News Agency of Nigeria
ACReSAL marketplace showcases success in restoring degraded landscape
Environment

ACReSAL marketplace showcases success in restoring degraded landscape

By Abigael Joshua

The Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) says its marketplace for ACReSAL project recorded and delivered huge investment through land restoration.

Dr Joy Agene, Senior Environmental Specialist, World Bank and Task Team Leader, ACReSAL, said this at the ACReSAL Marketplace showcase in Abuja on Tuesday.

According to Agene, the marketplace for ACReSAL is where we have a huge investment that is saving millions of land in targeted watersheds.

“Marketplace is also a technology where water is conserved in dryland to ensure that we are able to produce, sell and make income.”

Similarly, Mrs Ellysar Baroudy, Practice Manager, Environment, World Bank, expressed satisfaction with the project, saying it had really been an example within the whole World Bank portfolio.

She, however, said that the World bank was faced with challenges of climate change, degradation, as well as finance.

Baroudy urged ACReSAL to be resolute in spite of the challenges being faced at the point of discharging their work.

In the same vein, Mr Abdulhamid Umar, National Project Coordinator, ACReSAL said that the project was people-oriented and would sustain livelihoods.

He noted that the project had touched so many lives especially the down trodden in communities.

Dr Segun Babarinde, Director Water Support Services, Ministry of water Resources and Sanitation, said the ACReSAL marketplace had showcased a collaborative effort among the stakeholders.

“I want to thank all the states for being very, resolute in ensuring the achievement of this glorious idea by the government.

Mr George Stanley, Director, International Economic Relations Department, Ministry of Finance, said that there was no doubt that the project had delivered on various aspects of environment, agriculture, water resources among others.

According to him, in special terms, the project has improved the resilience and livelihood of the communities through wide range interventions carefully implemented by institutional partners.

Also, Mr Luka Ayedo, Etsu Kwali, said that the intervention of market place project was already yielding excellent results.

“The project has come to terminate hunger in our community. The intervention has impacted us for good and I want to say the World Bank has invested rightly.

The News Agency of Nigeria (NAN) reports that the event which showcased the project’s remarkable impacts and results since its inception in 2022, featured community representatives with notable outputs/products highlighting the project successes. (NAN)(www.nannews.ng)

Edited by Deborah Coker

Okpebholo seeks diaspora partnership for Edo investment
Foreign

Okpebholo seeks diaspora partnership for Edo investment

By Fortune Abang

Gov. Monday Okpebholo has reiterated his administration’s commitment to partnering with Edo indigenes in the Diaspora to foster growth and unlock new investment opportunities in the state.

Okpebholo stated this during a dialogue with Edo indigenes in Diaspora in Glasgow, Scotland, according to a statement made available to the News Agency of Nigeria (NAN) on Tuesday.

He said his administration’s vision was anchored on innovation, transparency, and practical, people-centred governance for sustainable development.

The event, tagged Edo State Global Investment Summit 2025, held from Saturday to Monday with the theme: Catalytic Partnership: Global Funding and Local Impact.

The summit brought together global leaders, investors, and development partners to explore strategies and partnerships to drive growth in Edo and other emerging regions.

Okpebholo said the theme reflected his belief that strong partnerships could transform global opportunities into prosperity and improved quality of life for local communities.

“Edo has always been a land of heritage and creativity. From ancient bronze works to today’s youth innovation, resilience defines us. That’s why Edo is now truly open for business.

“In just eight months, we have renovated 68 schools, inaugurated the 36km Gelegele Road project to support our future seaport, and rolled out initiatives in health, infrastructure, and livelihoods,” he said.

He stressed that leadership required presence and listening.

“My duty is not to sit in the office but to listen, act, and get the work done for Edo people. Together, we are building an Edo where every naira counts, every citizen matters, and promises are translated into progress,” he added.

Dr Loretta Ogboro-Okor, Director-General, Edo Diaspora Agency, said the summit showcased the power of unity, innovation, and the critical role of Edo’s global community in development.

Amb. Kingsley Obasohan, Director-General, European African Chamber of Commerce and Industries, announced a 250 million dollar investment in Edo through the Edo Diaspora Agency and private sector partners.

Goodwill messages were delivered by Mrs Blessing Ayogu (Adolor of Emu Kingdom), the Atayese of Ikateland, and Dr Astrid Arens, Senator for Sustainability with Germany’s Federal Economic Development Association.

