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FG Targets N14.67tn Investments in 2017



  • FG Targets N14.67tn Investments in 2017

The Federal Government is targeting an investment inflow of N14.67tn into the economy before the end of the 2017 fiscal period, figures obtained from the Ministry of Budget and National Planning have revealed.

The proposed investment inflow of N14.67tn when compared with a total Investment of N13.6tn for 2016 represents an increase of N1.07tn.

A breakdown of the figure showed that the private sector is expected to make the highest form of investment in the 2017 fiscal period with N10.75tn.

This is an increase of N596bn over the N10.16tn investment, which the sector made in 2016.

Based on the plan, the Federal Government is expected to make a total investment of N2.05tn in 2017 as against the N1.58tn investment it made in 2016.

For the state governments, a total amount of N1.85tn investment is being expected from them; the same amount was reportedly made last year.

In order to achieve the objective of stimulating investment, the Federal Government is planning to provide incentives to support industrial hubs, and review local fiscal and regulatory incentives to support the development of industrial cities, parks and clusters, especially around existing ports and transport corridors.

There are also plans to revitalise export processing zones by reviewing local fiscal and regulatory incentives; rationalise tariffs and waivers on the equipment and machinery imports required for agro-industry; and establish special economic zones to provide dedicated infrastructure to support hub productivity.

There is a plan to promote local content by sourcing raw materials and spare parts locally, leveraging public procurement of locally manufactured goods and expand the capabilities of the Bank of Industry to enable it to support manufacturing firms through low cost lending.

Commenting on the investment drive, analysts said there was a need for the government to make it easier for people to do business in the country, adding that the poor perception of foreign investors about the Nigerian business climate was one of the major reasons for the huge decline in investment inflows into the country.

The Managing Director of an investment promotion firm, Footprints for Africa, Mr. Osita Oparaugo, explained that while there were huge investment opportunities in the country, the harsh operating environment was limiting the interests of investors in key sectors of the economy.

Oparaugo, whose firm is currently into partnership with five African countries including Nigeria on investment drive, urged the Presidential Enabling Business Environment Council to quickly commence the process of identifying and reducing the bureaucratic processes and regulations that impeded the private sector.

PEBEC was set up by the Federal Government in October last year to improve Nigeria’s ranking in the ease of doing business index and is being chaired by Vice-President Yemi Osinbajo.

Oparaugo said as part of efforts to correct the poor perception of foreign investors, a Memorandum of Understanding had been signed between the company and the Nigerian Investment Promotion Commission.

The MoU, according to him, will enable the company to showcase the huge investment opportunities in the non-oil sectors of the Nigerian economy.

He said, “We are committed to helping intra-African and foreign investors find the right partners and opportunities, joint ventures or partnerships and to establish presence through Private Public Partnership.

“There are numerous investment opportunities in Nigeria but a lot of investors particularly the foreign investors are not taking this advantage owing to the fact that they have a poor perception of the investment climate. This is understandable when you consider the fact that the operating environment is not friendly and the lack of continuity in some programmes of government.”

The Executive Secretary, Nigerian Investment Promotion Council, Ms Yewande Sadiku, said that the commission was working assiduously to promote the required synergy between investors and critical stakeholders in various sectors of the Nigerian economy.

She added that the commission would work hard to promote the ease of doing business within the area of its jurisdiction as part of its contributions to the recovery efforts.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lagos State Government Set to Demolish $200 Million Landmark Beach Resort



Landmark Beach

The Lagos State Government has issued a demolition warning to the proprietor of the $200 million Landmark Beach Resort, a renowned tourist destination in the region.

The resort nestled along the picturesque coastline faces imminent destruction to make way for the construction of a 700-kilometer coastal road linking Lagos with Calabar.

Paul Onwuanibe, the 58-year-old owner of the Landmark Beach Resort, revealed that he received a notice in late March instructing him to vacate the premises within seven days to facilitate the impending demolition.

The resort, which spans a vast expanse of land and hosts over 80 businesses, is a hub of economic activity, sustaining over 4,000 jobs directly. Also, it contributes more than N2 billion in taxes annually.

The news of the resort’s potential demolition has sparked concerns among investors and stakeholders in the tourism sector. Onwuanibe expressed dismay at the government’s decision, highlighting the substantial investments made in developing the resort’s infrastructure.

He explained that the planned demolition would not only lead to significant financial losses but also jeopardize the livelihoods of thousands of employees and businesses associated with the resort.

The Landmark Beach Resort is a popular tourist destination, attracting approximately one million visitors annually, both local and international. Its unique amenities, including a mini-golf course, beach soccer field, and volleyball and basketball courts, make it a favorite among tourists seeking leisure and recreation.

