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Africa largest beneficiary of GEF funding – Official

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The Global Environment Facility (GEF), a family of funds supporting environmental action globally, says African countries are the largest beneficiaries of its funding for sustainable environmental projects.

Ulrich Apel, GEF Senior Environmental Specialist, disclosed this on Monday while responding to questions on mechanisms for accessing environmental finance.

Apel said Africa had received about 30 per cent of GEF funding, ahead of Asia, which received 18 per cent, and Latin America and the Caribbean, which received 15 per cent.

“First of all, we have programmes that cover all the available funding. We programme all of our available funding, and in fact, the African region is the largest beneficiary of our funding, having received about 30 per cent of the funds, followed by Asia with 18 per cent, and Latin America and the Caribbean with 15 per cent,” he said.

He was responding to PREMIUM TIMES’ questions about how African countries, including Nigeria, could more easily access GEF funding.

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According to him, African countries are a particular focus of the GEF’s funding because of the region’s vulnerability to land degradation, desertification and drought, which are central issues at the ongoing United Nations Convention to Combat Desertification (UNCCD) COP17.

“So, I don’t think the problem is necessarily the accessibility of funds, because we programme all the funding that we have available,” Apel said.

The disclosure came as governments, financial institutions and businesses at UNCCD COP17 in Mongolia intensified efforts to mobilise finance for land restoration and drought resilience.

Finance takes centre stage at COP17

24 August was designated as Finance Day at UNCCD COP17 in Ulaanbaatar, Mongolia, with discussions across meeting rooms and the plenary hall focused on mobilising public and private investment for land restoration and drought resilience.

The 17th Conference of the Parties to the UNCCD is placing particular emphasis on rangelands — including drylands, grasslands, shrublands, wetlands and deserts — which cover more than half of the Earth’s land surface.

Despite their importance to pastoralists, biodiversity, food systems and carbon storage, about half of the world’s rangelands are estimated to be degraded.

Against this backdrop, governments, development banks, investment funds and businesses participating in COP17 on Monday announced $1.3 billion in new and pipeline financing for land restoration and drought resilience across 23 countries on five continents.

GEF unveils drought programme

The GEF also announced the development of a new Drylands and Drought Management Integrated Program aimed at helping countries proactively manage drought, strengthen resilience in drylands and respond to growing risks to ecosystems, food security, water availability, livelihoods and health.

The programme will be implemented during the GEF-9 investment cycle, covering 2026 to 2030.

The facility said the programme responds to requests from parties to the UNCCD for the GEF to prioritise drought resilience in its programming.

It will support countries and communities in better preparing for, monitoring, assessing, mitigating, and responding to the cascading impacts of drought.

“Investing in healthy land and healthy people means investing in food security, climate resilience, biodiversity, water, jobs, and peace,” said Claude Gascon, GEF Interim CEO and Chairperson.

“Through this new Integrated Program, we will support countries in moving from crisis response toward proactive drought resilience.”

The Drylands and Drought Management Integrated Program has a tentative GEF grant envelope of $140 million.

It will work closely with the Riyadh Global Drought Resilience Partnership, the Drought Resilience Investment Facility, and other initiatives that support resilience across drylands and rangelands.

GEF backs rangelands initiative

As part of the broader push, the GEF is also supporting the Rangelands Flagship Initiative, a multi-partner global initiative led by Mongolia and the UNCCD to significantly increase investments in conserving, sustainably managing and restoring rangelands.

The GEF supports the development and coordination of the initiative through the UNCCD COP17 Legacy Project, a $3.3 million GEF investment implemented by the International Union for Conservation of Nature (IUCN).

The project is leveraging an additional $8 million in co-financing from Mongolia and IUCN.

During the GEF-8 cycle, which runs from 2022 to 2026, the GEF approved 50 projects across its family of funds supporting sustainable rangeland management and restoration, as well as pastoralist livelihoods.

The projects represent a total investment of more than $300 million.

The GEF said the projects, which are at various stages of development, could complement the Rangelands Flagship Initiative and help scale up successful approaches to rangeland management and restoration.

What GEF-9 means for Africa

With an initial programming level of $3.9 billion, GEF-9 will support expanded investments in nature-positive development, drought resilience and sustainable land management.

Four GEF-9 Integrated Programs are strongly aligned with UNCCD objectives and are expected to attract more than $800 million in GEF grant funding.

READ ALSO: COP17 advances $1.3bn for land restoration, puts rangelands at centre

They include programmes focused on Food Systems, Critical Forest Biomes, Blue and Green Islands, and the new Drylands and Drought Management Integrated Program.

Under GEF-9, drought resilience is expected to become more central, targeted and measurable.

The cycle includes a dedicated objective for implementing national drought plans, a drought vulnerability index incorporated into the resource allocation formula for countries, and new indicators to track improvements in drought resilience.

The GEF said GEF-9 would enable investments that help countries address urgent environmental priorities through a whole-of-government and whole-of-society approach.

Across the GEF family of funds, 20 per cent of resources are expected to benefit Indigenous Peoples and local communities directly.

The replenishment also places greater emphasis on mobilising private capital for environmental action. Ten per cent of total GEF-9 funding is allocated to the blended finance window, with an overall target of using 25 per cent of GEF resources to help mobilise private-sector investment


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Business

Seven things to know about the Dangote refinery IPO

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Dangote Petroleum Refinery has opened its initial public offer to investors. Here are the key details.

