Investment

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Foreign Investment Money market Trade

Nigeria sees immediate inflow of investments from Saudi Arabia – Bagudu

Riyadh, Nov. 12, 2023 – Nigeria is seeing immediate multi-billion-dollar investment flows from Saudi Arabia after it signed an agreement with the kingdom to establish a business council that could see the middle eastern nation funding several sectors of the country. The likely beneficiary areas of investments include agriculture, oil and gas, energy, telecommunications and technologies. The two nations agreed to re-establish a Nigeria-Saudi Arabia Business Council initially proposed in 2019 by Crown Prince Mohammed bin Salman bin Abdulaziz that was exited by the government of former President Muhammadu Buhari.  …

Agriculture Investment

AfDB’s Africa Investment Forum secures $34.82bn investment interest

Marrakesh, Nov. 11, 2023 – The 2023 African Investment Forum (AIF) Market Days boardrooms have secured 34.82 billion dollars in investment interest during its three days session in Morocco. The figure is higher than the 31 billion dollars investment interest secured in 2022. The three-day event was held from Nov. 8 to Nov. 10. Dr Akinwumi Adesina, the African Development Bank (AfDB) Group President, announced this after the 2023 AIF Market Days held in Marrakesh, Morocco. The 2023 AIF Market Days event, themed “Unlocking Africa’s Value Chains,” brought together heads …

Investment Money market

Tinubu assures foreign investors of safety of investments

Riyadh, Nov. 11, 2023 – President Bola Tinubu on Friday assured foreign investors of the safety of their investments in Nigeria. Tinubu made the promise while speaking at the Saudi-Africa Summit in Riyadh, Saudi Arabia. Ajuri Ngelale, the Presidential Spokesperson, said in a statement on Friday that Tinubu also assured the investors of high returns on their investments.  He said Tinubu said Nigeria was desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups which have …

ICT Investment Tech

NCC endows N30m Professorial Chair at UNN

Abuja, Nov. 11, 2023 – The Nigeria communication Commission (NCC) has instituted a N30 million Professorial Chair at the University of Nigeria (UNN). The endowment ceremony was held at the Commission’s head office in Abuja, earlier in the week. Speaking after receiving the endowment, Prof. Charles Igwe, the Vice Chancellor of UNN, said the N30 million endowment would enhance research and innovative culture in the university. He commended NCC for the foresight and initiative to link the academia with the communication industry. Igwe condemned the dominance of the local communications …

Business Planning Investment Money market

UBA, Saudi EXIM Bank partner to enhance business relations, export growth

 Riyadh, Nov. 10, 2023 – Africa’s Global Bank, United Bank for Africa (UBA) Plc, and Saudi Export-Import Bank (Saudi EXIM), a premier export credit agency in Saudi Arabia have announced a partnership to strengthen business growth and enhance economic cooperation between their economies. To this end, both institutions signed a Memorandum of Understanding (MoU) on November 9, 2023, to foster economic cooperation and trade relations between the two entities. The MoU was signed on the side-lines of the Saudi and Arab African Summits in Saudi Arabia. The partnership between UBA …

Investment Oil and Gas

Nigeria signs agreement with Saudi Arabia on oil, gas

Riyadh, Nov. 10, 2023 – Nigeria has signed a Memorandum of Understanding (MoU) with Saudi Arabia on oil and gas cooperation. The MoU was signed on Thursday during the on-going Saudi-Arab-African Economic Conference in Riyadh. The minister said the memorandum was to foster growth and prosperity in Nigeria’s energy industry. The memorandum is specifically to bolster collaboration and development in Nigeria’s energy sector and specifically aimed at enhancing technological exchange, increased investment flow and strengthened strategic partnership  “For the purpose of cooperation in our oil and gas sector, we are intensifying …

Investment Money market

UBA restates commitment to financing SMEs across Africa

Lagos, Nov. 7, 2023 – Africa’s Global Bank, United Bank for Africa (UBA) Plc, has once again expressed its unflinching commitment to help small and medium scale businesses (SMEs) in Nigeria and across Africa to succeed and contribute meaningfully to their economies and the continent as a whole. The bank’s management made this pledge at the official opening of the 37th Lagos International Trade Fair (LIFT) 2023 organised by the Lagos State Chamber of Commerce and Industry (LCCI) with the theme, ‘Navigating Economic Challenges, Forging a Path to Prosperity’ held …

Investment

Budget minister assures investors of safety of investments  

Abuja, Oct. 25, 2023 – Atiku Bagudu, the Minister of Budget and Economic Planning, on Wednesday assured foreign investors of the safety of their investments in Nigeria and to seamlessly repatriate their profits. The minister gave the assurance at a press conference in Abuja on Wednesday at the end of the Nigeria Economic Group (NESG) conference.  Bagudu said that the government was committed to providing an enabling environment for both foreign and domestic investors in spite of the country’s multiple challenges, “Nigeria is an investment haven for investors despite being …

Business Solutions Investment

Elumelu calls for N20b minimum capital base for insurance companies in Nigeria

Abuja, Oct. 24, 2023 – Tony Elumelu, the Chairman of UBA Group, has called for increased capital requirements for insurance companies in Nigeria. Elumelu gave the advice while speaking at 2023 National Insurance Conference in Abuja on Monday. He suggested that the minimum capital requirement for insurance companies be increased to N20 billion for life insurance operators and N30 billion for non-life operators. He also suggested N1 billion for insurance brokers. Elumelu, who is also the Chairman of Heirs Insurance Group, said that the current capital requirements of N8 billion …

Business Planning Investment Trade

Afreximbank, Morocco sign MoU on trade, investment promotion

Marrakech (Morocco), Oct. 16, 2023 – The African Export-Import Bank (Afreximbank) has entered into a Memorandum of Understanding (MoU) with Morocco to develop a US$1billion Morocco-Africa Trade and Investment Promotion programme. According to the terms of the MoU, the programme aims to facilitate and guide future cooperation in areas of common interest between Afreximbank, the Ministry of Economy and Finance of Morocco, other government departments, and Moroccan economic operators.    Areas of collaboration under the programme will include financing and promoting intra- and extra-African trade through the implementation of credit, risk bearing …