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Siemens Nigeria Builds €3m Facility, Boosts Local Content

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Siemens Limited Nigeria has inaugurated a new facility in Port Harcourt to increase local capacity in the Nigerian oil and gas industry.

The company said it invested about €3m in the facility and developed it according to international specifications and standards.

It said the Siemens Port Harcourt Service facility was equipped to repair and overhaul highly sophisticated equipment that would previously have been sent overseas.

The Managing Director and Chief Executive Officer, Siemens Limited, Onyeche Tifase, while speaking at the opening of the new Siemens Port Harcourt Service Workshop on Wednesday, described it as the first facility of its kind for Siemens in West, East and Central Africa, and a major investment for the global Siemens service business.

Noting that Siemens registered its business in Nigeria 46 years ago, she said, “Siemens Service Centre stands as a shining example of how leading Original Equipment Manufacturers can localise their services, increase value-addition and contribute strategically to the much-needed diversification of Nigeria’s economy.

“We recognise this as a groundbreaking moment, not just for Siemens, but for Nigeria and Nigerians.”

Tifase said with over 160 years of engineering history across the world, Siemens had remained at the forefront of technological advancement through the supply of sustainable and efficient automation, digitalisation and electrification solutions and lifecycle services.

She said, “Siemens equipment outperforms in various oil and gas, manufacturing, utility and infrastructure facilities worldwide. In Nigeria, our vision for many years has been to create a world-class facility and workshop environment where service excellence is fostered to align with our client’s ever-changing needs.

“We are proud to have developed a facility that is ISO 9001 accredited and offers a modern working environment for our partners and employees.”

She said it had become even more critical in today’s economy to ensure that industrial plants and facilities run at maximum capacity and efficiency over an extended lifecycle.

“The technical experts and other employees located in the Siemens service workshop are well trained, certified and capable of developing and delivering precisely the right support to ensure maximum results and address all our customer’s service needs.

“This will ensure we remain even closer to our customers and can provide greater responsiveness, reduce turnaround time and optimise costs for undertaking maintenance programmes.”

According to Tifase, future development plans for the workshop include provision of electrical repair services for equipment such as motors, drives, switchgear, transformers, distribution boards, etc.

The Vice President, Region South and West Europe and Africa, Siemens, Mr. Philipp Kurney, said, “The capital investment in this facility is right about three million euros. That is one element to it. I think the second and potentially more important element is the amount of training and investment in people.

“We have taken a lot of people locally and put them on training programmes, allow them to learn in our factories at Europe and America.

The Maintenance and Integrity Manager, Shell Exploration and Production Companies in Nigeria, Mr. Oji Eberechukwu, described the workshop as a critical milestone.

He said it would support the Nigerian Content Development agenda and position Siemens as a more responsible and corporate business citizen of the Federal Republic of Nigeria.

He said, “We will collaborate more in the utilisation of this workshop for some extraordinary maintenance and of course in the sharing and transfer of technical competencies in this space; like the just-concluded Bonga FGCs inspections in this workshop.

“Though they were preliminary, we look forward to a time when we can do complete major overhauls of our compressors and turbines and also do high speed balancing in-country.”

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

Yield-starved Investors Should be Exploring Less Traditional Opportunities

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Now is the time for investors to consider diversifying into less traditional asset classes, affirms the CEO and founder of one of the world’s largest independent financial advisory, asset management and fintech organisations.

The assessment from deVere Group’s Nigel Green comes as global stocks continue to experience turbulence.

He says: “The three major equity indexes on Wall Street are experiencing their worst stretch of losses in decades, and this is being echoed globally.

“It comes amid investors’ concerns over inflation, which is forcing central banks to slam the breaks on their economies, the ongoing war in Ukraine, Covid lockdowns in China’s manufacturing heartlands known as the ‘factory of the world’, and some household name companies posting weak results.

“This backdrop is creating a yield-starved environment for investors.”

He continues: “As such, for those looking for both capital appreciation and capital preservation, now is the time to consider diversifying into less traditional, return-enhancing asset classes.

“These could include venture capital, structured products, cryptocurrencies, high dividend stock, hedge funds, managed futures, and direct real estate, amongst others.”

“Such investments could also be useful tools to improve the risk-return characteristics of your investment portfolio. This is because they increase diversification and reduce volatility, due to their low correlations to more traditional investments such as stocks and bonds; and they can hedge some portfolio exposures.”

