Echotitbits – Nigeria News

Tag: Investment

  • President Buhari Welcomes International Partnerships to Spur Development

    President Buhari Welcomes International Partnerships to Spur Development

    President Muhammadu Buhari on Friday in Abuja expressed the commitment of the government of Nigeria to work with an international think-tank group and investment promoter, Horasis Global Visions Community, to find solutions to challenges facing the country, its government and corporate entities.

    Speaking at a virtual meeting with the members of the Visions Community led by its founder and chairman, Dr Frank-Jürgen Richter, cross-sectional representatives of State Governors and corporate organizations in Nigeria, President Buhari said: ”I am excited about the work that Horasis has been engaged in since it was founded in 2005.

    President Buhari receives in Virtual audience Horasis Global Visions Community led by its Chairman Dr. Frank-Jurgen Richer in State House on 30th Oct 2020

    ”As a platform for frank discussions and generation of multidisciplinary ideas for the resolution of multi-faceted challenges facing mankind, the work of governments and corporate organisations are expected to be impacted more positively,” he said.

    READ ALSO:

    Lekki Shooting: Survivors Tell their Story

    President Buhari accepted the request of the global think tank to create its African hub in Nigeria, commending their vision for an expanded manufacturing through Foreign Direct Investment (FDI) to make the country a major beneficiary of the African Continental Free Trade Area Agreement (ACTFA) coming into effect next year.

    ”It is my hope that many corporate organizations in Nigeria will be drawn into the mainstream discussion around several challenges facing Nigeria and indeed the rest of Africa,” the President said.

    President Buhari expressed the commitment of the government of Nigeria to the proposed annual Africa Summits of the organization, with Nigeria hosting, in the strong belief that Nigeria will fully benefit from the meetings.

    The Chairman of the group, Frank-Jürgen Richter, commended Nigeria’s economic growth in the last few years and gave strong assurances that the Africa Summits with Nigeria as the hub will bring the benefits of increased FDI.

    READ ALSO:

    Lagos Police Command Arrests Fleeing Sergeant Aiwansone for Shooting Girlfriend

    Other speakers at the meeting, including the Chairman of the Horasis Visions Community in Nigeria and a former Minister of National Planning, Prof Shamsudeen Usman, the Chairman of Nigeria Governors Forum, Dr Kayode Fayemi of Ekiti State and the President of the Manufacturers Association of Nigeria, Engineer Mansur Ahmed, expressed excitement about the good prospects of increased manufacturing through FDI to give a competitive advantage to Nigeria in view of the ACFTA.

  • Buhari Signs Instrument of Agreement Towards Establishment of African Trade Insurance Agency

    Buhari Signs Instrument of Agreement Towards Establishment of African Trade Insurance Agency

    President Muhammadu Buhari Monday signed the instrument of accession of the agreement for the establishment of the African Trade Insurance Agency.

    The Agreement and the Agency are registered with the Secretariat of the United Nations in accordance with Charter of the United Nations and is in cognizant of the fact that lack of adequate political, non-commercial and commercial risk insurance is a significant impediment to the availability of finance for investments in Africa and the expansion of African foreign trade and intra-Africa trade.

    The Agency when executed would acknowledge previous multilateral efforts made by African states towards regional economic integration through co-operation in trade liberalisation and development so as to attain sustainable growth, promote economic activity and create an enabling environment for foreign trade, as well as cross-border and domestic investments.

    READ ALSO:

    Buhari assures he’ll restore security in North-East, acquires modern military equipment

    Recalling the economic objectives and aims of the African Union, there are several African Treaties on regional economic integration, including the Treaty Establishing the Common Market for Eastern and Southern Africa, the Treaty Establishing the Southern African Development Community and the Treaty Establishing the Economic Community of West African States.

    A memorandum from the Minister of Justice and Attorney-General, Abubakar Malami, stated that the request for the President’s signature on the agreement was sequel to the directive of the Federal Executive Council, that the instrument be prepared and forwarded for execution, said a statement by the President’s Senior Special Assistant on Media and Publicity, Garba Shehu.

    READ ALSO: Lagos, NUPENG Reach Truce over Petroleum Tanker Drivers’ Withdrawal of Services

    The ratification was adopted at Grand Bay in the Republic of Mauritius on May 18, 2000. The object and purpose of the Agency is to provide, facilitate, encourage and otherwise develop the provision of, or the support for, insurance, including coinsurance and reinsurance, guarantees, and other financial instruments and services, for purposes of trade, investment and other productive activities in African States in supplement to those that may be offered by the public or private sector, or in cooperation with the public or private sector.

