The Nation Newspaper

Tag: foreign investment

  • The importance of fostering positive investment environment in Africa

    The importance of fostering positive investment environment in Africa

    Africa stands at a crucial juncture where the need to promote a social, economic, and regulatory environment that attracts foreign investment has never been more urgent.

    As the continent grapples with developmental challenges, foreign investment can serve as a catalyst for economic and social progress. However, this requires a delicate balance: ensuring that foreign companies have fair rules while also protecting the interests of the host country and its citizens.

    A positive investment climate is characterized by clear, fair, and well-enforced regulations that are transparent and predictable for foreign investors. When this environment is lacking, the results can be detrimental.

    A global and extreme example is Venezuela, where nationalisation of foreign assets and erratic regulatory changes have driven away foreign investment, leading to economic downfall and social turmoil.

     North Korea or some other countries in Asia come to mind as well.

    Within Africa, a notable instance of inadequate regulation hindering foreign investment can be observed in Zimbabwe. Hyperinflation, unstable policies, and expropriation of land and assets from foreign companies have severely deterred foreign investors. This has stunted economic growth and exacerbated poverty and unemployment.

    Conversely, several African countries have successfully created conducive environments for foreign investment, leading to notable economic growth.

    Rwanda, for example, has implemented significant regulatory reforms, simplified business registration processes, and established strong anti-corruption measures. These efforts have paid off, with Rwanda consistently ranking high on the World Bank’s Ease of Doing Business index. The country has seen substantial foreign investment inflows, contributing to its impressive GDP growth rates and social development.

    Kenya is another example of a positive investment environment. The country has made significant strides in improving its regulatory framework, particularly in the technology sector.

    The establishment of the Konza Technopolis, aimed at being a hub for technology and innovation, has attracted numerous international companies. Additionally, Kenya’s mobile money services have revolutionized the financial sector, demonstrating how a supportive regulatory environment can foster innovation and attract investment.

    On the other hand, Nigeria presents a more complex picture. While it has one of the largest economies in Africa and significant potential for investment, particularly in the oil and telecommunications sectors, some regulatory uncertainties and inconsistent enforcement have hampered some investor confidence.

    Issues such as unpredictable changes in regulatory policies and delays in obtaining necessary approvals have been cited as major obstacles by foreign investors. For instance, the oil sector has experienced fluctuating regulatory policies, which have created a somewhat unstable investment climate.

    However, Nigeria has made giant strides toward simplifying the process of starting a business. The creation of online registration platforms revolutionised company registration procedures, decreasing time and cost.

    The telecoms industry, once a hub for foreign investment, has faced a prolonged period of diminishing capital inflows, with the sector’s appeal to investors adversely impacted by naira devaluation, which reduced operators’ financial capacity.

    Notably, investment flows to the economy through telecoms sector rose significantly in the first quarter of this year.

    The Nigerian Communications Commission (NCC)-led regulatory reforms were meant to align the sectoral guidelines with international best practices and accommodate the rapidly changing technological landscape.

    According to capital importation data from the National Bureau of Statistics (NBS), the telecom sector attracted $191.5 million in Foreign Direct Investments (FDIs), indicating renewed confidence among foreign investors.

    The data indicated that the Q1 2024 figure surpasses the total FDI of $134.75 million recorded in 2023. Compared to Q1 2023, the sector saw a 769 per cent year-on-year increase in capital importation, rising from $22.05 million to $191.5 million.

    Read Also: Fubara inaugurates Rivers maiden investment, promotion agency

    The transformation within the telecommunications sector was not just limited to a comparison with the previous year. Comparing the Q1 2024 figure of $191.5 million to the $22.84 million recorded in the preceding quarter, Q4 2023, the sector demonstrated a 738 per cent growth rate.

    This remarkable rebound in FDIs has been attributed to a series of strategic measures implemented by the Nigerian government, which aimed to enhance the sector’s appeal to foreign investors.

