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Standard Chartered Plans Further Investment in Nigeria, Others

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Standard Chartered

Standard Chartered Bank Nigeria Limited says it remains positive on Nigeria and other African countries’ long-term growth opportunities.

The lender said it would, therefore, continue to invest into its areas of strength on the continent.

In a statement on Sunday, the United Kingdom-based lender said it was planning to step up investments and leverage its unique footprint and international banking expertise to drive growth in Africa and Nigeria.

Through a new brand campaign, ‘Here for Africa’, the bank said it was reiterating its commitment to investing in Africa’s future, and continuing to support key growth sectors across local economies, including infrastructure, telecommunications, transport, retail and trade.

Under the bank’s refreshed global strategy, announced late last year, the lender spoke about its heightened focus on Africa, seeking to grow its business across all markets, with a keen focus on corporate and commercial segments.

The Regional Chief Executive Officer, Africa and Middle East, Standard Chartered, Sunil Kaushal, who spoke at the regional launch of the Africa-focused campaign, said, “Africa is an integral and a valuable economic partner region within our unique footprint across the region, Asia and the Middle East.

“This campaign is about our show of commitment and confidence in a continent that we have been in for over 150 years. We consider ourselves truly African – every one of our sub-Saharan CEOs is African; our people who lead and manage our strategy are African, and our strategy is tailored to suit Africa’s specific trends and business dynamics.”

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

NUPRC Sets to Attract More Investors, Begins 2022 Mini-bid Round

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markets energies crude oil
As part of its efforts at wooing more foreign investors into the country’s oil industry, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of its 2022 mini-bid round.
A press statement signed by NUPRC Chief Executive Officer, Gbenga Komolafe and dated January 10, a copy of which was published on the agency’s site, described the Mini-bid Round as a way of ensuring new exploration and drilling activities in the deep waters of the country.
The CEO said that the exercise would present seven blocks on offer.
According to the provisions of the Petroleum Industry Act, the 2022 Petroleum Licensing Round Regulations, and other relevant laws, the agency is expected to manage the mini-bid round process to facilitate more investment in the industry.
Komolafe assured that the mini-bid round would be transparent and competitive, stressing that the agency would organise a market-driven programme that would follow a  procurement process acceptable and designed to attract competent third-party investors from across the globe.
The statement further showed that the seven blocks on offer are located within the Gulf of Guinea, offshore Nigeria at approximately 150km South-East of Lagos Port ranging from 1000 meters to 2000 meters in water depth.
Blocks PPL-300-DO, PPL-301-DO, and PPL-302-DO are located in the Nigerian Transform Margin area. Blocks PPL-303-DO, PPL-304-DO, PPL-305-DO, and PPL-306-DO are within the deep-water Niger Delta Basin.

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Investment

Nigeria’s Insecurity Issues Force Mexican Investors to Stall Investment Plans

The insecurity issues ravaging Nigeria have forced some Mexican investors to put a hold on their plans to invest in the country.

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The insecurity issues ravaging Nigeria have forced some Mexican investors to put a hold on their plans to invest in the country.

This was disclosed by the Nigerian Ambassador to Mexico Hon. Adejare Bello.

He said that the Nigerian embassy frequently receives inquiries from investors about their plans to invest in the country and for possible collaboration.

With the abundance of natural resources in Nigeria, these investors have been looking to invest in areas such as gold mining, oil and gas, and agriculture, as well as partnering with Africa’s richest man Aliko Dangote in the area of fertilizer procurement.

Unfortunately, these investors have stepped back on their plans due to the incessant attacks and insecurity challenges bedeviling the country.

In his words, “In the last decade, one of the critical challenges facing the Nigerian economy is the lack of adequate security of life and properties which has made the country lose so much in terms of foreign direct investment.

“The present situation in the country is very clear evidence of the impact of insecurity on the nation’s development in general and on the economy in particular.

“Lives are lost in the bombings, properties destroyed and businesses collapse as some businessmen who are not indigenes of the affected states leave and migrate to other states. Even the indigenes are taken to refugee camps leading to an increase in government expenditure”

Hon. Bello stated that the insecurity issues in the country have led to a slowdown of Foreign Direct Investment (FDI) which is worrisome, noting that it would be beneficial to the country due to its recent economic challenges.

He, therefore, called on the Federal Government to summon the political will necessary to ensure adequate internal security on a sustainable basis and create a friendly investment climate for inflows of foreign capital into the country.

Investors King understands that Nigeria’s insecurity challenges have not only slowed down investment inflow in the country, but it has also led to the exit of several multinational firms.

The country continues to miss out on so many opportunities of attracting Foreign Direct Investments (FDI) due to escalating insecurity crisis.

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Investment

Ogun State Government Inaugurates Ogun Invest, Facilitates Agency

Ogun State Government on Friday inaugurated the Ogun State Investment and facilitation Agency, commonly referred to as the OGUNINVEST.

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Governor Abiodun of Ogun State

Ogun State Government on Friday inaugurated the Ogun State Investment and facilitation Agency, commonly referred to as the OGUNINVEST.

The inaugural ceremony was held at the Governor’s Office in Oke Mosan, Abeokuta.

The Ogun State Governor, Dapo Abiodun who led the inauguration said the newly inaugurated OGUNINVEST would promote the state and give access to both local and international investors.

The Governor, during the ceremony, said his administration had so far attracted nothing less than 36 investment portfolios that are worth over $1 billion.

He said that the investments altogether were able to generate over 40,000 jobs for the citizens of the state, and the facilitation agency would strengthen governance and diversification in Ogun state.

Abiodun disclosed that the primary focus of the agency is positioned on making the state an investment of choice, generating wealth for all in Ogun State citizens, and helping the private sectors grow.

He said, ” The facilitation agency is committed to attracting, facilitating, and nurturing investments into Ogun State.

“Our administration through Oguninvest Will continue to play the role of the enabler and facilitator to help the private sector grow, create jobs, and generate wealth for all in Ogun State.

“We have continued to reap a bountiful harvest from our commitment as existing investments are thriving and new investments are being attracted. As of today, we’ve been able to attract 36 new investments into Ogun State worth over a billion United States dollars and generated an estimation of over 40,000 jobs since the inception of OGUNINVEST.”

He disclosed that his administration has always been committed to the growth of the industrial sector in the state and that his administration would soon commence the construction of the Special Agro Processing Zone by November 2022.

The Governor included that a lot of tax reforms had been introduced under his administration, ensuring that multiple taxes were removed and his administration has also successfully made its payment process digital.

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