Nigeria, three other countries rake $2.621bn investment inflow in 2023

By Favour Nnabugwu 
Nigeria and three other countries raked in  $2.621 billion investment inflow in 2023, as the four countries shared 68 percent of Africa total investment influx last year, according Africa Investment Report 2023
The three other countries are Kenya, Egypt, and South Africa.
Nigeria was third on the list with $575 million and South Africa closely behind at $565 million while Kenya received the highest funding in 2023 with $806 million, followed by Egypt with $675 million, all together totalling $2.621billion.
According to the report, these countries have continued to solidify their positions as the ‘Big Four’ destinations for funding in Africa
The Africa Investment Report 2023” revealed that Kenya, Egypt, Nigeria, and South Africa collectively account for a dominant 68% share of the continent’s total investment influx in 2023.
This concentrated growth reflects these nations’ attractiveness for investors and their increasing role as regional epicentres for international companies looking to expand across the continent.
The report lays out a detailed geographical analysis of the investment influx, with Kenya leading at $806 million, followed by Egypt with $675 million, Nigeria at $575 million, and South Africa closely behind at $565 million.
According to the report, these countries have continued to solidify their positions as the ‘Big Four’ destinations for funding in the African economic landscape
Further insights into the report showed that emerging markets are also displaying vigour, with countries like Tunisia, Rwanda, and Ghana quickly becoming hotspots for funding. Tunisia, for instance, garnered over $460 million in funding, while Rwanda has impressed with $350 million, reflecting a diversifying landscape that is attracting investors to new geographies and opportunities.
Another interesting insight from the report revealed that Fintech remains the biggest sector, reeling in substantial investments and accounting for 23% of total deals in 2023. The report also spotlighted other burgeoning sectors such as health, education, and agriculture, each with at least a 10% slice of the investment pie.
Nigeria, Morocco signs pact to boost insurance sector

CAPTION:
R- The Group Managing Director of Africa Reinsurance Corporation, Dr Dr Corneille Karekezi; the Director-General of the Nigerian Insurers Association, Mrs Yetunde Ilori, the Moroccoan Federation of Insurance and Reinsurance Companies, Mr Mohamed Hassan Bendalah, the NIA Chairman, Mr Olusegun Ayo Omosehin and a Moroccoan counterpart during the signing in Morocco.
By Favour Nnabugwu
 
The Nigerian Insurers Association (NIA) and the Moroccan Federation of Insurance and Reinsurance Companies have signed a pact to boost both sectors together.
The agreement that will lead to exchange of market information, sharing of market intelligence and capacity building in both sectors
At the formal signing ceremony performed by the Chairman of the Nigerian Insurers Association, Mr. Olusegun Omosehin and President of Moroccan Federation of Insurance and Reinsurance Companies, Mr. Mohamed Hassan Bendalah in Casablanca Morocco, both associations agreed to exchange and share experiences and best practices in insurance sector
Nigeria and Morocco planned to work together while they identify other possible areas of cooperation including priority areas based on path already laid out by the Presidents of the two countries.
Giving further insight on the terms of the agreement, the NIA Chairman, Mr. Olusegun Omosehin stated that the two associations have agreed amongst others to: Maintain permanent contacts between the two associations with a view to exchanging and sharing successful experiences and best practice of both parties.
The two countries will give effect to the foregoing, the parties agree to meet once or twice a year in Casablanca and Lagos as the case may be.
Other areas they are looking at priority areas for cooperation based on significant and successful experience in the Moroccan or Nigerian insurance market and they include inclusive Insurance, direct compensation system in Motor Insurance, Bonus-Malus system for third-party motor insurance, centralization of motor insurance for professionals passenger transport (TPV) such as taxis, buses, coaches, regular line buses, personnel transport etc.
The coverage they are focusing are: Catastrophic risk coverage scheme, digitalization of distribution channels and customer experience, agricultural insurance; Exchange of statistics and technical data on the respective insurance and reinsurance markets to develop comparison benchmarks, which will be useful to both marketplaces.
Exchange information on good practices and share success experiences to serve as a source of inspiration and to facilitate the fast implementation of solutions which have had some positive effect in one of the two markets.
On human capacity development, both associations have agreed to open their respective markets to field trips and professional development study tours for short-term training programs either within the two professional associations and/or their affiliated insurance companies.
To give room for evaluation of the agreement and in line with global best practice, the two associations have agreed to conduct a biannual evaluation of the agreement to enrich and further develop it.
The NIA Chairman appreciated the President and members of the Moroccan Federation of Insurance and Reinsurance Companies for the initiative and expressed the hope that both markets will benefit from the relationship.
Omosehin who was accompanied by the Director-General of the NIA, Mrs Yetunde Ilori, assured the Moroccan federation of the commitment of the NIA to the relationship due to the benefits derivable from the agreement.
“I want to assure you that we are committed to the spirit and letters of the collaboration and do hope that both markets will benefit immensely from this initiative”, he enthused
Nigeria, 9 other countries rank top 10 in air pollution

