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Hong Kong Entrepreneurs to Invest in Bauchi

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Steel Manufacture At Evraz Plc West-Siberian Metallurgical Plant

Sequel to a visit by a high level government delegation, led by Governor Mohammed Abubakar of Bauchi state, to Hong Kong on investment mission, the Lee Group, a well-diversified conglomerate entity, which operates from a number of African countries and Asia and specialises in the production of steel, footwear and plastic goods is leveraging on the offers made by the Bauchi State Goverment to invest in the state given the investment potentials that exist in the state.

The conglomerate, which has over 35 years in running successful businesses and plans to expand by diversifying into agro-based products and solid minerals in the northeastern Nigeria, especially Bauchi State gave the conglomerate’s willingness to invest in Bauchi state after the Governor’s visit to them in Hong Kong.

The Chairman of Lee Group, speaking through the Director, Mr Lee Mang Loog tuesday stated that the conglomerate wishes to invest in mining solid minerals especially Kaolin, Clay, Quartz, Natural Gas, Iron ore, Hydrocarbon all of which abound in commercial quantity in Bauchi state.

The Group also indicated interest in setting up of factories in Bauchi State for the manufacturing and production of Truck Tyres, Rubber slippers, Ceramic tiles, other ceramic products and Bakery that can generate hundreds of thousands of direct and indirect jobs to the youth in the state.

According to a ress statement signed by the Press Secretary to the state Governor and made available to THISDAY in Bauchi, the governor urged the Group to look into other agro-based investment opportunities such as in the production of Sesame seeds, Soy beans, Poultry and Fishery.

The delegation that centered on deriving foreign direct investment into Agricultural, Mining and Tourism sectors comprised of the commissioner works, housing and land development, Abubakar Tatari Ali, member state house of assembly, director general, Bauchi state investment promotion agency, Muhammad Aminu Musa Kamisu Idi and special adviser/sole administrator, Yankari Game Reserve Engineer Habu Mamman Muhammad.

Others are MD, Bauchi state solid minerals development agency, Muhammad Tahir Isa, GM, Bauchi state agricultural supply company, Kabiru Adamu Sade and members of the business community.

The Governor also led the delegation to key institutions and organiations as well as the famous World Food Expo exhibition with a view to creating a platform for institutional recognition of economic potentials of Bauchi state, one of which was the Hong Kong Trade Development Council, a statutory and nonprofit body established to promote international marketing of Hong Kong-based traders, manufacturers and service providers by organizing trade fairs, business missions and international conferences to connect companies with opportunities in Asia and beyond.

The Governor, in company of the Nigerian Consulate General and his team, Mr. William Chui, Director, International & Mainland Relations and his team, made a sector-based presentation on economic and investment opportunities in Bauchi state ranging from agriculture to solid minerals, tourism as well as Infrastructure.

He also showcased the numerous incentives, reforms on land acquisition law as well as Public Private Partnership policy, all in an effort to ease ways of doing business and sustainable support to investment climate in the State.

At the Hong Kong Tourism Development Company which invited Bauchi state government to take advantage of its trade mission, Foodexpo and its portal to showcase its enormous potentials especially in solid minerals and agriculture, the Governor requested the Hong Kong investors to take advantage of the Bauchi state investment promotion agency being a “One-Stop-Shop on investment processes and establishment for any existing and potential investor”.

The Hong Kong Tourism Development Company pledged to network within it members on the investment opportunities in agriculture and solid mineral in support of the Bauchi state investment drive.

The governor attended the famous World Food Expo exhibition on the invitation of the Hong Kong Tourism Development Company where he invited the Company to attend proposed “Bauchi State Investment Summit” slated for early next year.

He also attended the Africa Chamber of Commerce, a private and non-profit-making organization which remains dedicated to serving members by providing an effective platform for enhancement of trade and investment by moderating between investors and relevant authorities, promoting seminars and trade exhibitions in Africa and Asia, advising on investment and projects, as well as business matching and pitching.