1. The company is seeking about ₦2.15 trillion

The offer comprises 4.1 billion ordinary shares priced at ₦525 each. If fully subscribed, it will raise approximately ₦2.15 trillion.

2. The offer runs for one month

The IPO opened on September 14, 2026, and is scheduled to close on October 13, 2026.

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3. Investors can start with ₦5,250

The minimum subscription is 10 shares. At ₦525 per share, eligible investors can participate with ₦5,250.

4. The IPO will broaden ownership of the refinery

Aliko Dangote described the transaction as an “IPO for the people.” Its low entry point is intended to give Nigerians across different income and professional groups an opportunity to own shares in the business.

5. The transaction could reshape Nigeria’s capital market

FCMB Group Chief Executive Ladi Balogun said the offer could strengthen the Nigerian Exchange and support its ambition to become Africa’s largest and most relevant capital market.

The transaction may also encourage other large African companies to raise capital and list their shares in Nigeria.

6. FCMB Group is participating in the transaction through three operating companies:

FCMB Capital Markets is a joint issuing house. CSL Stockbrokers is the stockbroker to the issue. First City Monument Bank is a receiving bank and distribution agent.

7. Qualified Investors and High Net Worth Individuals purchasing 50,000 shares and more, with a working stockbroking account should fill out the investor subscription form and credit their account of choice, sending both to FCMB Capital Markets at the following email address: [email protected]

8. Interested Retail investors with an FCMB bank account can subscribe to the DPRP IPO by following these steps: Log in to the FCMB Mobile App or visit website

Follow the prompts to the Dangote IPO subscription portal.

READ ALSO: Bamboo, Cowrywise down due to Dangote Refinery IPO subscription traffic

Select if you have a CSCS/CHN number.

If yes, fill in the number and follow the instructions.

If not, follow the prompts to open a trading account with CSL Stockbrokers, after which a code will be generated for you.

Ensure your FCMB bank account is sufficiently funded to cover your subscription and authorize the direct debit.

Investors without an FCMB bank account who want to participate in the DPRP IPO can visit the CSL portal to open a stockbroking account. Instructions for opening a bank account are available online.


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Business

Linkage Assurance, DiasporaCare+, Insurance Protection, Nigerians Abroad, Diaspora

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Linkage Assurance Plc has formally unveiled DiasporaCare+, an innovative insurance solution designed to help Nigerians living abroad provide structured insurance protection for their , assets, liabilities and  valued interests back home.

The product was formally unveiled by the Managing Director/Chief Executive Officer of Linkage Assurance Plc, Mr. Daniel Braie, as part of the company’s broader strategy to deepen insurance penetration, expand access to protection and develop solutions around the evolving needs of Nigerians at home and abroad.

A Bridge Between the Diaspora and Home

DiasporaCare+ recognises a simple reality: while millions of Nigerians live and work outside the country, they continue to maintain strong family, financial and economic ties with Nigeria.

The solution therefore provides a dependable insurance framework through which Nigerians abroad can protect what matters to them at home.

Speaking at the unveiling, Mr. Daniel Braie, Managing Director/CEO of Linkage Assurance Plc, described DiasporaCare+ as an expression of the company’s commitment to customer-focused innovation and greater financial inclusion.

“DiasporaCare+ is about giving Nigerians abroad greater confidence that the people and interests they care about at home can have access to meaningful insurance protection. We are extending the value of insurance beyond geographical boundaries and providing a dependable bridge between our diaspora community and home.”

Four Solutions, One Protection Ecosystem

DiasporaCare+ brings together four complementary areas of protection, creating a broader insurance ecosystem around the needs of Nigerians in the diaspora and their connections at home.

The four components are:

1.Diaspaora Travel Insurance
Repatriation of mortal remains to Nigeria .

2. Diaspora Home Protection
Fire & Special Perils , Burglary & Housebreaking , Personal Accident & Liability .

3. Diaspora Auto Insurance
Comprehensive , Restricted Cover , Third party & Third Party Plus .

4. Diaspora Holiday Injury Insurance
Accidental Bodily Injuries , Tropical Illness .

Explaining the thinking behind the product, Dr. Imo O. Imo, Chief Strategy & Product Officer, Linkage Assurance Plc, said DiasporaCare+ was developed from a deliberate effort to understand the protection gaps confronting Nigerians living abroad.

“The thinking behind DiasporaCare+ was to move beyond simply selling an insurance policy to the diaspora. We asked a more fundamental question: how can insurance help Nigerians abroad protect the people, assets and commitments that continue to connect them to home? DiasporaCare+ is our response a practical protection ecosystem built around those real-life needs.”

He added that the product reflects Linkage Assurance’s strategy of identifying emerging customer segments and developing relevant solutions around their specific risks and expectations.

Deepening Insurance Beyond Borders

The unveiling of DiasporaCare+ reinforces Linkage Assurance Plc’s commitment to innovation, customer-centricity and inclusive insurance, while opening new opportunities to deepen engagement with the Nigerian diaspora community.

The company will continue to build strategic partnerships and distribution channels that make DiasporaCare+ easily accessible to Nigerians across key diaspora markets.

DiasporaCare+ :  Protecting What Matters, Wherever You Are.

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