NEWS AGENCY OF NIGERIA
Afreximbank, Anambra Govt. sign 0m development agreement
Business

Afreximbank, Anambra Govt. sign $200m development agreement

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By Lucy Osuizigbo-Okechukwu

The Africa Export-Import Bank (Afreximbank) has signed financial advisory mandates worth two hundred million dollars ($200m) with the Anambra State Investment Promotion and Protection Agency.

The signing ceremony took place on the sidelines of the ongoing 2023 Intra-African Trade Fair (IATF), Africa’s largest trade and investment fair holding in Cairo, Egypt.

It said that the $200m development agreement was aimed at ‘Charting a course for the future’ of the state.

The agreements are with respect to capital-raising for the development of strategic infrastructure projects to transform Anambra into a leading investment, technology, and leisure destination in Nigeria and Africa.

The  funding is expected to  be dedicated to crucial projects, including the development of the Ikenga Mixed-Use Industrial City Project, investments in the Anambra Export Emporium, and the establishment of the Akwaihedi Unubi Uga Automotive Industrial Park.

The second initiative focuses on the creation of operational and governance framework for the Anambra Diaspora Fund, aiming to leverage the resources and expertise of the diaspora community for the state’s benefit.

Furthermore, the mandate encompasses capital-raising financial advisory services for key projects such as the Anambra Intra-City Rail Master Plan Project.

These initiatives underscore Afreximbank’s unwavering commitment to inclusive growth and sustainable development.

Afreximbank President, Benedict Oramah and Gov. Soludo, alongside  Anambra Commissioner for Industry, Mr Christian Udechukwu; the Chief Executive Officer, Anambra State Investment Promotion and Protection Agency, Mr Mark Okoye, jointly endorsed these transformative deals. (NAN) www.nannews.ng

 

Edited by Vivian Ihechu

UNHCR, Al-Habibiyya to mobilise N500m to support 3m IDPs annually
Metro , Business

UNHCR, Al-Habibiyya to mobilise N500m to support 3m IDPs annually

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By Salisu Sani-Idris

United Nations High Commissioner for Refugees (UNHCR) and Al-Habibiyya Islamic Society have agreed to to mobilise N500 million annually, to improve the living conditions of three million Internally Displaced Persons (IDPs) in the country.

The National Chief Imam of Al-Habibiyyah, Fuad Adeyemi, made this known while addressing newsmen at a ‘Donor Journey’ workshop organised for the members of Al-Habibiyyah by UNHCR, on Thursday in Abuja.

Adeyemi explained that UNHCR introduced a programme to partner with private individuals and business owners to raise funds for the IDPs.

According to him, Al-Habibiyyah Islamic Society is the first organisation in Nigeria to sign a Memorandum of Understanding (MoU) with UNHCR to mobilise funds for IDPs and refugees in June.

Adeyemi said, ” So, in order to strengthen our efforts in mobilising funds, we organise this training with them to gain from their over 17 years experience of raising funds of this nature.

” UNHCR offered to train us to build our capacity on what we know how to do best so that we can do it better even after our agreement expired.”

The cleric said the funds would be raised through Zakat (alms giving), government and other organisations that were willing to donate to support the IDPs.

He said, ” It is not about religion this time around, it is about humanity and that is why we will reach out to big conglomerate, big organisations to support us.

” We are targeting like N500 million for this programme annually.”

Earlier, Mr Shadi Ghrawi, Deputy Regional Manager, UNHCR, Private Sector Partnerships, Africa, said UNHCR was working with different partners to provide IDPs with humanitarian support they needed.

He said, ” The partnership that we have with the Al-Habibiyya is a very unique one which is focusing raising funds to mobilise resources to provide the internally displaced persons with the immediate needs they need.

” We are meeting here today with the team that is coming from our partners, the Al-Habibiyya Islamic Society, who have actually signed an agreement with us to jointly raise funds to help people who have been internally displaced within Nigeria.

” And as part of this agreement we are actually establishing a common practices on how to deal with those who decides to donate to this joint initiative.” (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

African leaders reiterate importance of accelerating continent’s industrial devt.
Business , Economy/Business

African leaders reiterate importance of accelerating continent’s industrial devt.

