Governor Ifeanyi Okowa of Delta State has assured local and international investors of high returns on investment when they tap into the rich business opportunities in the state.
The governor spoke in Lagos while delivering a lecture titled ‘Public policy and governance in Delta State: Opportunities and challenges’.
The programme was organised by the Lagos Business School in collaboration with the Nigerian Economic Summit Group.
In a statement by the press unit of the state government, Okowa, who was accompanied by top government officials, was quoted as saying, “With what we are doing in partnership with the Federal Government and community leaders, peace is gradually returning to the troubled Niger Delta region, and I can assure our prospective investors that we are going to have a lasting and sustainable peace in the region and that a conducive atmosphere awaits prospective investors. There are a lot of business opportunities for investors.”
According to him, the private sector has a lot to offer and is pivotal to the state’s investment drive, which seeks to significantly develop the non-oil sectors of the economy such that they will overtake oil and gas as growth drivers.
The governor stated that his administration’s vision was to make the state a pacesetter in the country by building an enduring legacy of wealth and prosperity for all through public policy imperatives geared at maximising comparative advantages of the state.
He said, “Delta state has an economy size of $24.6bn based on the Gross Domestic Product rebase of 2013, making us the fourth largest economy in the country with multiple urban centres numbering as many as 12.
“Average poverty rate based on head count is 56 per cent, lower than the national average of 62 per cent; the per capita income is calculated at about N302 or less than $2 per day while unemployment/underemployment rate stood at 27.2 per cent in 2014, according to the National Bureau of Statistics.”
In a bid to address the challenges posed by the drop in statutory allocation, Okowa said the state government developed the Delta State Medium Term Development Plan (2016-2019), a policy document that provides the road map to drive rapid infrastructural development, sustain inclusive economic growth and sustainable development, and reduce the worrisome high level of youth unemployment.
Earlier, the Dean, Lagos Business School, Dr. Enase Okonedo, who was represented by Dr. Chris Ogbechie, said the school in partnership with the NESG had a proven track record of engagement with public sector policy makers in proffering solutions to developmental challenges in Nigeria.
In a related development, Okowa attended a business dinner hosted by Prof. Pat Utomi in Lagos on Saturday.
Okowa told participants at the forum that his administration would support investments in the agricultural and solid minerals sectors in the state.
According to him, as the state moves to reduce its dependence on crude oil, his administration will strengthen the enabling environment for investments to thrive in agriculture and other sectors.
He said Asaba Airport upgrade would be ready in December to accommodate bigger airplanes and also attract more airlines into the state.
In his remark, Utomi said there were lots of untapped business opportunities in Delta State, describing the state as the next business destination.
Global Deal Activity Down by 4.5% in October 2020
A total of 6,304 deals were announced globally during October 2020, which is a decrease of 4.5% over the 6,598 deals announced during September, according to GlobalData, a leading data, and analytics company. An analysis of GlobalData’s Financial Deals Database revealed that the deal volume during October remained below the monthly average of Q3 2020.
Aurojyoti Bose, the Lead Analyst at GlobalData, comments: “After demonstrating growth for four consecutive months, the deal volume shrank in October. The decline in deal activity could be attributed to inconsistencies across different regions. The APAC region remained a weak spot, while deal activity remained mostly flat in North America, and the Middle East and Africa (MEA) region witnessed growth in deal activity.”
North America attracted the highest number of investments, followed by APAC, Europe, the MEA, and South, and Central America.
The uncertain global economic landscape lowered the deal volume in October for major markets such as the US, Germany, Australia, France, India, and China compared to the previous month. On the contrary, the UK, Japan, South Korea, and Canada saw growth of 15.6%,14.9%, 3.8%, and 2.2%, respectively, in October as compared to September’s deal volume.
Bose continued: “Most of the deal types witnessed a decline in volume during October compared to the previous month. Private equity, equity offerings, venture financing, debt offerings, and partnership deals volume decreased by a respective 2.4%, 9.1%, 9.8%, 14.6%, and 24.6% – while the deal volume for mergers and acquisitions (M&A) increased by 7.2%.”
Japaul to Invest in Chinese Firm H&H to Deepen Mining and Exploration Business
Japaul Gold & Ventures Plc (Japaul), formerly known as Japaul Oil and Maritime Services Plc, announced it has gotten approval in principle from H&H Mines Limited to invest in or acquire shares in the company once it concluded its fundraising exercise.
According to a statement released through the Nigerian Stock Exchange (NSE), H&H Mines Limited has several licenses, which include two major Mining Leases for 25 years renewable.
The statement noted that extensive exploration has been done on the Mining properties and the last lap of the exploration works is core drilling. This, it said will allow Japaul knows the measured Minerals Reserve contained in the Mine, which it claimed contain Gold, Silver, Lead, Zinc, etc.
Japaul further explained that the need to get the drilling done was what led H&H Mining to engage the services of Xiang Hui International Mining Company Nigeria.
“Since Japaul will eventually be part of H&H Mines Limited, it was necessary that Japaul is carried along on the kind of Contract of Drilling to be entered into, and that was why the signing of the Drilling Contract between the Chinese Company and H&H Mines Limited was concluded at Japaul’s Head Office,” the company stated.
The drilling is expected to be concluded in the next 12 months and within this time, Japaul is expected to have concluded the Fund Raising and formalise her involvement in the Mining.
The company added that Canadian reports revealed that there are huge gold, silver, lead, etc deposits, but it is drilling that will show the actual reserve.
Africa Investment Forum (AIF) Rescheduled to Hold in 2021 – AfDB
Investment Forum to Now Hold in 2021 in a Bid to Curb Possible Second Wave of COVID-19
The Africa Investment Forum scheduled to hold in November 2020 in Johannesburg, South Africa has been rescheduled to hold in2021 as a result of the ongoing global health pandemic.
This announcement was made in a statement by AfDB on Wednesday. The African Development Bank (AfDB) and the Africa Investment Forum founding partners agreed to the postponement of the annual three-day investment market place.
Considering the negative effect of Covid-19 on the global economy, agreement by the two bodies was made after a careful assessment of the impact of COVID-19 on global travels, investments, observing the social distancing rules and curbing the likely possible risk of a second wave.
In the statement, the bank stated that through the forum innovative digital platforms, it would track investments, source for new deals, progress on financial closure of transactions and other existing deals.
“At the 2019 Africa Investment Forum, 57 deals valued at $67.7bn were tabled for discussions. Fifty-two deals worth $40.1bn secured investment interest.
“In July this year, the AIF Founding partners pledged to strengthen strategic partnership engagement and commitments for Africa Investment Forum Market Days 2021, to help ‘reboot investments in Africa.’ They underscored the need to boost local manufacturing while leveraging the continent’s vast resources to unlock investment.”
In the statement, Africa Investment Forum objectives are achieved through the forum’s four pillars; Closing, Connecting, Engaging and Investment Tracking.
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