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Sterling Bank, Consortium to Create 20m Jobs through Solar Power Project

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  • Sterling Bank, Consortium to Create 20m Jobs through Solar Power Project

Sterling Bank Plc and a consortium of African Energy Summit, Africa Clean Energy Group Incorporated of the United States, Always Green Power & Systems and The Environment Communications Limited are set to create 20 million direct and indirect jobs through the supply of solar energy to Micro, Small and Medium Enterprises (MSMEs) under a national power programme across the country.

Speaking recently in Lagos during the first inception media chat and presentation of the roadmap for the programme, the Minister of State for Industry, Trade and Investment, Hajia Aisha Abubakar said her ministry was partnering with the consortium on this project because consistent power supply is critical to the survival of MSMEs.

The minister further stated that clean energy such as solar power could be a right step to actualising the implementation of Nigeria Industrial Revolution Plan (NIRP).

She noted that the task involved in the diversification of the economy is enormous, adding that it will neither happen quickly nor easily.

Abubakar said she was aware that the consortium was into collaboration with the National Association of Barbers and Salons Employers of Nigeria with the understanding that the association would mobilize over 10 million of its members to subscribe to the supply of solar power generators.

“Also, they are partnering with the Bank of Industry (BoI) and NEPAD, who have shown interest in the project and collaborating to roll out the first batch of the solar generators to members of the National Association of Barbers and Salons Employers of Nigeria under the solar generators supply and installation agreement for empowering MSMEs in Nigeria. The Consortium is partnering with the Covenant University, Ota in the area of research, capacity building and innovation for solar installers/maintenance and technicians,” she explained.

The minister who was represented by a senior official of the ministry, Dr. Francis Alaneme stressed that in implementing NIRP, seven supporting structures of enablers are identified for which infrastructure is one that is addressing energy challenge.

“Nigerian industrial roadmap has captured innovation as one of the enablers, as it underpins sustainable evolution, modernization and improvements in industrial activities. MSMEs need new processes, procedures and automation of activities to be competitive. We must develop a national entrepreneurship that will acquire suitable technology and build competitive production capacities. Nigerian economy’s prosperity is highly dependent on a vibrant entrepreneurship sector,’ she added.

She argued that a solution to the unemployment challenge in Nigeria is the development of entrepreneurial opportunities and capacity, which lead to national economic growth and social wellbeing.

Also speaking, a former General Manager of the Lagos State Environmental Protection Agency (LASEPA), Dr. Adetokunbo Adedeji stated that the initiative would create 20 million direct and indirect jobs across the country.

He identified inadequate energy supply as one of the greatest problems facing MSMEs in the country.

“There is interruption of electricity, lack of fuel to power their generators and in some cases, contaminated fuel. There will be no group that will be as lucky as you are. Believe me, your neighbours will envy you. You are doing something novel that no group has ever done and there are a lot of benefits in it,” he said.

Adedeji explained that Nigeria is 25 years behind the global quest for cleaner energy, adding that in other parts of the world, electricity is generated largely through alternative sources such as solar and wind.

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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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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