    There has also been significant interest of foreign investors in the Nigeria securities market. The NBS report showed that total capital inflows in Nigeria tripled to $3.37bn in January-March 2024, compared to $1.13bn in the first quarter of 2023.

    Leveraging President Bola Tinubu’s economic reform and a surge in yields, foreign investors have been loading up on Nigerian bonds and money market instruments in the first quarter of 2024, with total capital inflows tripling to $3.37billion compared to $1.13billion during the same period in 2023.

    Foreign portfolio investments (FPI), including equities, accounted for 61.48 per cent of the total capital inflows. The money market saw the most growth in foreign investment, followed by bonds, and then equities.

    Beyond Africa, other regions offer valuable lessons in both successes and failures of fostering a positive investment environment. In Southeast Asia, Singapore stands out as a model of success.

    With its transparent regulatory framework, strong rule of law, and pro-business policies, Singapore has consistently attracted substantial foreign investment, becoming a global financial hub. We, of course, observe Europe as an example of stability.

    In contrast, India has faced challenges in maintaining a consistent regulatory environment. Although it has attracted significant foreign direct investment, particularly in the technology sector, issues such as bureaucratic red tape and sudden regulatory changes have occasionally created obstacles. For example, retrospective taxation policies have been a point of contention, affecting investor confidence.

    Returning to Africa, Ghana exemplifies a mixed scenario. While generally seen as a stable and attractive destination for investment, certain regulatory and operational challenges persist. These challenges raise critical questions about the regulatory environment in Ghana. We can notice a situation in the telecommunications sector where the administration itself owns a big chunk of telecom operators they mediate for.

    So, the question seems obvious: How can the government balance its dual roles as a regulator and a market participant in sectors such as telecommunications, for example? The answer lies in establishing a robust, independent regulatory framework that ensures all market players, regardless of ownership, adhere to the same rules. This would enhance the predictability and fairness of the business environment, boosting investor confidence.

    One potential solution for Ghana is the creation of an independent regulatory authority with the power to enforce compliance and mediate disputes impartially. Additionally, there should be clear legal frameworks that prevent government interference in commercial disputes involving state-owned enterprises. This approach would not only resolve specific issues but also send a positive signal to the broader investment community about Ghana’s commitment to fair play and transparency.

    All continents, all countries, compete for investment, and so, with the appropriate rules and regulations, that should be a fair affair. African governments, like their European and Asian counterparts, have a pivotal role in shaping the investment climate. By establishing and enforcing fair, transparent, and consistent regulations, they can attract and retain foreign investment.

    This, in turn, drives economic growth, creates jobs, and enhances social welfare. For Ghana, where some questions could be currently asked about the role of the government in mediating, and indeed for all African countries, the goal should be to create an environment where domestic and foreign investments are encouraged equally and fairly, ensuring progress and prosperity for all citizens.

    For Nigeria, one significant area of failure was currency reforms that saw the naira depreciate significantly. Before the present administration in Nigeria came into power in May 2023, the naira exchanged at N710/$ at the parallel market and N461/$ at the official market, while the inflation rate stood at 22.41 per cent.

    At present, the naira exchanges at N1,605/$ at the parallel market and N1,593/$ at the official market. July inflation rate stood at 33.4 per cent.

    Despite obvious setbacks on the economy, the Nigerian government sees the currency reform as yielding positive results that will in no distant time, put the economy on a path of sustainable growth and drastically reduce inflation.

    Overall, investors and other stakeholders in business and economy expect further improvement on Nigeria’s ease of doing business figures to attract more FDIs, strengthen domestic production, reduce inflation and help the naira regain its lost glory.

  • ‘Train7 will change Nigeria’s revenue, foreign investment profile’

    The Nigeria Liquefied Natural Gas Limited’s (NLN’s) Train 7 project will change the country’s revenue and foreign investment profile, its Managing Director/Chief Executive Officer, Tony Attah, has said.

