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Nigeria Needs to Attract Foreign Investors –EU

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Nigeria investment
  • Nigeria Needs to Attract Foreign Investors –EU

The Ambassador and Head, European Union Delegation to Nigeria and West Africa, Ketil Karlsen, has advised policymakers to consider wooing more foreign investors into the country with friendly investment incentives.

Karlsen said stable and predictable political system, transparent policies, robust judicial system, strong institutions and a system that is averse to corruption were some of the factors that investors considered topmost in every prospective investment destination.

The ambassador, who maintained that the EU and investors were willing to partner Nigeria in the areas of Information and Communications Technology and agriculture to create jobs for the country’s teeming youths, spoke recently at the 6th EU-Nigeria Business Forum in Lagos.

The theme of the forum was, “Youth as engine of broad-based economic transformation” and was attended by delegates from Europe, members of the business community and other stakeholders.

Karlsen said, “There is no magic recipe, but a lot needs to be done anywhere in the world to attract foreign investment. You need to have predictability of course, fighting corruption is a priority of the government that will be in the company of the EU.

“It is vital to ensure transparency, and have legal certainty that the system will address and not encourage in impunity. Tackling corruption issues reassures international investors that they can safely invest their money in a country like Nigeria, and that it is a win-win situation by the end of the day.”

The ambassador added, “This time around we are focusing on youths, women, and how the digital industry-ICT- and agriculture can provide thousands of jobs supported by European investors. This is definitely one of our main priorities in the country.”

According to Karlsen, the EU is poised to continue to develop an already flourishing partnership between it and Nigeria companies.

The ambassador stated that trade between Nigeria and the EU was significant, adding that 39 per cent of all exports from Nigeria went to Europe in 2016 and was estimated at 20 billion euros.

“But we feel there is an unused potential that can still be used better. And of course, the existing Economic Partnership Agreement is still on the table. We feel this is really a possibility to create conducive environment to create transparency, to create long-term strategy that would help investors to come to Nigeria and invest in Nigeria from the medium to long term as a hub for West Africa to access the European market also.”

The Minister of Communications, Adebayo Shittu, who commended the EU for its unflinching commitment towards developing a digital economy in Nigeria, said the Federal Government had been conscious of the role the ICT sector could play in national development.

He said, “Since the return of democratic governance that was birthed in May 1999, the attention of the world returned to Nigeria as the country with the highest potential for investment on the continent. So far, over $60bn has been invested in the ICT sector since year 2001 when digital mobile services were launched.

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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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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