190 total views today

By Lucy Ogalue

Some African leaders have reiterated the importance of accelerating industrial development on the continent.

They spoke at the ongoing Africa Investment Forum (AIF) Market Place in Marrakech, Morocco.

The theme of the Forum is: “Unlocking Africa’s Value Chains”.

The News Agency of Nigeria (NAN) reports that the leaders include President Julius Bio of Sierra Leone; Rwandan Prime Minister Édouard Ngirente; President Samia Hassan of Tanzania and Mia Mottley, the Prime Minister of Barbados.

They highlighted the issues facing the continents, among which they said funding critical infrastructure was one of the major challenges.

They also deliberated on ways of ameliorating the challenges to the growth and development of Africa.

President Bio of Sierra Leone reiterated the need for African governments to diversify their economies aggressively.

He also called for value addition on commodities on the continent for increased job creation and revenue for the development and retaining of Africa’s youth on the continent.

He attributed the reason for the desperation of African youths to leave the continent to the poor knowledge index of the economy.

Bio said: “Value addition is a necessary option for growing resilient national economies across the continent.

“There is a need to make our economies more resilient. We need to pursue demographic dividends to make the youth a blessing rather than a curse.

“The continent needs to move from talking to action.”

Also speaking, the Rwandan Prime Minister, Édouard Ngirente, urged governments on the continent to de-risk key sectors and ensure connectivity on the continent.

According to Ngirente, this will help attract more investments and grow the economy of Africa.

“The time is ticking quickly and governments can not continue lamenting missed chances. We should move very fast in building the economy the citizens desire earnestly.

“It is important to discuss investment actions because Africa already knows its potential, capacity and challenges.

“Implementing Africa’s agenda 2063, we need cohesion and synergy to work together as a continent,” he said.

Ngirente further called for more government action to de-risk priority sectors and increase connectivity to facilitate the movement of goods and people on the continent.

“We have been talking about south-south cooperation, but we cannot work together if there is no movement of people.

“We first need skilled people but also facilitate their movement from one country to another,” he added.

Similarly, the prime minister of Barbados Mottley, also restated the importance of synergy in growing the African continent.

Mottley said through working together, the continent would be able to tackle the effects of climate change that was affecting most economies.

Speaking on her government’s contribution to Africa’s growth, President Hassan of Tanzania said the government was using roads and water transport to boost connectivity on the continent.

“We have invested a lot in road construction and rehabilitation to connect Tanzania to other neighbouring countries.

“We are also using water transportation. We are involved in human capital investment and providing the right environment for businesses to thrive,” she said.

The President, therefore, called on African leaders to invest more in infrastructure and transportation to ensure growth and development.

NAN reports that the AIF brought together Heads of State, government officials, captains of industry, philanthropists, investors and development finance institutions to advance investments on the continent.

The three-day forum aims to boost investors’ interest in bankable deals in energy, agribusiness, manufacturing, and other sectors where Africa holds a comparative advantage. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

Onyema advises African govts on attracting investments
Business , Economy/Business

Onyema advises African govts on attracting investments

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By Lucy Ogalue

The Group Chief Executive Officer, Nigerian Exchange (NGX) Group Plc., Oscar Onyema, has advised African governments to reposition their economies to attract financial investments.

Onyema said this while speaking to the News Agency of Nigeria (NAN) on the sidelines of the ongoing 2023 African Investment Forum (AIF) marketplace in Marrakesh, Morocco.

He urged African leaders to remove roadblocks, ensure connectivity to transportation, and boost money payment systems on the continent.

He commended the Nigerian President, Bola Tinubu’s, administration’s effort towards ensuring a business-friendly environment for investors.

“We have talked about investments in human capital and ensuring that investors have a conducive environment when they come to a country to do business.

“All these things are very critical and I am sure that Nigeria understands that when you look at what the current administration is doing, there seems to be a significant focus on ensuring we have the right environment and infrastructure to support investors.

“And they are also going out there, telling investors that we want you to come and that we are open for business,” he said.

