Connect with us


U.S. Investors to Revitalise NIGERCEM



Nigeria investment
  • U.S. Investors to Revitalise NIGERCEM

A team of foreign investors from the United States (U.S) yesterday pledged to support both the core investor and Chief Executive Officer, Ibeto Nigeria Limited, Chief Cletus Ibeto and Ebonyi State government to revitalise NIGERCEM.

The team, in collaboration with Ibeto Nigeria Limited, embarked on an assessment visit to the premises of the cement firm as part of the rigorous process of actualising the listing of Ibeto in the U.S.

Addressing stakeholders at the firm’s premises, Chief Ibeto said the delegation were on self-assessment tour of the firm.

Ibeto said prior to the visit, another team of Chinese contractors were in the state three weeks ago to finalise arrangements on the revitalisation of the cement factory.

He said: “I am standing before you with a team of American financiers who are here on an assessment visit to the cement company; they are here to see for themselves what is here at NIGERCEM cement company.

“The team will help in the realisation of the dream of Ibeto Group together with the Ebonyi State government in actualising the revitalisation of the company.

“Very soon, production would commence in NIGERCEM with the production of 6,000 metric tons of cement per day.

“The Chinese team which visited the state before now would be working on designing; they would ensure that the 2015 contract agreement signed by Ibeto Group Limited and the host community Nkalagu is executed to the letter.”

He said at the end of the assessment visit by the foreign financiers, every modalities on the revitalisation of the company would take take effect.

The leader of the American foreign investors, Mrs Amanda Wester, said the team would support both the core investor, Ibeto Nigeria Limited and the Ebonyi State government to ensure the revitalisation of NIGERCEM.

The state governor, David Umahi, commended the investors and Ibeto Nigeria Limited for the commitment in ensuring the resuscitation of the company.

“We extol Ibeto Nigeria Limited, the core investor in NIGERCEM, in their commitment to establish a new 6,000 tons per day dry process cement plant, 45 megawatt (Mw) capacity power plant in this first phase of the project at Nkalagu.

“I wish to welcome specially our core investors and Dream Team from the U.S. (financiers) to Ebonyi State in their determination to revive Nkalagu cement and commence production in no distant time,” Umahi said.

He said the state government has enacted Investors Protection Act that ensures that the government offers an Irrevocable Standing Payment Order (ISPO) that insulates the investor from government interference and any change of administration.

“No doubt, the brand Ibeto is a renowned household name in Nigeria and beyond that epitomises quality which has been tested and trusted. It is also a name which is synonymous with success in its endeavours,” he said.

The chairman of Ishielu Local Government Area, Mr Henry Eze assured that the local community would provide an enabling environment for the exploration and other activities in the company.

He commended the state governor for his support and efforts at revitalising the cement factory, noting that it was a dream come true for the community and the people of the state.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Afreximbank, AAAM to Drive Automotive Investment




Afreximbank, AAAM to Drive Automotive Investment

The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) have entered into a Memorandum of Understanding (MoU) for the financing and promotion of the automotive industry in Africa.

President of Afreximbank, Prof. Benedict Oramah and President of AAAM/Managing Director of Nissan Africa, Mike Whitfield, signed the MoU in early February, according to a statement yesterday.

The deal formalised the basis for a partnership aimed at boosting regional automotive value chains and financing for the automotive industry while supporting the development of enabling policies, technical assistance, and capacity building initiatives.

Oramah, said, “the strategic partnership with AAAM will facilitate the implementation of the Bank’s Automotive programme which aims to catalyze the development of the automotive industry in Africa as the continent commences trade under the African Continental Free Trade Area (AfCFTA).”

Under the terms of the MoU, Afreximbank and AAAM will work together to foster the emergence of regional value chains with a focus on value-added manufacturing created through partnerships between global Original Equipment Manufacturers (OEM), suppliers, and local partners.

The two organisations plan to undertake comprehensive studies to map potential regional automotive value chains on the continent in regional economic clusters, in order to enable the manufacture of automotive components for supply to hub assemblers.

“To support the emergence of the African automotive industry, they will collaborate to provide financing to industry players along the whole automotive value chain. The potential interventions include lines of credit, direct financing, project financing, supply chain financing, guarantees, and equity financing, amongst others.

“The MoU also provides for them to support, in conjunction with the African Union Commission and the AfCFTA Secretariat, the development of coherent national, regional and continental automotive policies, and strategies.

