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Emefiele Woos Global Investor-community in London

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  • Emefiele Woos Global Investor-community in London

The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, at the weekend in London, urged global investors to come back to Nigeria, declaring that the country is ready for business.

Besides, he told them that the Returns on Investment (ROI) in all sectors of the economy in Nigeria are among the top performers in the world.

The event also coincided with the launch of the 2017 Nigerian Banking Sector Report by Afrinvest, which showed that Nigerian banks remain resilient and profitable despite headwinds emanating from the current economic situation in the country.

While addressing global experts in capital and money markets, investment bankers, treasurers and other fund managers at the London Stock Exchange, Emefiele, explained how renewed policy drive aimed at enduring improved business environment saw Nigeria emerge from its worst recession in decades.

Again, he reiterated the opportunities for investments inherent in the ongoing reforms in several sectors, particularly in agriculture, solid minerals and infrastructure financing.

Dispelling the fears over foreign exchange (forex), the bank chief assured of continuity in the ingenious management of the market that saw to the recovery of the Naira- establishment of the highly successful Investors and Exporters window, as well as the funding of agriculture under the Anchor Borrowers’ Programme (ABP).

Meanwhile, to achieve a more sustainable transition to a flexible exchange rate regime, there is the need for commitment to transparency and accountability in the management of the country’s forex market by all stakeholders.

The President and Chairman of Council of the Chattered Institute of Bankers of Nigeria (CIBN), Prof Segun Ajibola, who made the observation, described forex management as key enabler, as Nigeria strives to improve on the citizens Human Development Index, adjudged at the moment to be below the international minimum benchmark.

Speaking at the 2017 CIBN Fellowship investiture in Lagos, yesterday, he said that with over-reliance on imports of basic needs and export of mono-product- oil, the challenge of absolute and relative poverty remains very much with us.

“What more, we are, as a people, still exposed to the vagaries of the foreign exchange market. Once again, it should be reaffirmed that the macro-economic objective of exchange rate stability and equilibrium balance of payments position can be achieved if only we tame our high propensity to consume imported consumer durables and non-durables and promote non-oil exports, pursue the age-long import substitution strategies.

Speaking on the theme: “Coherent Set of Policies for Greater Exchange Rate Flexibility, he further stated that “while Nigeria as a country has experimented with different exchange rate regimes, opinions are still polarised among economic experts on the best policy option in the management of the country’s forex.

“Principally, there are two extremes of exchange rate regimes– fixed and floating, with different shades of combination. The choice of exchange rate regime depends on a country’s level of development and the policies governing the monetary and financial fundamentals of such economy.

“Most developing economies tend to adopt fixed exchange rate regimes in order to build confidence in their economic policies, whereas the more advanced ones lean towards a flexible regime as they become more active in international financial markets,” he said,

But the Guest Speaker and the Senior Resident Representative and Mission Chief for Nigeria, African Department, International Monetary Fund (IMF), Amnie Mati, stated that to achieve coherent set of policies for greater exchange rate flexibility, fiscal policies and structural issues must be addressed.

He also stated that the macro economy must be stabilised, but still advocated the harmonisation of the various exchange rates.

The Minister for Industry, Trade and Investment, Dr. Okechukwu Enelamah, who was represented by the Managing Director, Bank of Industry (BoI), Olukayode Pitan, alongside former Governor of Central Bank of Nigeria (CBN), Chief Joseph Sanusi urged the CIBN awardees to make a difference that would benefit members of the society.

According to them, only by standing for things that would lead to the overall benefit of the country, would Nigeria become great nation again.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Economic Alliance: Governors Eno and Sanwo-Olu Flag Off Ibom Towers in Victoria Island

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General Economy In Nigeria's Capital

The Governor of Akwa Ibom State, Umo Eno, and his Lagos State counterpart, Babajide Sanwo-Olu, have flagged off an 18-storey Ibom Towers project in the Victoria Island area of Lagos State.

Governor Eno announced this via a post on his official X handle on Wednesday, October 30.

Speaking after the Ibom Towers project ceremony in Lagos, Governor Eno stated that the project will drive revenue growth and strengthen economic ties between Akwa Ibom and Lagos States.

Eno commended Lagos State Governor Sanwo-Olu for leading the ceremony, adding that the project is set for completion in 24 months.

He detailed that the Ibom Towers, located at Plot 868A, Bishop Aboyade Cole, Victoria Island, Lagos, will feature luxury apartments, gyms, pools, and smart building technology.

Governor Eno said, “Today, as part of our efforts to diversify Akwa Ibom’s economy, we marked the groundbreaking of the 18-story Ibom Towers in Lagos. This project, expected to be completed in 24 months, will drive substantial revenue growth and economic ties between Akwa Ibom and Lagos States.

