- Nigeria’s Investment Announcements in 2018 Stood at $90.9bn -Osinbajo
The Vice President of Nigeria, Yemi Osinbajo, has said the federal government tracked $90.9 billion investment announcements in 2018 against the $66.4 billion announced in 2017.
The Vice President, who spoke at the first Nigeria-UK Economic Development Forum at the State House, Abuja on Tuesday, said since President Muhammadu Buhari and Prime Minister Theresa May signed the Economic Development Forum in August 2018 investors interest in the country has grown.
“The Economic Development Forum was signed in August 2018 by President Muhammadu Buhari and Prime Minister, Theresa May, in London as a platform to foster economic and development ties between Nigeria and the United Kingdom,” a statement by his Senior Special Assistant on Media and Publicity, Mr Laolu Akande, said.
The Vice President said, “We have seen increased investor-interest in Nigeria by the investment announcements that we track, with $90.9bn of investment announcements in 2018, a 37 per cent increase over the $66.4bn tracked in 2017.
“We are interested in these announcements because we know that if we nurture them correctly, we can turn them into actual investments.
“There is also a steady rise in investor confidence, with an increase in the number of significant deal announcements. Eighteen days ago, Jumia, an online marketplace company that started in Nigeria, listed on the New York Stock Exchange, the first African start-up to do so. It received such a warm investor response that it has since appreciated over 125 per cent… It will be interesting to see more transactions like this, and several between Nigeria and the United Kingdom.
“Already, there are four Nigerian companies listed on the main board of the London Stock Exchange, although only one Nigerian company, Seplat Petroleum Development Company Plc, is listed in both Nigeria and the UK. It is also fascinating that about half of the companies on the FTSE 100 have exposure to Nigeria.
“By leveraging the EDF, I hope that we will continue to build on the existing foundation and work together on recording increased trade and investment flows, particularly in the areas where we have comparative advantages.”
The Vice President mentioned some of the steps of this administration at boosting investors confidence across the Nigerian sector.
He said, “We have taken these challenges as opportunities and have made the extensive build-out of modern infrastructure (both hard and soft) as the main thrust of our administration.
“In the last three years, the government has allocated and disbursed over N3.5tn from the national budgets to infrastructure.
“The Presidential Enabling Business Environment Council has made significant progress in reducing bottlenecks, eliminating redundancies and increasing transparency across government ministries, departments and agencies.”
Jeremy Hunt, the Foreign Secretary, UK, stated that the forum was supportive of Nigeria’s efforts at transforming the economy, especially on job creation.
Global Deal Activity Down by 4.5% in October 2020
A total of 6,304 deals were announced globally during October 2020, which is a decrease of 4.5% over the 6,598 deals announced during September, according to GlobalData, a leading data, and analytics company. An analysis of GlobalData’s Financial Deals Database revealed that the deal volume during October remained below the monthly average of Q3 2020.
Aurojyoti Bose, the Lead Analyst at GlobalData, comments: “After demonstrating growth for four consecutive months, the deal volume shrank in October. The decline in deal activity could be attributed to inconsistencies across different regions. The APAC region remained a weak spot, while deal activity remained mostly flat in North America, and the Middle East and Africa (MEA) region witnessed growth in deal activity.”
North America attracted the highest number of investments, followed by APAC, Europe, the MEA, and South, and Central America.
The uncertain global economic landscape lowered the deal volume in October for major markets such as the US, Germany, Australia, France, India, and China compared to the previous month. On the contrary, the UK, Japan, South Korea, and Canada saw growth of 15.6%,14.9%, 3.8%, and 2.2%, respectively, in October as compared to September’s deal volume.
Bose continued: “Most of the deal types witnessed a decline in volume during October compared to the previous month. Private equity, equity offerings, venture financing, debt offerings, and partnership deals volume decreased by a respective 2.4%, 9.1%, 9.8%, 14.6%, and 24.6% – while the deal volume for mergers and acquisitions (M&A) increased by 7.2%.”
Japaul to Invest in Chinese Firm H&H to Deepen Mining and Exploration Business
Japaul Gold & Ventures Plc (Japaul), formerly known as Japaul Oil and Maritime Services Plc, announced it has gotten approval in principle from H&H Mines Limited to invest in or acquire shares in the company once it concluded its fundraising exercise.
According to a statement released through the Nigerian Stock Exchange (NSE), H&H Mines Limited has several licenses, which include two major Mining Leases for 25 years renewable.
The statement noted that extensive exploration has been done on the Mining properties and the last lap of the exploration works is core drilling. This, it said will allow Japaul knows the measured Minerals Reserve contained in the Mine, which it claimed contain Gold, Silver, Lead, Zinc, etc.
Japaul further explained that the need to get the drilling done was what led H&H Mining to engage the services of Xiang Hui International Mining Company Nigeria.
“Since Japaul will eventually be part of H&H Mines Limited, it was necessary that Japaul is carried along on the kind of Contract of Drilling to be entered into, and that was why the signing of the Drilling Contract between the Chinese Company and H&H Mines Limited was concluded at Japaul’s Head Office,” the company stated.
The drilling is expected to be concluded in the next 12 months and within this time, Japaul is expected to have concluded the Fund Raising and formalise her involvement in the Mining.
The company added that Canadian reports revealed that there are huge gold, silver, lead, etc deposits, but it is drilling that will show the actual reserve.
Africa Investment Forum (AIF) Rescheduled to Hold in 2021 – AfDB
Investment Forum to Now Hold in 2021 in a Bid to Curb Possible Second Wave of COVID-19
The Africa Investment Forum scheduled to hold in November 2020 in Johannesburg, South Africa has been rescheduled to hold in2021 as a result of the ongoing global health pandemic.
This announcement was made in a statement by AfDB on Wednesday. The African Development Bank (AfDB) and the Africa Investment Forum founding partners agreed to the postponement of the annual three-day investment market place.
Considering the negative effect of Covid-19 on the global economy, agreement by the two bodies was made after a careful assessment of the impact of COVID-19 on global travels, investments, observing the social distancing rules and curbing the likely possible risk of a second wave.
In the statement, the bank stated that through the forum innovative digital platforms, it would track investments, source for new deals, progress on financial closure of transactions and other existing deals.
“At the 2019 Africa Investment Forum, 57 deals valued at $67.7bn were tabled for discussions. Fifty-two deals worth $40.1bn secured investment interest.
“In July this year, the AIF Founding partners pledged to strengthen strategic partnership engagement and commitments for Africa Investment Forum Market Days 2021, to help ‘reboot investments in Africa.’ They underscored the need to boost local manufacturing while leveraging the continent’s vast resources to unlock investment.”
In the statement, Africa Investment Forum objectives are achieved through the forum’s four pillars; Closing, Connecting, Engaging and Investment Tracking.
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