By Favour Nnabugwu
Nigeria is among the top 10 African countries with air pollution in the world with 36 percent of pollution ranking 18th in the 5th Annual World Air Quality Report.
First on the list of the othe 9 countried is Chad with 89.7 percent air pollution, followed by Burkina Faso with 63.0 positioned as number 6th; Egypt is 9th with 46.5 percent; Sudan is 12th with 44.6 percent; Rwanda is 44.0 percent, 13th; Uganda is 39.6 percent, 17th; Ethiopia is 31.3 percent, 23rd;  Ghana 30.2 percent, 27th and Gabon 25.0 percent, 32nd
The biggest threat to environmental health in the world still involves air pollution. Over six million deaths annually and 93 billion days of illness are attributed to poor air quality globally. The total economic cost exceeds $8 trillion, or 6.1% of the annual global gross domestic product. Numerous health conditions, such as asthma, lung diseases, heart disease, and early mortality, are brought on by and made worse by exposure to air pollution.
Populations that are already at risk are most severely affected by air pollution. More than 90% of deaths attributed to pollution take place in low- and middle-income nations. There is a higher risk of developing or worsening health conditions in children under the age of 18, pregnant women, and older adults who are exposed to air pollution.
As a result, it is important to know the air health of the region you’re residing in, which is why IQAir, an organization mandated to fight the effects of polluted air. IQAir also operates the world’s largest free real-time air quality information platform.
 The air quality scientists at IQAir examined data from over 30,000 air quality monitoring stations spread across 7,323 locations in 131 countries, territories, and regions for this year’s report.
According to the data collated, Africa continues to be the continent with the lowest representation, despite an increase from 13 countries represented in 2021 to 19 countries included in this year’s report.
 Out of 54 countries, only 19 have enough information on air quality. The data analyzed for this report comes exclusively from empirically measured PM2.5 data collected from ground-level air monitoring stations. The PM2.5 measurement data in this report is aggregated from both regulatory air quality monitoring instrumentation and low-cost air quality sensors.
These devices are operated by government agencies, educational institutions, non-profit organizations, and individual citizens who contribute to the monitoring of their local air quality.
PM2.5 concentration describes the amount of fine particulate aerosol particles up to 2.5 microns in diameter and is used as the standard air quality indicator for the World Air Quality Report. Measured in micrograms per cubic meter (μg/m3 ), PM2.5 is one of six major air pollutants commonly used in the classification of air quality.
Nigeria, Israel tightens partnership in entrepreneurship, others

By Favour Nnabugwu

 

 

 

Nigeria and Israel have commenced collaborative moves to deepen partnership in innovation, entrepreneurship and production with the aim of harnessing Nigeria’s huge potentials for its technological development.

The two nations agreed on these when the Israeli Ambassador to Nigeria, Mr. Michael Freeman, paid a working visit to the Executive Secretary of Tertiary Education Trust Fund,TETFund, Arc. Sonny Echono ,at the Fund’s Headquarters in Abuja.

Speaking during the visit, Ambassador Freeman expressed Israel’s desire to work with Nigeria in the area of technology and entrepreneurship development, describing Nigeria as a country of huge potentials due to its teeming youth population.

While describing Israel as a leading country in technology and innovation, Ambassador Freeman disclosed that 45% of Israel’s GDP comes from innovation and entrepreneurship start-ups, as the country’s major economic sectors are involved in high technology and industrial manufacturing.

He stated that with Nigeria’s huge potential, if same could be achieved, or even a 30% GDP addition to Nigeria coming from technology, innovation and entrepreneurship, it would hasten Nigeria’s economic development.

