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Buhari Assures Chinese Investors of Support

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  • Buhari Assures Chinese Investors of Support

President Muhammadu Buhari on Wednesday assured existing and prospective Chinese investors of high-level support for their investment plans in Nigeria.

He gave the assurance on the sidelines of the Forum on China and Africa Cooperation (FOCAC) in Beijing, China.

In separate meetings with prospective investors, President Buhari said Nigeria is endowed with abundant human and material resources and a young population that is very energetic and innovative and ready to work.

He encouraged Chinese companies and entrepreneurs to take advantage of the improved business environment in Nigeria to invest in key sectors of the economy.

Acknowledging the contributions of Chinese companies in Nigeria in developing the country’s infrastructure, the President noted that there was still more to do.

The Ruyi Group, a leading Chinese company, had met with the President with a plan to invest $200 million for an industrial park in Kano State, cotton farms in Funtua, Katsina State and textile and garment manufacturing establishments in Aba, Abia State and Lagos.

The proposed investment, according to a statement by the Senior Special Assistant on Media and publicity, Garba Shehu, will cover the entire cotton value chain, farming, ginning, spinning, weaving and power generation to support the processes.

Ruyi Group Chairman, Mr. Yafu Qui told President Buhari that they settled for Nigeria after one-and-a-half year search for an African hub because of the country’s population, abundant human and material resources and a ‘strong leadership’ that has diversification agenda for the country.

President Buhari also received Professor Justin Yify Lin of the Pekin University, a former World Bank Chief Economist, currently serving as a consultant to the Nigerian government on the setting up of Special Economic Zones.

In this follow-up meeting after the first in 2016, Professor Lin told the President that progress has been made with the identification of the cotton value chain as a pilot for the setting up of labour intensive industrial parks, noting that the idea of the Ruyi Group as an investor was partly coming from their studies.

At a separate meeting, the Senior Vice President of, telecom giants, Huawei, Yi Xiang announced that the company will provide 10,000 Nigerians talent training in ICT each year.

Huawei is executing the second phase of the National Information and Communications Technology Backbone Project (NICTIB II) $328 million project, which was signed between China and Nigeria earlier on Wednesday.

The telecom giant chief said of the 10,000 Nigerians, half of them will undergo intensive training on Huawei certification programme to empower them to work anywhere in the world.

Mr Yi also told President Buhari the company had trained 1,000 civil servants in Nigeria and will offer additional 1,000 training slots for training within and outside the government.

Responding, President Buhari expressed satisfaction on the development of the ICT infrastructure backbone in the country, noting that it was consistent with the administration’s determination to institute e-governance to help fight corruption by increasing transparency.

The President said that the project would promote better education in the rural areas and encouraged Nigerian youths to optimize the opportunities of the new infrastructure facilities.

He also played host to top executives of CITEC Group, who indicated interest on investing in real estate, finance, infrastructure, agriculture and telecommunications in Nigeria.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Samsung Launches Its Lastest Mobile Device, ‘Galaxy A04s’ in Nigeria

Samsung has unveiled its latest mobile device, the ‘Galaxy A04s’ in the Nigerian market

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Multinational electronics manufacturing company Samsung has unveiled its latest mobile device, the ‘Galaxy A04s’ in the Nigerian market.

The new device comes in various colors such as Black, Green, White, and Copper, and is packed with a 3GB, 4B RAM with 64GB and 128GB internal storage, Investors King understands.

The A04s also supports Dual SIM and is built with a glass front, plastic back, and plastic frame. It features a triple camera: 50 MP (wide) + 2 MP (macro) + 2 MP (depth) while on the front there is an 5 MP (wide) camera.

Samsung’s launch of this device reinforces the company’s commitment in providing affordable yet quality devices that address the daily needs of consumers.

Following the launch of its latest device in the Nigerian market, Managing Director, Samsung Nigeria Charlie Lee said, “Today is quite remarkable as we introduce Galaxy A04s, ‘The Eagle’. People want a device that is convenient, safe and affordable.

“They want a device that is a one-stop shop to enjoy watching movies, playing games and be productive at the same time.

