E-Financial
AVPA, UNDP Partner to Grow Sustainable Finance in Africa

The African Venture Philanthropy Alliance (AVPA), a Pan-African network of social investors collaborating to mobilise and deploy capital for impact and the United Nations Development Programme (UNDP), through its Africa Sustainable Finance Hub (ASFH) and the flagship initiative SDG Impact, have partnered to promote sustainable finance in Africa.
The collaboration will support the African private sector to contribute to the Sustainable Development Goals (SDGs) and the African Union (AU) Agenda 2063. The collaboration kicks off with an SDG Impact Standards User Training for African Corporates.
The impact of the COVID-19 pandemic is felt hard in Africa: the continent’s GDP has declined by 2.1% per capita leading to the worst recession in 50 years. An estimated 20 million jobs were lost in 2020 alone, pushing up to 40 million people into extreme poverty.
This is over and above the pre-COVID-19 annual SDG financing gap estimated at between $500 billion – $1.2 trillion. In Africa, COVID-19 recovery is estimated to cost USD 153 billion. Currently, these financing needs cannot be met as the continent’s traditional sources of social investments, aid and government funding, are declining and under pressure.
This calls for us to broaden the funding base to include private financial and capital markets in a way that fosters the growth of fair, inclusive, and sustainable economies.
A shift of only 3.7% of the USD 100 trillion of assets held globally by institutional investors towards sustainable activities in developing countries would be sufficient to fill the USD 3.7 trillion annual global SDG financing gap.
“The AVPA-UNDP partnership engages corporate and industry leaders to raise awareness and facilitate understanding and practical skills about managing for impact and integrating sustainability at the core of decision-making practices through a common language.
This will address a systemic gap in the market that hampers impact measurement and management practices from going beyond reporting to decision making and recognizing the business case for the SDGs adoption amongst African corporates,” said Dr Frank Aswani, CEO of AVPA.
Dr Ayodele Odusola, Manager of the UNDP Africa Sustainable Finance Hub and Resident Representative for UNDP South Africa, added: “UNDP’s SDG Impact Standards are a ‘best practice’ guide for enterprises and investors to operate more sustainably and optimise their contribution to the SDGs.
“Our partnership with AVPA will provide the African private sector with a framework for integrating responsible business and impact management practices into their strategy, organisational systems and internal decision-making to optimise interrelated economic, social and environmental impacts”.
AVPA and UNDP will also leverage the UNDP’s SDG Investor Maps to showcase and analyse African SDG investment opportunities that will help shift the assets of corporate and private investors into SDGs.
The UNDP’s SDG Investor Maps is a market intelligence tool which aims to direct capital to the emerging markets where SDG priorities, government policy and market opportunity converge.
The SDG Investor Maps are housed digitally on the SDG Investor Platform, and also serve as the foundation to engage policymakers to support an enabling environment for SDG Investment across Africa.
E-Financial
World Bank Approves $300m Loan to Support IDPs in Northern Nigeria

World Bank has said that it has given approval of $300 million to fund a new project aimed at bolstering access to services and economic opportunities for internally displaced persons (IDPs) and their host communities in northern Nigeria.
In a release, the World Bank said the Solutions for the Internally Displaced and Host Communities Project (SOLID) was approved on August 7.
It stated that the project will adopt an integrated development strategy to help displaced persons and host communities transition from humanitarian aid to self-reliance and resilience.
It also said the ongoing conflict and insecurity in the region have displaced more than 3.5 million people, straining infrastructure and deepening competition for scarce resources in affected communities.
The bank said SOLID will build on previous government and partner interventions, including the multi-sectoral crisis recovery project (MCRP), which focused on emergency recovery.
“Key areas of focus include building climate-resilient infrastructure, promoting social cohesion, supporting livelihoods, and strengthening institutions to better respond to the pressures of forced displacement.
“We are glad to support this initiative which has a tremendous potential to help Nigeria in addressing development challenges associated with protracted displacement in a sustainable way,” Mathew Verghis, World Bank country director for Nigeria, said.
“The Project’s integrated approach which is aligned with the National IDP Policy and the FGN’s long-term development vision will ensure that IDPs and host communities can transition from dependency on humanitarian assistance to self-reliance and resilience which will open up better economic opportunities,” it added.
The World Bank, which noted that the cproject is expected to benefit up to 7.4 million people, of whom up to 1.3 million individuals are identified as IDPs, added that the project will be implemented through a coordinated, community-driven approach involving all tiers of government, with strong partnerships from international stakeholders.
E-Financial
UBA Unveils Revamped Website, Heralds New of Digital Experience

