The Nation Newspaper

Tag: invest

  • DMO to Nigerians: invest in Fed Govt’s savings bond

    DMO to Nigerians: invest in Fed Govt’s savings bond

    The Director-General, Debt Management Office (DMO) Abraham Nwankwo yesterday in Kano stated that the newly introduced Federal Government of Nigeria Savings Bond is designed to empower Nigerians across board with the financial capacity to acquire and live better lives.

    Nwankwo who spoke to representatives of business groups and trade unions during a workshop to sensitise people on the programme, said statistics have shown that Nigeria is witnessing economic growth, but regretted that the growth,  “does not truly reflect in the quality of lives of majority of Nigerian citizens.

    “This prompted the Federal Government to introduce the FGN Savings Bond, which could be afforded by barbers, water vendors, beans cake sellers and petty trader.” He added that before now, the existing FGN Bond is  of benefits to solely  cooperate institutions and wealthy individuals.

    He said it was against this backdrop that the Federal Government came up with its avings bond aimed at achieving  an all inclusive economic growth.

    “The savings bond is targeted at low income earners, artisan, and rural dwellers, with the view that they lend money to the Federal Government from which the government can resort to the provision of infrastructural development and address various public demands with resorting to borrowing,” he added.

    He said the bond was designed in a manner wherein rural communities could key into it, without going through the rigours.

    He pointed out that the savings bond will be traded on the floor of the Nigeria Stock Exchange (NSE).

    On the differences between the newly introduced savings bond and ponzi schemes, he said people’s investment are secured, pointing out that the bond is secured by the Federal Government.

     

    He added that the saving bond cannot default owing to the guaranty that it is backed by the Federal Government.

    He dismissed the perception in certain quarters,  that the Federal Government introduced the bond to bully other  players in the sector, adding that the aim of the government is to enable Nigerians to plan and execute  their  intended future projects by investing in the bond to accumulate whatever amount they require to carry their spelt out project.

  • Lawmaker urges govts, individuals to invest in agriculture

    A lawmaker, Mr. Hilary Bisong, has urged governments to prioritise the agricultural sector, to ensure food security.

    Bisong, a Peoples Democratic Party (PDP) member representing Boki II Constituency in the Cross River State House of Assembly, told News Agency of Nigeria (NAN) in Calabar that according priority to the sector would improve food production, food sufficiency, reduce unemployment and poverty and boost socio-economic development.

    He said if attention was given to the sector, the majority of unemployed graduates would venture into agriculture and become self-reliant.

    The legislator said for the country to overcome economic challenges, governments and individuals must increase investment in agriculture to improve the living standard of Nigerians.

    “Before the discovery of crude, agriculture was the main source of our national revenue, but with the discovery of oil, we relegated it to the background.

    “The three tiers of government must place premium on agriculture. Irrespective of our positions in the society, we must go back to agriculture to ensure food security.

    “If youths and other Nigerians embrace farming, it will not only reduce over dependence on oil, hardship and economic challenges facing the nation will become a thing of the past.

    “Prices of food items have sky-rocketed. There is need for the government to invest in agriculture.

    “The planting season is around the corner. As a stakeholder and politician, I will support my constituents who are into farming with yam seedlings and other grains to enhance their productivity,’’ he said.

    Bisong advised youths to shun idleness, embrace skill acquisition programmes and engage in other meaningful activities to make them self-reliant.

    He assured his constituents of his commitment to initiate people-oriented programmes that would improve their standard of living.

  • Lagos to invest $500m in housing

    Lagos State is to invest $500 million to redesign and complete housing units at Ilubirin and Ijora-Badia.

    The Commissioner for Housing, Mr Gbolahan Lawal, disclosed this in an interview in Lagos.

    Lawal said the investment would be in collaboration with private partners, and that the venture would create 10,000 direct jobs.

    “There is a need to redesign and expand the mass housing units at Ilubirin and Ijora Badia to allow for efficient utiisation of resources and for better quality delivery.

    “We have signed a Public-Private Partnership (PPP) agreement with First Investment Development Company (FIDC) in this regard.

    “The project will be in phases and is expected to be fully completed within the next five years,” Lawal said.

    He explained that the PPP arrangement was to reduce the housing deficit in the state by providing affordable and qualitative accommodation for residents and to create jobs.

    “The Ministry of Housing is responsible for implementation of the programme, which has three templates, namely: affordable mass housing; equity partnership housing and mixed partnerships.

    “Under the first template, government provides land and development plan while the partner provides funds and executes.

    “Secondly, government will provide the land while the partner generates the plan, provides fund and executes.

