market.

InfraCredit helps to overcome this challenge by issuing Naira-denominated guarantees that help to mitigate risk for investors and improve the creditworthiness of Nigerian infrastructure debt instruments.

These guarantees attract Nigerian institutional investors – like pension funds and insurance firms – and enable them to invest in instruments used to finance infrastructure projects.

InfraCredit has used guarantees to secure an infrastructure project pipeline of over NGN750bn ($500 million).

However, through listing on the NASD with MOBILIST’s backing, it has now attracted direct equity investment from two pension funds, which will enable it to expand its capacity to extend even more guarantees for new projects.

MOBILIST ’s investment will also support InfraCredit’s green growth strategy to transition its portfolio toward greater investment in renewable energy sources.

As part of its growth ambitions, InfraCredit will explore a listing on the Nigerian Exchange (NGX). MOBILIST previously announced a partnership with NGX to enable greater investment toward achieving the United Nations Sustainable Development Goals (SDGs) through listed products.

This partnership forms part of the UK’s continued commitment to supporting Nigeria in developing its capital market.

Mr. Jonny Baxter, British Deputy High Commissioner in Lagos, commented: 

“InfraCredit’s success highlights the power and impact of long-term partnerships, and the UK via the Foreign Commonwealth and Development Office (FCDO) is proud to have played a key role in not just the creation of InfraCredit through the Private Infrastructure Development Group (PIDG), but its continued growth. This transaction illustrates the potential of public markets to mobilise domestic capital at scale.  By listing with the backing of MOBILIST, InfraCredit will enable local institutional investors to benefit from the growth opportunities presented by sustainable infrastructure development in their own market while ensuring that the local firms driving these projects can access the capital they need.” 

Mr. Chinua Azubike, InfraCredit CEO, commented:

“This moment marks the beginning of a new chapter for InfraCredit. We are pleased with the confidence reposed in us by our new domestic institutional investor shareholders alongside the UK Government through MOBILIST, and our transition to a listed public company with access to equity capital markets. This reflects our ambition to build a deeper, more inclusive capital market for domestic resources that accelerates infrastructure delivery in Nigeria in line with our mission to unlock long-term local currency infrastructure finance. By broadening our ownership and adhering to public market standards, InfraCredit aims to create long-term impact by strengthening investor confidence as a trusted catalyst for sustainable infrastructure finance as we navigate the pathway to growth and scale.”

InfraCredit was established in 2017 by GuarantCo, a Private Infrastructure Development Group (PIDG) company, and the Nigerian Sovereign Investment Authority (NSIA) to deepen domestic debt capital markets for infrastructure finance and unlock long-term infrastructure financing in Nigeria.

It was the first of several such entities in other countries, including InfraZamin in Pakistan and Dhamana in Kenya.

InfraCo Africa, another PIDG company, became an investor in 2020. InfraCredit has since put in place financing partnerships with UK entities British International Investment (BII) and Financial Sector Deepening Africa (FSDA).

Business success and sustainability have become inextricably linked; however, the definition of the latter is not as simple as it seems. For one, sustainability extends to include companies’ most valuable assets, its people.

As a global company with a presence in over 100 countries, Schneider Electric is consistently driving conversations around sustainability at the highest levels of leadership.

We proactively engage with C-suite executives and other stakeholders who, regardless of their geographical location, have ambitious sustainability goals.

Whether in Botswana, Namibia, Zimbabwe, or Zambia, we see businesses setting targets that align with global climate action plans and the United Nations’ Sustainable Development Goals (SDGs).

These companies recognise the importance of collective action in addressing the challenges our world faces today, and they are increasingly committed to driving sustainable transformations in their operations.

However, it’s crucial to acknowledge that Africa faces unique hurdles. For many countries in this region, the order of priorities, as described by Maslow’s Hierarchy of Needs, often means that basic needs—such as access to reliable electricity—are still unmet for a large portion of the population.

In some Southern African countries, electricity grid connectivity ranges between 40% to 70%, starkly contrasting the near-universal grid access enjoyed by most European nations.

Within this context, moving communities from coal- or wood-fired heating and cooking appliances to electricity, regardless of the energy source, is already an important step forward.

Furthermore, Africa has a youthful population, representing a sizeable portion of the globe’s youth demographic.

This presents unique and exciting prospects for implementing sustainability throughout the continent’s growing business landscape.