United Bank for Africa (UBA), Plc, Africa’s Global Bank, has launched its revamped Group website to enhance users’ digital experience.
The newly revamped website boasts of a faster, smarter, and more dynamic digital platform, designed to deliver live news updates, real-time Nigerian stock prices, and a world-class user experience among other world-class features.
The upgrade marks a significant leap in the bank’s digital transformation journey, setting new standards for speed, accessibility, and innovation in the African banking industry.
Alero Ladipo, group head, Marketing and Corporate Communication, UBA, who spoke excitedly about the revamped website, explained that the redesign focuses on simplifying user-journey, improving responsiveness across all devices, and incorporating a language-agnostic interface that caters to the bank’s diverse global audience.
She explained that with its sleek, intuitive layout and enhanced navigation, the site empowers customers, investors, and stakeholders to access critical information instantly – whether it is the latest market movements, breaking financial news, or UBA’s wide range of products and services.
Ms Ladipo said, “We are thrilled to unveil our new website, which represents a significant milestone in our digital transformation journey. Our goal is to provide a world-class digital experience that meets the evolving needs of our customers and stakeholders.”
Continuing, she added, “A major highlight of the upgrade is its speed, powered by an upgraded server infrastructure with enhanced load balancing to ensure minimal downtime and lightning-fast performance. By combining speed, accessibility, and live market intelligence, our new platform strengthens our position as an industry leader.”
She pointed out that the site also integrates automated news updates powered by International agency, Bloomberg and real-time stock prices tracking, ensuring visitors remain informed at all times.
Throwing more light on the new features, Amanda Oguamanam, head, Digital and Online Marketing, UBA, said; “We have transformed our website to be faster, cleaner, and more engaging, removing clutter by over 60%, upgrading servers for speed and reliability, streamlining navigation, and tailoring content to inspire global partners while making it easier for customers to find what they need.”
Other standout features, she added, include improved accessibility for users with disabilities, dark/light mode toggle, advanced search functions, and a simplified content structure, which are all designed to deliver an inclusive, modern experience for a global audience.
The revamped website is live and accessible at www.ubagroup.com.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.
Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
E-Financial
NBS Reports ₦6.72 Trillion VAT Haul as Tax Reforms Pay Off

Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise reflects stronger economic activity and improved tax collection efforts across key sectors.
VAT revenue showed consistent growth throughout the year. In Q1 2024, collections stood at ₦1.43 trillion. This rose to ₦1.56 trillion in Q2, representing a 9.09% increase. Q3 recorded ₦1.78 trillion, up 14% from the previous quarter, while Q4 peaked at ₦1.95 trillion, a 9.5% rise from Q3.
In Q4 alone, VAT collections totaled ₦1.95 trillion, with domestic VAT payments contributing ₦917.40 billion, non-import foreign VAT at ₦554.68 billion, and import VAT at ₦474.75 billion. Domestic VAT remained the largest source, indicating strong local business activity and consumer spending.
Several sectors posted significant quarter-on-quarter growth in Q4. Extraterritorial organisations and bodies saw a dramatic rise of 180.05%, followed by agriculture, forestry and fishing at 70.83%, and human health and social work at 46.13%. These gains suggest increased operational scope, improved compliance, and possibly targeted government incentives.
However, not all sectors fared well. Households as employers and self-use production contracted by 28.97%, while the information and communication sector declined by 23%. The drop in ICT may reflect shifting market dynamics or regulatory headwinds affecting digital services.
Overall, the surge in VAT revenue signals a positive fiscal outlook for Nigeria, with implications for budgetary planning, infrastructure investment, and social services funding. It also highlights the importance of sector-specific monitoring to sustain momentum and address emerging challenges.
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