According to Onyema, these things are very important because investment flows are ubiquitous and they will go where it’s easiest for them. So we understand that.

He said: “from the capital market perspective, we have been talking to investors; portfolio investors do not like uncertainty.

“They like transparency; they like to be able to model expected returns to be able to articulate risk and manage the risk.

“So those are all very important things that our governments should be paying attention to as we try to attract investors.”

According to Onyema, the Nigerian Exchange Group Plc is at the AIF to showcase projects and connect with investors.

While commending the AIF, he said it was a good platform that brought together various players.

He also commended the governments that provided the facilitation, the project sponsors, and the investors.

On the effect of political risk on investors, Onyema said political risks were not peculiar to Africa, but were found everywhere in the world.

According to him, what is most important is the ability to fund and execute his project.

“The first thing to note is that one of the statistics the president of AfDB gave is that default rates in Africa is only 2.5 per cent, one of the lowest compared to other climes.

“Political risk exists everywhere in the world. Its not just Africa.

“But there seems to be a perception that because Africa is still experimenting with different political constructs, which are unstable, the numbers do not support them.

“With regards to the projects that are funded, there is a lot of work that happens before it gets to the marketplace, so all the products are already bankable before they get here,” he said.

NAN reports that AIF is where bankable projects in Africa meet with investors; investors meet with Heads of State and Governments in investment board rooms.

It is also where investment comfort is given, risks are managed, and deals are closed.

AIF, founded in 2018, is a multi-stakeholder platform that has become the continent’s premier investment platform.

It is a flagship initiative of the AfDB and the Islamic Development Bank.

It has the European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Cooperation and Africa 50, as its founding partners. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

ESG: LASG, private sector stakeholders seek collaboration for circular economy
Business

ESG: LASG, private sector stakeholders seek collaboration for circular economy

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By Rukayat Moisemhe

Governor of Lagos State, Mr Babajide Sanwo-Olu, and private sector stakeholders have emphasised the importance of collaboration to enhance Environmental, Social and Governance (ESG) integration into manufacturing operations to drive the circular economy.

They spoke at a private sector ESG forum on Wednesday in Lagos with the theme: “Is the Private Sector Accountable: A case for sustainable practices?”.

The News Agency of Nigeria (NAN) reports that ESG is a framework used to assess an organisation’s business practices and performance on sustainability and ethical issues.

Circular economy is a model of production and consumption aimed at reusing and regenerating materials or products in a sustainable and environment friendly way.

Sanwo-Olu was represented by his Special Adviser, Sustainable Development Goals (SDGs), Dr Oreoluwa Finnih-Awokoya.

He noted that the state’s positioning as the commercial heart of Nigeria and the African continent, made it an attraction point for diverse businesses across the world.

Sanwo-Olu, however, stressed that the current global realities occassioned by climate change and other economic challenges, necessitated the need to enhance the private sector’s potential to drive sustainability.

“Sustainability development is the essence of our shared commitment to ensure that the wellbeing of current and future generations is safeguarded.

“To achieve this balance, we must hold the private sector accountable to the ESG concepts while we continue to implement various innovative policies to attract investments and prioritise ease of doing business.

“The private sector must begin to focus on renewable energy, waste management, transportation, and others to deliver sustainable solutions while we roll out policies that provide incentives, offer advisory services to achieve this goal.

“While we are fully aware the sustainability is a shared responsibility, we believe that working collaboratively with private sector is the way to go and Lagos is more than committed to partnering the private sector to achieve ESG integration,” he said.

The Managing Director, British American Tobacco Nigeria (BAT), Mr Yarub Al-Bahrani, said the company would continue to create a better tomorrow by reducing the health impact of the business and creating sustainable value for stakeholders.

This ambition, he explained, had birthed a strong commitment to collectively advance the cause to reshape the narrative around sustainability, giving rise to the forum.

Al-Bahrani added that there had become a clear and compelling case for accountability in the private sector to ensure ethical and sustainable business practices and positive social contributions to Africa’s development.

