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Finance

FG to Release Additional N750bn for Capital Projects

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  • FG to Release Additional N750bn for Capital Projects

The Federal Government on Monday said the sum of N750bn would be released this week to its Ministries, Departments and Agencies for the execution of some capital projects contained in the 2017 budget.

The Minister of Finance, Mrs. Kemi Adeosun, gave the figure while speaking during a meeting with a delegation of investors from France.

The delegation is made up of 30 companies from France that also expressed their readiness to invest in key sectors of the Nigerian economy.

The 2017 budget, christened Budget of Recovery and Growth, was presented to the National Assembly on December 14, 2016, and passed by the lawmakers in May.

The fiscal document, which was signed into law by Prof. Yemi Osinbajo on June 12, 2017 then as Acting President, has a total expenditure of N7.44tn out of which N2.99tn is for non-debt recurrent spending; N2.36tn for capital expenditure while debt servicing is to gulp N1.66tn.

Adeosun said the government had previously released the sum of N450bn for capital projects, adding that with the additional N750bn, a total of N1.2tn would have been invested in infrastructure projects.

She said, “What the government is doing is to provide the enabling infrastructure that would turn potential into a reality.

“Last year, we released N1.3tn for capital (projects) and so far this year, we have released N450bn. This week, we will release another N750bn. This will take the releases to N1.2tn by the end of the year.”

She told the delegation that the infrastructure deficit in the country was huge, adding that this had provided an opportunity for investment.

The head of the delegation, Mr. Philippe Labonne, said the investors had indicated interest to invest in key sectors of the economy such as banking, infrastructure, renewable energy, agriculture and youth empowerment.

He said the decision of the companies to invest in Nigeria was taken following a directive by the government of France for French companies to increase their investments in Nigeria.

He described the Nigerian economic environment as encouraging following the recent stability in its foreign exchange market.

To achieve their investment objective, Labonne said that most of the French companies would form strategic partnerships with their Nigerian counterparts.

“We are here to assess the investment environment in Nigeria to enable us to take advantage of Nigeria’s investment opportunities.

“We have about 30 companies in this delegation in sectors such as infrastructure, services, agriculture and banking; and the purpose of this meeting is to identify key sectors where we can invest. We are interested in many areas such as energy, agriculture and services, especially towards youth (development); and we will identify other areas subsequently.”

Before the meeting with Adeosun, the delegation had met with the Executive Secretary, Nigerian Investment Promotion Commission, Ms. Yewande Sadiku.

Sadiku had told them that Nigeria remained a top destination of capital inflows on the African continent.

She said, “Nigeria is strategically located in Africa to serve the needs of many countries as a regional hub to the continent. We have a compelling population that provides the market, which means that Nigeria can serve as a manufacturing hub for investors.”

Sadiku said that France was one of the many countries that Nigeria was targeting in its investment strategy.

On investment inflows, she said France appeared as number 10 on the chart and represented about $1bn of the capital inflows that had come into Nigeria.

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 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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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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