Schneider Electric’s commitment

At our Anglophone Africa operations, our annual One Voice survey consistently shows that our commitment to sustainability is a key driver of employee satisfaction.

Schneider Electric’s focus goes beyond green energy; we embrace diversity, inclusion, and responsible business practices, ensuring that sustainability is not only about the planet but also about the people who inhabit it.

And isn’t this the essence of sustainability—ensuring that businesses contribute positively to environment as well as the well-being of their workers, communities, and customers.

It’s about creating value for people as individuals, enhancing their health, well-being, skills, and employability, and providing them with opportunities for growth and advancement.

Thus, organisations like Schneider Electric have a responsibility to contribute to this broader approach to sustainability.

By aligning our operations with the UN’s SDGs, we are committed to ensuring that our business practices not only generate shareholder value but also respect the environment, support local communities, and create meaningful work for future generations.

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Ozakpo made this statement while speaking at the Industrial Trust Fund & Trinity University Conference/Workshop 2024, held recently, at Drapers Hall, Institute of African Studies, University of Ibadan.

The conference, themed “Exploring the Prospects of Attaining the Sustainable Development Goals in Africa: Imperatives for Human Capital Development,” convened experts to discuss innovative strategies for addressing Africa’s socio-economic challenges through human capital development.

The event was proudly sponsored by STSL and HumanManager Limited.

In his address, Ozakpo underscored the centrality of human capital development to the SDGs, stressing that the goals lose their significance without a focus on people.

He remarked, “If you take the humans out of the SDGs, they mean nothing. These goals are all about addressing human challenges, and the most effective way to tackle those challenges is to invest in improving the human being. A ripple effect begins with just one person or one effort, ultimately transforming entire communities.”

Echoing the emphasis on human capital development, Prof. Clement Olusegun Kolawole, the vice-chancellor of Trinity University, highlighted the indispensable role of education in achieving sustainable development during his welcome address.

He stated:

“Without investing in human capacity development and leveraging education, sustainable development remains unattainable. The inability of many African countries to achieve the SDGs in 2015 was largely attributed to the failure to deploy education as a driving force. This realization must serve as a clarion call for nations to prioritize human capacity development as the cornerstone of progress.”

Prof. Kolawole’s remarks reinforced the need for strategic investment in education to address Africa’s developmental challenges and accelerate progress toward achieving the SDGs.

Showcasing SystemSpecs’ contribution to advancing the SDGs, Ozakpo highlighted the transformative role of technology in creating sustainable systems:

“At SystemSpecs, we are digitising communities, helping them move from manual to digital systems. Starting with schools like Trinity University, we are enabling seamless interactions between students, and management, and creating inclusive, safe, and sustainable environments aligned with SDG 11.”

He noted that digitisation is not just a tool but a catalyst for innovation, creating opportunities for more efficient systems and inclusive growth.

He further underscored the transformative role of the organisation in bridging gaps across sectors and highlighted the use of innovative solutions like Remita, HumanManager, Pouchii, and Deelaa to digitise processes, enhance financial inclusion, and improve resource management.

“By empowering individuals and institutions with these tools, SystemSpecs is creating inclusive and sustainable systems that align with global SDG targets,” Ozakpo noted.

Addressing the evolving needs of the tech-savvy Gen Z demographic, Ozakpo stressed the importance of academia embracing technology to ensure education remains relevant.

“With 90% of students on campuses today being Gen Z, academia must embrace technology to engage them. If we fail to meet them where they are, we risk making education irrelevant to their lives and aspirations,” he remarked.

Ozakpo also reflected on the broader implications of leveraging innovation to tackle critical challenges in healthcare, governance, and agriculture.

He called for unified action among academia, industry, and policymakers to unlock Africa’s potential, asserting that human capital is the continent’s greatest resource.

The Industrial Trust Fund & Trinity University Conference/Workshop 2024 provided a platform for thought leaders, academics, and policymakers to explore strategies for human capital development and sustainable progress.

Ozakpo’s presentation reaffirmed that Africa’s development requires the collective effort of academia, industry, and government to create partnerships that drive lasting change.

By working together and leveraging technology, innovation, and education, we can achieve the SDGs and build a sustainable future for the continent.

Health systems in Sub-Saharan Africa are failing to meet the needs of adolescent girls and young women: the prevalence of unwanted and unintended pregnancies among this population is at 30 per cent whereas a  further 20 percent involuntarily give birth before their 20th birthday.