    He stated this when the Minister of Finance, Mrs Kemi Adeosun, visited the NLNG’s plant on Bonny Island, Rivers State.

    Attah said the planned Train 7 Project, which would increase  the plant’s output from 22 million to 30 tonnes per annum (MTPA), would lift foreign direct investment (FDI).

    Briefing the minister on NLNG’s operations and business, the NLNG chief said the firm would be seeking about $7 billion from the international markets to fund the construction of Train 7 and investment in the upstream gas sector  that will ensure the sustainability of feedgas supply to Trains 1 to 6 and the new one.

    Attah noted that recently, NLNG commemorated the repayment of a US$5.45 billion shareholder loan, which contributed to funding the Base Project, Expansion Project, NLNG Plus Project and Train 6. The final repayment, a milestone for NLNG and Nigeria, sends a strong message to the world that Nigeria was ready for more foreign investments, he added.

    According to him, the economic impact of increased LNG production output would be significant, adding that since the start of NLNG operations 19 years ago, the firm has generated more than $90 billion in revenue and has paid over $16 billion dividends to the Federal Government, with respect to its 49 per cent shareholding in the company, held by Nigerian National Petroleum Corporation (NNPC). In addition, NLNG has paid some $13 billion to the Federal Government for feedgas purchases and $6.5 billion in taxes as well.

    NLNG has also spent over $200 million on Corporate Social Responsibility (CSR) projects in the Niger Delta and the country as a whole.

    “We take up about 50 per cent of Liquefied Petroleum Gas (LPG) supply in the country and we have committed about 350,000 tonnes to the domestic market.  We believe that with an increase in our production, these numbers will be impacted on positively and this will help with the country’s revenue generation profile,” he remarked.

    Attah said the NLNG has received Federal Government support for its expansion project.With that, NLNG has the full backing of all critical stakeholders, and that the stars have lined up in support of Train 7, therefore, there is no going back on the taking of the final investment decision (FID) soon, which will signal the take off of construction.

    Mrs Adeosun said: “Nigeria LNG Limited is a high-performing company, which the government has a stake in. We are very proud of NLNG’s achievements over the years and we believe the company is an ideal model for the sector,” she added.

    NLNG Chairman, Chief O. R. LongJohn said the Board believed in the company’s vision of a global company helping to build a better Nigeria, which has guided company’s business decisions. He said NLNG has achieved full indigenisation of its management team who has proven over time their capacity to lead a world-class company.

    NLNG Deputy Managing Director, Mai-Bornu, said the minister’s visit was an indication of the Federal Government’s commitment to increasing the country’s LNG market share, securing the country’s revenue in a fast-changing energy industry and deepening Domestic LPG utilisation locally. He urged the Federal Government to support the NLNG in its quest for funding for the project.

    The minister’s visit is coming on the heels of the milestone events in preparation for Train 7 construction, which also include the award of contracts for the Front End Engineering Design (FEED) by NLNG.

    The minister was received by  LongJohn, Attah, Mai-Bornu; NLNG Director, Chief Cordelia Agboti; and the General Manager, Production, Tayo Oginni.

  • Lagos bids for more foreign investments

    The Lagos State government yesterday unveiled an initiative, tagged: Lagos to the World, to showcase the activities of the state and attract more Foreign Direct Investment (FDI) to the state.

    The Special Adviser to the Governor on Overseas Affairs and Investment, Prof. Ademola Abass, broke the news at a media launch of the initiatives in Lagos.

    The governor’s aide said the state government had been doing a lot to attract more FDI, adding that despite government’s effort, little was known about its giant strides in investment.

    He said the state had a prominent role to play in the overall economy of the nation.

    According to him, 65 per cent of the manufacturing activities usually takes place in the state.

    Abass said the state also contributes 30 per cent to the national Gross Domestic Product (GDP) and account for over 90 per cent of the country’s trade flow.

    He said: “What informed this, simply, is that we felt the world needs to know what Lagos state has been doing in the last three years, especially in terms of investment.