“Governance, environmental impact, and social responsibility are not just slogans; they represent the pillars upon which our future prosperity rests and this is why we have convened this forum.

“The uniting of leading private sector companies is a demonstration to our collective commitment to accountability and signifies a paradigm shift in the narrative of the manufacturing industry.

“The outcomes of our discussions today will determine the legacy we leave for generations to come, shaping a world that thrives on inclusivity, equity, and resilience,” he said.

Mr Pieter Scholtz, KPMG Partner and Africa ESG Lead, highlighted the need for organisations to incorporate financial reporting and other ESG strategies into their operations.

According to Scholtz, the legislative stage is coming so it makes no sense for private sector to sit and wait but had become the duty of the sector to get their ESG strategies right.

“It has been proven that sustainability linked products grow six times faster than others while companies that employ net zero emissions are seen to reduce their operating expenses.

“Also, lots of companies are now starting to gain productivity via ESG incorporation so the private sector has to take the aggressive lead seeing that there is no logic in not embracing ESG,” he said.

Mrs Odiri Erewa-Meggison, Director, External Affairs, BAT, emphasising the importance of collaboration to drive ESG integration, said there must be joint programmes to drive innovation for its adoption.

Erwa-Meggison revealed the company’s plans to achieve net zero emissions by 2050 and to continue maintaining its zero accident and high safety portfolio across its factories.

“It is important to have an all stakeholders (inclusive of academia, manufacturing and government) fora on what must be achieved.

“Manufacturers can produce products that are eco-friendly and each part (of us) must come into the whole to achieve what we need to do,” she said.

Mr Musa Usman, the Assistant Director, Environment Quality and Technology, NASREA, called for regulations to encourage manufacturers on pollution control, low carbon emissions, improve circular economy and resource and energy efficiency.

Usman said emission targets must be set for manufacturers while compelling them to align their processes to these standards to ensure reduced carbon footprints.

“Carbon pricing and carbon tax would also compel manufacturing companies to do what’s right.

“These ESG policies must be geared towards promoting lower carbon emissions, and not seen to discourage or hinder companies,” he said. (NAN)

Edited by Chinyere Joel-Nwokeoma

Abidjan-Lagos highway corridor secures .5bn in AIF 2022- Adesina
Banking , Business

Abidjan-Lagos highway corridor secures $15.5bn in AIF 2022- Adesina

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By Lucy Ogalue

Dr Akinwumi Adesina, President of African Development Bank (AfDB) said that the Abidjan-Lagos highway corridor has secured a 15.5 billion dollars investment interest.

Adesina said this while welcoming participants at the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco on Wednesday.

The News Agency of Nigeria (NAN) reports that the event has as its theme,” Unlocking Africa’s Value Chains”.

Adesina said the corridor would transform the entire West African region and speed up regional integration, sustainable economic development and trade.

“In 2022, investment interests were secured for 3.6 billion dollars for the East Africa Railway Corridor, linking Tanzania, Democratic Republic of Congo and Burundi.

“We are delighted that the AIF has so far closed on deals’ investment gaps worth 11 billion dollars.

“This ranged from liquified natural gas, renewable energy, agribusiness, industrial manufacturing, creative industry, housing, and transport.

“It is time again for investment action, it is time to do it again,” Adesina said.

According to the AfDB boss, African economies provide some of the best investment opportunities in the world.

He said, “as investors, put your monies where the future is. The future is in Africa and investors should see Africa not from what they hear, but from what the facts say.

“Moody’s Analytics shows Africa’s default rate is the lowest in the world with 2.1 per cent compared to Eastern Europe well over 10 per cent; and Asia well over 8 per cent.

“Africa is not as risky as you perceive. Private equity and venture capital in Africa soared year over year to 7.70 billion dollars.

“The number of deals increased from 211 in 2018 to 404 in 2022, an increase of 91per cent.

“The total transaction value expanded from 4.65 billion dollars in 2018 to 7.70 billion dollars in 2022, an increase of 66 per cent. Invest in Africa and reap high risk-adjusted returns, “Adesina said.

