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Businesses Project Positive Growth in Nigeria

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Steel Manufacture At Evraz Plc West-Siberian Metallurgical Plant
  • Businesses Project Positive Growth in Nigeria

Foreign-based businessmen operating in the country have projected a positive socioeconomic growth for the country.

The group, under the aegis of Austrian-German-Swiss business outlook (AGSBO) had the third edition of its interface and discussion session at the Delegation of German Industry and Commerce centre in Lagos at the weekend.

Speaking during the event, Head, Delegation of Germany Industry and Commerce in Nigeria, DGIC Dr Marc Lucassen said a 2018 survey which was done in Nigeria showed that respondents are optimistic about the economic climate of Nigeria and many expect a strong growth in their businesses and headcount in 2018.

He also explained that the three major factors affecting investment activities in Nigeria are the supply of forex, transport infrastructure and overall security as he noted that finding skilled workforce especially in the field of engineering is a challenge. “Most companies result to the recruitment and training of staff in house,” he said.

Speaking at the event, Ms. Alexander Herr who represented Germany explained that the countries “Meet in this format to present the results of a survey conducted with Austrian, Swiss and German companies here in Nigeria. The AGSBO took place for the first time in 2016. The idea behind that format was that it would make sense to bundle the experience of the Swiss, Austrian and German companies present in Nigeria, since they are essentially confronted with the same type of problems and might on the other hand also have similar success stories to share. The higher the number of companies taking part in the survey, the more representative and therefore conclusive it gets. And that is the idea behind this shared survey. We think that this format is very useful and hope to continue with it.”

On his part, Mr. Yves Nicolet, Consul General of Switzerland said it is very important to know what the problems that can be faced in Nigeria are, and also what kind of successes can be obtained. “It is important to know how the Swiss companies perceive the future of the economy in Nigeria.”

Representing Austria, Ms Nella Hengstler, Commercial Counselor of the Austrian Embassy since last year things are getting better than the previous years and their exports expanded to EUR 79million in 2017, a plus of 17% compared to the year before.

“I see increased potential for economic exchange between our two countries especially in the fields of high quality, specialised machinery for the manufacturing industry; renewable energy solutions and environmental consulting; construction machinery and materials; supplies and general infrastructure improvement, e.g. in the field of transport (railways, cable cars, engineering and planning) but we are also watching the innovation and tech space especially in Lagos with great interest and are excited about the technical solutions and startups that have sprung up in Nigeria in the last few years,” she said.

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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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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FG Borrows

The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

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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