    “The third template, which is mixed partnership, will see the partner providing the land while government will provide the funds and execute the development plan,’’ the commissioner explained.

    He assured that any of the templates adopted would be in the best interest of residents.

    It would be recalled that some residents had expressed concern over the condition of housing estates in Ilubirin and Ijora Badiya.

    One of the residents, Mr Tola Ade, called on the government to complete the estates for interested members of the public to benefit.

    “The estates at Ilubirin and Ijora appear to have been abandoned for some time. I appeal to the state government to complete these estates and other uncompleted ones so that we can begin to take advantage of them,” he said.

    Another resident, Mr Adeniyi Idowu, who also expressed similar views, said the state government was doing well in infrastructure development, but that the estate at Ijora Badiya had remained abandoned for some time.

    “I can only appeal to the government to complete the estate and the one at Ilubirin to reduce the scarcity of accommodation,” he said.

    Similarly, Mrs Yemisi Martins, another resident, appealed to the state government to do something about the “abandoned” estates to stop miscreants from using them for their criminal activities.

  • GE to invest in Nigeria’s refineries

    United States (US) multinational General Electric (GE)  in Abuja proposed to invest in Nigeria’s three refineries located in Port Harcourt, Warri and Kaduna.

    The firm, in a presentation to the  Nigerian National Petroleum Corporation (NNPC),Group Managing Director(GMD), Dr. Maikanti Baru and his team, said that its team of partners, including its consortium involving the Engineering, Procurement and Construction (EPC) partners, off-takers, traders and some financiers would be engaged in the initiative.

    The multinational headquartered in Boston, Massachusetts, is worth $493 billion in asset. Its business focus areas include oil and gas, power, water supply, aviation, healthcare, transportation and capital.

    “We were involved in the tenders that started around last year, which was subsequently withdrawn, but our commitment to bringing the refineries on-stream is still very deep and we are very serious about it. We propose that work commences either with the Warri or Port Harcourt Refinery as a pilot, as we set a target to improve the refinery capacity before the end of 2017,’’ the company stated in its presentation.

    GE’s desire to partner with NNPC on the rehabilitation of the three refineries came on the heels of a similar proposal by Italian company Eni to establish cooperation with NNPC for the rehabilitation and enhancement of Port Harcourt refinery as contained in the company’s recent release in Rome.

    Leading a high-powered delegation to the NNPC Towers, GE Global Chairman and Chief Executive Officer Jeff Immelt said as part of the offering, GE and NNPC have identified some major national power projects in the country and are  developing the scope of intervention in the projects, which have a potential combined capacity of about 4.4 gigawatts.

    GE further pledged its readiness to work with the NNPC to make production in the off-shore fields profitable for the benefit of both companies and other stakeholders. It expressed hope to consolidate on its  working relationship with the Corporation to expand the prevailing power business and help NNPC achieve its vision of becoming the leading power company in Nigeria.

    Welcoming the GE team to the NNPC headquarters in Abuja, Baru expressed delight in the interest GE had to intervene in some vital operational areas of the corporation. He noted that GE’s offer of a package that includes projects financing would greatly improve collaboration and initiate the power projects rapidly.

    The NNPC GMD also welcomed GE’s offer for support to boost the nation’s offshore production and raise crude oil reserve ratio replacement. He urged the company to also tap into the opportunities on offer in medical supplies, as the NNPC moves to commercialise the services of its 52 hospitals and clinics spread across the country in the years ahead.

  • ‘Invest in children’s education’

    A Kaduna-based Islamic scholar, Malam Abdullahi Abba Zaria, has called on Muslim to re-dedicate themselves by investing their wealth in the education of their children irrespective of gender.

    He said doing that would earn them reward and blessings from Allah, both on earth and the hereafter. Zaria spoke  at the 2015/2016 graduation and prize giving ceremony of Family Craft and Islamic School, Ungwan Rimi, Kaduna.

    “No amount of investment in the education of a child is too much, especially Islamic education, which teaches morality, harmony, justice, fear of Allah, equity, and transparency, among other virtues,” he stated.

    He further noted that education in whatever form and manner symbolises development, fear of Allah, peace and discipline.

    According to the scholar, gender disparity in education is alien, stressing that education is paramount to every surviving being and has no sex restriction.

    “In Islam, both religious and Western education are all encompassing for human survival and Allah’s reward,” he added.

    Zaria noted that wealth, poverty, ailment, old age among others, were key to human existence in earning rewards.

    “A Muslim should see them as components that could make or mar his or her eternity and relationship with God.

