The Executive Secretary, National Sugar Development Council (NSDC), Mr Zacch Adedeji disclosed that the faithful implementation of the Nigeria Sugar Master Plan (NSMP) has brought about more than $3 billion in investment into Nigeria’s sugar sub-sector.
According to the Executive Secretary, no less than five big investors including Dangote and BUA have keyed into the backward Integration Programme component of the Nigeria Sugar Master Plan. The secretary noted that the participation of the five big investors has opened the door for more employment opportunities.
Investors King understands that the Nigeria Sugar Master Plan (NSMP) has four major objectives which are for Nigeria to attain self-sufficiency in sugar production, stem the rising tide of sugar importation, create job opportunities for Nigerians and the generation of electricity and production of ethanol for industrial purposes
While emphasising the strategic role the sugar sector plays in the economic diversification agenda of the federal government especially as it relates to agriculture, Adedeji noted that the sector through the BIP operators has provided job opportunities for thousands as factory engineers, irrigation experts, plant operators, technicians, laboratory technologists among other professionals offering direct or indirect labour.
He said “the sugar sector today has five operators who have signed onto the Backward Integration Programme of the Nigeria Sugar Master Plan. The companies are Dangote Sugar Refinery, BUA Sugar Refinery, Golden Sugar Refinery, KIA Africa Group and the latest being the Saro Africa Group”.
Meanwhile, the federal government has sought the support of governors of sugar-producing states in the country to revitalise the sugar sub-sector and implement Phase II of the Nigeria Sugar Master Plan, saying the plan required the input of all critical stakeholders to succeed.
While commending the forum of governors of sugar-producing states for creating a safe and enabling environment for sugar operators, the federal government through the National Sugar Development Council (NSDC) revealed that it plans to increase sugar production from 1.7 million metric tonnes to 1.8 million metric tonnes per annum in the next 10 years.
Currency Reforms Pose Challenges and Opportunities for Investment Banking, Says Former AIHN President
The ex-President of the Association of Issuing Houses of Nigeria (AIHN), Ike Chioke, has shared insights on the dual impact of the Central Bank of Nigeria’s currency reforms, highlighting both challenges and opportunities for the investment banking industry.
Chioke made these remarks during the recently held Investment Banking Awards Night in Lagos.
Acknowledging the ongoing currency reforms, he emphasized the transformative nature of these policies, stating, “Nigeria is bracing up to the impacts of the new government and they are already making changes to what I will call non-unorthodox policies.”
He pointed out that the free-floating of the naira and the removal of fuel subsidies, while causing short-term hardships, are integral components of the evolving economic landscape.
Chioke urged industry professionals to leverage their skills and expertise to navigate and capitalize on the opportunities presented by these reforms.
“The investment banking industry is a critical one for the Nigerian economy, and we represent the best brains and the best expertise in that space,” he stated, emphasizing the pivotal role of investment banking in steering the nation’s economic course.
Meanwhile, the Investment Banking Awards Night recognized outstanding achievements in the Debt Capital Market and Equity Capital Markets categories.
Chapel Hill Denham Advisory Limited emerged as the winner in the Debt Capital Market Category, securing accolades such as Private Company Bond House 2022 Award, Best Commercial Paper House 2022 Award, and Best Bond House 2022 Award.
StanbicIBTC Capital Limited received the Best Commercial Paper House 2022 Award.
In the Equity Capital Markets Category, the Equity Deal of 2022 Award was shared among three distinguished companies: Stanbic IBTC Capital Limited, UCML Capital, and Rand Merchant Bank, underscoring their impactful contributions to the equity market.
This celebration of excellence reflects the resilience and dynamism of the Nigerian investment banking sector amid a changing economic landscape.
FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration
FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.
The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.
As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.
Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”
FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.
The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.
Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.
This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.
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