The Israeli Ambassador further stated that Nigeria possesses the potential to be a destination for businesses if innovative developments are harnessed, particularly through innovation incubation hubs.

This, he said, would provide young Nigerians who have entrepreneurship potentials but lacked expertise an avenue to be mentored and guided in the right direction.

Mr. Freeman also spoke about the Innovation Fellowship for Aspiring Inventors and Researchers (i-Fair) programme, an initiative borne out of the need to raise a generation of innovators, inventors and researchers in Nigeria; especially among the youths. He noted that the Embassy has worked closely with the office of the Vice President on the programme, which has spanned across two editions and also called for stronger partnership with the Fund in the upcoming Third Edition.

In his remarks, Arc. Sonny S.T Echono expressed appreciation to the Israeli Ambassador for his visit and commitment towards strengthening ties with TETFund in Nigeria’s quest for technological and economic development.

While expressing excitement at the numerous benefits derivable from the partnership, he stated that “If innovation and entrepreneurship can provide 45% of Israel GDP, one can only imagine what 10 0r 20% will do to Nigeria’s GDP with our population”.

According to Echono, there is a global consensus that Nigerians are hardworking and intelligent if provided with the right incentives, and one can envision what can be unlocked through technology, innovation and entrepreneurship.

Nigeria,  28 other countries expected at 47th FANAF general assembly in Congo

By Favour Nnabugwu
 
Over 900 participant are expected to grace the 47th General Assembly of the Federation of African National Insurance Companies (FANAF) in Kinshasa, the from the Democratic Republic of Congo
A professional association with headquarters in Dakar, Senegal, FANAF brings together 203 Member Companies operating from 29 following countries: Nigeria, and other countries
The countries include: Algeria, Bahrain, Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Congo Brazzaville, Côte d’Ivoire, Democratic Republic of Congo, Equatorial Guinea, Gabon, Ghana, Guinea Conakry, Kenya, Madagascar, Mali, Mauritania, Morocco, Niger,, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Togo and Tunisia.
The theme of the event, “African insurance: how to maximize its potential for shared prosperity” will hold February  20 to 24, 2023.
Based in Dakar (Senegal), FANAF is a professional association that brings together more than 203 insurance, reinsurance and motor guarantee fund companies
The Federation of African National Insurance Companies, better known as “FANAF”, was created on March 17, 1976 in Yamoussoukro (Republic of Côte d’Ivoire).
Nigeria, Egypt, 5 other countries record highest growth in pension fund assets

By Favour Nnabugwu
 
Nigeria, Egypt and five other countries in Africa have recorded the highest pension fund assets as global pension fund assets grew by over 10% to $38.5 trillion in 2021.
The other five countries are Ghana, Kenya, Namibia, Zimbabwe and Uganda. This is according to a report by the
Organisation for Economic Co-operation and Development (OECD).
Pension funds are investment pools that accumulate wealth to pay for workers’ retirement. Typically, pension funds are contributed by both workers and their employers, especially in African countries where compulsory pension schemes exist.
Pension fund managers invest in different asset classes such as equities, fixed income assets such as bonds, treasury bills and corporate bonds, Collective Investment Schemes (CIS0, etc.
These seven countries altogether held 92.4 percent of pension fund assets in the OECD area.”
Business Insider Africa said the seven African countries that made it to the top list.
Nigeria’s pension fund assets grew by 9.1 percent to $32.6 billion, representing 7.6 percent of the country’s GDP.
Egypt’s pension fund asset grew by 8.0 percent to $6.2 billion, representing 1.5 percent of the country’s 2021 GDP.
The countries are: Ghana’s pension fund asset grew by 27.2 percent to $4.7 billion, representing 6.3 percent of the country’s GDP in 2021;  Kenya: The country’s pension fund asset grew by 10.6 percent to $13.7 billion, resenting 12.9 percent of the country’s 2021 GDP;  Namibia: This Southern African country’s pension fund assets grew by 17.6 percent to $11.8 billion, representing 103.0 percent of the country’s 2021 GDP.
The remaining two countries include: Uganda’s pension fund assets grew by 15.8 percent to $5.3 billion, representing 12.4 percent of the country’s GDP and
Zimbabwe’s pension fund assets grew by 285.8 percent to $2 billion, representing 7.6 percent of GDP.
The report focused specifically on pension fund assets in 68 countries or reporting jurisdictions, consisting of 38 OECD countries and 30 non-OECD countries in Eastern Europe, Asia and Africa.
“Overall, pension fund assets amounted to USD 38.5 trillion in a total of 68 reporting jurisdictions at end-2021.
Most of these assets were held by pension funds in the OECD area, totalling USD 37.7 trillion. The United States recorded the largest amount of assets in pension funds (USD 22.6 trillion), followed by the United Kingdom (USD 3.6 trillion), Australia (USD 2.3 trillion), the Netherlands (USD 2.0 trillion), Canada (USD 1.7 trillion), Japan (USD 1.5 trillion) and Switzerland (USD 1.2 trillion).
Nigeria, three others accounted majority of $19bn private sector investment in Africa

