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Development: Nigeria, South Africa, Others Need $700bn Yearly

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  • Development: Nigeria, South Africa, Others Need $700bn Yearly

The African Development Bank (AfDB) has revealed that Nigeria, South Africa, Kenya and other African countries need at least $700 billion yearly to achieve Sustainable Development Goals (SDGs).

Speaking at the maiden Africa Investment Forum (AIF) held in Johannesburg, South Africa, the bank said the continent needs between $130 billion to $170 billion annually to address infrastructure deficit.

The Sustainable Development Goals, also known as Global Goals for Sustainable Development, are a collection of 17 global goals of the United Nations, set by the United Nations General Assembly (UNGA) in 2015, which serves as a road map to achieving a better future for all.

The SDG, has a 2030 timeline and addresses social and economic global challenges like; poverty, education, hunger, gender equality, sanitation, global warming, water, social justice, environment, urbanization, health and energy.

Dr Akinwumi Adesina, the President of the AfDA, while addressing delegates at the Forum, said commitments to infrastructure on the continent declined to $62.5 billion in 2016.

Breaking down interests, he said West Africa received $16.3 billion interests, East Africa $13.1 and North Africa $12.9 billion interest.

Speaking on the mining sector, Adesina noted the lean attention being given to the extractives sector, adding: ‘’In 2015-2016, FDIs in Africa were mainly targeted at the services sector (66 per cent) and the manufacturing sector (21 per cent), while the extractives sector only got 11 per cent.”

‘’The major components of capital inflows in Sub-Saharan Africa were FDIs and foreign aid (averagely 3.36 per cent and 3.35 per cent of GDP in 2000 to 2017) while remittances accounted for 2.26 per cent of GDP.’’ he added.

Adesina, who further emphasized on the need for effective regulatory policies, called for cooporation among African regulators to enhance development and bridge gap between Africa and the rest of the world.

Also, speaking at the Forum is Dr Bandar Hajjar, the President of the Islamic Development Bank, urged African governments to void infrastructure gaps, poor governance, instabilities and unfavourable policies, in order to create an enabling environment that will open Africa to the world.

Prof. Benedict Oramah, the President of Africa Export-Import Bank, called on Sub-Saharan Africa to collectively create a market for investors.

Admassu Tadesse, the President of Trade and Development Bank, speaking on the slow decision-making process by governments, suggested that they adopt the strategies of scale up, speed up and synergize.

Again, Acha Leke, the Chairman of Mckinsey Africa, called for action in the areas of infrastructure, industrialisation, agriculture, energy and social welfare.

Africa’s development needs are fertile ground for broad-based collaborations between governments, private sector and multilateral development banks.

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Finidi George Resigns from Super Eagles Role, Confirms Toyin Ibitoye

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Finidi George

Finidi George has resigned from his position as the head coach of Nigeria’s national football team, the Super Eagles.

This news was confirmed by former Super Eagles media officer, Toyin Ibitoye, who announced the resignation on his social media account.

“News just in: Finidi George @FinidiGeorge_FG has resigned from his @NGSuperEagles manager position,” Ibitoye posted, causing a ripple of reactions among fans and football analysts.

Finidi’s resignation comes just days after the Nigeria Football Federation (NFF) disclosed plans to appoint a foreign technical adviser, a move seen by many as a shake-up intended to bolster the team’s performance.

This strategic decision by the NFF likely influenced Finidi’s choice to step down.

Appointed on April 29, 2024, Finidi’s tenure was notably brief. He succeeded Jose Peseiro, whose contract expired in February.

During his short spell, Finidi managed two World Cup qualifying matches, leading the Super Eagles to a 1-1 draw with South Africa and a 2-1 defeat to Benin Republic.

Despite the less-than-stellar results, Finidi’s appointment had initially been met with enthusiasm, with many hoping his extensive experience as a former international player and successful coach of Enyimba FC would translate into success for the national team.

The NFF’s decision to bring in foreign expertise highlights its commitment to enhancing the Super Eagles’ competitive edge on the international stage.

However, the timing of this announcement and Finidi’s subsequent resignation have sparked discussions about the stability and future direction of the team.