Also in attendance were the U.S. Foreign Trade Advisor, the Founder of the Nigerian Capital Development Fund (NCDF Group), and other stakeholders aligned with Edo’s transformation agenda. (NAN)

Edited by Deborah Coker

Food security: Ondo govt. sets up Sunshine Agricultural company
Agriculture

Food security: Ondo govt. sets up Sunshine Agricultural company

By Segun Giwa

Mr Wemimo Akinsola, Senior Special Assistant to Ondo Governor on Agriculture and Agribusiness, has disclosed plans to establish an agricultural company for food security and job creation in the state.

Akinsola, who made the remark in an interview with newsmen in Akure on Wednesday, said the government’s plan was to save the state from hunger.

He said that it was high time the state stopped being primary producers of goods, but now, it would venture into production of the farm produce to generate employment for the citizens.

The SSA, who praised the governor for his moves for food sufficiency, said food security was a paramount in the state economy and the people’s wellbeing.

He said that for the state to flourish more, food processing in Agric business was where the profit lied and the government was sensitising the people to start processing their products.

“We need to follow up on food production and make sure that our people can actually benefit. It is from production that you make employment.

“So we are proposing to have a Sunshine agro-company; the company will be run by people that have notable companies and good investors here; they will build the infrastructure here.

”For us to be able to invest into agriculture, we need to build a proper infrastructure for agriculture; we are looking at the tractor zones in the three central districts,’’ he said.

Akinsola said that the project execution would be private and government partnership, adding that once the planned project is achieved, ‘’we can have food security.’’

He said that once the company kicked off, the state would not export its farm produce to other states but worked with the farmers for processing and make market available for them.

According to him, we can produce and process what we need in the state; we are building the infrastructure and we are building the processing of our primary production.

Akinsola said that forests in the state were safe as the military has been deployed to ensure that farmers were safe and also to encourage more youths to go into farming.

“Security personnel are in our forests right now, securing the place for us to be able to take the land back from encroachers.

“So we’re getting investors who have the capacity to move in there and start to clear large areas of land; that will enable other farmers to move in and do work.

“We are improving our electricity; since the governor came, electricity has been working in the southern senatorial district; we are bringing a project to the south and it’s employing 6,000 to 7,000 people.

Akinsola, however, said that off-takers were available for ethanol and they would use about 12,000 hectares of land in the south as they were the major players and would also employ a lot of people. (NAN)

Edited by Jane-Frances Oraka

Policy instability hurts oil investment – PENGASSAN
Oil & Gas

Policy instability hurts oil investment – PENGASSAN

Investment

By Joan Nwagwu

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has cautioned that ongoing policy instability is discouraging investment in Nigeria’s oil and gas sector.

Mr Festus Osifo, President of PENGASSAN, raised the concern on Wednesday at the opening of the 4th Petroleum and Energy Advancement and Leadership Summit (PEALS 2025), held in Abuja.

The summit’s theme is “Building a Resilient Oil and Gas Sector in Nigeria.”

Osifo noted that frequent amendments to key laws, particularly the Petroleum Industry Act (PIA), had created uncertainty for investors.

“Amendments are inevitable but must not be haphazard or intermittent.

“Businesses need stable policies for long-term planning, job protection, and sustainable production,” he said.

While expressing concern about erratic legislative changes, he commended recent executive orders signed by President Bola Tinubu aimed at boosting oil production, advancing gas development, and streamlining contracting processes.

He described them as “steps in the right direction.”

On worker safety, Osifo emphasised that “no job is worth a life,” stressing the need for strong safety procedures, continuous training, and transparent reporting across both offshore and onshore facilities.

He referenced last 2024 helicopter crash near Bonny that claimed the lives of three PENGASSAN members.

Turning to environmental concerns, he called for an immediate end to gas flaring, cleanup of polluted areas, and stricter accountability for oil operators.

He stressed that Nigeria must protect its land, rivers, and air.

“Environmental, Social, and Governance (ESG) standards are now critical for global competitiveness. Sustainability reporting must sit alongside financial statements,” Osifo added.

The PENGASSAN President said the summit would explore pathways to sustaining production recovery, curbing pipeline vandalism, resolving contract delays, developing marginal fields, and bridging funding gaps.

He also pledged the union’s continued commitment to members’ welfare, including leadership development, health programmes, wealth creation, and estate planning.

In his remarks, Group CEO of NNPC Ltd, Mr Bayo Ojulari, lauded PENGASSAN’s leadership and described PEALS as a strategic platform aligning labour, industry, and government to shape Nigeria’s energy future.

