Investment

Nigeria Leads Africa, Israeli Negotiations on SMEs Growth

Published

7 years ago

August 4, 2016

Nigeria is leading in a new trade and commerce cooperation between African countries and Israel, which will see small and medium scale enterprises (SMEs) based in Africa benefit from the economic competencies of Israel.

According to the facilitators of the partnership, the Africa Leadership Summit (ALS), a new platform, the Africa-Israel Chamber of Commerce (AICC) was inaugurated recently in Abuja to oversee the planned economic relationship between the continent and Israel.

The Convener of ALS, Mr. Olusegun Olanipekun told journalists at a leadership conference where AICC was formally unveiled that AICC would concentrate its efforts

and resources on tapping from Israel key and tested start-up knowledge with which SMEs in Nigeria and other African countries can use to re-invent themselves and grow their profitabilities.

Olanipekun equally noted that other than helping SMEs grow their economic values, the AICC will impact in owners of such ventures, quality and time-tested ethical values which they can apply in relating with and adding values to their business environments.

He explained that platform would not immediately be seeking for big multinationals to come on board, adding that its priorities will be on SMEs which have the capacity to immediately impact on the lives of local citizens.

“The African Leadership Summit (ALS) is about raising the standard of leadership on the continent of Africa and benchmarking ourselves with the best in the world, particularly Israel.

“You know that Israel is the number one start-up nation in the world, it is not only Nigeria or Africa that is learning from them, the whole world is learning from them.

“Israel supplies the highest percentage of patents to the world. Europe buys patents from Israel, America does and we are saying, why do we always buy from America and Europe when we can go directly to the source – Israel,” said Olanipekun.

He further stated: “Israel also imports from other parts of the world but not from Africa because the systems are not in place for that. The ALS is developing application tools like the Africa-Israel Chamber of Commerce (AICC) where people of like mind can meet and connect and a highway of business can be built between the various cities of Africa and Israel.”

He said on the decision to concentrate on SMEs: “Africans have had to wait for investors to come and invest and we observe that the result of that is that profits are repatriated maximally and communities are not developed. But if we partner with a nation like Israel where in 60 years, they have developed their economy and made the desert to blossom like a rose, and developed their communities through their businesses, then we can also learn that it is not enough to have big businesses with big financials but their communities of operation is not developed.”

Olanipekun’s partner, Dr. Ike Neliaku also explained that the AICC will be driven by Nigeria which he said has the capacity to take Africa along the path holistic prosperity if she gets it right.

Neliaku noted that modalities on how the AICC will operate from Nigeria have been designed, with relevant stakeholders already hooked to the platform for prompt delivery of set goal.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Baker Hughes Set to Boost Nigerian Energy Landscape with Refinery Investments and Oil Field Bid Participation

Published

6 days ago

December 4, 2023

Investors King

Global oil and gas giant Baker Hughes has expressed its commitment to invest in Nigerian refineries and actively participate in the upcoming bid round for marginal oil fields, according to an announcement by the Federal Government on Sunday.

The announcement followed a meeting between Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Baker Hughes Chairman/President Lorenzo Simonelli at the 28th United Nations Climate Change Conference in the United Arab Emirates.

During the meeting, Baker Hughes expressed its eagerness to sustain and enhance its investments in Nigeria’s oil and gas industry, particularly showcasing interest in contributing to the country’s refinery sector.

Simonelli emphasized the company’s commitment to supporting Nigeria’s energy transformation agenda.

“Nigeria is a blessed nation with vast potentials and great opportunities in diverse sectors. As a partner with the Federal Government over the years, we are inspired to direct investment in the refinery domain of oil and gas,” said Simonelli.

In response, Minister Lokpobiri welcomed Baker Hughes’ move, highlighting the pivotal role Nigeria plays in the global energy landscape.

He expressed optimism about deepening collaboration and assured the company of the Federal Government’s commitment to creating an enabling environment for investments in the refinery sector.

“I am very happy that you have joined other companies in identifying the great opportunities and government’s favourable policies in our oil and gas sector,” Lokpobiri stated.

Additionally, the Minister’s media aide confirmed Baker Hughes’ interest in participating in Nigeria’s forthcoming marginal oil fields bid round, signaling a broader engagement in the nation’s energy sector.

This move aligns with Nigeria’s efforts to revitalize its oil and gas industry, with ongoing rehabilitation works at the country’s three refineries and the anticipation of increased investments under the new Petroleum Industry Act (PIA).

Investment

Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico

Published

2 weeks ago

November 27, 2023

Investors King

In a meeting with the Mexican Ambassador to Nigeria, Alfredo Miranda, the Nigeria Export-Import Bank (NEXIM) revealed that investors in Nigeria are enjoying robust returns on their investments, even up to 30 percent.

Stella Okotete, the Executive Director of Business Development at NEXIM, highlighted the immense potential for collaboration between Nigeria and Mexico, emphasizing the benefits of expanding access to Nigerian goods in the Mexican market.

Okotete urged for a strategic partnership between the two nations, emphasizing that collaboration could enhance Nigeria’s foreign exchange earnings, attract investment opportunities, and foster prosperity for citizens in both countries.

She showcased Nigerian-made export goods financed by NEXIM, while underscoring other investment opportunities available in Nigeria.

She stated, “In terms of return on investments, this is the best place you can invest,” indicating the favorable investment climate in Nigeria, especially in the non-oil export sector.

Okotete also highlighted the untapped potential in Nigeria’s mining sector, expressing readiness to collaborate with Mexico to develop this sector for export.

The visit by the Mexican delegation is seen as a significant step toward strengthening economic ties between the two nations, exploring mutual benefits, fostering economic growth, and identifying investment opportunities.

Ambassador Miranda acknowledged Nigeria’s potential and initiatives by NEXIM to promote non-oil exports.

He stressed the need to identify business opportunities that could enhance trade, attract investment, and facilitate the development of both countries through their trade policies.

The meeting reflects a positive stride towards enhancing economic cooperation and fostering a strong economic partnership between Nigeria and Mexico.

Investment

Mexican Investors Explore Solid Minerals Opportunities in Nigeria

Published

2 weeks ago

November 27, 2023

Investors King

The Minister of Solid Minerals Development, Dele Alake, welcomed a delegation of investors from the Republic of Mexico who are exploring investment opportunities in Nigeria’s solid minerals sector.

Minister Alake commended this initiative and underscored the commitment of President Bola Tinubu’s administration to facilitating a conducive business environment for investors in the industry.

The minister highlighted several incentives aimed at attracting investments, including zero-duty on equipment for solid minerals extraction, seamless repatriation of profits to the investors’ home countries, and tax holidays.

To ensure responsible and sustainable practices, Alake emphasized the importance of investors signing Community Development Agreements with local communities in mining areas to promote socio-economic development.

The ongoing efforts to sanitize the mining industry were also discussed, citing recent actions such as the revocation of titles failing to comply with annual service fee regulations.

Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, vouched for the credibility of the visiting investors, affirming that their genuine and serious interest in business aligns with Nigeria’s economic objectives.

President of Seccion Internacional Para Africa, Dr. Heriberto Cortes, speaking on behalf of the investors, expressed gratitude for the constructive discussions with Minister Alake.

Cortes emphasized Nigeria as their African home and conveyed confidence in the safety and profitability of their investments in the country.

The visit signifies a positive stride towards strengthening economic ties between Nigeria and Mexico.