Investment

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Investment Manufacturing/Industry

We will stop exporting solid minerals raw – Tinubu

Udege(Nasarawa), Oct. 13, 2023 –  President Bola Tinubu says his administration will put an end to the practice of exporting solid minerals raw. Tinubu said this on Friday at the groundbreaking ceremony of a $250 million lithium factory in Nasarawa State. The president, who was represented by Dele Alake, the Minister for Solid Minerals Development, said government would discourage the carting away of our solid minerals without value addition. He said the establishment of the factory project was in line with his administration’s industrialization policy directed at providing adequate energy …

Foreign Investment Money market

WAEMU, Africa50 sign agreement to boost African regional infrastructure development

Marrakech, Oct. 10, 2023 – Africa50, the pan-African infrastructure investment platform, and the Commission of West African Economic and Monetary Union (WAEMU) have signed an agreement aimed at advancing regional development and financing bankable projects within the WAEMU region. The agreement was signed on Tuesday on the sidelines of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakech, Morocco. It identifies three target sectors for collaboration: Transport – with specific focus on Joint-Border Posts, Energy, and Information & Communications Technologies (ICT). Under the agreement, …

Business Planning Investment

AFC is not backing out of fossil funding – official

London, Sept. 8, 2023 – Africa Finance Corporation (AFC) has no intention of backing away from fossil fuel investments, a senior executive said. AFC is owned by Nigeria’s central bank and other African financial institutions, While governments and U.N. leaders at Africa’s first-ever climate summit in Nairobi this week sought to promote the continent as a source of renewable energy solutions, the development of fossil fuel projects remains firmly on the agenda for many countries. “We cannot and will not run away from doing fossil fuel-based investing because the development …

General News Investment Trade

Tinubu assures Indian investors of enormous profits in Nigeria

New Delhi, Sept. 5, 2023 – President Bola Tinubu on Tuesday assured potential Indian investors of enormous profits in Nigeria. A statement by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, said Tinubu started meeting Indian investors within minutes of his arrival in India. “I am here to personally assure our friends and investors that there is no bottleneck that I will not break. “Nigeria will become one of the most conducive places on earth to make good profits and create lasting jobs,” Tinubu told the …

Investment Politics

Coup: French companies stop operation in Gabon

Libreville, Aug. 30, 2023 – The French oil giant TotalEnergies says it has stopped operation in Gabon to ensure the safety of its employees and operations in Gabon. The company is the country’s main distributor of petroleum products with 45 petrol stations and 350 staff. Gabon also accounted for 0.6 percent of the company’s oil and gas output in 2022. The group did not immediately respond to a question about whether the coup could potentially have an impact on its operations. Also, the French mining group, Eramet, says it has …

Business Planning Investment Money market

Tinubu plans to boost revenue, achieve 18 % tax-to-GDP

Abuja, Aug.  8, 2023 – President Bola Tinubu says his administration is committed to boosting revenue generation to achieve 18 percent tax-to-GDP ratio within three years.  Tinubu said this on Tuesday while inaugurating the presidential committee on fiscal policy and tax reforms, headed by Mr. Taiwo Oyedele.  He also expressed his commitment to breaking Nigeria’s cycle of excessive borrowing for public expenditures with the attendant debt burden. Ajuri Ngelale, the Special Adviser to the President (Media & Publicity), in a statement, said the president directed the committee to focus on …

General News Investment

SERAP urges Tinubu to publish spending details of N400bn savings from subsidy removal

Abuja, Aug. 6, 2023 -Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to publish details of spending of about N400 billion saved from petrol subsidy removal. It urged the president to “provide details of the plans on how subsequent savings from the removal of subsidy on petrol, including specific projects on which the funds would be spent, and the mechanisms being put in place to ensure the savings are not embezzled, misappropriated or diverted into private pockets.” In a letter dated July 1, 2023 and signed by SERAP …

Business Planning Investment

Turner, Mayor of Houston, seeks expanded trade with Nigeria

Abuja, July 19, 2023 – Sylvester Turner, the Mayor of Houston in the U.S., has called on the Federal Government to establish a Consular Office in Houston and facilitate direct flight to expand trade relations with Nigeria. Turner made the call in Abuja on Wednesday while addressing journalists about the outcome of his meeting with some government agencies and the business community during his business trip to Nigeria. Turner led a delegation from diverse sectors in Houston to seek ways of expanding trade, investment, and bilateral relations between Nigeria and …

Business Planning Investment Manufacturing/Industry

India to collaborate with Nigeria on energy transition – official

Abuja, July 18, 2023 – The Indian High Commission in Nigeria has promised that his country will collaborate with the Nigerian government in ensuring a smooth energy transition. Shri Balasubramanian, the India’s High Commissioner to Nigeria, made the promise during a visit to the Indian pavilion at the just concluded NOG Energy Week Conference & Exhibition 2023 in Abuja. He said that India was playing a good role in renewable energy. “We have some expertise on it and we hope to collaborate with Nigeria on it. I know there are …

Currencies General News Investment

World’s richest woman, Meyer’s net worth hits $92.6B

Lagos, July 6, 2023 – Francoise Bettencourt Meyers, French businesswoman and the world’s richest woman, has seen a slight increase in her net worth. According to data from Bloomberg and the Forbes Billionaire Index, the 69-year-old billionaire began the year with a net worth of $80.5 billion. Her recent surge in wealth amounts to an impressive $12.1 billion increase. Despite experiencing some losses along the way, Meyers maintains her position as the wealthiest woman in the world. Meyers’ fortune primarily stems from her stake in L’Oreal, the largest cosmetics company …