Connect with us

Investment

BUA Group Earmarks $300m for Lafiagi Plantation

Published

on

the-group-executive-director-bua-group-kabiru-rabiu
  • BUA Group Earmarks $300m for Lafiagi Plantation

The Group Executive Director, BUA Group, Kabiru Rabiu, has said a total investment of over $300 million has been set aside to develop the Lafiagi Sugar Company. The fund will cover the plantation, sugar mill, refinery, ethanol and power plant as well as complete the agricultural aspects of the project.

Rabiu also added that on full completion, the sugar mill with refinery will have capacity to crush about 7,000 tons of cane per day and produce over 140,000 tons of pure refined white sugar, about 25 million litres of ethanol, generate 35 megawatts (Mw) of electricity as well as create jobs for over 10,000 people.

The Group also restated its commitment to the Backward Integrated Policy of the Nigerian Sugar MasterPlan with its increased investments in the 20,000ha Lafiagi Sugar and 50,000ha Bassa Sugar plantations.

Meanwhile, the Group has announced the appointment of Ibrahim Yaro as the new Managing Director, BUA Sugar Refinery, Lagos.

Until his appointment, Yaro was the Director of Sales at BUA Sugar, Flour & Pasta businesses. With this appointment, he will oversee the day to day management of BUA Sugar as well as drive the next growth phase of the business. BUA Sugar is currently the only sugar producer in Nigeria with refineries in Lagos and Port Harcourt and combined production capacity of 1.44million metric tonnes per annum.

A consummate professional with over 20 years experience in sales, marketing and business development spread across the financial and real sectors, Yaro is an alumnus of Bayero University, Kano (BUK). He has attended several professional and management courses in Nigeria, United Kingdom, United States and the United Arab Emirates (UAE).

He is a Fellow of the Institute of Credit Administration (ICA Nigeria), Member Chartered Institute of Bankers of Nigeria (CIBN), Member Chartered Institute of Management of Nigeria (CIMN), a Fellow of the National Institute of Marketing of Nigeria (NIMN) and also holds an MBA from BUK.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Investment

Check Your Financial Plans Are You ‘Negative Interest Rate Ready’: deVere CEO

Published

on

Interbank rate

Negative Interest Rate is Coming, Review Your Financial Plans, Warns Green

Personal financial strategies should be reviewed to ensure they are ‘negative interest rate ready’, warns the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The comments from Nigel Green, the founder and chief executive of deVere Group, come as the Bank of England voted unanimously on Thursday to leave UK interest rates at their current record lows, at 0.1% – but keep negative interest rates in its “toolbox” of possible measures.

The U.S. Federal Reserve said on Wednesday that it will likely keep its key interest rate near zero until the economy reaches full employment and inflation runs “moderately” above its 2% goal for “some time,” a pledge that is likely to keep rates ultra-low for at least five years.

Mr Green says: “Struggling to ease the economic pain of the pandemic, central banks have ushered us into an era of almost zero interest rates – with some experts saying that the U.S. Federal Reserve and the UK’s Bank of England, amongst others, could be on the brink of implementing negative interest rates as other central banks have already done across the eurozone and in Japan.

“This would have been unimaginable even a few months ago. But the shifts have been seismic this year.”

This is why he believes that more than ever “serious, joined-up financial planning strategies” are essential for those who are committed to growing and protecting their wealth.

He continues: “In an almost zero interest rate era – or perhaps a wide negative interest rate era looming – it’s not enough to think that you can rely on the strategies of before.

“For instance, so-called low-risk bonds, such as U.S. Treasuries, once the bedrock of investment portfolios are not providing the returns they once did. Indeed, yields have been at historic lows, prompting many experts to openly question their value.”

The deVere CEO goes on to add: “Cash is certainly ‘not king’ at the moment either. Cash sitting in accounts is most likely earning you almost nothing. It will definitely not be generating decent income.

“Meanwhile, investing in stocks offers its own complexities.

“Global stock markets have, in general terms, been on an impressive rally in recent months. But delve into the picture and all is not what it seems. A handful of firms in a handful of sectors are bringing up entire indexes.”

He concludes: “Personal financial strategies should be assessed to make sure they are suited to a new era of likely permanently ultra-low or even negative interest rates.”