    “How Lagos has been improving on its infrastructure development or in terms of security, roads, energy, among others.

    “Most of these things really are what attract investors, but the story is not being told out there.

    “So, the essence is to make the effort of the office known in trying to project Lagos more forcefully in terms of the investment opportunities.”

    Abass recalled that his office, which was established in 2015 by Governor Akinwunmi Ambode, had broken a lot of bureaucratic bottlenecks as a one-stop shop for doing business with ease.

    The professor noted that prior to the establishment of the office, all business and licensing processes for establishing or expanding investment in the state was a multi-agency activity.

    He added that businesses had to pass through every agency involved in business registration, tax payment, land administration and construction permits.

    Abass said: “The process was arduous, uneconomical and unproductive and was not appropriate for a mega city like Lagos.

    “Numerous efforts being made by the state government are geared toward enhancing the ease of doing business in the state.

    “Some of the reforms include but not limited to tax reforms, ease of permits application processes, improved land registration system, quicker proposal processing and so many others.

    “These are areas where investors had challenges in the past which brought about discouragement that led to low level of investments in the state.”

    The Commissioner for Commerce, Industry and Cooperatives, Mrs Olayinka Oladunjoye, said the state had the market ready to showcase its potential to the world, hence the need to push the narrative.

    An entrepreneur, Mrs Nkiru Balogun, said Lagos State had been open to business.

    She described the state as a place where small businesses could become big with enhanced security.

    An Arts enthusiast, Mrs Bolanle Austen-Peters, described Lagos as a safe, captivating, vibrant city, where business of any kind could thrive.

    The News Agency of Nigeria (NAN) reports that the event had in attendance representatives of some diplomatic missions and members of the corporate world, among others.

  • Foreign investment and maritime sector

    For a country which found itself in recession and is just getting out of it, every effort to rev up the economy is important. Both local investors and foreign ones are crucial to the efforts to breathe life into the economy and thus give the people news songs to sing.

    Of these two classes of investors, the foreign ones are more coveted. They bring in the much-needed foreign exchange, which has the magic to wake the dead. No nation, especially a developing one and one just getting out of recession, jokes with Foreign Direct Investment (FDI).

    FDI creates jobs, promote bilateral relations and boost the Gross Domestic Product (GDP) of the benefitting country.

    Over the years, the federal government has made efforts to attract foreign investors into the country using incentives such as tax holidays amongst others.

    The Nigerian maritime sector is one area where there are a lot of opportunities for economic growth and development if properly harnessed, bearing in mind the endowment of about 853km coastline with an Exclusive Economic Zone (EEZ) of over 200 nautical miles. This is a pointer to the fact that there are prospects for the sector, and this is what the Dakuku Peterside-led management of the Nigerian Maritime Administration and Safety Agency (NIMASA) has demonstrated.

    One of such efforts in wooing investors was tackling the issues relating to safety and security on the nation’s waterways which is crucial to the quest for attracting FDI to the sector.

    In order to boost investor’s confidence, NIMASA has gone a step further to propose an anti-piracy bill, which is currently before the National Assembly, with the intent of giving the agency the legal muscle to prosecute all forms of criminalities on the nation’s territorial waterways. Also assurances have been given to stakeholders that the agency will leave no stone unturned to ensure zero tolerance to all forms of illegalities our waterways.

    Other initiatives by the agency to attract FDI was demonstrated during the unveiling of the maritime industry forecast for 2018 and 2019, which is an unprecedented feat in the history of the maritime industry in Nigeria.

    The forecast stated that business activities in the Nigerian maritime sector are expected to grow from 2.5 percent in 2018 to 5.5 percent in 2019 and also predicted that the total fleet size will grow by 4.08 percent in 2018 and 4.41 percent in 2019.

