The Nation Newspaper

Tag: invest

  • Ukrain to invest $1b in Ajaokuta

    Ukrain to invest $1b in Ajaokuta

    The Ukrainian Ambassador to Nigeria, Valeriy Aleksandruk has said his country is ready to invest $1billion into Ajaokuta Steel Company in order to revive the plant.

    Speaking in Abuja during a courtesy call on the Acting Director-General, Bureau of Public Enterprises (BPE), Dr. Vincent Onome Akporaire he said the Ukrainian company that built the plant, Tiajpromexport (TPE), has presented a proposal to the Federal Government to that effect.

    Head, Public Communications, BPE, Alex Okoh  in a statement yesterday, explained that the Ukrainian envoy said Steel Complex has a lot of potentials which his country wanted to take advantage of; and that already, meetings have been held with relevant stakeholders in Nigeria for the realisation of the planned takeover of the plant.

    Aleksandruk said Ukraine has a very good relationship with Nigeria, especially with economic and trade investments, while noting that there is a big Nigerian community in Ukraine.

    The Ambassador further noted that Ukraine is ready to “open a new page in its relationship with Nigeria” and pledged to assist the BPE in its training needs to become a foremost privatisation agency in Africa.

    Responding, Dr.   Akpotaire said the BPE would review the proposal by the Ukrainian government and that of Morgan Stanley, the multinational financial services firm that would provide the $1billion investment before taking the next steps.

    He added that the Federal Government is desirous to get the Ajaokuta Steel Company Limited and the Nigerian Iron Ore Mill Company (NIOMCO) Itakpe running.

    Akpotaire urged the Ukrainian government to invest in other sectors of Nigerian economy, especially in developing the downstream of the steel sector that would service several sectors including the automobile sector.

  • Fed Govt urged to invest in infrastructure

    West African Institute for Financial and Economic Management Director-General Prof. Akpan Hogan Ekpo has urged the Federal Government to invest in infrastructure to develop the economy.

    He spoke at the Inaugural Lecture of Centre for Financial Journalism at the Civic Centre, Lagos.

    Prof. Ekpo, who delivered the lecture titled: “The Nigerian Economy in Distress; Policy Choices for Buhari’s Administration”, said investment in infrastructure would help the nation to survive the economic hardship facing it.

    “If the Federal Government would invest most especially in power, even if it is 15 hours power supply that we have in the country, we will be able to enhance growth and generate jobs,” he said.

    He urged the Federal Government to create employment by hiring more young Nigerians into the police, immigration and customs among other agencies.

    Prof. Ekpo urged the government to work towards changing the structure of the economy to industrialise the country and enable it begin manufacturing for exports.

    “Once we are able to manufacture for exports, the value of our currency will be strengthened,” he said.

    Lagos State Commissioner for Information and Strategy Mr. Steve Ayorinde, who was represented by the Ministry’s Director of Public Affairs, Mrs. Tolu Oladapo, noted that people must be sensitised to change their mentality and adopt financial integrity to enable the country survive its financial turbulence.

  • LADOL to invest extra $5b in Nigeria

    LADOL to invest extra $5b in Nigeria

    • Buhari commends firm for strategic investment

    The Managing Director of Lagos Deep Offshore Logistics base (LADOL), Dr. Amy Jadesimi, has outlined plans to attract $5billion investments into the country in the Lagos Free Trade Zone.

    Jadesimi, who spoke yesterday in Abuja at  the sixth African Petroleum Congress and Exhibition (CAPE VI) organised by the African Petroleum Producers Association (APPA), said,  given the spate of growth at the zone, “the success of LADOL has attracted new investors to Nigeria who are partnering with credible Nigerian investors leading to the creation of dozens of similar facilities.”

    In her paper, titled,’Driving Economic Growth through Local Private Sector Investments in Nigeria,’ she said  in 2010 alone, 130 oil rigs were towed from Wes Africa across the Indian Ocean to the Far East for repairs, adding, “with LADOL and similar facilities now on ground, more of such ventures would be done in Nigeria thereby saving the country avoidable capital flight.”

    At the event, President Muhammadu Buhari identified the unique contribution of LADOL as one of the strategic investments in the country that currently drives the nation’s economy.