Continue Reading

Investment

Despite COVID-19 Pandemic, Africa Still a Prime Investment Destination

Published

on

AfDB

Africa Still a Prime Investment Destination, Says Participants at African Development Bank (AfDB) webinar for Asian Audiences

Participants at a webinar to present the African Development Bank’s African Economic Outlook Supplement to Asian audiences on Monday have endorsed the report as critical for post-COVID-19 Africa.

The supplement revises the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of COVID–19 on Africa’s socio-economic landscape. It recommends policy responses to safely reopen economies and accelerate growth recovery.

“Despite the COVID-19 pandemic, investment opportunities still abound in Africa,” said Tetsushi Sonobe, the Dean of the Asian Development Bank Institute (ADBI). “Global markets are shifting to South Asia and Africa. In a sense, Africa is not very far for Asian investors who might be interested in the investment opportunities on the continent.”

Around 350 participants attended the virtual event, which was co-hosted by the Asia External Representation Office of the African Development Bank. The audience included government officials, representatives from the African diplomatic corps in Asia, development professionals, representatives of civil society, academics and think tanks, students, journalists, and the general public

Sonobe observed that Africa’s GDP growth is projected to quickly rebound in 2021 following steady growth before COVID-19.

Sonobe identified some of the potential opportunities highlighted in the African Economic Outlook Supplement: “A large market with a very talented youthful population; a three-trillion-dollar market opportunity through the African Continental Free Trade Area (AfCFTA) agreements; greater manufacturing potential as low-cost manufacturing opportunities continue to move to Africa; improved business environment; and improving macroeconomic governance.”

Khaled Sherif, the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery said despite the pandemic affecting all African economies, its magnitude will vary considerably from country to country, depending on the economic characteristics and initial conditions of the countries.

“This urges us to avoid the one-size-fits-all solution to address the effects of COVID-19 in Africa. For that, the AEO Supplement notes that the continent will need the support and expertise of all. This is an opportunity to enrich the debate on what appropriate measures are needed to support African countries to recover from the pandemic, drawing particularly from Asian experience,” Sherif said.

The webinar noted that the policy recommendations of the African Economic Outlook Supplement could be regarded as important opportunities for investments. Participants also observed that although Africa is human-resource-rich, Africa will need to work on closing its infrastructure gap – an issue the African Development Bank has made one of its top priorities.

The African Economic Outlook Supplement underlines the urgency to build the resilience of Africa’s healthcare systems and economies to improve countries’ preparedness for future shocks. This means that African countries will need to rethink their current development strategies and priorities, which have clearly shown their limitations.

“Policymakers must seize the new and real opportunities for participation in global value chains, particularly with Asia and within Africa and build the infrastructure needed to encourage large-scale teleworking, e-health, and distance learning architectures for a rapid, resilient, and sustainable recovery in a post-COVID-19 digital world,” said Chuku Chuku, Officer in Charge of the Bank’s Macroeconomic Policy, Debt Sustainability and Forecasting Division.

“The pandemic notwithstanding, Africa is open to business and we look forward to working with our Asian partners.”

Released annually since 2003, the African Economic Outlook provides compelling up-to-date evidence and analytics to inform and support African decision-makers.

 

Continue Reading

Investment

Consortium of Western Investors Plan to Invest Over $5bn in Power Sector

Published

on

power

Western Investors to Invest Over $5 Billion in Renewable Energy

The Federal Government has said a consortium of Western investors have presented their plan to invest over $5 billion in the power sector.

According to the Office of the Minister of Power, the investors plan to focus mainly on the renewable energy subsector of the power sector.

Also, it was revealed that the consortium plans to deliver 1,000 megawatts capacity of hybrid solar power within 24 months.

Aaron Artimas, the Special Assistant to the Minister of Power on Media and Communications, who confirmed this to our correspondent in Abuja on Sunday, said the investors presented their plans Mr. Sale Mamman, the Minister of Power.

He said, “A consortium of Western investors interested in investing upwards of $5bn in the Nigerian power sector, with a major focus on the renewable energy sector, pitched their proposal to the Minister of Power @EngrSMamman at the Power House.”

“They made the presentation to the minister of power and it is something that is still fresh. The process is still ongoing and you’ll get updates as we proceed.”

The minister’s aide said Ron Verraneault, the main partner of the consortium led the presentation while other partners joined via zoom.

Continue Reading

Trending