He reaffirmed NNPC’s focus on innovation, collaboration, and safety, noting that partnerships with unions and regulators were essential to building a globally competitive oil and gas sector.

Minister of Labour and Employment, Muhammad Dingyadi, also addressed the summit, urging Nigeria to lead, not just follow, in the global shift toward cleaner energy and ethical industry practices.

“Resilience in oil and gas is not only about infrastructure or investment, but about people, labour policy, and empowering the workforce,” Dingyadi said.

He reiterated the ministry’s commitment to tripartite dialogue, decent work, skills development, and fair wages.

He further emphasised that health and safety must be “non-negotiable pillars” of a resilient energy system and urged companies to prioritise ESG compliance.

He called on unions to pursue constructive engagement and on government agencies to streamline regulations that balanced labour welfare with investor confidence. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

Invest in Centenary City project, MD urges foreign investors
General News

Invest in Centenary City project, MD urges foreign investors

Investment

By Doris Esa

Dr Ike Odenigwe, the Managing Director of Centenary City, Abuja, has called on foreign investors to explore opportunities in the Centenary City project.

The News Agency of Nigeria (NAN) reports that the project was initiated towards the end of former President Goodluck Jonathan’s administration in 2014.

The 18.5 billion dollar project was designed to create a smart city, attract global investment and position Nigeria as a prime destination for business and development.

Odenigwe made the call at a news conference to re- introduce the Centenary city project to the public on Tuesday in Abuja.

He said that the project was conceptualised as the foremost Abuja Urban Renewable project.

” This is a sustainable project, we need direct foreign investors that will come to stay,” he said.

He said that the city project presented a great opportunity to create value and raise Abuja‘s profile and encourage international investment in Abuja.

” This project is designed to work in harmony with nature, the districts and communities are designed to fit in among the natural landscape, offering both an impressive downtown skyline and peaceful suburban living.

” The city is conceptualised as a truly multifunctional development that offers a complete cosmopolitan lifestyle to its residents as well as serves as a tourism hub for the wider community,” Odenigwe said.

Odenigwe said some key components of the city included five-star Hotels, Luxury Serviced Apartments and Residences and an International Commerce Centre (ICC).

Others are, Mall of Africa, the Championship Golf Course and Golf Estate, the Championship Polo courses, and Polo Estate.

” Also, Nigeria park, Safari park, Industrial park, African Arts Museum, Entertainment District and Amusement park.

“There will be various healthcare and educational facilities and extensive residential dwellings,” he said.

He said that after a pause in the development, the project is now back on track with the promise to redefine sub- Saharan Africa‘s skyline and enhance Nigeria’s global standing in urban development.

The managing director said that the Centenary city management on Aug.15, officially engaged Julius Berger Nigeria Plc for the provision of infrastructure for the centenary.

Odenigwe said that the project phasing planning plan would be in five phases: phase 1, phase 2A, phase 2B, Phase 2C and Phase 3.

He said that the phase 1 primary infrastructure which is to cost N750 billion, would be executed in lots.

” Lot 1 includes the plot of an Access road of 4.3 kilometers and the secondary infrastructure of the grove residences, and the ridge villas,” Odenigwe said.

He acknowledged the visionary leadership of Mr Nysom Wike, the Minister of FCT who in his wisdom, encouraged masterly and sustainable development in the FCT.

” We hereby invite the general public to witness a dramatic progress in this long awaited amazing project,” he said. (NAN) (www.nannews.ng)

Edited by Joseph Edeh

Oil & gas coy urges removal of bottlenecks hindering upstream investment
Oil & Gas

Oil & gas coy urges removal of bottlenecks hindering upstream investment

By Emmanuella Anokam

Engr. Chichi Emenike, Acting Managing Director and Gas Asset Manager, Neconde Energy Limited (OML 42), has called on the Federal Government to urgently address the numerous bottlenecks obstructing investment in Nigeria’s upstream petroleum sector.

Emenike made the call on Wednesday in Abuja, while speaking to newsmen after a panel session at the ongoing 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja.

She said that oil and gas operators currently grapple with nearly 500 different fees and levies imposed by various government agencies — an issue she said continues to deter financing and investor confidence in the sector.

While acknowledging government efforts in the past year to improve the ease of doing business, she stressed that the sheer volume of levies and regulatory hurdles were making it increasingly difficult to attract the private capital needed to drive industry growth.