However, says the deVere CEO, considering that these investments are often more complex than their traditional counterparts, working alongside a good fund manager will likely be critical to ensuring return-boosting results.

He goes on to say that whilst less conventional asset classes should also be considered, investors should remain invested in the traditional markets too “because financial history teaches us that stock markets go up over time.”

Nigel Green concludes: “Yield-starved investors should explore less traditional opportunities, not only for potentially higher returns, but also as they provide diversification and downside protection for their portfolios.”

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Private Sector to Invest N169.72bn Tax Credit in Four Roads Construction

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The Federal Government of Nigeria, through its Executive Council, on Wednesday, approved N169.7bn private sector investments for at least four road infrastructures under the government’s Tax Credit Scheme.

Minister of Works and Housing, Babatunde Fashola, made this known to the State House correspondents after the council meeting. At the meeting presided over by President Muhammadu Buhari, Fashola disclosed that the scheme was initiated in 2019 through Executive Order 7 signed by the President, and that the arrangement allowed private sector players to finance public infrastructure instead of paying taxes and then offset it over time using tax credits. 

In the statement made available to Investors King, the four roads include a 234 kilometre stretch from Bali to Sheti through Gashaka to Gembu in Taraba State at the sum of N95,232,474,010.72 and the second road, which is also a tax credit scheme, is made up of three roads worth N74,486,577,050.

For the 234-kilometre road in Taraba costing N95.23bn, Fashola noted that N20bn under the NNPC Tax Credit Scheme would be disbursed to begin the project soonest.

“The two main memoranda relate to the uptake by the private sector in response to the tax credit programme, which we initiated in 2019, by Mr. President signing of Executive Order 7 to allow private sector finance public infrastructure in lieu of tax and then to offset it over time using tax credits.

“So the first road that was awarded today on that policy initiative is the rule road from Bali to Sheti through Gashaka to Gembu in Taraba State. A total of 234 kilometres reconstruction of that road in the sum of N95,232,474,010.62.

“The existing road, for those who are familiar with it, has no concrete stone base. It is just laterite on the asphalt so it doesn’t last and it’s breaking up and leading to potholes.

“So we’ve rewarded this now for reconstruction under the tax credit scheme, there’s a N20bn provision under the NNPC tax credit scheme that will be used to kickstart this immediately,” he said. 

Fashola added that “the second road which is also the tax credit scheme, which was approved by the Council is actually three roads. The applicant, in this case, is Mainstream Energy Solutions, a major energy player in the country and is now seeking to also participate in this policy by investing a total of N74,486,577, 050.”

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72% of North American Quant Fund Managers Struggle to Access High Quality Data

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New research with fund managers in North America who collectively manage around $600 billion, reveals they are placing a growing emphasis on both the quality of the data used in their investment processes and on having access to the technological capabilities to efficiently process data (please see the attached press release). Six out of ten (60%) believe this is crucial to achieving above-average returns in the future.

The study, which was commissioned by quant technologies provider SigTech, found that 94% of fund managers find the process of evaluating data, ensuring it meets quality standards and negotiating with data vendors challenging. 72% say it is difficult to source data that is cleaned, validated and ready to use from vendors.

When it comes to onboarding new data sets, nearly six out of ten North American fund managers say they encounter problems, with 56% saying it takes between 1 and 6 months to have new data fully operational internally.

As a result of the many challenges North American fund managers encounter when sourcing and managing data, 64% expect to increase their budget in this area over the next few years.

When asked to pick the two asset classes where they encounter the greatest difficulty in accessing high quality data, 62% of North American fund managers cited fixed income, followed by 54% who selected commodities. In terms of the two financial instruments where they have the greatest difficulty in securing high quality data, 66% cited forwards, followed by cash/spot (58%) and then futures (40%)

In terms of outsourcing of data services, the study found that 64% of fund managers have increased their level of outsourcing over the last two years. Going forward, 77% plan to outsource more between now and 2024, with none seeing a decrease. When asked which factors are fuelling the growing trend towards data services outsourcing, a shortage of qualified in-house subject matter experts and resources was cited as the biggest driver.

Half of those surveyed (50%) found negotiating with data vendors the most frustrating part of the data onboarding process, and 60% say that evaluating the different vendors is challenging.

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