But the big question remains, despite all the massive investments in women and girl’s health over the past 20 years coupled by deliberate pro-adolescent campaigns, why does it feel like the path is getting harder and that we are being forced to retrace our steps? How can we change the trajectory of Women and Girls’ health in Africa?

It is heartening that during the 79th United Nations General Assembly in New York, governments and philanthropies committed approximately $350 million USD in new investments to expand access to family planning and sexual and reproductive health services.

This is a key milestone since by 2030, African adolescents will make up over 24 percent of the global youth population. Presently, the lives lost and at risk are in the millions with most lives lost being women and girls.

The future is not promising as the immediate geo-political shifts and the rising dangers of climate change and its disproportionate effect on women and girls in low and middle-income countries are fast deteriorating.

Against these ever-evolving dynamics, and competing public health challenges, governments are overstretched and overburdened.

However, the organisations and businesses who operate in the communities in which these African adolescent girls live are strongly positioned to complement government services and ensure that the health and wellbeing of this significant segment – the future of our societies isn’t neglected.

There is an urgent need and opportunity to focus on girl-centered, innovative financing models, such as blended or outcomes-based financing as implemented in Ethiopia and Kenya by Tiko.

To do this, we need to incentivise and motivate new players to enter the space, to convince them that SRHR is not only good for health outcomes but is also good for business. We know this approach works from our experiences at Brands on a Mission which leveraged multi-sector platforms in Kenya, Tanzania, Uganda and Zambia.

We know that no issue can be solved alone and that there is no single panacea to fix this.

But there is room for everyone – and we need everyone – as the issue is too big to do it alone.

First, the world must build multi-sectoral teams of committed collaborators drawn from the public and private spheres that can be incentivised to finance impact investment initiatives that address these issues for adolescent girls.

Secondly, we need to form bold new coalitions through transformative partnerships that are rooted in a shared mission that transcends the boundaries of any single organisation, public or private, to drive systems change whereby adolescents’ SRHR is everybody’s business.

Thirdly, we need to inculcate new social norms that speak on the issues and barriers that adolescent girls face, and influence change of perceptions on how businesses can effectively and sustainably contribute to SRHR outcomes.

Fourthly, let us move beyond traditional boundaries and dare to collaborate in new and unexpected ways to develop the type of platforms or coalitions that will allow private, public and social sectors to join forces and scale up innovative financing models that will secure the future of SRHR for African communities.

Lastly, we call upon you – businesses, industry leaders, funders, donors, governments, civil society – to collectively commit to develop, invest and implement new innovative financing and partnerships models that catalyse and enable sustained financing for SRHR in Sub-Saharan Africa. We need to protect our African societies – and most of all our adolescent girls – so that they can flourish and thrive and fully live out their hopes, desires and dreams.

*Professor Sidibe is the founder and Chief Mission Officer, Brands on a Mission and Serah Malaba is the Chief Impact Officer, Tiko.

For businesses, especially in Africa, the importance of CSR programs cannot be overstated. These initiatives are essential elements that help in better and effective growth of these communities, who in turn help the businesses thrive.

CSR programs are necessary components of a company’s identity and reputation. They reflect a business’s obligation to address social, environmental, and economic challenges within the communities it serves.

Investing in CSR initiatives helps companies promote goodwill, build trust, and enhance brand loyalty among stakeholders, including customers, employees, and investors.

The first step in developing impactful CSR programs is to identify the specific needs and priorities of the communities where the company operates.

Conducting thorough needs assessments and engaging with local stakeholders, including community leaders and grassroots organizations, helps ensure that CSR initiatives are relevant, impactful, and sustainable in the long run.

The Latest CSR Trend in Fintech: How Technological Companies Help Build a More Sustainable Future

Building Strategic Partnerships

Collaboration is essential to the success of CSR programs. Strategic partnerships with NGOs, government agencies, and other stakeholders will enable companies to leverage expertise, resources, and networks to maximize the impact of their initiatives. These partnerships also facilitate knowledge sharing and promote collective action towards common goals.

Promoting Employee Engagement and Volunteerism

Employee engagement is a cornerstone of effective CSR programs. Encouraging employees to participate in volunteer activities and community service projects brings about a sense of purpose and fulfillment as well as strengthens bonds within the organization.

In ensuring employees make a difference in their communities, companies can create a culture of social responsibility and positive inspiration.