    Buhari spoke when he declared open  the  APPA event.

    Represented by Vice President Yemi Osinbajo (SAN), Buhari identified LADOL, which has invested over $600million in private investment, as one of the companies that is currently adding the most value to the Nigerian economy through its ingenious investments.

    While lauding the efforts of the indigenous organisation in building economic growth, the President also commended Samsung Heavy Industries (SHI), which is currently building one of the world’s largest oil platforms at the LADOL base in Tarkwa Bay, Lagos.

    The LADOL/SHI project referred to as Egina Floating Production Storage and Offloading (FPSO) platform and valued at $3.8billion is said to be first of its kind to be built in sub-Saharan Africa.

    Buhari who urged other investors to emulate the LADOL example, said African countries should develop ingenious ways of promoting value addition and investments through sustainable policies in local content.

    Reports indicate that through the LADOL/SHI FPSO project, the industry has been boosted with 5,000 direct jobs and over 50,000 indirect employments by leveraging on the Local Content Act 2010.

    Appraising the local content achievements of the organisation, the president said: “A common approach to local content will ensure that the whole of Africa benefits from economies of scale associated with our vast resources.”

    President Buhari noted further that ongoing mega projects such as the LADOL/SHI Oil Platform; the General Electric Service Centre for Manufacturing Rotating Equipment in Calabar; and the Dangote Refinery in Lagos are some of the most strategic investment to an emancipated African economy.

    The President who described LADOL industrial free zone in Lagos – a wholly indigenous, privately developed and hosting the largest shipyard in West Africa allied with the Samsung FPSO integration yard at the base, said the joint venture will aid Nigeria’s quest for her pride of place as a leading world economy.

    The President stressed that the continent must recognize that the development of domestic refining capacity in the oil and gas sector would remain critical to sustainable economic growth. He also noted that Nigeria, which recently announced a new timeline to end gas flaring at her oil fields, was on course to see this out.

  • Governors to invest in mineral resources, agriculture

    In their bid to boost internally generated revenue to augment dwindling allocations from the Federation Account, NorthWest zone governors plan massive investment in exploration of their mineral resources and development of agriculture.

    The governors,’ under the ageis of North-West governors’ forum, made the declaration at the end of their meeting in Katsina.

    A communiqué issued said that the seven states in the zone would give priority to the exploration of their mineral resources and the development of agriculture.

    The communiqué, signed by Zamfara State Governor Abdulaziz Yari, the chairman of the forum, issued in Katsina, said the two sectors if properly harnessed, would solve the problem of unemployment, insecurity, as well cattle rustling in the zone.

    It urged Nigerians to support President Buhari’s fight against corruption and insecurity.

    The governors advised Nigerians to support the policies of the Federal Government aimed at revamping the economy.

    They pledged to mobilise stakeholders in the zone to ensure the development of the area.

    “For the zone to succeed in addressing most of its challenges and forge ahead in the wake of monumental challenges, the governors agreed to cooperate and unite.’’ the communique said.

    It added that the governors agreed to establish a secretariat in Katsina State to coordinate their activities.

    The News Agency of Nigeria (NAN) reports that the meeting was held to discuss myriads of problems facing the zone and proffer solutions.

  • TGI Group wants German firms to invest in Nigeria

    Tropical General Invest (TGI Group) has reiterated its commitment to promote investments in Nigeria using its vast international networks. The investments, it said, would help the country realize its plan to diversify the economy and create employment.

    Speaking at the German-African Business Forum in Dortmund, Germany, Head New Business Development at TGI Group, Dr. Johannes Flosbach, explained to over 200 German business leaders and the great opportunities in Nigeria.

    “It is key to see the current macroeconomic difficulties in Nigeria as a huge opportunity. Many import-based business models are coming to an end, but those companies that are committed to local manufacturing are the market leaders of tomorrow. As TGI Group we invite the German Business Community to form joint ventures with TGI Group and to invest into local manufacturing,” he said.

    Flosbach explained that the TGI Group, the holding company of Chi Limited, WACOT Limited, Cormart  and others, seeks to attract German companies to come to Nigeria and to form joint ventures with the TGI Group. It is also supporting government’s effort to bring more international investors to the country.

