Investment

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Investment Money market

The Alternative Bank fosters rural economic growth in Katsina

Katsina, Feb. 27, 2024 – The Katsina State Government has aligned with the mission of The Alternative Bank to support rural economies through innovative financial solutions tailored to empower local businesses and stimulate sustainable development across the state. This official endorsement marks a significant milestone for The Alternative Bank as it embarks on a new chapter in Katsina with the launch of its first branch in the state.  Speaking during the launch, the Katsina State Governor, Dikko Radda, emphasised the importance of combating poverty, particularly in rural areas, urging the …

Business Solutions Foreign Investment

Qatar accepts Tinubu’s visits for business investment forum

Abuja, Feb. 25, 2024 – Qatari has accepted President Bola Tinubu’s request to visit the country for a business investment forum in March.   The acceptance of Tinubu’s visit was confirmed by a letter from the Government of Qatar to the Minister of Foreign Affairs in Nigeria dated February 23, 2024.   The letter reads: “The Embassy of the State of Qatar in Abuja presents its compliments to the Protocol Department of the Ministry of Foreign Affairs of the Federal Republic of Nigeria.   “Regarding the upcoming State visit of H.E. Bola Ahmed …

Business Solutions Investment Maritime/Shipping

CPPE advises Customs to peg duty exchange rate at N1000/$

Lagos, Feb.  25, 2024 – The Centre for the Promotion of Private Enterprise (CPPE), a private sector think-tank,  on has advised the Central Bank of Nigeria (CBN) to peg the customs duty exchange rate at N1000/$ for the rest of the year.  It said this would be in line with the Federal government’s commitment to ease the current hardships on the citizens and the burden on businesses. Muda Yusuf, its Director- General, said on Sunday that the centre welcomed CBN’s decision to approve the use of the exchange rate reflected …

Business Planning Investment

Tinubu seeks partnership with Brazil

Addis Ababa, Feb. 18, 2024 – President Bola Tinubu has sought a multi-sectoral partnership with the Federative Republic of Brazil. Tinubu made the advances on Sunday during a meeting with President Luiz Inácio Lula da Silva of Brazil in Addis Ababa, Ethiopia. Ajuri Ngelale, the Presidential Spokesman, said the two leaders had fruitful discussions on comprehensive strengthening of bilateral ties in many fields. Tinubu said the country was witnessing a leap forward, in spite of some short-term reform pains as his administration was removing all encumbrances to business. “This administration …

General News Investment

Indian investors to invest $25m in Nigeria – envoy

Ota (Ogun State), Feb. 12, 2024 – Some Indian investors have received approval to invest $25 million in the Nigerian economy.  Shri Chandramouli Kumar Kern, the India Consul General to Nigeria, disclosed this on Monday during the inauguration of a new pharmaceutical facility of Artemis Laboratories in Ota, Ogun State.  He said the inauguration of the facility underscored the strategic importance of Nigeria as a vibrant market with untapped potential. The envoy said the investment was coming at a crucial period when Nigeria was witnessing exodus of several international players. …

Business Planning Foreign Investment

Mozambique to become shareholder of Africa50

Casablanca, Feb. 12, 2024 – Mozambique has signed an agreement to become a shareholder in Africa50, the pan-African infrastructure investment platform. Africa50 has executed over 24 investments across the continent worth over US$7.1 billion Africa50 announced that the agreement was initiated at a signing ceremony in Maputo on Monday. Ernesto Max Elias Tonela, the Minister of Economy and Finance of the Republic of Mozambique, signed the agreement on behalf of the Government, committing the country to become an Africa50 shareholder. In joining Africa50, Mozambique will benefit from accessing world-class project …

Business Solutions General News Investment

Deployment of CNG for mass transportation will reduce cost by 50% – minister

Abuja, Jan. 29, 2024 – Mohammed Idris, the Minister of Information and National Orientation, says deployment of Compressed Natural Gas (CNG) in mass transit buses will reduce cost of transportation by 50 per cent. The minister said this in a statement on Sunday. He advised Nigerians to see the initiative as a relief introduced by Tinubu’s administration to alleviate the economic challenges stemming from subsidy removal.  Idris said there were concerted efforts by the government to also tackle inflation, stabilise foreign exchange rates, and establish a genuinely supportive climate for …

Investment Money market

S&P Global sustains Ecobank Nigeria ‘B-/B’ rating

Lagos, Jan. 22, 2024, Standard and Poors (S&P), a global rating agency, has affirmed its ‘B-/B’ long- and short-term issuer credit ratings on Ecobank Nigeria.  This implies that the Bank currently has the capacity to meet its financial commitment on obligations in spite of the adverse business, financial, and economic conditions prevalent in the country. However, the agency said further potential depreciation of the naira could undermine the bank’s Regulatory Capital Adequacy Ratio (CAR), given its thin capital buffers.  Therefore, “we revised the outlook to negative from stable and affirmed …

Foreign Investment Money market

Developing countries need fair access to international capital – Tinubu

Kampala (Uganda), Jan.20, 2024 – President Bola Tinubu on Saturday said developing countries should be given fair access to international capital to provide them the much-needed financial resources to develop. Tinubu made the call at the 19th Summit of Heads of State and Government of the Non-Aligned Movement in Kampala, Uganda. He said the developing countries were not begging for sympathy, but a fair and equal opportunity. “More often than not, public debt available to developing countries is far more expensive and not substantial enough to make an impact. “Therefore, we …

Investment

AEDC signs deal to deliver uninterrupted power in Abuja 

Abuja, Jan. 19, 2024 – The Abuja Electricity Distribution Company (AEDC) on Thursday signed a tripartite agreement with Daystar Power Solutions Limited (Daystar Power) and The Wood Factory Limited (Wood Factory) to pioneer the delivery of its first grid-connected and solar hybrid power solution for commercial and industrial customers in Nigeria. This comes on the heels of the first interconnected mini-grid power solution for communities in Nigeria launched by AEDC and its strategic partners in Toto, Nasarawa State, in November 2023.      Under this agreement, AEDC will provide 18 hours …