Earlier, the king of Morocco, His Majesty King Mohammed VI, said the Morroco-Nigeria Gas Pipeline Project was part of the country’s endeavour to achieve regional economic integration and cross border development of communities.

“This project will enable all countries along the pipeline route to have access to reliable energy supplies.

“I welcome the interest expressed by bilateral and multilateral partners in this project, and in particular, regional and international financial institutions.

“To provide effective support for the implantation of this strategic project,” he added.

NAN reports that AIF is the place where bankable projects in Africa meet with investors; investors meet with Heads of State and Governments in investment board rooms.

It is also where comfort is given to investments, where risks are managed and where deals are closed.

AIF founded in 2018, is a multi-stakeholder platform that has become the continent’s premier investment platform. It is a flagship initiative of the AfDB, Islamic Development Bank.

It has European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Cooperation, Africa 50 as its Founding Partners. (NAN)(www.nannews.ng)

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Edited by Joseph Edeh

Neveah redeems N2.04bn Commercial Paper issuance
Agriculture , Business

Neveah redeems N2.04bn Commercial Paper issuance

237 total views today

By Collins Yakubu-Hammer

Neveah Limited, an Abuja-based leading commodity trading company, dealing in the export of solid minerals and agricultural products, said it redeemed its obligation of the N2.04 billion Series 13 Commercial Paper (CP) notes issued in July.

A CP is a form of unsecured short-term debt security just like a promissory note or bonds, that enable corporate organisations to raise short-term funds from the capital market.

The maximum period for a CP is 270 days; thus, it is usually used to meet companies’ working capital needs.

This is contained in a statement signed by the Chief Executive Officer of the company, Mr Ibidapo Lawal on Tuesday in Abuja.

“Our objective is to be the foremost export company for Nigeria’s solid minerals and agricultural products in the country.

“This issuance will assist us in meeting our working capital requirements and further strengthen our capacity to realise our objectives.

“We extend our appreciation to all the parties involved in making this a success,” Lawal said.

Lawal further explained that Neveah aimed to continually improve its business processes, thereby delivering value to stakeholders, both internally and externally.

According to him, this is the 13th CP Neveah is coming to the market to raise funding and at maturity, it is obliged to redeem/pay investors who invested through the CP.

He said that Neveah’s major markets were in Europe, North America and Asia.

“The company was recently awarded the 18th fastest growing company in Africa by Financial Times UK.”

According him, Neveah’s transformation since incorporation in 2014 has been marked by the superlative progress, adding that its revenue has grown by 445 per cent between 2019 and third quarter of 2023.

It has also had expansion of its offerings from a small commodity trading operation to a full-fledged food and agri-business, encompassing semi-finished and consumer goods, commodities trading as well as logistics.

“This exceptional growth facilitated the successful registration of a N20 billion Commercial Paper Programme in April.

“Shortly after that, the company raised N2.04 billion via its Series 13 Commercial Paper Issuance, to meet working capital requirements.

The statement also reported the Managing Director, Investment Banking at United Capital Plc, Dr Gbadebo Adenrele, saying “United Capital Plc is excited to have taken on the role of Lead Arranger in supporting Neveah.

“This accomplishment reflects the company’s dedication to realising its strategic growth objectives.

“We will persist in leveraging our extensive expertise and skills to facilitate Neveah and other small and medium-sized enterprises (SMEs) in accessing the capital markets for funding their growth and expansion strategies.” (NAN)(www.nannews.ng)

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Edited by Idris Abdulrahman

MAN, others explore innovation, technology to boost Africa’s manufacturing
Business

MAN, others explore innovation, technology to boost Africa’s manufacturing

190 total views today

 

By Rukayat Moisemhe

The Manufacturers Association of Nigeria (MAN), Raw Materials Research and Development Council (RMRDC) and other stakeholders are set to explore innovation, technology and sustainability strategies aimed at accelerating the entire Africa manufacturing industry.

Otunba Francis Meshioye, President, MAN, said this at a news conference on Monday in Lagos to announce the forthcoming Nigeria Manufacturing and Equipment Expo (NME) and Nigerian Raw Materials Expo (NIRAM).