    He said German companies are globally known for their high quality products and production efficiency. Deputy Group Managing Director of TGI Group, Christian Wessels, believes such partnerships will be beneficiary to German and Nigerian businesses alike. “German companies bring globally leading technology and efficient processes. TGI Group provides a platform for their operations in Nigeria. Together we want to create ‘German Quality, Made in Nigeria,” he said.

    He said TGI Group with  over 8,000 staff in Nigeria has embarked on a strong growth strategy to use the current economic situation to significantly enhance its local manufacturing.

  • ‘People use our platform as a yardstick to invest in the music industry’

    ‘People use our platform as a yardstick to invest in the music industry’

    The 2015 edition of Top Naija Music Awards has unveiled the new kings and queens of the Nigerian music industry at an event held  last Saturday.

    Speaking on the motivation behind the awards, the CEO, Paul Oghogherie, said it is to encourage talented music artistes in the music industry. “When I meet artistes and they tell me the challenges and the requirements of the industry, I feel obliged to encourage them.

    “I feel like engaging them in something so that they can shun vices. So the awards are just an avenue at which artistes will be pushed to work, if they believe they have a place in the industry they tend to belong.”

    According to Oghoghorie, the awards have been able to enhance artistes’ career in securing recording deal.”  I could recall a particular story of someone, who the label had an eye on. They talked to him when he was nominated, but were not aware if he was winning the category was nominated in. And the next I heard was that he’s going to UK to sign a recording deal.

    “This implies that people are using our platforms as a yardstick to invest in artistes, and  are taking them seriously.”

    Oritsetimeyin Arueyingho who won the Stardom category describes the award as being a feather in the cap of her brand as an artiste. “Getting this nomination is like setting a pace for me in the industry. I believe it’s going to take me far beyond imaginations.”

  • MTN, Amadeus invest N7.95b in online travel agency

    Global technology investor, Amadeus in partnership with Africa’s leading mobile and digital life services operator, MTN, has announced N7.95billion ($40million) investment in Travelstart. Travelstart is the leading online travel agency in Africa, and has built a market leadership position in South Africa, Nigeria, Egypt, Kenya and parts of the Middle East. The growth investment by Amadeus and MTN will enable Travelstart to enter new markets and extend its market dominance throughout Africa, as the online travel agency responds to strong demand from a rapidly expanding middle class with internet access.

    Travelstart was founded in Sweden in 1999 by its CEO Stephan Ekbergh. Operating in Africa from its Cape Town headquarters since 2006, Mr Ekbergh has built Travelstart into the market leader in South Africa, with over 75 per cent market share. The company has since entered other emerging markets across the Middle East and Africa, achieving revenues north of $200million last year and market leadership positions in Nigeria, Egypt, and Kenya.

  • Invest in agric, don urges govt

    Director, Institute of Agricultural Research and Training, Moreplantation, Apata Ibadan, Prof James Adediran, has urged the Federal Government to invest in agriculture and educate Nigerians on the usefulness of the new vitamin A cassava products.

    He spoke a seminar by the college to empower farmers in Ibarapa land.

    Adediran, who was represented by the Deputy Director of the college, Dr. Ayodele Adegbite, noted that agriculture is the only means to eradicate poverty in the society.

    He said: “We can only reduce poverty with our involvement in agricultural products. Before now, there are limited things we can do with cassava, but now, researchers are not sleeping in their quest to discover more things that can be done with cassava, especially Vitamin A cassava. I want to assure you that it is a means to improve the level of unemployment in Nigeria. We want full involvement of Government in agricultural sector.”

    He said cassava can rid the nation of poverty and boost the nation’s Internally Generated Revenue (IGR) if properly managed like oil.

    Researchers, he noted, have discovered many things that could be done with cassava, especially the vitamin A cassava.

    The facilitator of the seminar, Mrs Bisi Adeyemo, who resigned as a branch manager in one of the new generation banks in 2000 to seek for greener pasture in agricultural sector, said the sector is viable enough to address the high level of unemployment.

    She told the forum that she had employed more than 100 workers in her farms, including graduates, saying more are still longing to be part of the project.

