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FG Committed to Attracting Investments, Says Finance Minister

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  • FG Committed to Attracting Investments, Says Finance Minister

The Minister of Finance, Mrs Zainab Ahmed, has said the Federal Government is committed to initiatives that will attract investments into the country and boost economic development.

Ahmed, who was represented by the Director, Economic Research and Policy, Ministry of Finance, Mr Israel Igwe, at the closing session of the UK-Nigeria Climate Finance Accelerator Workshop in Lagos, expressed the Federal Government’s readiness to partner any group or stakeholder towards the transformation and economic development of the country.

She stated that there was a need for a coordinated green climate finance platform like the CFA in the economy, adding that the CFA programme would aid the development of an approach that would further ease the process of doing business in the country.

The Director, Climate Change and Clean Growth, Ricardo Energy, Mr Chris Dodwell, called on stakeholders in the financial sector to collaborate towards financing developmental projects.

Dodwell described the CFA as an innovative international initiative supported by the UK Government as well as Nigeria, Colombia and Mexico.

According to him, the programme aims to accelerate the transformation of countries’ Nationally Determined Contributions into bankable projects to attract investment from the private sector.

He described the CFA as a powerful example of creating a productive dialogue between financiers and policymakers, focused on scalable opportunities.

Dodwell said, “The CFA supports financing proposals for identified projects while ensuring that technical assistance is provided to policymakers across ministries.

“This is to ensure that planning for delivery of the NDC is better aligned with available capital from local and international markets. There is a need for dialogue and collaboration among policymakers, governments, project developers and financial experts for the actualisation and success of the initiative.”

According to a former Chairman, Nigerian Economic Summit Group, Mr Kyari Bukar, the CFA programme is the kind of investment initiative the country currently needs to boost its investment portfolios for enhanced economic growth.

He noted that the initiative would help to diversify investment portfolio of the banking sector and also transform the capital market, saying there was a driven finance community that was growing in the Nigerian economy and needed to be identified and developed.

Bukar said, “With the much-valued support of the Nigerian Economic Summit Group since October 2018, we have been engaging with private sector companies interested in undertaking ambitious low carbon development projects.

“This is with a view to creating a mature pipeline of bankable projects contributing to Nigeria’s NDC and strengthening the climate finance capacities of public and private sector institutions.”

He added that four banks – Access Bank Plc, Union Bank, Sterling and First City Monument Bank – made presentations of their proposed projects.

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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Banking Sector

Access Holdings Plc Plans $1.8 Billion Capital Raise

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Access bank

Access Holdings Plc, the parent company of Nigeria’s leading bank, Access Bank Plc, has unveiled ambitious plans for a $1.8 billion capital raise aimed at fueling its expansion efforts over the next four years.

The strategic move comes as Access sets its sights on becoming one of the largest lenders on the African continent.

During a conference call with investors in Lagos, executives outlined the company’s intention to raise $1.5 billion, or the naira equivalent, through the issuance of shares, bonds, or other financial instruments.

Also, Access aims to generate up to 365 billion naira ($257 million) by selling shares to existing investors.

Bolaji Agbede, acting group chief executive officer, clarified that the current fundraising initiative primarily involves a rights issue.

The capital infusion is earmarked to support Access’s ambitious growth plan, which commenced last year.

The bank intends to expand its footprint into new markets, including Morocco, Egypt, and the United States, as part of a broader strategy to double the share of assets outside its home market by 2027.

With operations spanning 22 countries, including the United Arab Emirates and the UK, Access Bank is positioning itself for significant international growth.

The recent appointment of Bolaji Agbede as acting group CEO follows the passing of co-founder and former CEO, Herbert Wigwe, adding a layer of significance to the bank’s future direction.

Access’s acquisition of National Bank of Kenya Ltd. underscores its commitment to expanding its presence in East Africa’s largest economy.

As Access Bank charts its course for expansion, the $1.8 billion capital raise signals its determination to seize opportunities in a rapidly evolving financial landscape, both domestically and across the African continent.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

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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