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BoI, Gombe Sign N360m Solar Power Agreement

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Solar power - Investors King

The Bank of Industry (BoI) and Gombe State Government have signed a N360million deal for the deployment of pay-as-you-go solar home systems in selected rural communities in the state.

Gombe was one of the states that benefitted from the first phase of the BoI/UNDP rural electrification programme involving one community in each of the six geopolitical zones.

Due to the success of the initial project, the Gombe State Governor, Dr. Ibrahim Damkambo wants the project replicated in other nine local government areas of the state.

The acting Managing Director, BoI, Mr. Waheed Olagunju said the project would boost economic activities in the benefiting communities.

The project, which is expected to commence with the deployment of stand-alone solar home systems in Lule 1 and 2 communities in Dukku LGA and Pata community in Yemaltu Debba, will be co- funded by the BoI and Gombe State Government on equal sum of N180 million each.

Olagunju said the problem of electricity supply from the national grid in Nigeria underscored the need to explore other sources of power generation.

He said: “The persistent problem of electricity supply from the national grid in Nigeria has made it imperative to explore alternative power supply options to lift Nigeria and its rural communities in particular, out of darkness and provide them a new lease of life afforded by the presence of not only reliable, but clean and sustainable energy.”

He called on other state governors to replicate the solar systems in off-grid communities in their states, adding that it had been stories of improved livelihood, better living condition and economic rejuvenation in the communities where the first phase of the projects were executed.

According to him, “These communities with an average of 200 homes, each hitherto had no electricity and lived in darkness. But since the provision of solar electricity, the lives of the inhabitants of these communities have changed dramatically.
“The provision of solar electricity has reduced energy costs, created more micro businesses, improved healthcare and quality of education.”

While underscoring the overall significance of alternative form of energy, Olagunju maintained that it would be difficult for the country to achieve inclusive and sustainable growth and development without taking proactive steps towards addressing the myriad of challenges that had stalled the progress and prosperity of its people, particularly those at the bottom of the pyramid.

Nevertheless, Dankwambo said he asked that the solar system be replicated in nine other local government areas of the state based on the success story of the pilot project.

In order to facilitate immediate the commencement of the project, the governor said he had approved the release of N44million, being its own share of the counterpart funding, for the execution of the project, starting in two rural communities of the state.

He said: “It is in our efforts to create job opportunities to our teeming youths that the bank, in conjunction with GVE Project Nigeria Limited, sponsored a pilot mini solar power project in Kolwa in Kaltungo KGA. The project is the first of its kind in the state and in the entire north east geopolitical zone.

“It is gratifying to note that the Kolwa project is improving the living standard of the people in that community. We have indeed realised the immense economic benefits of the mini solar project and decided to replicate in other rural areas. I have approved the release of the counterpart fund to the bank to facilitate early take off of the project.”

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

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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