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EU to Launch €30m Power Finance Scheme in Nigeria

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  • EU to Launch €30m Power Finance Scheme in Nigeria

The European Union (EU) and All On – an impact finance outfit, would launch a €30 million worth of electrification financing initiative for off-grid and commercial and industrial captive power projects in Nigeria, organisers of the upcoming fourth Nigeria Energy Forum (NEF 2019) have disclosed.

According to a statement by the NEF organisers, the funding window would help upscale investments for sustainable energy development in Nigeria. They noted that the event would hold his week in Lagos, with the former National Chairman of the Nigerian Institute of Electrical and Electronics Engineers (NIEEE), Mr. Adekunle Makinde, delivering the keynote address.

Also to speak at the event are the Chairman of the Nigerian Electricity Regulatory Commission, Prof. James Momoh; Chief Executive Officer (CEO) of All On, Dr. Weibe Boer and a representative of the EU, Mr. John Funso-Adebayo.

The Chairman of the Forum, Dr. Oluwole Adeuyi said in the statement that: “This year’s forum will focus on how to facilitate local and foreign investments in sustainable electrification, grid modernisation and digital energy technologies for economic growth in Nigeria.”

According to him: “The forum is supported by All On, a leading impact investor in Nigeria’s off-grid energy market and co-organised with GET. Invest, European multi-donor programme and will feature over four top-class hands-on capacity building workshops by key local and international energy experts.”

He explained the hands-on workshops would be centered on making bankable energy projects to be delivered by the Sterling Bank; Electrification Finance Initiative (ElectriFI) Nigeria Window Launch, which is an European multi-donor programme managed by EDFI Management Company; digital energy management for commercial and industrial facilities to be facilitated by Schneider Electric and empowering young African women in energy.

The statement also quoted Boer, to have said: “The funding from All On will support the event with a view to increasing capacity, the quality of speakers, stakeholders, participants and discourse. “All of these are geared towards fulfilling All On’s charitable mandate of building an enabling environment for the off-grid energy sector in Nigeria.”

The statement added that the 2019 energy ideas competition organised by the forum for energy start-ups has attracted 86 entries from 17 different countries in Africa and the winners will be announced at the conference.

It added that All On’s support will allow the top 20 early-stage energy entrepreneurs from Nigeria shortlisted through a competitive process to fully attend the technical, capacity building and investment sessions at the conference, adding that over 250 participants and 40 key speakers and exhibitors were expected to attend seven different technical, investment and training sessions, acquire new skills through practical exposure to modern energy technologies, and engage with the expert speakers, exhibitors and workshop providers.

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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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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