Nigeria, South Africa, Kenya Ghana accounted majority of $19bn private sector invedtment in Africa

 

By Favour Nnabugwu

The African Development Bank (AfDB), said private sector investment in Africa’s infrastructure in 2020 was 19 billion dollars, the highest since 2016.
The majority of the investment came from Nigeria and three other countries. The others are South Africa, Kenya and Ghana
Chief Executive Officer of the AfDB Association, Vivek Mittal, who moderated the discussion. said that four African countries accounted for the majority of private sector investment interest over the past two years.
Mittal mentioned the countries as Nigeria, Kenya, South Africa and Ghana.
AfDB Vice President for the Private Sector, Mr Solomon Quaynor,  Infrastructure and Industrialisation said this at a webinar organised by the bank and the Japan International Cooperation Agency (JICA).
This is according to a statement issued by the Communication and External Relations Department of the bank.
The online event was held in the run-up to the eighth Tokyo International Conference on African Development (TICAD) expected to take place in Tunisia from Aug. 27 Aug. to 28.
The theme of the event was: “Private Sector Infrastructure Development Opportunities in Africa”.
The vice president said the greater private sector investment came as most African governments contended with the COVID-19 pandemic, limited fiscal space and high debt-to-Gross Domestic.
“This counter-cyclical role played by the private sector shows the importance of its growing role in infrastructure financing in Africa,” he said.
Also speaking, the Senior Vice President of JICA, Keichiro Nakazawa, said the discussion would focus on growth prospects for African countries and the role of the private sector in providing high-quality, sustainable infrastructure.
The panelists were Rami Ghandour from Metito, Tshepidi Moremong from Africa 50, Vuyo Hlompho Ntoi from African Infrastructure Investment Managers, and Yoshio Kushiya from Sumitomo Corporation. They were joined by representatives of leading development finance institutions, JICA’s Shohei Hara, Mike Salawou from the AfDB, and Sue Barrett, the Director, European Bank for Reconstruction and Development.
Nigeria, India trade volume hit $14.95bn in 2021

By Favour Nnabugwu
Trade volume between Nigeria and India in 2021 stood at $14.95 billion even as 135 Indian companies are already in Nigeria, according to the Indian High Commissioner to Nigeria, Gangadharan Balasubramanian,
Balasubramanian stated at the 76th independence day of India in Abuja.
He said the trade volume has increased substantially after COVID-19 on both ways, noting that India is a major importer of oil from Nigeria.
“Nearly about $10 billion worth of oil is being imported from Nigeria.  India also exports various issues from agricultural products, to petroleum products, to pharmaceuticals, to textiles.
“So, there is a large possibility of increasing this trade and economic cooperation between our two countries,” he concluded.
He also said that they were new areas that India and Nigeria will be looking at in improving the bilateral ties between both countries.
He said, “Since then, our relationship has developed in a multi various ways, almost in all places.
“Human capacity development is one of the most important areas in which we are concentrating on and we are very happy that with the assistance and cooperation of successive Nigerian government, we can now say that our relationship is very strong and very cordial,” Balasubramanian said.
On the security challenges in Nigeria, the envoy further recalled the military and defence cooperation between India and Nigeria whereby many of the defence training of Nigerian military officers took place in military installations and training institutes in India.
Balasubramanian added that  India will be happy to continue with the partnership and in cooperation with the Federal Government, India is ready to assist in that direction.
“So, there is a large possibility of increasing this trade and economic cooperation between our two countries,” he concluded.
Nigeria, Zambia add 2.4m climate policies to small farmers

By admin

 

Zambia and Nigeria insurers to add 2.4 million new climate policies for smallholder farmers.