    Adeyemo urged the government to support the agriculture sector and encourage Nigerians to patronise the Vitamin A cassava.

  • Egbin to invest in Katsina, others 

    In line with the Federal Government’s decision to boost power supply via generating 33,000 gigawatts (Gwh) of electricity through renewable energy sources, Egbin Power Company is planning to explore opportunities in renewable energy sources in Katsina, Adamawa, Borno  and other states in the Northeastern and Northcentral parts of the country.

    The company’s Chairman, Mr Kola Adesina, who made this known during a stakeholders’ forum in Lagos, said the decision to invest in renewable energy in those states was borne out of the desire to help Nigeria’s improve its electricity generation and distribution capacity.

    He said: ‘’We would be building renewable energy plants in Adamawa, Katsina, Borno and other states, in line with our goals to improve power supply in the country. The renewable energy initiative would help in providing electricity to some sections of the populace that do not have access to grid electricity transmission. Our vision is to electrify Nigeria, and we have been nominated on the Committee that is charged with the responsibility of Lightening Up Lagos.”

    He explained that infrastructure has been a major problem in the sector, arguing that failure of the operators to get the requited equipment for power generation and distribution is affecting growth of the industry.

    Adesina said his firm would establish power industrial park, through which stakeholders in the value chain would be getting materials needed for production.

    According to him, the industrial park would be similar to the parks, which the Federal Government, has approved for the oil and gas sector.

    ‘’Our plan is to build industrial power for the electricity sector, as soon as we overcome our challenges. The park would help in fast-tracking the growth of the sector, by increasing the electricity generation and distribution output” he added.

    He said power is one of the three critical sectors that should be developed to move the economic forward, urging the Federal Government to help grow the industry.

    Adesina explained that the sector, especially the operators are grappling with huge debts, arguing that the issue has not allowed them to produce the desired growth.

    He appealed to the government to help Egbin Power Company, recover debts in the course of running its plant.

    The foreign exchange market, he said, is unfavourable, in view of the fact that the value of the naira has fallen drastically.

    He noted that, naira which was exchanged for N159 to a dollar few years ago, when investors were buying the assets of the Power Holding Company of Nigeria (PHCN), now sell for N197 per dollar at the official market.

    This, he said, made operators to spend more on importation of raw materials, with its undesirable consequences on the industry.

    It would be recalled that the Federal Government adopted the Renewable Energy Target(RET) scheme few years. The scheme, adopted from Australia, was to assist Nigeria to optimally maximise its renewable energy sources. The government had broken the scheme into two namely the Small-scale Renewable Energy Target and the Large-scale Renewable Energy Target in order to allow businesses and individuals invest in the off-grid transmission in order to increase power supply in the country.

  • Invest in gas infrastructure, expert tells operators

    The 678-kilometre West African Gas Pipeline (WAGP) can transform the region into an investment hub, if stakeholders invest in gas infrastructure, Head, Energy and Power, Ecobank Plc, Mrs Olufunke Jones has said.

    She said the pipeline, which cuts across Nigeria, Ghana and other countries in the sub-region, can transform the economic landscape.

    Speaking during a stakeholders’ forum on Wednesday, last week in Lagos, Mrs Jones urged operators to assemble and transport gas molecules to where they are required for socio-economic growth.

    She said operators would benefit if there is increased investment in gas infrastructure.

    Mrs Jones said: ‘’The challenge we are facing in the power sector is not that of turbines, but that of aggregating the gas potentials for growth. Stakeholders should try and increase investment in gas infrastructure. Once they are able to do this, access to gas by users across the broad spectrum of oil and gas industry, would not be a problem. Besides, the price of gas is going to be competitive and the better for players in the industry.’’

    She urged operators to look for ways to access funds, and invest in critical components of the oil and gas sector.

    Mrs Jones said debts would reduce once the power distribution companies (DisCos) adopt what she described as ‘’Strategic Debt Collection Method.’’

    ‘’What I mean by strategic collection is that the DisCos should strategise on how to increase revenue collections from 60 to 65 per cent; 67 to 70 per cent; and thereafter move to 80 per cent or 100 per cent. This is possible if stakeholders can do the needful by increasing, investment in the gas industry,’’ she added.