“The truth is, if you look at the oil and gas industry today, while the government is still figuring out how to attract financing on its end, most of the funding moving the industry forward is coming from the private sector.

“When finance is brought into an ecosystem, it must yield profit to remain viable.

“When we talk about ease of doing business, we are referring to the operational bottlenecks that must be unbundled, if we are truly serious.

“The minister mentioned that there are about 273 fees and rents, but I beg to differ. There are far more; you deal with one agency, then another, and another.

“There is a multiplicity of fees, including some that must be paid in dollars. It can become stifling and discouraging for any businessperson,” Emenike said

She commended the current administration of President Bola Tinubu for the introduction of some policies, reforms and initiatives, noting that they signaled a shift in approach and could yield positive results if sustained.

Emenike, who shared the panel with Executive Vice President (Gas, Power & New Energy) Olalekan Ogunleye and Managing Director, Nigeria LNG, Philip Mshelbila, also advocated the removal of the price cap on gas supplied to the power sector.

According to her, lifting the cap will boost investment and improve gas supply to power plants.

She cautioned that, unlike crude oil, natural gas had limited market flexibility and lowered margins, emphasising the need for policies that enable market-driven pricing.

“Allow investors to do their business; bring in gas and develop upstream assets.

“For all the resources we have, much of it is still untapped. Officially, we stand at 210 trillion cubic feet (TCF) of gas reserves, and that figure hasn’t moved in a long time.

“Some major projects have been signed recently. We must give them the space to grow. The power sector which consumes over 60 per cent of our gas must be unbundled and made viable.

“The illiquidity in the value chain must be addressed. Tariffs must be cost-reflective. When I borrow money, it must be repaid.”

She noted that operations at OML 42 have expanded significantly since its acquisition 13 years ago, growing from a shut-in asset to one currently producing over 50,000 barrels of oil per day. (NAN)

Edited by Emmanuel Afonne

Wike-led FCTA opening Abuja for businesses, housing, investment -Tinubu
Metro

Wike-led FCTA opening Abuja for businesses, housing, investment -Tinubu

By Philip Yatai

President Bola Tinubu says the Nyesom Wike-led Federal Capital Territory Administration is opening the territory for businesses, housing and investment.

Tinubu said this in Abuja on Tuesday, while inaugurating the right-hand service carriageway of the Inter Northern Expressway (INEX), from Ring Road III to Outer Northern Expressway, ONEX (Murtala Mohammed Expressway).

The project was among the 10 so far inaugurated out of the 17 projects outlined for inauguration to celebrate Tinubu’s second year in Office.

Represented by Deputy Senate President Barau Jibrin, the president described the newly constructed INEX as a “critical piece” of the Federal Territory Master Plan.

He added that the road was designed to ease traffic flow, enhance connectivity and improve urban mobility for millions of commuters, residents and businesses in the city.

He commended the FCT Administration led by Wike, for his vision and commitment to quality and timely execution of projects.

“What you have contributed to something larger than the roadway; you have contributed to the future of our capital.

“This vital carriageway we inaugurated today is not just a road; It is a symbol of progress and a reflection of my administration’s Renewed Hope Agenda.

“An agenda committed to building infrastructure that serves the people, unlocks economic potential and supports sustainable development,” he said.

Tinubu pointed out that as traffic volume increases in the FCT, and across the satellite towns, it has become imperative for continuous expansion and maintenance of critical routes.

This road, he said, would not only connect key junctions, but also facilitate safer and faster movement within Abuja transportation corridors.

“It will open more opportunities for businesses, housing, and investment in the adjoining districts.

“It is quite apt to say that projects like these are a testament to what we can achieve when planning, execution and leadership are aligned with purpose.

“We are determined to replicate these sources in every part of the country with roads, bridges, railways and more ensuring that no region is left behind,” he added.

Earlier, Wike said that the 16-kilometre road was awarded in 2014 at the cost of N7 billion but was executed and completed by the current administration at N31 billion due to inflation and variation.

He said that the completion of the project was in line with Tinubu’s renewed hope agenda, to complete ongoing projects that would impact the life and the economy of the people.

He commended Tinubu for the commitment to making sure that a project of this nature was concluded.

“This is the industrial site of Abuja. The Industrial Park is somewhere close, and the developer had not been encouraged until the Tinubu Administration rescued the situation.

“The Industrial Park, when completed, will create 40,000 direct jobs. If we are able to give them support, some of the problems will be solved,” he said.

The minister emphasised that road infrastructure was the driver of any economic growth, stressing that investors would come when there were roads.