    Earlier, Head Teacher of the School, Hassan Shettima, recalled that the school which started as a  nursery and primary with a teacher and a nanny with six pupils, as pioneer staff and pupils, now has an enrolment figure of over 150.

    The high point of the event was the presentation of certificates and prizes to deserving staff and pupils.

     

  • Only 2% of Nigerians invest in stock market, says SEC

    Only 2% of Nigerians invest in stock market, says SEC

    Securities and Exchange Commission (SEC) has said only two per cent of Nigerians, about 3.4 million, are investing in the stock market, but the ongoing implementation of the capital market master plan could increase such participation to four per cent over the next 10 years.

    Securities and Exchange Commission (SEC) Director-General, Mounir Gwarzo, said the successful implementation of the master plan is necessary to attract retail investors to the market.

    He outlined that since assumption of office, his administration decided to implement the plan that the entire market prepared and that is why every year the SEC comes up with some initiatives that the market can drive.

    During a visit to the management of Nigeria Television Authority (NTA) in Abuja, Gwarzo listed some of the achievements in implementing the master plan to include recapitalisation, direct cash settlement, e-dividend, national investors protection fund (NIPF), and corporate governance scorecard among others.

    He emphasised that the only way to attract retail investors back to the market is to ensure that concrete steps are taken to adequately address their concerns, especially the issue of unclaimed dividend.

    “The issue of unclaimed dividends, which according to our records is in excess of N80billion, will also be a thing of the past. These unclaimed dividends came about from dividends of small stakeholders like you and me and we need to ensure that they are claimed,” he said.

  • Invest in arts, govt advised

    Invest in arts, govt advised

    Proprietor of WinArc Gallery in Ikeja, Lagos, Mr Godwin Archie-Abia, has urged the Federal Government to invest in the arts.

    In an interview with The Nation in his gallery, Archie-Abia, who is a strong advocate of economic diversification, said Buhari’s administration must think outside the box to rescue the economy from the doldrums.

    The self-taught artist urged the administration to walk its talk on diversification policy, adding that the government should evolve a viable supportive economic platform for the country. He said no serious nation will undermine the critical role of its creative industry, in which visual art plays a vital role.

    “In developing economy like Nigeria, where total dependence on a mono-product has exposed the country’s economic strength to unsettled instability, all hands must be on deck to evolve a supporting and alternative economic platform for the country to lean on in order to survive. The government from inception has not taken seriously the development of arts sector as vital platform for the re-engineering of the national economy.

    “My appeal to the government, banks and investment institutions is to invest in the arts sector. I advocate that there should be an Art Investment Fund that will not only assist the artist but also provides investors with exposure to the benefit of an appreciating market,” he said.

    He also urged the government to give tax incentives to hospitality business organisations and private firms that deal in arts. He said by so doing, artists would be more productive and consequently reduce unemployment in the sector.

    According to him, artists are trained to create jobs while the government is responsible for providing enabling laws that support and encourage entrepreneurs.

    “The government should come up with a policy that encourages art embellishment of office in our foreign embassies, organising of art exhibitions for artists thereby exposing them to global art market. A society with a bad creative life gets a bad technological growth and a society that lacks these two important things will produce bad leaders,” he added.

    On his new style of painting tagged ‘graven painting’, the Eket-born artist said the medium is unique because of the richness of the materials and colour effect of impasto. “Having practised arts for more than 26 years, I have gained enough knowledge to think and create a medium that will stand the test of time. My new style is ‘graven painting’. The materials are glued to either a board or canvas panel to create a relief format. First, I sketched, provide the materials, engrave the materials before I glue to either board or canvas panel to create a super relief effect. Then I prime the materials on the panel and allowed to dry before applying colours to it. At the end of the day, I am out with a super and unique work,” he recalled the steps to creating his new style.

    Archie-Abia, who is a graduate of History and International Relations from Lagos State University, Ojo, (LASU), has held many solo and group exhibitions in leading art galleries in Lagos.

    He has also done many commissioned projects for private and corporate bodies.They include Franklin Gulf Park, Boston USA, FSB International Bank, Chartered Bank, Covenant University Guest House, Honeywell Group, Dangote Group and Cadbury Plc.

    With over two decades’experience, Archie-Abia’s passion for the art gave rise to the expansion of a new frontier in arts and a platform for dialogue and evangelism.

    Such platforms are the bone collage, mixed media and metal fabrication he finds interesting and challenging. One of his major outdoor pieces is the metal gate to the Tin Can Island Port, Lagos.

  • China, UNIDO to invest in agric

    China National Construction and Agricultural Machinery Corp (China CMCA) has expresed interested in partnering  the  UNIDO Investment and Technology Promotion Office (UNIDO ITPO ) to invest in Nigeria.