The News Agency of Nigeria (NAN) reports that forthcoming eighth NME and ninth NIRAM is in collaboration with the Federal Ministry of Industry, Trade and Investment and Federal Ministry of Science, Technology and Innovation.

Meshioye noted that the event was in line with the plans to drive the manufacturing industry towards a prosperous and sustainable future.

He stated that with the ever evolving landscape of disruptive technologies and trends shaping the future, manufacturers must harness these innovations to foster self-sufficiency.

He said the event scheduled for Nov. 21 to 23, 2023 in Lagos would explore innovative strategies, cutting-edge technologies, and sustainable practices to contribute to Africa’s manufacturing ecosystem growth.

“The event theme: “Future Manufacturing: Building a Sustainable Roadmap to the Industrialisation of Nigeria” highlights the importance of forward-thinking, environmentally responsible, and industry-supportive strategies in manufacturing.

“It is equally essential not to lose sight of the importance of harnessing locally sourced raw materials and availing oneself of critical support services such as financing and logistics.

“This event serves as a pivotal platform for embracing technology to produce our own goods, support sustainable development, and ensure we are not reliant on developed nations.

“We must also remain committed to utilising locally sourced raw materials and leveraging essential support services, including financing and logistics, to drive our manufacturing endeavours and propel us into a prosperous and sustainable future,” he said.

The Director-General, RMRDC, Prof Hussaini Ibrahim, expressed the council’s unwavering commitment to ensuring competitiveness in raw materials and products development.

Ibrahim, represented by Mr John Obekpa, Director, Business Innovation Center, RMRDC, noted that the RMRDC had worked assiduously over the years with stakeholders to increase manufacturers’ access to both basic and secondary raw materials.

He added that it had developed technologies that could produce caustic soda, soap noodles, calcium carbonate, lovastatin, chemicals among others which were hitherto with limited local inputs and heavily imported.

“These innovations and their products would be on display at the expo alongside other local raw materials and products with the hope that a detailed exposê of the nation’s raw materials and their potential to grow the manufacturing sector will be made,” he said. (NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

Indian envoy opens Afro-Asian restaurant, “Anchor”, in Lagos
Business

Indian envoy opens Afro-Asian restaurant, “Anchor”, in Lagos

198 total views today

By Taiye Olayemi

Chandramouli Kern, Consul General of India in Lagos, says Indians have been recognised as the biggest investors in Nigeria with over 27 million dollar cumulative investment and no fewer than 200 companies.

Kern said this on Sunday while declaring open “Anchor Restaurant”,  an Afro-Asian restaurant in Lagos.

“This is of great pride to us as indian community in Nigeria. I am happy that we are successful in Nigeria here, we should ensure this success is sustained.

“We are contributing significantly to engaging the Nigerian youths meaningfully in the area of employment.

” It was recently declared that Indians in Nigeria are the second biggest employer after the Federal Government,” he said.

Kern commended the founder of the restaurant for investing in the hospitality industry in Nigeria.

He encouraged the public  to visit the restaurant which stands to offer African, Asian and continental cuisines adding that the ambience of the restaurant was such that would woo visitors.

“I congratulate you for opening this restaurant, the ambience is beautiful and welcoming, beautifully decorated and painted blue, all signify the coastal  area here.

“I wish you goodluck and I hope it will  be a fruitful venture for us all.

“I encourage everyone to visit this place, it offers all forms of cuisines and drink cutting across nations,” he said.

Kern encouraged Indians to continue projecting the positive image of the nation through proper conduct.

Also, Shri N Mahesh, Head of Chancery in Lagos, said, “I congratulate the founder of this restaurant. I believe this venture will be successful and I wish you all the best.”

A friend to the founder, Mr Sanjay Srivastava, congratulated the founder for delving into the hospitality industry as he encouraged him to do more.

Earlier, Mr Mohan Kaki, founder of Anchor Restaurant, said that this was the fifth restaurant he had established in Nigeria with four others in Abeokuta and Ibadan.

Kaki said he had Tamberma Restaurants in Oyo and Ogun states, named after Togolese  language and had decided to give the restaurant in Lagos a different name to replicate the coastal area where it is situated.

