The Gothenburg Print Professionals Association of Nigeria (GUPPAN) has called for an urgent intervention in Nigeria’s printing sector, adding that the country is losing estimated N1 trillion in revenue.

Addressing a press conference in Abuja, Adekinle Adebambo, president of GUPPAN, said the situation has even worsened as all the three major printing press in the country have become moribund.

“As we speak today, the problem of the printing industry requires urgent national intervention because on an average, we are losing a revenue of about N1 trillion as a result of our inability to revive our printing sector which would have generated revenue,  create jobs and attract investments.

“If addressed and revitalised, we can stop the constant importation of books and other printed materials as our research shows that we spend over N200 billion annually to import books and other printed materials.

“Today, when you go to the airports, you will see cargoes bringing in books; in the seaport same thing. This needs to stop and it starts with efforts to revitalize large printing presses,” he said.

He advised the federal government to come up with a national policy on printing  “where it will address core issues such as standardisation and technological investment, because if every student in secondary school buys nine books and we have 250,000 students in each local government, the policy will drive huge investments and job creation.”

Hydro Electric Core Generator has emerged as the winner of the Renewable Energy Innovation Challenge 2024, earning accolades for its innovative approach to addressing Nigeria’s pressing electricity deficit.

Out of 12 groundbreaking projects that made it to the final stage, including solutions like Waste2Light, Agroflow, and SunPod, the Hydro Electric Core Generator clinched the top spot for its unique, scalable approach to hydroelectric power generation.

Agroflow was named the Audience Favorite for this year’s competition, while E-Waste2E-Access took second place, with Loopbox securing the third position.

James Emmanuel Ikenna, the visionary founder of the Hydro Electric Core Generator, expressed his deep commitment to improving energy access in Nigeria.

“Nigeria has the highest number of people without access to electricity in the world, with over 86 million people still without power,” Ikenna said.

He believes that his innovation could bridge this gap, particularly in rural areas where access to conventional power sources is limited.

Unlike traditional large-scale hydroelectric generators that require extensive infrastructure and large dams, Ikenna’s Hydro Electric Core Generator is designed for smaller-scale, affordable deployment.

The device operates using a pump inside a tank, which transfers water to a small receiver tank acting like a capacitor, smoothing the flow of DC current.

This design eliminates the need for fuel, relying solely on water that recycles within the system, making it not only sustainable but highly cost-effective.

The Hydro Electric Core Generator’s 3kVA model, estimated to cost around N200,000 to build and around N220,000 to N230,000 to purchase, could provide a viable power source for low-income households and communities.

“You don’t need fuel, just water, which is reserved within the system,” Ikenna noted, emphasizing its affordability.

In his acceptance speech, Ikenna expressed gratitude to Consumer Advocacy and Empowerment Foundation (CADEF) and Jacob’s Ladder Africa for supporting him, while also appealing to the government, private sector, and funders to help bring his vision to life.

“This project should be made available for rural communities with limited energy access,” he urged.

“Electricity fosters great research and can drive technological advancement in society.”

In her opening remarks, the executive director, CADEF, Prof. Chiso Ndukwe-Okafor, said today concluded the three-week Renewable Energy Innovation Challenge, an initiative designed to foster clean energy solutions from innovators across Nigeria.

Held in partnership with Kenya-based organization Jacob’s Ladder Africa, the Innovation Challenge aims to equip young Nigerian entrepreneurs with the skills, mindset, and resources needed to develop sustainable, climate-friendly business ideas.

“We launched this challenge as a platform for participants to refine their ideas with the help of mentors and industry experts,” said Prof. Ndukwe-Okafor.

“Some participants brought new concepts, while others refined existing ones. Today, we’ve seen a variety of presentations that reflect the depth and creativity in Nigeria’s clean energy sector.”

Prof. Ndukwe-Okafor therefore tasked the innovators on mindset adjustment, adding that, “Without a shift in perspective, we risk following the same ineffective paths that have held back our country.

“By building the right business and financial structures, we aim to position these entrepreneurs for success and sustainability.”

Through this innovation challenge, CADEF and JLA envision creating a generation of Nigerian entrepreneurs equipped not only with innovative solutions but also with the resilience and skills to sustain and scale their businesses, ultimately contributing to Nigeria’s energy independence and economic growth.

Karen Chelangat, Chief Innovation Officer at JLA, emphasized the importance of partnerships in tackling the significant challenges across Africa.

“The challenges in Africa require collaboration among people and organizations with aligned values and visions for socio-economic gains across the continent,” she said.

“Nigeria, with its large population and vast pool of young talent, is a key player in driving impactful solutions for the region. CADEF stood out as a partner with whom we share a commitment to equitable and socio-economic empowerment.”

Chelangat spoke about JLA’s ambitious goal to create 30 million jobs in Africa’s green economy by 2033. “Africa faces high unemployment, yet global investment in the green economy is accelerating,” she noted.

“In 2022, the U.S. invested as much in renewable energy as it did in fossil fuels, signaling the global shift. Our mission is to prepare young Africans to tap into these opportunities.

“We’re focused on empowering them with skills in renewable energy, water and waste management, and sustainable food systems.”

Gaji Omobolaji Tajudeen, Permanent Secretary of the Office of Environment Services, Lagos, therefore urged the young innovators to seize the moment.

“Your ideas are not just concepts; they have the potential to reshape communities and create sustainable futures.

“We must innovate for today while considering the long-term impacts on our society, economy, and environment,” he stated.

FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.

This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.

The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.

“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”

FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.

The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.

The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.