    Idowu Sowunmi

  • Akinwummi Adesina: Sierra Leone President, ex-US AfDB representative strengthens support base

    Akinwummi Adesina: Sierra Leone President, ex-US AfDB representative strengthens support base

    The support base of embattled President of the African Development Bank (AfDB), DR. Akinwunmi Adesina has been strengthened by two top level individuals, Sierra Leone President, Julius Maada Bio and Harold Doley, the first United States representative to the AfDB. They are the latest joining in with their voice.

    In a message posted on twitter last Sunday, President Bio expressed solidarity to the man that is widely referred to, across the continent as Africa’s Chief Developer.

    Adesina, the 2013 Forbes Africa Person of the Year awardee did not only appreciate President Bio throwing his weight behind him, he also expressed gratitude to other African leaders who had spoken in his favour over controversies generated by some whistleblowers and fanned by the United States, a non-regional member of Africa’s multi billion dollar development bank.

    “Thank you very much Your Excellency President Bio of Sierra Leone for your heartwarming confidence and support and that of the good people of Sierra Leone. I am humbled and grateful. @CyrilRamaphosa (President Cyril Ramaphosa of South Africa), @MBuhari (President Muhammadu Buhari of Nigeria) @AUC_MoussaFaki (Chairperson, African Union Commission)”, Adesina wrote.

    On his part, Doley did not fail to emphasise Dr. Adesina’s impressive feat as head of the AfDB in an open letter to US President Donald Trump.

    READ ALSO: Regional road will relieve traffic pain on Lekki-Epe axis – Sanwo-Olu

    Doley stressed that Adesina, since he assumed office in 2015, has rapidly restructured the bank refining its focus through a High-5 strategy, driven by strategic investment in energy, and electricity, agriculture, technology that significantly improved food security, access to private sector finance, improved transport infrastructure, water and sanitation, which has directly impacted the lives of many Africans.

    While he noted that it is profitable for America to support the AfDB, Doley said: “In 2019, with US support, the AfDB stakeholders approved a general capital increase of 115 billion dollars, the largest in the bank’s 56 years history. The increase more than doubled capital from 93 billion dollars to 208 billion dollars.

    “Also in 2019, the bank’s concessional window, the African Development Fund, received a 35 percent replenishment with donor contributions.

    “US shares of $499,695,200 represents 7.81 percent of total subscriptions are a critically needed resource for low-income countries and transition states.

    READ ALSO: AfDB: Obasanjo knocks US over flagrant ridicule, rallies support for Adesina

    “Ultimately, supporting Africa’s private sector is critical for social and economic development. In 2018, Adesina led an unprecedented effort to attract global investment into Africa through the inaugural Africa Investment Forum”, Doley’s letter read in part.

    In separate statements written to the Ethics Committee and Board of Governors of the AfDB to register their support for Dr. Adesina, the Nigerian Government through the office of the Minister of Finance, Budget and National Planning, Zainab Ahmed, and 14 former African presidents and prime ministers led by Nigeria’s ex-President Olusegun Obasanjo including ex-President Goodluck Jonathan affirmed that an independent probe is stretching the matter too far since the Ethics Committee had cleared the Bank’s president of wrongdoing according to the governing procedures, to which an external independent probe is alien.

  • Governor Fayemi okays N145 per metre for broadband deployment

    Governor Fayemi okays N145 per metre for broadband deployment

    Ekiti State has now become the cheapest state for broadband investment in Nigeria following an Executive Order signed by the State Governor, Dr. Kayode Fayemi today, May 14, 2020, which brings the Right of Way charges down from N4500 to N145 per metre.

    In a statement, the Governor who stated that the Executive Order is part of ongoing efforts to reform the Ease of Doing Business in the State, affirmed that Ekiti is ready to attract broadband investments having now complied with the approved charges by the National Executive Council (NEC).

    “Ekiti is the first state in Nigeria to comply with the NEC approved Right of Way charges for broadband thus becoming the cheapest state for broadband infrastructure investment as 1km of cable will now cost just N145,000 as against N4.5m previously.

    READ ALSO: FIFA moves congress online, sets Womens-U-20 World Cup for 2021

    “This decision will ensure Ekiti achieves full broadband penetration by 2021 to attract new businesses, create jobs, improve access to quality healthcare and digital education while improving internally generated revenue”, the Governor noted.

    He added that the decision on reducing charges on broadband deployment in the state aligns with the ongoing development of the Ekiti Knowledge Zone, designed to be Nigeria’s first service based innovation park.

    READ ALSO: Saraki, Atiku, others congratulate new Chief of Staff Gambari

    Last year, Governor Fayemi inaugurated reforms initiatives to improve Ease of Doing Business and indices that will make Ekiti State an attractive destination for national and international investments within a 5-year term.

    Page 1 of Executive Order reducing broadband deployment charges by Ekiti State Governor Kayode Fayemi
    Page 2 of Executive Order reducing broadband deployment charges by Ekiti State Governor Kayode Fayemi