He noted that Tinubu has done quite well for the residents and for the development of Abuja and appealed for his continued support.

“I will continue to do the best under the renewed hop agenda for the interest of our country and for the interest of Abuja,” he said.

On her part, the FCT Minister of State, Dr Mariya Mahmoud, noted that the project was another testimony to Tinubu administration’s resolve to deliver impactful and people-centred governance.

Mahmoud said that the road would serve as a symbol of collective determination to build a better, more connected, and more prosperous Nigeria under Tinubu.

Mr Richard Dauda, acting Executive Secretary, Federal Capital Territory Development Authority, said that the INEX was the primary road that bound the inner development corridor of the northern flank of the city.

Dauda said that the full scope of the road in the Abuja Master Plan from Maitama to ONEX was a 32.5 kilometre, 10-lane expressway.

He said that the road was planned to consist of two main carriageways of three lanes each and two service carriageways of two lanes each.

“The Master Plan provides that the expressway commences at Maitama by the IBB Golf Course, traverses through the Central Area, passing between the National Mosque and the Yar’adua Centre in Phase I and continues through Phase II of the city to Wuye and Dakibiyu Districts.

“It then proceeds to Phase III and Phase IV, through the Idu Industrial Area and terminates at ONEX,” he said.

He said that the road was being developed in stages with the first phase being the right-hand carriageway from Ring Road II to Ring Road III, adding that the second stage was the section being inaugurated. (NAN)

Edited by Abiemwense Moru

Deputy Speaker hails Wike’s prudent investment of public resources  
Metro

Deputy Speaker hails Wike’s prudent investment of public resources  

By Philip Yatai

Deputy Speaker of the House of Representatives, Benjamin Kalu, has commended the Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, for prudent investment of public resources to impact the lives of residents.

Kalu gave the commendation during the inauguration of the newly constructed Collector Road CN2 (Zakari Kyari Street), in Abuja on Thursday, by President Bola Tinubu to celebrate his second year in office.

The road, from Arterial Road N11 (Ahmadu Bello Way) in Mabushi to Judges Quarters in Katampe District, and other roads were constructed by the FCT Administration.

The deputy speaker, who represented Tinubu at the event, said that the parliament was proud of the FCT minister.

He expressed gratitude to Wike for his tireless efforts in delivering infrastructure projects in the FCT.

According to him, Wike’s commitment to transparency and accountability in the implementation of FCT’s budget is commendable.

“His ability to deliver projects within budget and timeframe is a testament to his leadership and vision.

“I said so because, oftentimes the parliament is worried when we make budget appropriations on whether the report of the budget implementation will reflect what the intention of the parliamentarians was at the time of making the appropriation law.

“Last year you inaugurated several projects and this year, again, you have given us 17 days to inaugurate projects.

“We are proud of you.

“We want to assure you that we are never afraid of approving your proposals when they come before the parliament because we know you know how to invest government resources to be able to impact the lives of the people that we govern.”

The lawmaker said it was not only Tinubu that was impressed with Wike’s services, “the parliament is impressed with your services.

“You have projected in reality not in theory the aspirations of Tinubu’s “Renewed Hope Agenda.

“You have steadily, continuously and diligently proven that the principle guiding the agenda was not mere theory, and for that we are grateful,” he said.

The News Agency of Nigeria (NAN) reports that shortly after the inauguration, Wike inspected Judges Quarters under construction in Katampe and the N5 Road (Obafemi Awolowo Way) from Life Camp to Ring Road III scheduled for inauguration on Friday. (NAN)

Edited by Abiemwense Moru

Forum urges leaders to invest in Africa’s capital to preserve wealth
Economy/Business

Forum urges leaders to invest in Africa’s capital to preserve wealth

By Okeoghene Akubuike

The Africa Sovereign Investors Forum (ASIF) has urged leaders in the continent to invest and preserve wealth for future generations by investing in Africa’s capital.

Stakeholders at the forum made the call at the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF) hosted by the Nigeria Sovereign Investment Authority (NSIA) in Abuja on Monday.

The two-day meeting was with the theme, “Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa”.

Patrick Lumumba, a Professor of Public Law and Pan African Activist said that African leaders had an intergenerational duty to cater for generations yet to be born.

Lumumba urged African leaders to ask themselves how they want to be remembered, and be determined to liberate the continent economically.

He said that in spite of being the most resource-rich continent on earth, Africa was still poor.

