- FG Seeks Increased Flow of Foreign Investment
- Japan Commits $30bn to Sustainable Devt in Africa
The federal government has stated that it is working towards increased foreign direct investments (FDI) flow the country, noting that with the current state of the economy, all hands are on deck to seek areas where Nigeria can attract the much needed foreign exchange to carry out developmental projects for economic prosperity and sustainability.
The Minister, Industry, Trade and Investment, Dr. Okechukwu Enelamah, during a business seminar organised by Japan External Trade Organisation (JETRO), assured investors of a safe and business friendly environment for their investments, noting that the federal government is doing all it can to improve the ease of doing business in the country.
The minister who was represented by the Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Ms. Yewande Sadiku, stated that there are more investment opportunities Nigeria and Japan can explore considering the size of Japan, while adding that Nigeria is seeking increased trade and investment inflows from Japan.
According to him, ”There is a lot more that both countries can do together; the federal government is doing all it can to improve the ease of doing business in the country, it is as a result of this, the federal government inaugurated the Presidential Enabling Business Environment Council (PEBEC) chaired by the Vice President. This council has been focused on making life more convenient for businesses in the country.”
Also speaking at the event, the Director General, JETRO Paris, Mr. Susumu Kataoka added at the Tokyo International Conference on Africa Development, the Prime Minster of Japan, announced its commitment to invest about $30 billion in Africa for the sustainable development in Africa especially in infrastructure, human resources development, technology, improvement of living conditions and regional stability.
He said the international conference had since started to create certain dynamism among the Japanese companies, saying that more Japanese companies are getting more interested in doing new businesses in Nigeria or expanding their activities in other African countries.
China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market
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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Nigeria’s One-Year Treasury Bill Oversubscribed by 300%
Nigeria’s one-year treasury bill was oversubscribed by 300% during the recent Primary Market Auction conducted by the Central Bank of Nigeria (CBN) on Wednesday.
The auction, aimed at rolling over maturing Nigerian Treasury Bills worth N1 trillion, saw unprecedented demand for the one-year T-bill.
Investors offered a total of N1.87 trillion for the N600 billion on offer, indicating a significant appetite for government securities. Out of the total subscriptions, N908.75 billion was allotted, with stop rates set at 19%.
The auction covered maturities across three different tenors: 91-day, 182-day, and 364-day bills, with varying amounts on offer.
While the 91-day bill received N39.90 billion in offers, all were sold, and the 182-day bill garnered N76.83 billion subscriptions, out of which N51.35 billion was allotted.
Managing Director of Arthur Steven Asset Management, Tunde Amolegbe, attributed the remarkable performance of the one-year bills to investor confidence in the current government and its reform initiatives.
He highlighted investors’ preference for higher rates due to signals from the CBN indicating tightening monetary policies amid accelerating inflation.
Experts view the oversubscription as a testament to investors’ trust in the government’s reforms and management of the country’s debt obligations.
The auction reflects a move by the CBN to address liquidity in the financial system while managing Nigeria’s debt obligations effectively.
The significant oversubscription signals robust investor confidence and highlights the attractiveness of Nigerian government securities despite prevailing economic challenges.
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