Zambia and Nigeria insurers to add 2.4 million new climate policies for smallholder farmers

Underwriters in Zambia and Nigeria will add 2.4 million climate change insurance policies in the next three years, thanks to an International Finance Corporation (IFC)-backed programme.

The IFC has committed to inject US$1.94m to provide advisory services for the development of new climate insurance products and risk analytics, helping insurers in the two African countries to underwrite smallholder farmers profitably.

“The primary objective of this project is to improve the resilience of smallholder farmers by increasing their access to climate and other inclusive insurance products,” said the IFC.

Zambia and Nigeria will each be funded to the tune of $970,000 in a programme in which IFC said will also contribute towards increased access to insurance by women farmers.

The advisory programme will also help in scaling up the existing climate change insurance products and strengthen the insurers’ business development and underwriting capacity.

IFC disclosures further show that the inclusive climate insurance programme will help enhance insurance regulators’ supervisory capacity.

Many underwriters in the African continent including those in east and west Africa are signing up to sustainable insurance agenda but high loss ratios in the emerging insurance classes such as animal and crop insurance have seen a good number of players steer off this kind of polices.

The IFC programme hopes to turn this around by helping insurers to establish “more diverse, efficient and sustainable insurance product distribution channels and insurance processes”.

By the end of the programme in June 2025, Zambia underwriters are expected to have issued at least 1.5 million new inclusive climate insurance policies to smallholder farmers, generating premium volume of at least $4m.

In Nigeria, IFC targets to have helped the insurers issue at least 900,000 new such policies, generating total premium volume of at least $3m.

In addition, underwriters in these two markets are expected to have launched at least two new financial or insurance products and established at least one new partnership with a bank, agribusiness or any other entity.

Such partnerships between insurers and banks or agribusinesses, IFC sayid will help underwriters in “bundling of insurance solutions with credit and other products”.

Regional reinsurer Zep-Re has success stories from countries such as Zambia through the Farmer Input Support Program.

Zep-Re CEO Hope Murera, who led the reinsurer in acquiring a stake in Agricultural and Climate Risk Enterprise (Acre) Africa, said their experience in Zambia confirmed that bundling agricultural insurance with other products can help accelerate the uptake of crop and livestock cover.

“We have seen that when we do bundling (of agricultural insurance) with seeds and fertiliser, with government support, then we are able to cover more. We have had success stories in places like Zambia,” says Ms Murera.

At the heart of the IFC programmes in Zambia and Nigeria will be such partnerships and the sharing of lessons learnt from other parts of the world.

Partnerships are seen as a quicker path in growing insurance penetration levels at a lower cost given that many insurers are running on lean budgets, with the situation having been exacerbated by Covid-19 disruptions.

Zambia and Nigeria insurers participating in the IFC programme will produce online and other publications on lessons learnt, thought leadership on best practices in climate change insurance, research on emerging technologies and impact stories.

“It will also involve the organisation of exchanges, for example south-south exchanges between IFC partners in Asia and Africa, exchanges between insurance practitioners from different African countries and exchanges with other international organisations and donor-funded programmes,” said the IFC.

IFC rolled out in February 2022 a similar programme in Zimbabwe, where agriculture employs about two thirds of the working population, yet there were no insurance products to protect smallholder farmers.

The IFC, through the global index insurance facility (GIIF), has supported the growth of agriculture and climate insurance in markets such as Ivory Coast, Cameroon, Mozambique and Senegal.

IFC’s programme is particularly important to Nigeria, with the Climate Action Digest Report ranking the west African country as the 55th most vulnerable country to climate change and 22nd least ready.

The report projected that climate change would cost Nigeria six to 30% of its GDP by 2050, translating to $100bn to $460bn in losses and a big dent to the agricultural sector.

Farmers in northern Nigeria lost more than two million tonnes of rice to flooding in September 2020 as the heavier than expected rainfall hit smallholder farmers.

Nigeria in 1987 set up the Nigerian Agricultural Insurance Scheme as a state-owned insurance company but has not been able to reach many smallholder farmers.

