Investment

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General News Investment Oil and Gas

Energy Bank: Nigeria remains Africa’s top investment destination – TMV

Abuja, July 10, 2024 – The Tinubu Media Volunteers (TMV) has said that the decision to site the headquarters of the $5 billion Africa Energy Bank in Nigeria shows that the country remains a viable investment destination. TMV, in a statement signed by its Chairman Chukwudi Enekwechi and Secretary Sunday Shedrach Gyungoun, said President Bola Tinubu deserved credit for making this happen.  “So much has been said about Nigeria and foreign investments, but the decision by the African Petroleum Producers Organisation (APPO) to select Nigeria over South Africa, Ghana, Algeria, …

Investment Tech

Telecom sector recorded $191.5m FDI in Q1 2024 – NBS

Abuja, July 2, 2024 – Nigeria’s telecommunication sector generated $191.5 million in Foreign Direct Investment (FDI) in the first quarter of 2024.   This was reported by the National Bureau of Statistics (NBS) in the latest capital importation data released on Monday. This is out of the $3.38 billion total foreign investments inflow into the country during the period, up from $1.09 billion recorded in the last quarter of 2023. The FDI inflow into the telecom sector in the first quarter was against the $22.05 million recorded in the first …

Business Planning Investment Money market

Africa needs to be competitive, says Chike-Obi

Nassau (Bahamas), June 21, 2024 – Africa needs to be competitive and efficient in its areas of strength. Mustafa Chike-Obi, the Chairman of Fidelity Bank, made the observation during an interview with Kenneth Igbomor of CNBC Africa on sidelines of the just concluded Afreximbank’s annual meetings in Nassau, the Bahamas. He called on African leaders to prioritise Africa’s strengths such as power supply through cohesive policies and agreements to drive economic growth. Chike-Obi also called for focused and sharp leadership in harnessing the continent’s strengths to achieve prosperity. He highlighted …

Agriculture Business Planning Investment Manufacturing/Industry

Otti pledges to make Abia hub for fertiliser production

Umuahia, June 12, 2022 – Alex Otti, the Abia State Governor, has promised to make the state a hub for organic fertiliser production in Nigeria. Otti made the promise on Tuesday while receiving a group of Turkish investors who are willing set up organic fertiliser production plants in the state. He said he would do the all the needful to ensure the group achieve its objective, adding that there were enough raw materials in the state. “For us in Abia, we are very open for business. You know that when …

Investment Money market

CBN to partner IFC to strengthen private sector growth

Abuja, June 7, 2024 – The Central Bank of Nigeria (CBN) is to partner the International Finance Corporation (IFC) to strengthen private sector growth in Nigeria. Olayemi Cardoso, the CBN Governor, disclosed this after a visit of the IFC delegation led by its Managing Director, Mr. Makhtar Diop. He said the partnership was a major area of discussion during the visit of the IFC delegation. “The leadership of the CBN and IFC held a significant meeting to discuss strategies for supporting Nigeria as part of the IFC’s mandate to bridge …

Investment Manufacturing/Industry Money market

BOI, SMEDAN sign agreement to provide single digit interest rate loans to small enterprises    

Abuja, May 24, 2024 -The Bank of Industry (BOI) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a Memorandum of Agreement (MoA) for the pooling of N1billion to provide single digit interest rate loans to nano and micro enterprises in Nigeria. By this agreement signed in Abuja on Wednesday), the two Federal Government-owned institutions are to deposit N500 million a-piece into a Matching Fund Account to be managed by Bank of Industry. Speaking during the signing ceremony, the Managing Director of Bank of Industry, Mr. …

Business Planning Investment

Nigeria’s credit outlook upgrade by Fitch an indication of transparency

Abuja, May 17, 2024 – Vice President Sheu Shettima says the recent upgrade of Nigeria’s credit outlook by Fitch, a global credit agency, is a indication of increasing confidence in the nation’s economy by the global community. Fitch recently upgraded Nigeria’s credit outlook to positive. Shettima made the observation on Thursday during the 141st meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja. “There is no doubt that this government has demonstrated transparency in its financial dealings and projections. “Therefore, it is not surprising that just a …

Investment Manufacturing/Industry

$50m soya oil refinery in Kaduna will produce 500,00 litres per day – Uba Sani

Kaduna May 14, 2024 – Uba Sani, the Kaduna State Governor, says the $50 million Soya Bean Oil Refining Plant being established in the state will produce 500,000 litres of soya oil per day. He said this at the groundbreaking ceremony of the Sunagrow International Oil Ltd in Kutungare in Igabi Local Government Area of the state. Sani said the plant would contribute to the economic development of Kaduna and Nigeria by creating thousands of direct and indirect jobs across the production value-chain. He said the plant would facilitate the transfer …

Investment Travel

Tinubu, Shettima to pay airport fees

Abuja, May 15, 2024 – President Bola Tinubu and the Vice President Kashim Shettima are now to pay airport access toll and parking fees at airports. This was one of the decisions of the Federal Executive Council its meeting on Tuesday and Wednesday. Festus Keyamo, the Minister of Aviation, who announced this, said government was losing over 82 per cent of the accruable revenue from the e-tags that provide access to the airports. He said the memoranda had initially recommended an exemption for the president and the vice president, but …

Business Solutions Investment

FEC approves tripartite committee to facilitate visa issuance for investors

Abuja, May 15, 2024 – The Federal Executive Council (FEC) has approved the establishment of a tripartite committee to streamline visa issuance processes. Muhammad Idris, the Minister of Information and National Orientation, disclosed this on Tuesday after the Federal Executive Council (FEC) meeting. Idris said the committee would ease acquisition of the passports for foreign investors.  “Our visa processes are becoming cumbersome. The ease of doing business is also tied to our visa processes. “Going forward, those investors, tourists would find it easy to acquire a visa within the next …