AfDB guarantees $12bn investment in electricity in next 5 years.

The 8th President of the African Development Bank (AfDB), Akinwumi Adesina, has explained that AfDB would invest $12bn over the next five years in support of accelerated electricity supply in Africa and would leverage between $45 to $50m from the private sector.

 

He disclosed this at the Africa Day in Marrakech, Morocco on the side-line of COP22, organized by African Union (AU) in collaboration with Nigeria and Economic Community of West African States (ECOWAS), with the theme, “Moving from Commitment to Action with the Intended Nationally Determined Contribution (INDC) and the Africa Renewable Energy Initiative (AREI).”

 

According to him, “The reason Africa export raw and unprocessed materials is due to lack of electricity which has pushed Africa down to the bottom of global value chains but Africans must power up itself to add value to what it produces, speeding up industrialization and moving to the top of global value chains.

 

This he said must start by unlocking the huge potentials of energy on the continent including Africa’s vast potentials in renewable energy as well as non- renewable energy saying there is a need for Africa to develop a balanced energy means that would allow it to industrialize.

 

He noted that lack of electricity drives down Africa’s growth and development saying that Africa had continued to export raw materials for decades that are subject to global community price shocks.

 

“The bank will work with the African Union and other partners to fast-track the Africa ‘we want’ which must be on Africa, where we will have universal access to electricity within 10 years.

 

He confirmed that AfDB is highly supportive of Africa’s renewable energy initiative that would unlock Africa’s renewable energy potential to deliver 10 Giga-watts of electricity by 2020 and 300 Giga-watts by 2030.

 

Adesina stressed that the bank is rapidly building up its institutional capacity to deliver the N-Power African Agenda for Africa adding that African Union approved the Africa Renewable energy initiative.

 

To drive the action, he noted that the bank appointed a new Vice president for Power, Energy, Climate and Green Growth, Amadou Hott, thereby making the bank the first multilateral development bank to attain the height.

 

He noted that grid, mini-grid and off-grid systems would play a major role in Africa’s industrialization process.

Buhari Welcomes $5bn Investment From India

President Muhammadu Buhari on Tuesday welcomed the proposed five billion dollars investment in Nigeria by visiting Indian business delegation, led by Indian Vice-President Hamid Ansari.

According to a statement issued by Buhari’s Senior Special Assistant on Media and Publicity, Malam Garba Shehu, the President made the remark when he received Ansari at the State House, Abuja.

Shehu quoted Buhari as saying “India has already invested 10 billion dollars in the Nigerian economy.

“Nigeria will continue to deepen its relationship with India in the areas of health, education, agriculture, technology and trade.”

The President also said Nigeria had over the years benefited from the cooperation of the Asian country in trade and investment, agriculture, technology and the fight against terrorism.

According to him, Nigeria will emulate India’s agricultural model and capacity to feed its one billion population, and also export to other countries, describing the country as “sustainable and prosperous’’.

President Buhari noted that Nigeria would continue to support the reform of the UN Security Council, pointing out that it was unfair on the rest of the world for five countries to exercise power of ‘‘yes or no’’ in the UN.

In his remarks, the Indian Vice-President said that his country, which was the leading buyer of Nigeria’s crude oil, would increase its purchase of the commodity in addition to natural gas.

He said the relationship between Nigeria and India was near perfect as both countries ‘‘have nothing to quarrel about.”

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http://www.vanguardngr.com/2016/09/president-buhari-welcomes-5bn-investment-india/