“What are you doing with the income you are realising now so that your children and children’s children will have something to inherit.

“Ensure that out of every N100 that you sell oil for, we will keep two Naira for future generations.

“Let us make sure that our sovereign funds are invested in the continent of Africa,” he said.

Lumumba said that for Africa to move ahead, there must be time-bound approaches to decisions and policies.

“Let us unite and think of this generation and generations yet to be born through the creation of sustainable sovereign funds that will be Africa-wide. Let us make Africa great again because we were once great.”

Prof. Benedict Oramah, President, Afreximbank, said that African sovereign funds must invest in the African market and shun the notion that it is more risky to invest in Africa than foreign markets.

“Little consideration is given to the fact that investing a significant share of the funds in their home country may help mitigate some of the risks and perhaps help grow the size of the fund.

“Let us deploy Africa’s capital in a way that truly unlocks the immense inherent wealth and potential that lies within the continent.

“Let us use our money to develop our countries, and not use our money to develop others.

“If you use the money to create new wealth, even if your capital quantity decreases, you have a chance to preserve your capital,” he said.

Mr Sumaila Zubairu, President/CEO, African Finance  Corporation, said that Africa’s capital must remain in the internal reserves of African countries.

Zubairu said that the capital should also be used in more productive sectors of the African economy, urging the continent to understand its peculiar challenges.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said that African sovereign wealth funds must become active instruments for economic transformation.

Edun said that this could be achieved through collaborations like the ASIF.

“We must be able to attract and crowd in investment, and we must convince ourselves that private sector financing is key, and we must meet their terms and make conditions amiable for them.”

He highlighted three areas Africa must focus on, including capital mobilisation at scale, regional and continental collaborations, and human capital and policy alignment.

According to him, these must be driven by the African sovereign wealth funds leading the way.

Mr Obaid Amrane, Chairman, ASIF said that there was a need for Africa to  invest  jointly in logistical, digital, and social infrastructure .

Amrane said that by doing so supply, chains would be shortened, intra-Africam trade would be deepened and a strong , healthy and resilient  continent would be built, which would reduce Africa’s collective exposure to global uncertainty.

He said that infrastructure was a key challenge on the continent, andaddressing it could boost productivity, enhance value chains in agribusiness, pharmaceuticals, and digital services, and promote inclusive prosperity.

“This is precisely why we will promote and foster transformative investment, as well as those that create decent jobs today while preserving our resources for future generations.

“Africa’s sovereign capital is not only ready to fund its future, it is ready to shape it for the benefit of current and future generations,” he said.

Dr Segun Ogunsanya, Chairman,  Board of Trustees, NSIA said that  Africa should pirioritise local capital formation and large scale infrastructure projects in key sectors, and avoid fanciful investment trends that were not relevant to Africa .

The News Agency of Nigeria (NAN) reports that 27 African nations were present at the meeting, and non-regional participants like the China investment wealth fund.(NAN)

Edited by Kadiri Abdulrahman

U.S. shifting to ‘investment-led’ strategy in Africa- Senior official
Foreign

U.S. shifting to ‘investment-led’ strategy in Africa- Senior official

U.S. trade with Africa ‘will be much more focused around a reciprocal relationship, one that addresses the needs on both sides,’ says ambassador Troy Fitrell.

Ambassador Troy Fitrell, senior official at the U.S. State Department’s Bureau of African Affairs, said that Washington is “very directly, very intentionally” shifting toward an “investment-led” strategy in Africa.

“The future of the U.S. trade with Africa “will be much more focused around a reciprocal relationship, one that addresses the needs on both sides,” Fitrell said at an online news conference.

He said trade reflects an “exchange between equals” in an activity, unlike the assistance-led paradigm that the U.S. had in the past, which involved “a donor and a recipient, instead of having it being negotiated with equals.”

Fitrell said he tasked ambassadors to “go out and find” commercial opportunities to advocate for US companies, identify opportunities, push for market reforms to enhance the business environment and engage host governments on those issues.

He said as the U.S’ African Growth and Opportunity Act (AGOA) marches to its end date, “it is our Congress who has the responsibility to revise, renew, or re-establish it.”

The envoy added that “if there’s going to be a renewal of AGOA, it will probably reflect the modern world rather than the one from 25 years ago when it was first founded.”

AGOA is a special law enacted in the year 2000 that grants duty-free access to nearly 40 sub-Saharan African nations to US markets.(AA/NAN)(www.nannews.ng)

(Edited by Mark Longyen)

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email