The prospect of the resort’s demolition has triggered widespread panic among international and domestic investors associated with the Landmark Group. Many are now considering withdrawing their investments, citing concerns about the viability of the business without its flagship beach resort.

The Lagos State Government’s decision to proceed with the demolition is part of its broader plan to construct the Lagos-Calabar coastal highway, a 700-kilometer roadway connecting Lagos to Calabar.

The government had earlier announced its intention to remove all “illegal” constructions along the planned route of the highway, including the Landmark Beach Resort.

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Investors Petition EFCC as Over N3 Billion Trapped in Agrorite Investment Scheme



Agriculture - Investors King

Investors in one of Nigeria’s agritech crowdfunding platforms, Agrorite, have lodged a petition with the Economic and Financial Crimes Commission (EFCC) to recover more than N3 billion trapped in the company’s investment scheme.

Agrorite, which touted itself as a premier digital agricultural platform connecting smallholder farmers with finance and markets, is now at the center of a financial debacle.

The investment scheme operated by Agrorite attracted funding from eager investors who were promised returns on investments within a fixed timeframe.

However, the situation took a turn for the worse late last year when investors found themselves unable to access their funds as promised.

Despite repeated assurances from Agrorite’s founder and CEO, Toyosi Ayodele, the repayment deadlines were continually postponed until it became evident that the company had no intention of honoring its commitments.

The magnitude of the crisis became apparent as copies of the petition submitted to the EFCC revealed that investments totaling over N3 billion were trapped in Agrorite’s schemes.

Investors, including one individual who had invested N482 million in a Naira-denominated project and $100,000 in a dollar project, are now pinning their hopes on the EFCC to facilitate the recovery of their funds.

The dire consequences of the situation were tragically highlighted by the case of an elderly woman who had invested her entire pension benefit of N40 million in Agrorite.

Upon realizing that her savings might never be recovered, she collapsed and was rushed to the hospital, underscoring the devastating impact on individual investors’ lives.

Efforts to reach Agrorite’s CEO for comments proved futile, with reports indicating that he had been arrested by the EFCC in connection with the investment debacle.

While some staff members confirmed the CEO’s arrest, they claimed ignorance regarding the reasons behind the company’s inability to fulfill its financial obligations to investors.

According to them, the EFCC’s investigation revealed a severe lack of funds in Agrorite’s accounts, leading to the arrest of key management personnel.

As the EFCC intensifies its efforts to recover investors’ funds, Agrorite’s website,, has mysteriously disappeared from the web, further fueling suspicions of financial mismanagement within the company.

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Treasury Bills

Treasury Bills Yields Reach 17.67% Amidst Central Bank’s Tightening Policy



FG Borrows

The Treasury Bills yields rose to 17.67% amidst the Central Bank’s rigorous tightening of monetary policy.

This sharp surge in yields reflects the profound impact of the Central Bank’s efforts to rein in inflation and stabilize the foreign exchange market, though at the expense of investors and borrowers alike.

The surge in Treasury Bills yields from a modest 6.29% at the beginning of the year to 17.67% as of March 26, 2024 underscores the magnitude of the Central Bank’s tightening measures.

This unprecedented rise comes in tandem with a series of aggressive interest rate hikes with the monetary policy rate soaring by 600 basis points to 24.75% since the start of the year. Such a drastic increase in borrowing costs has sent shockwaves through the financial sector and prompted investors to reassess their portfolios and risk appetite.

Analysts attribute this surge in Treasury Bills yields to the Central Bank’s unwavering commitment to curbing inflation and stabilizing the foreign exchange market.

By raising interest rates and tightening monetary policy, the Central Bank aims to stem the tide of rising prices and restore confidence in the Nigerian economy.

However, these measures come with significant repercussions for investors and businesses, as borrowing costs escalate and investment returns diminish.

The Central Bank’s decision to issue a total of N1.64 trillion in Treasury Bills in the second quarter of 2024 further underscores its commitment to tightening liquidity and reducing inflationary pressures.

This substantial issuance of Treasury Bills is expected to absorb excess liquidity from the financial system, thereby exerting downward pressure on inflation and supporting the stability of the Nigerian currency.

While the Central Bank’s tightening policy may yield benefits in terms of price stability and exchange rate management, it poses challenges for investors and borrowers alike.

High borrowing costs and elevated Treasury Bills yields have the potential to dampen investment activity and constrain economic growth, particularly in sectors reliant on credit and financing.

As the Treasury Bills market grapples with soaring yields and heightened volatility, investors are advised to exercise caution and adopt a prudent approach to risk management.

In an environment characterized by uncertainty and policy tightening, navigating the financial markets requires a keen understanding of macroeconomic dynamics and a proactive strategy to mitigate potential risks.

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