Between 2015 and 2020, the scheme had captured about 1.28 million farmers and paid out claims totalling $971,000.

Insurers have been partnering with governments in their respective countries including Kenya, Nigeria, Zambia and Senegal to absorb part of the risks involved in crop and animal insurance to make such covers affordable.

Overall, the penetration of risk management solutions in agriculture in Africa remains low despite the sector’s high vulnerability to the impacts of climate change and market inefficiencies.

Smallholder farmers in Africa are usually spread out in wide areas, leading to high distribution costs and therefore translating to higher premiums without partnerships with government.

The insurance industry has struggled to profit from traditional insurance such as motor and medical, leaving them wary of trying out emerging risks.

In Kenya for instance, all general insurers are licensed to underwrite agriculture but only 10 out of the more than 50 companies had rolled out such covers by end of 2020.

The low uptake of agricultural covers means majority of farmers remain vulnerable to natural disasters such as floods and drought, leading to social and economic challenges.

Climate change has worsened weather-related risks such as droughts, pests and diseases and therefore exposing farmers to losses.

But lack of efficient data to develop viable insurance indexes and determine the premium price of indexed insurance products for small-scale farmers has seen many underwriters shy away from developing innovative insurance products for farmers.

Nigeria, Germany to sign agreement for return of Benin bronzes in Berlin

By admin

 

An agreement between the governments of Germany and Nigeria on the return of the Benin artefacts in German museums to Nigeria will be signed today in Berlin.

The historic signing of the ‘Joint Declaration on the Return of the Benin Bronzes and Bilateral Museum Cooperation between Germany and Nigeria’ is the culmination of years of agitation for the return of the cultural goods – famous Benin bronze heads and other artefacts – that were pillaged from the royal palace of the Oba of Benin in 1897 during a punitive expedition of the British Army.

The Nigerian delegation to the event, holding at the Federal Foreign Office, includes Information and Culture Minister, Alhaji Lai Mohammed, Minister of State for Foreign Affairs, Ambassador Zubairu Dada, Nigeria’s Ambassador to Germany, Alhaji Yusuf Tuggar, and Professor Abba Tijani Isa, Director General of the Nigeria Commission for Museums and Monuments. The German government will be represented, among others, by Minister for Foreign Affairs, Annalena Baerbock, and Minister of State for Culture and the Media, Claudia Roth.

After Germany announced that it would return its collection of the world-famous artefacts early last year, a Nigerian delegation, led by Alhaji Lai Mohammed, visited Berlin in July to conduct negotiations with their German counterparts. Other members of the high-powered delegation from Nigeria were Governor Godwin Obaseki of Edo State, Professor Isa, and the Benin Crown Prince, HRH Prince Ezelekhae Ewuare.

It was at the meeting of the Nigerian delegation with German officials that a firm commitment was made by Berlin on the return of the artefacts.

In October, a Memorandum of Understanding (MoU) was signed between Nigeria and Germany in Abuja on the repatriation of the about 1,130 pieces of artefact.

“The German Government and the German people have taken a bold step by agreeing to voluntarily, without too much coercion on the part of Nigeria, to return these artefacts. Because what the return of the artefacts will do is that it’s going to really cement further relationship between Nigeria and Germany. Culture today has become one of the effective tools for soft diplomacy,” Culture Minister Mohammed said at the event, at which a visiting German delegation, led by the Director General for Culture and Communication of the German Federal Foreign Office, Dr Andreas Gorgen, participated.

In his remarks, Gorgen said the release of the artefacts was part of a cultural policy that would contribute to healing the wound inflicted by the looting of the artefacts from Nigeria and to establishing new relationship between Germany and Nigeria.

In a related development, the Berlin-based Prussian Cultural Heritage Foundation has announced that it would return artefacts taken from three African nations during the German colonial era.

The Foundation, which manages the city’s various museums, said on Monday it had begun negotiations to return the artefacts to Namibia, Tanzania and Cameroon.

Among the artefacts is a goddess statue, known as Ngonnso’, which will be returned to the kingdom of Nso’ in northwestern Cameroon.

“Bring Back Ngonnso,” a civil society initiative, has been campaigning for the statue’s return for years, as the Nso people say they have suffered numerous calamities since the statue was stolen. “The Ngonnso’ has a central role for the Nso’, as she is considered a mother deity,” the foundation said in a statement