Measuring and Evaluating Impact

To affirm accountability and transparency, it is essential to establish strong monitoring and evaluation mechanisms that will be used to measure the impact of CSR programs. The definition of clear metrics and performance indicators enables companies to assess the effectiveness of their initiatives, identify areas for improvement, and demonstrate tangible outcomes to stakeholders.

Embracing Sustainable Development Goals (SDGs)

Aligning CSR programs with the United Nations Sustainable Development Goals (SDGs) provides a framework for addressing global challenges and contributing to broader societal objectives.

As companies focus on specific SDGs relevant to business and communities, they amplify their impact and contribute to a more sustainable and inclusive future for all.

Drawing inspiration from successful CSR initiatives can guide companies looking to create impactful programs.

It takes a holistic approach to create impactful CSR programs, emphasizing community engagement, collaboration, and sustainability.

This involves understanding local needs, building strategic partnerships, promoting employee engagement, and embracing the principles of sustainable development.

Companies can leverage resources and expertise to boost sustainable development in the communities they serve, leading to economic growth and social progress.

CSR has become very important in driving inclusive and equitable development. It is a core tenet of business philosophy, helping companies impact lives and lift a more sustainable future for generations to come.

According to this integrated marketing expert, machine learning algorithms now have the foolproof ability to predict potential risks based on historical data and past occurrences.

She maintained that this feat allows organizations to proactively address risks before they escalate and communicate with relevant stakeholders in a more informed manner and in the nick of time.

Recall that Omolaraeni Olaosebikan last year won a contract with The Meteorological Office UK (Met Office) to develop improved communications practices on flood crisis information and work out meaningful risk communication strategies to mitigate perennial flooding in Nigeria.

The project is being sponsored by the UK Foreign Commonwealth and Development Office (FCDO) and it is expected to bring together several relevant government agencies, like NIMET, NASRDA, NIHSA, NEMA, etc while also engaging in some desk-based research and consultations.

She said: “Artificial Intelligence (AI) has revolutionized risk communication by enabling organizations to analyze data, predict risks, and communicate with stakeholders more effectively with precision to solutions.

“In recent times, I have been involved in flood management, and natural disaster studies with the MET Office and FCDO which you are aware of and I desire I go steps further to be more involved in ways to help the vulnerable people amongst us. Those who day-to-day live in abject poverty and deprivation because of what natural disasters, pandemics, and other related crises have done to them and the government possibly not even looking to help their needs and preferences.”

The very engaging session took a better part of the female CEO’s time on Thursday even as she professionally responded to how to mitigate social vulnerability through AI-assisted risk communication strategies.

Her words,

“Risk communication essentially relies heavily on data analysis to identify potential threats, trends, and patterns. As I’ve said previously, AI-powered tools can process vast amounts of structured and unstructured data from various sources, including social media, news articles, and reports, to uncover valuable insights. By analyzing this data, organizations can gain a better understanding of emerging risks and tailor their communication strategies accordingly.

“AI’s predictive capabilities are invaluable for risk communication. Machine learning algorithms can predict potential risks based on historical data and past occurrences. This foresight allows organizations to proactively address risks before they escalate and communicate with stakeholders in a more informed manner.”

Fielding questions on empowering vulnerable communities with risk communication and AI technology strategies for resilience and safety, the McEnies Global Communications CEO reacted and said:

“AI can seamlessly help to mitigate the risks identified by providing recommendations, actions, and solutions. It can equally use data-driven awareness to suggest the best ways to reduce or eliminate the risk and create safety nets for the target or vulnerable segments of society. The aggregates of insights drawn from this can ultimately help to either enforce policies through government agencies or legislation from the Parliament, or run advocacy programmes to deepen the right message and techniques for the target groups and relevant stakeholders especially during, before, or after emergency situations.”

While stressing on risk communication and AI technology strategies and dose for saving social vulnerability, Omolaraeni gave this submission to the media:

“I’m not here to stir any scare, but the reality is that the fourth industrial revolution is in full swing, bringing with it a wave of technological advancements that have the potential to reshape every aspect of human life across the globe. Artificial Intelligence is at the forefront of this revolution, promising to transform various sectors and drive inclusive growth. In Africa, could the adoption of AI and related technologies accelerate the continent’s development and help to achieve the United Nations Sustainable Development Goals (SDGs)? The answer is: Yes!”