He also showcased the numerous incentives, reforms on land acquisition law as well as PPP policy, all in an effort to ease ways of doing business and sustainable support to investment climate in the core areas of economic and investment opportunities in Bauchi state, especially ranging from agriculture to solid minerals, tourism as well as Infrastructure.

The chairman, Africa Chambers of Commerce, Mr. Mark Chan, who has an investment in Nigeria eco-friendly agrochemicals promised to open up the potentials that exist in Bauchi state to other investors in Hong Kong and mainland China in the area of both agricultural and solid minerals.

Governor Abubakar also had a meeting with a visiting Professor to a number of Universities Dr. Marafa who is a Director Postgraduate Programme in sustainable Tourism in Chinese University of Hong Kong during which discussions dwelt on the tourism sector and key investment needs were detailed out, centering on eco-tourism, Public Private Partnership in operation and management as well as Development of infrastructure in Sumu and Yankari game reserves.

The University don promised to engage the tourism industry captains in Asia and beyond on the investment opportunities in the sector while promising to invite the BASG to Malaysia Tourism Summit coming up next year which he said would be another window of opportunity for Bauchi State Government to showcase its potentials in the tourism sector as well as investment needs

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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Escravos Seaport: $27.29 Billion Seaport Project in Jeopardy Amid Bureaucratic Stalemate

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Deep Sea port - Investors King

Nigeria is on the brink of losing a $27.29 billion investment earmarked for the development of the Escravos Seaport Industrial Complex (ESIC) in Delta State.

The ambitious project, championed by the Mercury Maritime Concession Company (MMCC) and backed by foreign investors, is stalled due to prolonged delays in securing final governmental approvals.

Rear Admiral Andrew Okoja (rtd), the chairman of MMCC, voiced his concerns during a recent press briefing.

He emphasized the urgency of obtaining the necessary governmental consents, warning that the delay could result in the forfeiture of the crucial investment.

“EDIB International of Hong Kong has expressed readiness to inject $27.29 billion into the deep seaport project located in Escravos. However, without the required approvals from both federal and state governments, we risk losing this investment,” Okoja stated.

The ESIC project is poised to be a significant economic catalyst, promising to transform Delta State and its neighboring regions.

Modeled after the successful Lekki Deep Seaport and Free Trade Zone, the ESIC is expected to spur trade, commerce, and industry across eight states, including the Federal Capital Territory, Abuja.

“This project is not just about developing a seaport; it’s about creating an economic hub that will drive growth and development across a broad spectrum of sectors,” Okoja explained.

In a letter dated January 19, 2024, EDIB International Ltd., through its chairman Kwame Springer, reiterated its commitment to the project. The letter, addressed to MMCC, highlighted the need for a federal government guarantee to protect the investment.

“We require a guarantee from the Nigerian government to secure our investment. The time frame given to secure these approvals is three weeks, beyond which we might have to consider alternative locations for our investment,” the letter stated.

The Escravos Seaport project has seen provisional approvals from both federal and state governments in the past.

In November 2020, the Federal Government granted a provisional approval for a 50-year renewable concession agreement under the Build, Own, Operate, and Transfer (BOOT) model.

Similarly, in May 2022, the Delta State Government agreed to lease 31,000 hectares of land for the project.

Despite these provisional nods, the final approvals remain elusive.

“We have met all regulatory requirements and are ready to proceed. The delay now lies with obtaining the final consent from the government,” Okoja noted.

He urged the federal and state governments to expedite the approval process to avoid losing the investment to other African nations.

The development of the ESIC encompasses not just the construction of a seaport but also the integration of road, rail, and marine connectivity aimed at optimizing cargo flow.

The project includes the construction of the Warri-Sapele Expressway, linking it to key trade routes.

“This infrastructure will significantly reduce congestion at Lagos ports and open up new economic opportunities for the Niger Delta, Eastern, and Northern States,” Okoja highlighted.

The Escravos Seaport Industrial Complex represents a transformative opportunity for Nigeria’s economic landscape.

However, bureaucratic inertia threatens to derail this landmark project. As the clock ticks, the onus is on the federal and state governments to act swiftly and secure the future of this pivotal investment. Without immediate action, Nigeria stands to lose a monumental opportunity to boost its economy and create thousands of jobs.