    In addition, oil tanker fleet size will decrease by 2.23 percent in 2018 and increase by 1.7 percent in 2019. The non-oil tanker fleet size is also expected to increase by 8.15 percent in 2018 and 8.72 percent in 2019. The oil rig count is to increase by 27.67 percent in 2018 and 0 percent in 2019.

    The forecast being the first in the history of the industry is expected to attract FDI to the Nigerian maritime sector and based on the outcome of the study, maritime industry should expect to see increase in business activities in 2018 and 2019 as there would be an expected growth in the demand for the use of maritime facilities in Nigeria within the period under review.

    The forecast also aligned with the three strategic objectives of government’s Economic Recovery and Growth Plan (ERGP): restoring growth in economy, investing in people, and building a globally competitive economy.

    With this, it is hopeful that the public presentation of Nigeria’s maritime industry forecast will provide that confidence in the stakeholders and investors to fully tap into the immense opportunities which abound in the blue economy as a means of wealth creation, employment and development of relevant capacities that will grow our domestic economy; a statement corroborated by the NIMASA DG during the unveiling of the forecast.

    As part of the efforts to drive FDI into the sector, the federal government through NIMASA held a bilateral talk with the Maritime and Ports Authority (MPA) of Singapore.

    While in Singapore, Peterside marketed Nigeria’s enormous maritime potentials to the MPA chief executive, Andrew Tan projected Nigeria and the huge untapped maritime potentials of the country as well as called on Singapore investors to take advantage of the reforms in Nigeria’s maritime sector to invest in the country.

    He also requested partnership with the Singaporean authorities in various areas including technology acquisition for monitoring of the waterways, capacity-building of personnel, support to upgrade maritime infrastructure as well as acquisition of more ocean going vessels for indigenous operators.

    Furthermore, in order to demonstrate its commitment to realize a virile maritime sector in Nigeria through collaboration with foreign partners, the federal government set up a committee known as the Presidential Enabling Business Environment Council (PEBEC) saddled with the responsibility of attaining ease of doing business in Nigeria, particularly the maritime sector.

    Recall that the World Bank’s Ease of Doing Business Report for 2018 placed Nigeria in the 145th position. This is 24 positions better than the 169th position the nation was ranked in the 2017 report. According to the report released by the World Bank, Nigeria was among the 10 top countries that improved on reforms. This can be described as a step in the right direction, and it is expected that in the next ranking, Nigeria will still do better.

    The issue of the re-floating of a national fleet has also been brought to the front burner in international discuss as the government is determined to provide the enabling environment that will pave way for the private sector to drive the processes.

    Conclusively, it can be said that concerted efforts are being made by the current management of the Nigerian Maritime Administration and Safety Agency to attract investors to the nation’s maritime sector. The effect of this is that it will bring growth and development to the sector and the nation at large; more jobs will be created, more revenues earned and more chances to compete favourable with its counterparts in other maritime climes across the globe. And to achieve this feat, the agency needs the continuous support of all stakeholders in the sector so that we can all boast of having a robust maritime sector.

     

    • Kumuyi, is of NIMASA, Lagos.

     

  • How to attract foreign investment, by expert

    How  can the Federal Government attract foreign investment into the aviation sector? It is by addressing issues related to policy, operating business environment, civil aviation regulations, aeronautical charge regime and the template for airport concessions, African Aviation (AA) Chief Executive, Nick Fadugba has said.

    According to him, if these are not put in place, the industry may risk losing out in getting the right funding for projects and business.

    Speaking in Lagos, Fadugba said many investors were afraid to fund projects in Nigeria because of what they described as “imbalance of perception” over how aviation businesses, including contracts and concessions, are designed.

    The government, he said, needs to rework policies that will  guarantee fidelity to contractual agreements on airport concessions and leases in order to attract the right funding.

    Fadugba said the challenge of aviation was not lack of access to finance, but financiers need some level of trust that their investment will not be jeopardised due to inconsistency policies by the government.