“Natural disasters are inherently unpredictable, but their consequences can be mitigated through early intervention and effective preparedness. These events can have devastating economic, social, and environmental impacts. Preventing natural disasters or minimizing their damage is a global imperative. AI, with its ability to process vast amounts of data, analyze patterns, and make real-time predictions, will definitely revolutionize our approach to disaster prevention.

“Before delving into the ways AI can assist in disaster prevention, it’s crucial to understand the nature of these events. Natural disasters are broadly categorized into geological, meteorological, hydrological, and climatological phenomena. Earthquakes, volcanic eruptions, and tsunamis fall under geological disasters, while meteorological disasters include hurricanes, tornadoes, and blizzards. Hydrological disasters involve floods and landslides, and climatological disasters encompass droughts, heatwaves, and wildfires.

“One of the most crucial aspects of disaster prevention is providing early warnings to vulnerable populations. AI-powered systems can process data from various sources, including weather sensors, satellites, and social media, to detect early signs of impending disasters. For example, in the case of hurricanes, AI algorithms can analyze atmospheric data to predict their path and intensity accurately. These predictions enable authorities to issue timely warnings and evacuate individuals at risk-prone areas and saving countless lives”

In the aspect of enhancing social vulnerability with AI Technology and risk communication, she noted; “Data-driven artificial intelligence technologies are progressively transforming the humanitarian field, the use of digital technologies in humanitarian action again should not be seen as a new phenomenon. Yet, contemporary advances in computational power, coupled with the availability of vast amounts of data, have allowed for more widespread use of digital technologies in the humanitarian context.

“The COVID-19 pandemic has further accelerated the trend of using digital technologies to help maintain humanitarian operations. AI is broadly understood as a collection of technologies that combine data, algorithms, and computing power. These technologies based on my understanding consist of software and possibly also hardware systems designed by humans that, given a complex goal, act in the physical or digital dimension by perceiving their environment through data acquisition, interpreting the collected structured or unstructured data, reasoning on the knowledge, or processing the information, derived from this data and deciding the best action to take to achieve the given goal and mitigate against disaster.”

On the need to bridge the gap and explore the intersection of AI technology and risk communication, she said;

“Globally, modern workplaces are undergoing a profound digital transformation, and of course here in Nigeria, we shouldn’t be caught napping. In line with this global shift, we must start to recognize and utilize the unparalleled value of AI’s capabilities.

These capabilities bring enhanced operational procedures, heightened productivity upscale success stories, and a growing range of innovative service offerings.

As AI systems become increasingly integrated, we must learn to follow the trend, reshaping the foundation of communication in risk and disaster management, know how to predict right, and cater to diverse needs and preferences.

This transformation weakens the traditional ties within incumbent financial institutions and paves the way for entirely new operational models.

“AI is reshaping the landscape of risk communication, empowering organizations to analyze data, engage with stakeholders, and respond to crises more effectively. By harnessing the potential of AI and upholding ethical standards, organizations can enhance their risk communication strategies and build stronger relationships with stakeholders in today’s rapidly changing world. As technology continues to evolve, AI’s role in risk communication will become more significant, making it an indispensable tool for modern risk managers and communication professionals. And for us at McEnies Global Communications we’re moving at the speed of light to meet up with contemporary standards in tandem with global best practices,” Omolaraeni Olaosebikan stated.

If the continent is to meet the United Nations’ Sustainable Development Goals (SDGs) of ending poverty in all forms by 2030, then it’s clear that efforts must be redoubled with a focus on innovative solutions that make a tangible difference in people’s lives.

On that front, access to finance is critical. It allows people to take out the loans they need to become homeowners or to study, for example. But it also allows entrepreneurs to access the funding they need to grow their businesses.

The formalisation that comes from that access, meanwhile, can make it easier for businesses to take advantage of tax incentives and subsidies, further bolstering their growth.

Fortunately, there are a few organisations across the continent that have found innovative and exciting ways of providing Africans with access to finance. In doing so, they’re not simply replicating what has worked elsewhere.

Instead, they’re taking an approach that recognises the on-the-ground realities of finance in Africa and makes extensive use of the tools that ordinary Africans use most.

A massive need 

Before taking a deeper look at the approach some of those organisations are taking, it’s worth exploring how big of an issue access to finance currently is across Africa.

According to World Bank data, just 35% of people over the age of 14 in 28 sub-Saharan African countries had formal bank accounts in 2021.