In response to the resignation, the NFF will need to expedite its search for a new head coach. This transition period is critical, especially with the ongoing World Cup qualifiers and other international fixtures looming.

Fans and stakeholders are watching closely, hoping that the new direction will bring positive changes and improved performances.

The NFF now faces the challenge of not only finding a suitable replacement but also ensuring that the transition is seamless to maintain team morale and focus.

The next few weeks will be crucial as the Super Eagles prepare under new guidance, aiming to meet the high expectations of their supporters and the nation.

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Woman Kills Boyfriend Over Dispute on ‘Yahoo Yahoo’ Earnings

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In a shocking turn of events, a 27-year-old woman, Oluchi Nzemechi, has been arrested for allegedly stabbing her boyfriend, Kelechi Nzemechi, to death over a disagreement on how to share the proceeds from their internet scam business, popularly known as ‘Yahoo Yahoo’.

The incident occurred in the Ikeduru Local Government Area of Imo State.

According to a statement released by the Police Public Relations Officer, ASP Henry Okoye, the suspect has confessed to committing the crime.

Oluchi revealed during interrogation that her boyfriend had introduced her to the world of cybercrime.

Their illicit activities recently culminated in the successful duping of an Indonesian victim out of 250 million rupiah (approximately $16,500 USD).

The fatal dispute arose when Oluchi and Kelechi were discussing how to divide the substantial sum. The argument quickly escalated, and in a fit of rage, Oluchi grabbed a kitchen knife and fatally stabbed Kelechi.

Realizing the gravity of her actions, she attempted to divert suspicion from herself by leaving a misleading note on Kelechi’s body, which read, “You think you can eat my money and go free? I am baba for the boys. I am coming for your wife and your child, including your family,” before fleeing the scene.

ASP Okoye’s statement also mentioned that Oluchi and Kelechi had been living together since 2019 and had a child together.

The police are currently taking necessary steps to recover the fraudulently obtained 250 million Indonesian rupiah to return it to the rightful owner.

The suspect is now in police custody and undergoing further investigation at the State Criminal Investigation Department. She will be arraigned in court once the investigation is concluded.

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Napoli President Travels to Convince PSG on Osimhen’s €120M Clause

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Victor Osimhen

In a high-stakes move to secure the future of one of European football’s hottest talents, Napoli President Aurelio De Laurentiis has flown to France to engage in direct talks with Paris Saint-Germain (PSG) officials.

The purpose of the trip is to persuade the French club to trigger the €120 million release clause of Nigerian striker Victor Osimhen.

The 24-year-old forward has been a pivotal player for Napoli, drawing widespread attention with his impressive performances.

Last year, Osimhen expressed a desire to explore new opportunities, prompting Napoli to offer him a new contract that included a substantial release clause.

Despite his outstanding form, concerns over his recent injury have caused potential suitors to hesitate.

De Laurentiis’ trip to Paris underscores Napoli’s determination to secure a lucrative transfer for Osimhen. With PSG reportedly cooling their interest in recent months, the Napoli president aims to reignite their pursuit and finalize the deal.

“We believe Victor is worth every cent of his release clause,” a Napoli insider revealed. “De Laurentiis is committed to ensuring that any transfer reflects his true value.”

In addition to Osimhen, De Laurentiis is expected to discuss Georgian winger Khvicha Kvaratskhelia, who has reportedly agreed on personal terms with PSG.

The Napoli president aims to prevent the French giants from swooping in for another of their prized assets without due negotiation.

Over the past year, several top European clubs, including Chelsea and Manchester United, have been linked with Osimhen.

However, his €120 million release clause and injury issues have deterred them from making firm offers. Chelsea, in particular, has turned its attention to alternative targets such as RB Leipzig’s Benjamin Sesko.

Despite these setbacks, De Laurentiis remains hopeful. “PSG has the financial power and the ambition to sign a player of Osimhen’s caliber,” he said before his departure. “We are here to ensure they understand the opportunity that lies before them.”

This development comes as Napoli seeks to balance their books and invest in strengthening their squad for the upcoming season. A successful sale of Osimhen would provide significant financial flexibility and allow them to pursue other high-profile targets.

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