    According to him, although many investors in Europe and America see Nigeria as a good investment haven, they are, however, worried about government’s inconsistent policies that could trap their funds.This challenge, he noted, accounts for the high premium insurance underwriters put on asset financing in Nigeria as it affects aircraft leasing, terminal management and other businesses.

    “The problem with aviation in Nigeria is that many foreign investors are afraid of committing their funds into it because the policy environment is inconsistent. A lot of financiers are ready to move funds to support businesses in environment where the policy is stable, and until Nigerian government addresses the issue of inconsistent policies on airport concessions, status of registration of aircraft, aircraft leases, and related issues, we may not see the right funding,”he said:

    He argued that the country’s aviation sector would fair better if the issues are properly addressed, including entrenching a flexible civil aviation regulations. When these are put in place, Fadugba assured that funding would flow in because that was what investors were concerned about.

    “People are more comfortable to invest their money in climes where the policy is stable  and where there is fidelity to contractual agreements. The absence of these account for the stunted growth of the aviation sector,” he observed.

    He, therefore, urged players in the sector to form clusters that would encourage the government to take a deeper look at issues bordering on aviation financing, regulations, policy and aeronautical charges to sustain the growth of the industry

    Such advocacy, Fadugba said, was the way to go because aviation holds the key to unlock the potential of Nigeria’s socio-economic development. He also urged operators to pool their resources, skills and expertise together to attract investors set up aircraft maintenance centers. This, if done, would reduce the cost of aircraft maintenance because the global trend is to get together for global cooperation, mergers and consolidation. He advised Nigerian operators to look in that direction.

    “One of the ways to foster such cooperation is for operators to pull resources and expertise to set up aircraft maintenance centres, because of the enormous costs required for infrastructure, tooling and personnel, the option of pooling will make it affordable in the overall interests. The era of doing it alone is no  more fashionable,” he concluded.

  • Buhari diversifying economy to attract foreign investment

    Buhari diversifying economy to attract foreign investment

    The Minister of Labour and Employment, Chris Ngige, has said the Muhammadu Buhari administration is diversify the economy to attract direct foreign investment and ensure sustainable development.

    The minister sought the support of the nation’s foreign partners and friends like the United States of America to overcome the challenges and move forward as a nation.

    The ministry’s  Deputy Director of Press Samuel Olowookere quoted the minister as saying at the concluding session of the Labour and Trade Ministerial Roundtable of the Africa Growth and Opportunity Act (AGOA) in Washington D.C, United States, that the government would create an enabling environment for businesses in the country.

    While expressing confidence that Nigeria was good and open for business, Ngige said the administration made gains in the fight against corruption and insurgency as a base for the enthronement of a secure and stable polity.

    “President Buhari has taken the initiative to create an enabling environment for businesses to grow, attract investments that are essential for growth, expand our manufacturing base and diversify the economy. Perceived constraints on business and investments are being removed so that both can thrive.”

    He said the government initiated the Presidential Enabling Business  Environment Council (PEBEC), whose secretariat, Enabling Business Environment Secretariat( EBES), is being fashioned out.

    While listing gains of Nigeria’s participation at the forum, Sen. Ngige said Nigeria secured the firm commitment of the United States for the establishment of labour projects and technical aide, which Kenya, Madagasca and Zambia enjoy.

    The minister also said Nigeria made a strong case for the establishment of Africa Skills Development Fund, with Nigeria as headquarters, being the hub of West and Central Africa sub-region.

    On trade imbalance between Nigeria and the United States, the Minister said he utilized the opportunity to explain to the United States Labour Secretary, the adverse push, which the sudden stoppage of the importation of the Nigeria’s crude by the United States gave to Nigeria’s slip into recession.

    The Minister further made a case for the reconsideration of the suspension of the import of Nigeria’s cocoa into the United States.

    According to the Ngige, “ I was upset that through out discussions on agriculture, Ghana and Cote D’ivore became instant toasts in West and pride of other West African countries delegates.