Of course, that average isn’t evenly distributed. Countries with mature formal financial sectors such as Mauritius (nearly 90%) and South Africa (now at 85%) have much higher rates of account holders than the likes of Sierra Leone and Guinea (both under 14%).

Even when you take mobile money – Africa’s biggest financial inclusion success story – into account, 57% of Africans do not hold any kind of bank account, according to Africa Tech. Finding ways of shifting those numbers is absolutely crucial to alleviating poverty and changing lives.

In addition to the examples I’ve already mentioned (of people taking out loans for themselves and businesses) there are a number of ways that access to finance can be transformative.

Take savings for example. With easy access to financial products, people can save more easily and securely. That, in turn, makes it easier for them to ride out emergencies, invest in their own and their children’s future, and even eat healthier.

But it also allows people to access government assistance without having to stand in long queues, easily accept remittances from family members working abroad or in another part of the country, and access other financial services such as insurance.

Meeting the need with mobile 

Unsurprisingly, one of the most powerful tools in addressing this need for financial inclusion is the mobile phone. In countries with high mobile penetration rates such as South Africa, Kenya, and Nigeria, it’s common for people who might not even have access to electricity at home to have a mobile phone.

As a consequence, mobile money has been a vital enabler for millions of poor people in Africa who do not have access to formal financial services like banks.

With mobile financial account ownership and usage continuously rising, it’s becoming the preferred account compared to traditional bank accounts in some places.

Innovative financial solutions like mobile money play a significant role in improving the lives of many people in urban and rural areas.

In the past, that was simply down to the fact that it enabled people to send and receive money. But it’s evolved beyond that, giving people access to subscription services and even to sell goods and services across international borders.

MFS Africa has played a particularly important role in driving that evolution. MFS Africa is the largest digital payments hub on the continent. It works closely with mobile network operators, money transfer organisations and financial institutions to bring simple and relevant financial services to unbanked and underbanked clients.

Since its founding, it has connected more than 400 million mobile money accounts and 200 million bank accounts.

Additionally, it has helped empower more than 200 000 mobile money agents in Nigeria along with more than 260 000 clients and businesses across the continent. And by the fact that it operates across more than 600 payment corridors, it’s made it much easier for people to send and receive money no matter where it comes from or where it’s going. 

Building a brighter financial future 

With mobile penetration and rates of connectivity in Africa growing all the time, the role of mobile-first financial services will only grow more important. Indeed, there is no doubt that they will be vital if the continent is to reap the full benefits of financial inclusion.

We’ve seen first-hand, through MFS Africa and other portfolio companies, how important innovation is to building that inclusion.

It’s something that we’ve long believed in and which forms part of our mandate as a financing provider but it’s also something we’ll keep driving long into the future.

The Foundation recently convened leaders, experts, decision-makers, and youth in New York for a series of events in the lead up to the halftime marker on the UN’s goal to achieve education for all by 2030.

A common consensus from all, was that ‘urgent action’ is needed to support the enrolment of more than 250 million children and youth around the world who remain excluded from education

As a key enabler of other SDGs, SDG4 is focused on ensuring inclusive and equitable quality education and lifelong learning opportunities for all but time is now running out to deliver this goal, warns EAA.

Dr Mary Joy Pigozzi, Director of Educate A Child, a programme of EAA Foundation, said:

“The global report card may not read well today, but tomorrow we can do better. We all agree that without more funding and more creative implementation, the world simply will not be able to deliver education for all children by 2030.”  

As a major player in global education, EAA Foundation has invested over USD $1.2 billion in marginalised children and youth in over 60 countries, since 2012. Through strategic partnerships the Foundation has leveraged a further USD $1.5 billion, more than doubling its own commitment. This has directly led to Education Above All (EAA) Foundation surpassing 15.7 million enrolment commitments for out-of-school children and youth in 56 countries.

The current funding shortfall needed to reach global education targets by 2030 is a staggering USD $148 billion. Developing countries’ total public debt increased from 35% of GDP in 2010 to 64% in 2022 according to the United Nations Conference on Trade and Development (UNCTAD), hampering efforts to fund education.

“Debt is a millstone around the neck of developing countries. To properly finance education needs, we must explore more new innovative approaches including debt cancellation and/or restructuring. We urge donor countries to increase their voluntary contributions to education” says Dr Pigozzi.