    The leader of the China CAMC Engineering delegation to Nigeria and General Manager, Mr. Yu Tao, said the firm is interested in investing in agri-business and infrastructure projects in the country.

    He said: “UNIDO has been working for the promotion of the well-being of the Nigerian people in agri-business, industrial development and other relevant areas for many years and I believe that we in China CAMC Engineering have a common goal to work together with UNIDO.

    “China CAMC Engineering is a publicly listed company engaged in industrial, agricultural and water treatment and communication projects across the world. Currently, we have 44 representative or branch offices around the world including Asia, Southeast Asia, Asia Pacific regions and in Africa – specifically Eastern African countries. Also, we have presence in South American countries.

  • ‘Time to invest in Nigeria is now’

    ‘Time to invest in Nigeria is now’

    Director-General Nigerian Tourism Development Corporation (NTDC), Mrs Sally Mbanefo has assured Mexican investors of a safe and fertile Nigeria for investment. She said the present administration has within a year, drastically reduced the activities of the insurgents in the Northeast region, which is a small unit compared to the size of the country. She noted that the time to invest in Nigeria is now as the nation’s economy is fast moving away from total dependence on oil.

    Mbanefo spoke during the  presentation of a paper Tourism Investment Opportunities in Nigeria, at the Mexico seminar on business opportunities in Nigeria, held in Abuja.

    The DG who also urged the Mexican investors to consider investing in the nation’s tourism sector, disclosed that the thrust of Nigeria’s tourism policy includes to create employment and engage the youths, generate foreign exchange, encourage small/medium enterprise development, promote tourism-based rural enterprises, empower local communities and reduce urban migration and promote cultural exchange.

    She said Nigeria is the largest and fastest growing economy in Africa as well as the largest population in Africa. “One in every seven black persons is a Nigerian. Now, imagine selling your products to over 170m people. We are not just populous, but we are the happiest, most friendly and warm people with over 250 ethnic groups who are united in diversity and we have the best weather.

    “Now is the best time for you to invest in Nigeria and as we are moving away from total dependence on oil, our tourism industry is a goldmine you can explore. Our business tourism is excellent, so also our entertainment tourism (Nollywood & Music). Our religious, sports and conference tourism are very good and active, while our culture (festival), medical tourism, education tourism, ecotourism and agro tourism are promising,” she added.

    In her paper, she highlighted the required facilities and services/investment opportunities in the Nigerian tourism sector, which according to her include energy supply; water supply; access roads; camping tents/shelters; floating accommodation and restaurant; cable cars; hot air balloons; boats: power boats, small sail boats, man-powered vessels, cruising boats; wildlife viewing vehicles/safari vehicles; hostels and dormitories; specialised stores/malls for camping and hiking accessories. Others are recreational sports equipment and accessories; paths, beach promenades, boardwalks passage ways for boats and cruise ships; small boat marinas and harbours for large passenger ships; parks, sporting facilities; coastal protection projects breakwaters, pumping sand onshore Garbage disposal; sewage disposal and transportation.

    She disclosed that government provides incentives to prospective tourism investors as a way to encourage investors. These, she said,  include provision of infrastructure (good roads, water, electricity, communications); concessional rates for easy access to land; development and demarcation of potential tourism zones; tax holidays, tax rebate and soft loans with long period of moratorium; major tourism projects to be given pioneer status; frequent review of acts and regulations for sanitization and standardization of the industry; encouragement of joint venture participation through Public/Private Partnership; maximum duty on Casino, Amusement and Theme Parks facilities not manufactured in Nigeria, and grant of work permit for foreign workers with specialized skills in the industry.

    “The current administration is focused on diversifying Nigeria’s economy and our mandate at the NTDC is to create an enabling environment, promote domestic tourism and fast track investment incentives that will propel growth in the tourism industry to make Nigeria Africa’s foremost tourism destination. With a domestic tourism market estimated at $4bn, tourist arrivals at 4.03million in 2013, which rose to 4.8million in 2014, we are ready for investors from Mexico,” she said.

  • Renault to invest $684m to build new car in Spain

    Renault said it will invest more than 600 million euros ($684 million) in a project in Spain that includes building a new car and a new engine in its Valladolid plant.

    The 2017-2020 project would exceed Renault’s previous two investment plans in Spain, a company spokesman said, without giving any more details.

    Renault’s largest previous investment in the country had been 600 million euros.

    Renault builds the Clio subcompact hatchback, Captur subcompact SUV and Twizy four-wheel electric scooter in Valladolid, according to Automotive News Europe’s Guide to European Assembly Plants.