    “Is it not the same cocoa that Obafemi Awolowo used to build the Western Region? The same cocoa which M.I Okpara used to built massive plantations along Arochukwu axis of the eastern region?

    “I was peeved and therefore made a strong case for technical assistance towards the production of cocoa that meets the standard of export into the US and European market.

    “It was also an opportunity for me to also dispel a negative report making the rounds at the international forum that Nigerian laws are labour – restrictive. I gave with concrete examples, the deep constitutional provisions on fundamental freedoms and the flourishing democratic tenets that guide government relations with labour,” Ngige said.

     

  • ‘Anti-corruption crusade’ll boost foreign investment’

    ‘Anti-corruption crusade’ll boost foreign investment’

    Nigerian Tourism Development Corporation (NTDC) Director-General Mrs Sally Uwechue-Mbanefo has said the anti-corruption crusade will reduce criminality and encourage foreign investments.

    She said the crusade would boost the  economy and create wealth.

    Mrs Uwechue-Mbanefo spoke while receiving a delegation of traditional rulers from the Southeast in Abuja.

    She stressed that the wealth of culture in Nigeria must be encouraged and preserved.

    The monarchs were at NTDC to seek collaboration for this year’s Iri ji ndi igbo (national New Yam Festival) holding at Igbo–Ukwu, Anambra State, from August 23 to 27.

    The leader of the delegation, Igwe C.N. Nwajagu of Umumeochi Local Government Area, Abia State, said: ‘’We sincerely appreciate President Buhari for keeping our daughter, Mrs Sally Uwechue-Mbanefo, whose contributions to the development and promotion of tourism in Nigeria are immense.’’

    Other members of the delegation were Igwe Akpugoeze, Oji River Local Government Area, Enugu State; Eze Mmadu Wwoha; Igwe Mbano Agwe, Oguta Local Government Area, Imo State; Igwe Sylvanus Ibe, and Eze Ndi Igbo, Suleja,   Eze C.C. Okoli; Eze Ndi Igbo, Abuja, Eze J.B.C. Nwoha  and National Chairman, Mbilo Igbo Association, Mazi Okafouzu Ugochukwu.

    Igwe Nwajagu said: “Sally has been dutiful in her responsibility to promote and showcase all the tourism and cultural potentials in the country, which made us proud as a great nation because our strength lies mainly and squarely in our cultural diversity. The unity of this great country cannot be achieved if this parastatal fails.

    “Therefore, like the prophet from the South and as the custodian of the cultures of the Igbo people of Nigeria, we hereby make a declaration that the only remedy for the ills of the country lies mainly in this parastatal. Not funding it well means joking with the growth and unity of the country. This parastatal holds our peace, stability and base as a nation.”

    This year’s festival will have Chief Okwudili Ezenwankwo as chairman,  while Information and Culture Minister Alhaji Lai Mohammed is distinguished guest.

    Governor Willie Obiano of Anambra State is special guest. The festival will also have the chief executive officers of culture parastatals as guests of honour while Anambra State Commissioner Diaspora Affairs, Culture and Tourism Mrs Stella Onuora is chief host.

    Activities for the festival include an inter-denominational service, art exhibition, lecture, masqueraders’performances, wrestling competition, cultural dances and awards.

  • ‘How Sokoto can attract foreign investment’

    ‘How Sokoto can attract foreign investment’

    The US Agency for International Development (USAID) and the United Kingdom Department for International Development (DFID) have assured of their readiness to partner with Sokoto government for development of key sectors.

    The leading development agencies promised to provide technical assistance and expertise where necessary.

    They stated that transparency and good governance will always attract foreign investors.

    This was the highpoint of a two-day business opportunity forum organised by the Sokoto State government which ended yesterday.

    The agencies and investment experts also pointed out that favourable legislation and commitment to transparency will boost investments across the federation.

    They urged states like Sokoto to actively engage in data mapping because success of public institutions depend not only on the possession of resources but on efficient application of sound management principles based on accurate data utilisation.