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Crude Supply Concerns Stall Nigeria’s Modular Refinery Construction Projects

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The ambitious plans for constructing modular refineries across Nigeria, aimed at bolstering domestic refining capabilities, are encountering significant roadblocks due to apprehensions surrounding crude oil supply guarantees.

Despite the country’s aspirations to become self-sufficient in refining, the reluctance of international oil companies (IOCs) to commit to supplying crude to these facilities has left many projects hanging in the balance.

Presently, only a handful of the planned 20 modular refineries are operational, with the remaining projects either stalled or facing financial uncertainties.

This predicament stems from investors’ demands for assurances regarding crude oil availability before releasing funds for construction.

Eche Idoko, the publicity secretary of the Crude Oil Refinery Owners Association of Nigeria (CORAN), highlighted the pivotal role of guarantees in securing financing for refinery projects.

He emphasized that without a guarantee of feedstock, investors are understandably hesitant to proceed with funding.

Idoko further elucidated that the absence of a regulatory framework mandating IOCs to provide such assurances exacerbates the challenges faced by modular refinery operators.

Despite repeated pleas from industry stakeholders, regulatory bodies have yet to enforce provisions ensuring crude supply to indigenous refiners, adding to the uncertainty surrounding these projects.

The ramifications of this impasse extend beyond the economic realm, as Nigeria’s aspirations to emerge as a regional refining hub are jeopardized.

With the potential to significantly reduce the country’s reliance on imported petroleum products, modular refineries represent a critical component of Nigeria’s energy security strategy.

Furthermore, the synergy between modular refineries and larger-scale projects like the Dangote Petroleum Refinery could position Nigeria as a key player in West Africa’s refining landscape.

By addressing the continent’s substantial deficit in refined petroleum products, Nigeria has the opportunity to assert its leadership in the region’s energy sector.

However, unlocking the full potential of modular refineries hinges on overcoming the current challenges surrounding crude supply guarantees. With concerted efforts from regulatory bodies, IOCs, and industry stakeholders, Nigeria can navigate these obstacles and realize its vision of a vibrant and self-sustaining refining sector.

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CBN to Issue N1.56 Trillion in Treasury Bills for Q3 2024

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T-Bill

The Central Bank of Nigeria (CBN) has unveiled its plan to issue N1.56 trillion worth of treasury bills during the third quarter of 2024.

This strategic move aims to manage inflation, finance the government’s budget deficit, and regulate liquidity in the financial system.

Compared to the N1.56 trillion issued in the second quarter of 2024, the upcoming issuance represents a slight decrease of 4.87 percent.

The allocation breakdown for the treasury bills issuance in Q3 includes N170.85 billion for 91-day tenors, N189.35 billion for 182-day tenors, and a significant portion of N1.20 trillion for 364-day tenors.

Treasury bills issuance is a crucial tool employed by the CBN to influence various aspects of the economy.

By adjusting the supply of money in circulation, managing inflationary pressures, and providing a means for the government to fund its activities, these financial instruments play a pivotal role in shaping economic conditions.

The impact of treasury bill issuance extends to households and individuals, influencing interest rates on savings and investments.

As the yields on treasury bills serve as benchmarks for other interest-bearing assets, changes in these rates can affect returns on savings accounts, fixed deposits, and other investment vehicles, consequently shaping the financial landscape for individuals and families.

Moreover, the issuance of treasury bills contributes to the broader economic environment by supporting price stability and fostering conducive conditions for sustainable economic growth.

By absorbing excess liquidity from the financial system, these bills help mitigate inflationary pressures and create an environment conducive to economic expansion and job creation.

However, amidst these efforts to manage inflation and stabilize the economy, challenges persist, particularly regarding high inflation rates.

Inflation erodes purchasing power, making goods and services more expensive and diminishing the real value of savings.

While the CBN’s initiatives to address inflation through treasury bill issuances are commendable, addressing underlying factors such as supply chain disruptions and fiscal imbalances remains essential for long-term economic stability and improved living standards.

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