Nigeria Ranks 4th On Return On Investment

Nigeria’s ranking on return on investment received a big boost recently when it edged to 4th position with 35 per cent.?The Acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju, stated this at the weekend at a media parley organised by the bank in Lagos, with the theme, “Sustaining Nigeria’s Industrial Sector Growth through Impactful Partnership.”
He said the rating was based on BoI’s performance on stand alone as a development finance institution, noting that several countries are in competition for investment resources.
According to Olagunju, the return on investment is much higher in Nigeria than other countries. “Industrialisation is a multi-faceted process and no single agency can capsulate industrialisation of any country, and so all hands must be on desk,” he added.
He noted that return on investment should not be taken for granted, as “we try to de-risk our environment, improve on climate and continue to take measures by increasing our ranking in doing business.
“In terms of investment returns, we are ranked number four with 35 per cent. Nigerians might go to other countries where they have 15 per cent return on investment where the risks are not as high as Nigeria.
“So we have to put all those things into consideration by ensuring that we promote industrialisation and transform the Nigerian economy within the shortest time possible,’’ Olagunju said. He explained that if those things were not done, Nigeria may not be able to harmonise the challenges in the country, particularly that of unemployment.
Olagunju said the country’s population was growing, therefore, hence the need to take quick decisions to remedy the challenges.
“We have lost many arms of development in our country; all hands must be on deck for us to achieve our desired economy and developmental goals,” he maintained. Olagunju, said that community-based industrialisation should be developed for the growth of the nation’s economy, stressing that the country was naturally endowed with several commodities that could boost its competitiveness as a country.
Each state has at least one mineral or crop where it has comparative advantage, which should be explored.
The BoI boss said such could also help reduce the level of unemployment in the country, noting the urgent need to boost financial inclusion to achieve an inclusive growth.
He also noted that in achieving an inclusive growth, the grassroots have to be captured to boost products in the 774 local governments through the Nigerian Enterprise Development Programme (NEDEP).
He said, “Nigeria is the only OPEC country that still exports crude oil, and some  non crude oil products. “There is an urgent need for us to go back to the roots instead of running about and looking for jobs. This is why we need the support of state governors to encourage their youths to embrace entrepreneurship, and also fulfil their part by creating an enabling environment for business to thrive in their states.
“The current government has made a promise to utilise the NEDEP and Nigerian Industrial Revolution Plan (NIRP), which are the keys to economic growth, food security and foreign exchange earnings that we need for economic diversification.
“We appeal that there should be at least one industrial cluster in each senatorial district to harness the current economic realities. Industrialists can still manage to share resources like electricity, factory space, knowledge and even taxes.”

Credit: Sun

Abuja Centenary City Project Will Stimulate $18bn Investment- Senate

Senate committee on the Federal Capital Territory (FCT) has revealed that the Centenary City project initiated in 2014 by the administration of President Goodluck Jonathan will stimulate $18 billion foreign and domestic investment and, also, create 250,000 jobs.
According to a report of the committee, which probed the legality or otherwise of the project and signed by its chairman, Dino Melaye, due process was followed in the allocation of land for the project, as well as other sundry issues.
There have been allegations and counter-allegations over claims that the allocation of the 1,264.78 hectares to the developer of the Centenary City project, Centenary City Plc, did not follow due process.
Following the uproar, the Committee on FCT, convened a public hearing where the various parties involved, including the FCT Administration and Centenary City Plc testified. The committee’s final report, a copy of which was obtained, indicated there had been a lot of misinformation, misunderstanding and misconception about the project.
“There is no gain saying the economic benefits are huge, the social benefits immeasurable, and the political benefits cannot be imagined.”
“We make bold to say that agencies of government should endeavor to come to terms with the fact that governments do not “supervise” private sector projects; government only regulates them. To discourage a project of this nature for any reason is a great disservice to the nation,” a part of the report said.

Credit: Sun

$56m Chinese Investment Coming To Kwara – Gov. Ahmed

The Kwara Government says it has secured a $56million investment from China for the establishment of a textile industrial park in the state.

Dr Muideen Akorede, the Senior Special Assistant, Media and Communication to the Governor, said this on Sunday in a statement made available to the News Agency of Nigeria (NAN) in Ilorin.

The statement said Gov. Abdulfatah Ahmed concluded the investment deal during his current investment trip to East China.

It also said the agreement for the establishment of Kwara Chitex Industrial Park was signed by Ahmed and Mr Shi Zengchao, the Managing Director of Ningbo Jinsheng Star Import and Export Co Ltd.

The statement said the event took place at the 18th China Zheijand Investment and Trade Symposium held in Ningbo, East China.

It said the initiative involved $3.7 billion worth of investments in 31 projects out of which $1.4billion was for outbound investments.

Kwara Chitex Industrial Park, it said, was the only one Nigeria- bound.

The statement quoted the governor as expressing delight over the multimillion dollar project which was expected to commence soon.
The park, according to the governor, would create 3,000 jobs for the people of the state.

“We are looking for investors, especially in the area of manufacturing.

“ We have a very youthful population which shows there is a strong workforce that can support industrialisation.

“There are opportunities in textiles, agriculture, mining and other areas, the potentials are huge,’’ the statement quoted Ahmed as saying.

It also quoted Ahmed’s Chief Economic Assistant, Mr Abayomi Ogunsola, as saying government would provide about N1billion in counterpart funding and 400 hectares of land as well as infrastructure support.

