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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, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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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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EUR 27 million European Investment Bank Backing for Cameroon Business Investment

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The European Investment Bank today formally agreed to provide EUR 27 million of new long-term financing to support investment by entrepreneurs and businesses across Cameroon and strengthen economic resilience to the COVID-19 pandemic.

The streamlined business financing represents the largest ever EIB support for private sector investment in Cameroon and is part of the EIB’s increased engagement with financial partners across Africa to strengthen economic resilience to the pandemic.

The two new credit lines will be managed by leading local financial partners, EUR 15 million by CCA Bank and EUR 12 million by Commercial Bank of Cameroon.

Cameroonian businesses accessing the new financing will benefit from lower cost of financing thanks to European Union support as part of broader support to improve the competitiveness of Cameroon’s private sector.

The new partnership between the European Investment Bank, the world’s largest international public bank, CCA Bank and Commercial Bank-Cameroun, will increase access to long-term finance by businesses across Cameroon. The new financing builds on close cooperation in recent years to support private sector investment across Africa and best practice cooperation with leading financial partners in Cameroon.

The new business financing will support investment by manufacturing, agriculture, services and trading companies across the country.

The EIB’s latest cooperation to support business investment in Cameroon was formally announced in Yaoundé by Thomas Östros, European Investment Bank Vice President, Alexis Megudjou, CEO of CCA Bank and Léandre Djummo, CEO of Commercial Bank-Cameroun, in the presence of Louis Paul Motazé, Minister of Finance, Achille Bassilekin III, Minister of Small and Medium Enterprises, Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development, and Philippe Van Damme, EU Ambassador.

“Increasing support for Cameroon’s productive private sector is a major focus of our national development strategy (SND30). From this point of view, the State has a duty to put in place an optimal, conducive and incentive framework for the development of entrepreneurship, particularly among the priority targets of young people and women. Agreement of new business financing credit lines totalling more than 17.7 billion FCFA, thanks to Cameroon’s Competitiveness Support Scheme, demonstrates a model for strengthening resilience for a sector severly impacted by COVID-19” said Alamine Ousmane Mey, Minister of Economy, Planning and Regional Integration.

“The new financing agreements confirmed today will help to strengthening the productive capacities of our SMEs, in particular in manufacturing and accelerate post-Covid recovery. This is essential to ensure that SME’s can access finance and lead our country’s structural economic transformation agenda”. said  Achille Bassilekin III, Minister of Small and Medium Enterprises, Social Economy and Crafts. Enterprises.

“Companies across Cameroun have been impacted by the COVID-19 pandemic. Commercial Bank Cameroun is supporting private sector investment across our country and enabling our corporate, business, especially those in the processing sector to invest for the future and create economic opportunities. The European Investment Bank has previously agreed to support EUR 14 million of new long-term financing for entrepreneurs and businesses across Cameroun. Recently a new EUR 12 million business financing has been granted to Commercial bank Cameroon, for a total of EUR 26   million financing. The new EUR 12 million support provided by European Investment Bank and EU backing for Commercial Bank will unlock new private sector financing to be provided by our branches across the country for  private businesses.” said Léandre Djummo, Director General of Commercial Bank.

“Increasing access to finance by entrepreneurs and businesses is essential to overcome economic challenges enhanced by COVID-19 and unlock business expansion. The EIB’s latest cooperation with leading financial partners here in Cameroon demonstrates how together EU and African partners are helping to beat COVID and ensure that private sector business can invest, create jobs and grow. As part of Team Europe, the European Investment Bank is pleased to provide EUR 15 million of new targeted financing to CCA Bank and EUR 12 million to Commercial Bank of Cameroon to unlock new private sector financing essential to strengthen private sector investment, create jobs and accelerate the post-pandemic recovery of Cameroon.” said Thomas Ostros, Vice President of the European Investment Bank.

“The European Union is committed to supporting the private sector in Africa. The Team Europe cooperation with the European Investment Bank will increase access to targeted business finance by companies across Cameroon. The new EUR 27 million financing scheme with CCA Bank and Commercial Bank of Cameroon will create jobs, unlock business growth and enable Cameroonian companies to seize new business opportunities in the years ahead.” said Ambassador Philippe Van Damme, Head of the European Union Delegation to Cameroun.

Supporting investment by businesses across Cameroon during challenging times

The two new 7 year EIB credit lines with CCA Bank and Commercial Bank of Cameroon will allow new financing to be provided to private businesses, notably SMEs, across Cameroon.

The new financing will allow longer average loan tenors for business loans and enable companies to better reflect the economic life of new investment.

Ensuring that Cameroon benefits from EIB response to strengthen economic resilience to COVID

The new cooperation represents the EIB’s first support for business investment with CCA Bank and the second with Commercial Bank of -Cameroun and the first private sector financing in Cameroon in two years.

The scheme is part of the EIB’s increased engagement across Africa to ensure that companies can continue to access finance when faced with unprecedented health, business and trade challenges linked to COVID-19, approved by European Union finance ministers in April 2020, within weeks of the impact of the pandemic being recognised.

The European Investment Bank is the world’s largest international public bank, owned directly by the 27 European Union member states.

Since the pandemic EIB has provided more than EUR 8 billion for private and public investment across Africa.

 

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