“We are grateful to Governor Babajide Sanwo-Olu for leading the groundbreaking ceremony and to former Governors Udom Emmanuel, CON, and Obong Victor Attah for their support.

“Ibom Towers represents a bold step toward economic innovation, featuring luxury apartments, gyms, pools, and smart building technology.

“It’s designed to attract urban professionals and generate revenue through property leases and tourism, boosting GDP for both states. Thanks to everyone who joined us today, including the Oba of Oniru, HRM Oba Abdulwasiu Omogbolahan Lawal, His Eminence Ntenyin Solomon Etuk, Speaker Udeme Otong, AKICORP MD Imo-Abasi Jacob, and numerous traditional rulers for their support in bringing this vision to life. Together, we’re paving the way for a prosperous future!”

Governor Sanwo-Olu, who described the project as a symbol of inter-state collaboration, commended Umo Eno for recognizing Lagos as a prime investment opportunity.

The Lagos State Governor expressed his full support for Governor Eno and the Ibom Towers project.

He said, “Today, I joined Governor Umo Eno of Akwa Ibom State for the groundbreaking ceremony of Ibom Towers in Victoria Island, Lagos.

“I commend Governor Eno for recognizing Lagos as a prime investment opportunity, as this project is a symbol of inter-state collaboration. It represents not only physical growth but also our commitment to strengthening economic ties and fostering new opportunities.

“As Ibom Tower rises, it will serve as a beacon for business and community engagement, reflecting our shared vision for Nigeria’s growth through creativity and collaboration.

“On behalf of Lagos State, I extend our support to Governor Eno and all involved in this endeavor.”

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FG Warns Property Owners: Settle Ground Rent in 60 Days or Lose Certificates of Occupancy

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The Federal Ministry of Housing and Urban Development has announced plans to revoke the Certificates of Occupancy (C of O) of property owners who continue to refuse payment of ground rent and other statutory charges owed to the Ministry.

This development was disclosed by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the 29th Conference of Directors of Lands held in Abuja on Wednesday.

Dangiwa stated that the Federal Government is giving C of O holders a 60-day ultimatum to clear their outstanding debts.

At the conference, themed “Equitable Land Stewardship: Challenges of Land Administration and Its Impact on Climate Change and Community Rights,” Dangiwa revealed that property owners’ refusal to pay their dues has resulted in a loss of trillions of naira in revenue for the government.

According to him, President Bola Tinubu’s administration will not tolerate non-compliance, as the revenue is critical to delivering on the president’s agenda.

He said, “The Federal Ministry of Housing and Urban Development is aware that several owners of titled properties have failed to pay ground rent and other statutory charges to the Ministry for several years.

“This non-compliance has resulted in the loss of trillions of naira in revenue to the Federal Government. Under the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, this cannot be tolerated, as this revenue is much needed to deliver the Renewed Hope Agenda.”

“As such all Federal C of O title owners are hereby given a 60-day notice to settle all outstanding ground rent and statutory charges. Failure to make payment within this period will result in the revocation of their C of Os.”

“Failure to adhere to these requirements will attract the appropriate penalties and sanctions,” Dangiwa warned.

The announcement comes amidst the economic hardship ravaging the country as a result of the fuel subsidy removal of President Bola Tinubu government’s.

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Deji Adeleke Boasts of Generating 15% of Nigeria’s Electricity, to Unveil $2bn Worth of Power Plant Next Year

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A billionaire businessman and father of popular music star David Adeleke, also known as Davido, Dr. Adedeji Adeleke has disclosed that he has a firm that generates about 15 per cent of Nigeria’s electricity.

He disclosed this while speaking at the Seventh-Day Adventist Church’s General Conference Annual Council 2024.

Adeleke revealed that he is in the process of constructing a 1,250-megawatt power plant worth $2billion, saying that upon completion, is expected to be the largest in the country and that it would be operational in January, 2025.

He said as a businessman in electricity, he owns power plants and generate presently about 15 percent of the electricity needs of Nigeria.

The elder brother of the Osun State Governor, Ademola Adeleke, said he has Chinese engineering companies that work for him, adding that his tenth new power plant will be the biggest thermal power plant in the country.

Adeleke disclosed that while preparations for the project were underway, an unnamed government official threatened to prevent its completion.

Despite this challenge, Adeleke credited the near-completion of the project to the mercies of God, stating that it is a testament to divine intervention that the venture has progressed this far.

Adeleke noted that his Chinese friend had to travel down to Nigeria to discuss a way out because he never believed that prayer was enough to get the project done.

He affirmed that prayer did as the then Minister of Power granted the approval because he saw that the project was a brilliant one.

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