The statement also said the governor held preliminary talks with potential investors in agribusiness and agro allied industries during the visit to China.

Ahmed, it said, offered prospective investors incentives such as tax relief and accelerated land acquisition process.

 

(NAN)

Lawmakers Seek Investment Of Pension Funds In Infrastructure Development

The Nigerian House of Representatives has asked its Committees on Pension, Finance and Capital Market to look at the viability of investing over five trillion Naira pension funds in infrastructure development.

In a motion sponsored by a member representing Kabba Federal Constituency, Mr Tajudeen Yusuf on Wednesday, the lawmakers lamented the growing decay in infrastructure across Nigeria.

They agreed that the consequences of taking foreign loans and facilities to address infrastructure demands would, in the long run, have a damaging impact on the economy.

The lawmakers, therefore, advised that the pension funds be used to finance infrastructure.

Credit: ChannelsTv

Germany Seeks Favourable Investment Environment In Nigeria

The visiting President of Federal Republic of Germany, Mr Joachim Gauck, has advised the Nigerian Government to create the right investment environment for more German businesses.

Gauck made the call in Lagos at a reception held for him and members of delegation of German Parliament and German companies that visited Abuja and Lagos.

The German President, who expressed satisfaction at the successes so far made by German companies in Nigeria, said that it was imperative for Nigeria to evolve measures that would reduce trade barriers.

“My visit to Nigeria has offered me another opportunity to further deepen economic cooperation between Nigeria and Germany.

“I am particularly impressed by the successes so far achieved by German companies on ground in Nigeria.

“We will want the Nigerian government to create the right investment for more German investments by creating the right framework that will reduce trade barriers between us,’’ he said.

Gauck expressed the readiness of more German companies to offer their products to the Nigerian markets as well as willing to share Germans’ know-how with Nigerians.

The president also disclosed his government’s plan to strengthen cooperation with Nigeria in areas of infrastructure, energy, electricity and other sectors.

“Our cooperation will be deepened once we have been able to set up a bilateral chamber of commerce and industry which would then become the centre point for trade relationships.

“We will also be willing to share with Nigeria the experiences we have acquired over the years in trying to achieve a cooperative business exchange,’’ he said.

Credit: NAN

Chinese Investment In Africa Not A threat – Spokesman

China’s increasing investment in Africa was not a threat to the continent rather a big boost to the region’s self-development.
Shen Danyang, Spokesperson of the Chinese Ministry of Commerce (MOC) said this on Wednesday in Beijing, in response to doubts on China’s intention on its investment.
The reaction came on the heels of the Forum on China-Africa Cooperation to hold in Johannesburg, South Africa from Dec. 4 to Dec. 5.
“China has always been and will remain a trustworthy friend of Africa.
The accusations of ‘Chinese menace’ and ‘neocolonialism’ are completely unfounded and will not be believed,’’ he said.

 

Danyang said that China had been the biggest trade partner of Africa for six consecutive years.
He said that the country’s outbound direct investment to Africa had been increasing by 37 per cent on average in the last 15 years and the areas of cooperation had expanded to new fields such as finance, tourism, and telecom.
Shen said that the investment in Africa had been helping the continent reduce poverty, lift employment and increase tax revenues for local governments.

 

(Xinhua/NAN)

Plateau State Secure, Safe For Investment- Lalong

The Governor of Plateau State, Mr. Simon Lalong, on Thursday said the people of the state now enjoy peace, having successfully overcome the security challenge that bedevilled it.

He said the state government will do everything possible to push for the reactivation of the Inland Dry Container Port being executed by the federal government in Jos, the state capital.

Lalong, who made the statements during a working visit to the management of the Nigerian Shippers Council in Abuja, said that contrary to fears created in the minds of people about the security situation in the Plateau, the entire state now enjoys relative peace and order.

He said Plateau state is about 80% peaceful.

“Apart from the issue of cattle rustling that is also rampant in other parts of the north, the state is now enjoying a peaceful atmosphere, which is good for business. I must say that we have received a lot of cooperation from Mr. President, because anything we ask in terms of security, we always get. So, for now we have a very peaceful atmosphere for people to invest,” he said.

He expressed the hope that as soon as the Inland Dry Port project is completed, actual export and import business will boom  in the Plateau.

He said having been informed of the reasons why the project was kept on hold, his administration would take immediate measures to reactivate it.

“I am personally interested because he said the idea of the ICD was mooted when I was the Speaker of the House of Assembly but was disappointed the project has been abandoned,” he said.

Credit: ThisDay