EAA Foundation has made strategic contributions of over $383 million to United Nations (UN) agencies: UNICEF, UNESCO, the Office of the UN High Commissioner for Human Rights (OHCHR), the UN Development Programme (UNDP), UNRWA, and the Office of the UN Coordinator for Humanitarian Affairs (OCHA). This funding has benefited children in countries with urgent needs such as the Democratic Republic of Congo, South Sudan, Syria, Yemen and Myanmar.

EAA Foundation’s Chairperson, Sheikha Moza bint Nasser, speaking in New York on the International Day to Protect Education from Attack, said that the private sector should also play its part: “Today, I call on the powerful tech companies, who tell us that their products transform our worlds and our lives for the better. I call on them to help us. I call on them to offer real solutions. I call them to disrupt the cycle so that every child can be educated.”

Meanwhile expert panels convened by EAA Foundation in the margins of the UN General Assembly also found that trust funds, results-based financing and greater efficiency enabled by technology, could also help unlock the financing needed to enable education for all.

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Pan-African civic society and the private sector have launched a Pan African youth volunteer scheme for African youth to drive social impact.

Development organization LEAP Africa has partnered with material science manufacturer DOW Africa to unveil the fourth edition of the Youth Day of Service (YDoS), a Pan-African youth-led social impact campaign.

The month-long event aims to engage 7000 youths in volunteerism and community service to help promote achievement of Sustainable Development Goals (SDGs).

In the previous three years, it has impacted a population of 6 million individuals in 24 African countries and completed 600 SDGs projects.

Speaking at the unveil announcement in Nairobi, LEAP Africa Executive Director Kehinde Ayeni said that the event will bring together youth and high-level stakeholders from relevant industries across Africa through community activations from August 12-31, 2023.

“One of our strategic pillars at LEAP Africa is to raise talents for the actualization of the SDGs. This campaign is a demonstration of our commitment to youth-led actions for Sustainable Development across Africa. We believe in the power, voices, numbers and agency of young people coupled with engagement platforms to retool youth with the skills that can shape SDGs implementation across the continent. We are fostering partnerships to bring the achievement of the goals closer.”

Attaining the SDGs is critical for the African continent than any other region in the world.  According to the United Nations, 70% of Africa’s population, or 1.2 billion people, are under the age of 30.

Mumbi Keega, DOW Africa’s Public Affairs Lead-Africa said: “Dow is committed to fostering positive change and building resilient and sustainable communities in Africa. We believe that this can only be achieved by working together with the African youth, who are vital to promoting social welfare. Through our partnership with LEAP Africa, we are supporting the Youth Day of Service (YDoS) initiative, which empowers young people to use their skills and talents to make a difference in their communities. We are proud to be a part of YDoS and to support the next generation of African leaders who are working to create a more sustainable and equitable future for all.”

Africa’s largest economy will need at least $300 billion (₦127,850,970,900) to accelerate SDGs.

SDGs are a collection of 17 interlinked global goals designed to be a blueprint to achieve a better and more sustainable future for all.

Matthias Schmale, United Nations Resident and Humanitarian Coordinator, Nigeria, said aside from the funds to close gaps, there is a need for the elimination of silo executions and embracing collaborations by all sector players.

“Also, there is the need for intensive partnerships among African leaders across the public and private sectors including the civil society groups to aid the achievement of not just the 2030 goals but also, the African Union’s 2063 goals.

Schmale referred to the economic regression across Africa occasioned by the pandemic, the volatilities caused by the Ukraine war, and the fact that there is still 8 years to go before 2030.

However, the Nigerian government has reiterated that it is committed to achieving the SDGs and their effective implementation.

Vice President, Yemi Osinbajo said: “Nigeria has established six SDGs innovation hubs, one in each geo-political zone; this provides an opportunity for states to leverage and dialogue with all relevant stakeholders to accelerate innovative solutions, prioritizing social protection as a tool to overcome the bottlenecks and expanding financing options to accelerate the achievement of SDGs in Nigeria.

“Permit me to let you know that since the adoption of the AU Agenda 2063 and the UN Agenda 2030, the Nigerian Government has embarked upon a process of domesticating these agendas at the national and sub-national levels.

“Interestingly, the new National Development Plan 2021-2025 has strategies that aim at achieving the targets set under each of the goals in both Agendas while the capacities of policymakers are being strengthened to ensure their implementation in an integrated and coherent manner in order to facilitate an inclusive implementation process across all relevant sectors.”