According to him, the restaurant is meant to cater for the needs of Africans, Asians and individuals from other continents.

He said the restaurant decorated in African designs was to create the right ambience for individuals who would always wish to unwind and take unique meals.

“We have available here, Nigerian local cuisines like Edikang Ikong, Gbegiri, Efo-riro, Okro, Oha, White soup, Ground-nut soup, Eba, Pounded yam and all.

“We also have continental cuisines as well as cuisines for the Southern Indians who love it hot and spicy and the Northern Indians who love it creamier.

“We also offer exclusive seafood menu, our prices are affordable and before the end of next year, I hope to have established up to six branches here in Lagos,” he said. (NAN) (nannews.ng)

Edited by Folasade Adeniran

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Lagos secures .35bn investment for infrastructure projects from Afreximbank
Business

Lagos secures $1.35bn investment for infrastructure projects from Afreximbank

203 total views today

By Florence Onuegbu

The Lagos State Government has sealed $1.35 billion investment deal with the African Export-Import Bank (Afreximbank) and Access Bank to boost infrastructure in the state.

Speaking at the second AfriCaribbean Trade and Investment Forum (ACTIF) in GeorgeTown, Guyana, Gov. Babajide Sanwo-Olu of Lagos State, said the fund would increase the Gross Domestic Product (GDP) of the state.

Sanwo-Olu said the $1.35 billion investment would facilitate five major infrastructure projects in the state.

He said the investment, which would power the state’s long-term infrastructure projects, was a demonstration of confidence from international and local partners in Lagos’ growing economy.

According to him, the investment will help to realise key projects which include the fourth Mainland Bridge, Omu Creek Project, and the second Phase of the LRMT Blue Line from Mile 2 to Okokomaiko.

He said government’s vision for Lagos was becoming a reality with the Lekki-Epe International Airport and the Lagos Food Systems and Logistics Hub in Epe, that would help attain food sufficiency in the state.

The governor said these projects would further boost our economy and serve generations to come.

 

L-R: Gov. Babajide Sanwo-Olu of Lagos State; President and Chairman of the Board of Directors, African Export-Import Bank (Afreximbank), Prof. Benedict Oramah and Non-Executive Director, Access Bank Plc, Mr Herbert Wigwe during the signing of partnerships by Lagos State Government, Afreximbank and Access Bank for infrastructure investment in Lagos, at the 2nd AfriCaribbean Trade and Investment Forum in Georgetown, Guyana, on Tuesday, Oct. 31, 2023.

 

“We are committed to creating a better future for Lagos and its people. The future of Lagos is brighter than ever.

“The first one is the first phase of the Fourth Mainland Bridge that will start from Aja end of Lagos and crossing the water, up on to Ikorodu and moving all the way to Lagos-Ibadan Expressway.

“The second infrastructure is what we call the Omu Creek, a huge infrastructure, that has been landlock in Lagos because of the crossing over of body of water to have access unto the land.

“This is the new Lagos that we are trying to recreate.

“The third project will be the Lekki-Epe Airport, which will open up the entire free trade zone region.

“We have gotten Federal Government’s approval and we will be working with a few partners.

“We are building the largest food logistics hub in the entire sub-saharan Africa and Afreximbank is excited in this and what it does to the economy,” he said.

Sanwo-Olu assured that these projects would be completed and inaugurated before the expiration of his administration’s second tenure.

“We will ensure that we will have the ability to carry on these projects concurrently so that before the end of our second tenure inaugurate and hand over some of these projects,” the governor said.

Also speaking, the Group Managing Director of Access Holdings, Mr Herbert Wigwe, said the fund was local currency with a very significant tenor to ensure that there was appropriate financing option for the development of Lagos state.

“The whole idea is to decongest Lagos, improve the infrastructure, to support the generation of increased Internally Generated Revenue of Lagos and continue to spur the growth in its GDP,” Wigwe said. (NAN)(www.nannews.ng)

 

Edited by Kevin Okunzuwa/Chinyere Joel-Nwokeoma

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