“Galaxy A04s, another pocket-friendly mobile device from Samsung has been launched in Nigeria to edge out competition, ahead of other emerging markets.

“The Galaxy A04s is an impressive device at excellent value that builds on our growing Galaxy A Series portfolio”.

“With the Galaxy A04s, our customers can experience next-generation performance, demonstrating Samsung’s commitment to providing accessible devices without compromising on quality.”

Following the current economic situation ravaging the country, Joy Tim-Ayoola, HOD MX division added that Samsung through a pay small small scheme called Flex Pay has provided the opportunity for consumers to buy the device and pay in 3-12 months’ installment with as low as N11,000 per month.

She also stated that users of the device can also repair their screens for as low as N12,500 with no limits to frequency or time. Samsung’s launch of its A04s is coming a year after it launched the A03s in 2021.

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SMEs

FSDH Merchant Bank Receives Approval from AfDB for $25 Million Finance Facility to Support SMEs

African Development Bank (AfDB) has approved a $25 million credit facility for FSDH Merchant Bank to support Small and Medium Enterprises (SMEs) in Nigeria.

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African Development Bank (AfDB) has approved a $25 million credit facility for FSDH Merchant Bank to support Small and Medium Enterprises (SMEs) in Nigeria.

FSDH, which provides investment banking and security trading services, received a $15 million trade finance line of credit and another $10 million in loan transaction guarantee to provide loans for SMEs.

Following several limitations faced by SMEs in the country which have stifled their growth, the $25 million facility will enable FSDH to work towards ensuring the growth of SMEs by reducing the trade finance gap in Nigeria and ensuring the availability of funds for small and medium-sized enterprises (SMEs) in the industrial sector.

The Bank will also guarantee up to 100% of non-payment risks arising from letters of credit and similar trade finance instruments issued by FSDH under the guarantee portion. This will allow confirmation of trade transactions originated by FSDH, benefiting local import and export businesses.

Overall, the facility will catalyze more than $200 million of trade finance transactions across multi-sectors, including agriculture, manufacturing, and energy over the next three years.

Speaking on the recently approved funds, the Director General of The African Development Bank (AFDB), Lamin Barrow said: “The availability of trade finance instruments to drive post-pandemic economic recovery efforts cannot be overemphasized.

“Hence, the Bank’s financing will help eligible Nigerian SMEs to take advantage of existing and emerging opportunities in the domestic and regional markets.”

Also commenting is the Bank’s Director for Financial Sector Development, Stefan Nalletamby, he said, “We are excited about finalizing this facility with FSDH as having the Bank as a partner will aid FSDH in scaling up its trade finance offerings in Nigeria to help meet the ever-increasing trade finance gap.

“This partnership is expected to catalyze more than $200 million value of trade finance transactions across multi-sectors such as agriculture, manufacturing, and energy over the next 3.5 years.” 

The African Development Bank (AFDB) anchors its current Nigeria strategy on two pillars which are supporting infrastructure development and promoting social inclusion through agribusiness and skills development.

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Merger and Acquisition

Access Bank Plans Expansion Into Angolan Market

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

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Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Investors King learnt that Access Bank Plc is expanding its presence to Angola through the acquisition of a 51 percent stake in Finibanco.

The acquisition of Finibanco was disclosed in a filing to the Nigerian Exchange Limited by Access Holdings Plc.

Finibanco is a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.

According to Access Holding Secretary, Mr Sunday Ekwochi, the Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population, represents a strong potential for the bank’s growth aspirations

The Secretary further stated that the transaction is subject to regulatory approvals in Nigeria and Angola. The transaction is expected to be completed during the first half of 2023. This will however be subjected to customary conditions.

Access Bank has been on an acquisition spree since the beginning of 2021. The acquisition of a majority stake in Finibanco makes it Access’s sixth acquisition in the last 18 months.

In June 2022, it acquired a $37 million stake in Kenya Sidian Bank. Other acquisitions include African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.

Access bank is one of the leading banks in Nigeria. As a commercial bank, it operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 45 million customers.

The lending bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom. It also has a branch in Dubai, UAE and representative offices in China, Lebanon and India.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

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