“With an integrated market under the AfCFTA, abundant and cheap labour, natural resource wealth, and a growing middle class, African countries are increasingly turning their attention to support the emergence of their automotive industries.

“Therefore, the collaboration between Afreximbank and AAAM will be an opportunity to empower the aspirations of African countries towards re-focusing their economies on industrialisation and export manufacturing and fostering the emergence of regional value chains,” the statement added.

“The signing of the MoU with Afreximbank is an exciting milestone for the development of the automotive industry in Africa. At the 2020 digital Africa Auto Forum, the lack of affordable financing available for the automotive sector was identified as one of the key inhibiters for the growth and development of the automotive industry in Africa and having Afreximbank on board is a game changer and a hugely positive development,” CEO of AAAM, David Coffey said.

“It is wonderful to have a partner that is as committed as the AAAM to driving the development and growth of our sector on the continent; this collaboration will ensure genuine progress for our industry in Africa,” Coffey added.

Other areas covered by the MoU include working with the African Union and the African Organisation for Standardisation to harmonise automotive standards across the continent and developing an automotive focused training program for both the public and private sector.

Continue Reading


FG Warns Foreign Investors Against Enslaving Nigerians




FG Warns Foreign Investors Against Enslaving Nigerians

The Federal Government on Monday warned foreign investors against subjecting Nigerians working in their companies to industrial slavery.

The government said the warning became necessary following several complaints against foreign companies maltreating some of their staff.

The Chief Commissioner, Public Complaints Commission, Chile Igbawua, issued the warning during a courtesy call on him by a delegation of Pan Africa United Youth Developments Network who came to lay complaint against some foreign companies allegedly maltreating Nigerians working under them.

The PCC said that it would not allow only its state commissioners to handle the issues due to their magnitude as there had been so many complaints about the ways some of the foreign companies were treating their staff.

At the event, the leader of the delegation, Habib Muhammed, expressed concern over alleged injustice and irregularities perpetrated by some company on Nigeria youths whom they engaged as factory workers.

He called on the Federal Government to look into the alleged slavery and injustice meted on Nigerian youths.

While calling on the foreigners to obey the labour laws of Nigeria, Igbawua said, “Our resources cannot be used to enslave us again.”

He said, “We have labour laws in Nigeria for goodness sake and we also have industrial standards; people working in various industries are entitled to good working conditions and minimum conditions of service.”

He added that the law was clear on the issue of casualisation and should be implemented.

Continue Reading


Foreign Direct Investments into China Shot Up by 9% in 2020 to $163 Billion Against 49% US Decline




Foreign Direct Investments into China Shot Up by 9% in 2020 to $163 Billion Against 49% US Decline

China had the highest inflow of Foreign Direct Investments (FDI) globally in 2020, surpassing the US which took the lead in 2019.

According to the research data analyzed and published by Comprar Acciones, China’s inflow shot up by 9% to $163 billion up from $140 billion the previous year. Meanwhile, the US had a 49% drop from $251 billion in 2019 to $134 billion.

Based on data from the National Bureau of Statistics, China reported a 2.3% growth in GDP in 2020. It was the only major economy to record a positive growth rate during the year.

Chinese Stock Market Saw 18 Million New Investors in 2020

Global FDI took a hit in 2020, falling by 42% year-over-year (YoY) from $1.49 trillion in 2019 to $859 billion. The figure was 30% lower than the one reported during the 2009 financial crisis.

Developed countries saw the worst performance, sinking by a cumulative 69% YoY to $229 billion. For developing economies, there was a 12% decline of $616 billion. By the end of 2020, developing countries accounted for a 72% share of global FDI, the highest on record. India had the highest growth among top-rated economies, shooting up by 13%.

China bore the brunt of the pandemic much better than its peers, posting a 6.5% GDP growth in Q4 2020. During the year, there were 18.02 million new investors in its mainland stock market, raising the total to 177.77 million. Driving the surge in interest was the stellar performance of Chinese stocks in 2020.

The Shenzen Component grew by 38.7% in 2020, and the CSI 300 increased by 27.2%, compared to the S&P 500’s 16.26% growth. IPO activity also soared, with China and Hong Kong accounting for 40% of global IPO volume in 2020 according to Ernst & Young.

Continue Reading