    Speaking at the opening of the summit, Governor Aminu Tambuwal said the dwindling resources in the country has made it imperative for states to look forward to private investment to survive.

    He said Sokoto cannot afford to allow its incomes determined by hydro-carbon prices, which he said from forecasts, will likely remain low for the foreseeable future.

    While disclosing that Sokoto was open to foreign investment because all necessary incentives were being put in place, Tambuwal said the state has comparative advantage in sectors like agriculture, tourism, mining and power generation.

    Mission Director of the French investment agency AFD, Olivier Dellefosse, said the agency was ready to provide loans to the proposed micro-finance banks which Sokoto government is about to set up.

    The main areas for AFD, according to the Director, were power generation, transmission and distribution, urban development, support for SMEs and agriculture.

    He said the agency will explore areas of cooperation with the Sokoto government for the mutual benefit of the two entities.

    The CEO of Aso Savings and Loans Ltd, Malam Hassan Usman, said the firm was willing to build 4,000 housing units in Sokoto in the next four years if the government provides land and guarantee buyers.

    The Managing Director of Nigeria’s Sovereign Investment Authority, Uche Orji, said Sokoto must leverage on the peace it currently enjoys to sell its credentials to the outside world.

  • Nigerians task Buhari on export promotion, foreign investment

    Nigerians task Buhari on export promotion, foreign investment

    Some Abuja residents have urged the President Muhammadu Buhari administration to pursue a foreign policy that would ensure that Nigeria’s foreign mission do more to promote Nigeria’s export potential.

    They told the News Agency of Nigeria (NAN) on Monday that the foreign policy should also encourage direct foreign investment.

    According to them, the foreign policy thrust should also focus on achieving debt rescheduling with a view to building a stronger national economy.

    Mr. Alfred Nkemmefuna, a civil servant, said present administration should embark on a foreign policy that would not only increase resources in Nigeria but reduce poverty nationwide.

    He said the Federal Government should come up with a policy that would promote export, and attract investment from abroad.

    Mr. Olufemi Babatunde said the Federal Government should partner with friendly countries to ensure that hard drugs and other goods inimical to the nation’s and image wellbeing did not find their way into Nigeria.

    Mr. Dimas Isuwa, a civil servant, said the new administration should continue to make Africa the centre of Nigeria’s foreign policy.

    “Charity begins at home. Any Nigerian foreign policy that does take this into consideration will fall short of expectations of Nigerians”, he said.

    He called on the National Assembly to, through relevant legislative instruments; ensure that Buhari allowed his Foreign Affairs Minister to be truly in charge of foreign relations.

    Another respondent who pleaded anonymity urged Buhari to appoint a competent, brilliant and visionary person to run the ministry of foreign affairs.
    He said Nigeria should take a cue from many countries where career diplomats were in charge of the ministries of foreign affairs.

  • Foreign investment down by 30 per cent in Q1

    Foreign investment to Nigeria fell by nearly a third with the United States (U.S.), a “key driver” of the decline in the first quarter of 2015, compared to the same period last year, the National Bureau of Statistics said.

    “High levels of uncertainty in the quarter due to a postponed election and depressed oil prices resulted in year on year declines in inflows” of $1.23 billion or 31.6 per cent, said a new report published this week.

    The decline is even sharper, at $1.8 billion or more than 40 per cent, when comparing the last quarter of 2014 to the first quarter of 2015, it said.

    Capital importation to Africa’s biggest oil producer totalled $2.67 billion for the opening quarter, the lowest in two years, the bureau said, quoting figures from the Central Bank of Nigeria.

    Britain remains the biggest source of foreign investment for Nigeria followed by the U.S.

    March 28 elections were delayed for six weeks to allow a multinational military offensive against Boko Haram Islamic extremists in the Northeast.

    Gen. Muhammadu Buhari won the vote and will succeed President Goodluck Jonathan on May 29.