Connect with us


BIG STORY

Sanwo-Olu Secures $5 Billion Trade Commitment From Swiss Investors

Published

on

Ahead of the World Economic Forum holding from Jan 22 to Jan 25, 2019 in Davos, Switzerland, the All Progressives Congress (APC) Governorship Candidate in Lagos, Babajide Sanwo-Olu, has highlighted the enormous investment opportunities in the state at an exclusive session with selected Swiss Investors in Geneva.

A statement issued yesterday by his media office said that at the event held on Monday at the Mandarin Oriental Hotel, “the business interaction triggered commitments of $5bn investment in infrastructure and capital projects in the state and also provided an avenue for Mr. Sanwo-Olu to further reinforce the investment opportunities in the state.”

“While the array of investors comprising commodity traders, equity managers, investment bankers, Fintech & I.T experts, infrastructure builders, international donors, energy and power companies unanimously agreed that Lagos is fertile ground for investments, they cited political risk as a more disturbing consideration over economic risk.

“In reassuring them, Sanwo-Olu told the investors that Nigeria is safe for investment and Lagos State as the economic nerve centre of the country presents the best environment for global investments,” the statement said.

Sanwo-Olu was quoted as saying: “There is progressive leadership and stability in the governance of Lagos State since 1999. The state has been under the administration of a party, my party, which is the All Progressives Congress for more than 16years. The state has remained a reference point for infrastructural development and economic prosperity in Nigeria and West Africa.

“On investors’ protection, I think that should be the least of your worries. Lagos has a comprehensive regulation that protects and shields investors. The scope of the regulation covers disputes resolution and commitment to ease of doing business.”

Earlier in his speech, Sanwo-Olu informed the investors about his determination to transform Lagos into a 21st century economy.

He said: “Lagos economy is adjudged to be the fifth largest in Africa and is not yet a 24-hour economy, where you can do every transaction round-the-clock, do you think we have really maximised the potentials of that economy?

“We are saying it is a large and growing economy, and you are not playing in it yet. This THEME agenda beyond being the focus areas of our government, it is also indicative of areas of possible collaboration between you and our government.

“Like I said, Transportation & Traffic Management, Health & Environment, Education & Technology, Making Lagos a 21st century economy and Entertainment & Tourism are the topline agenda our government will pursue upon election in 2019.”

While assuring Sanwo-Olu of investors’ and multilateral institutions’ commitment to Lagos and Nigeria, Country Portfolio Manager, High Impact Africa 1 Grant Management Division of Global Fund, Ibrahim Faria pledged the commitment to support health system in Lagos State if Mr. Sanwo-Olu won the election.

“I am happy to know your THEME priority areas that cover education, health, infrastructure and strengthening private sector investments in your state. We will work with you if you win your election. We have particular interest to support health system in Lagos. Global Fund is an important partner of the Nigerian government where we are funding support for HIV/AIDS, Malaria and other diseases.”

Some of the multilateral institutions and private organisations that attended the session are Global Fund, Ford Foundation, HSBC, GENII Capital, International Trade Centre, Actis/CDC among others.

Photo shows Olusegun Andrew Paul, Executive Vice Chairman, Blackpace Africa, Mr. Babajide Sanwo-Olu, All Progressives Congress Governorship candidate and Ambassador Ralph Friendlander of Swiss Agency For Development Cooperation during an strategic meeting with the Swiss Agency to solicit support for Sanwo-Olu’s THEME Development Agenda for Lagos in Bern.

BIG STORY

JUST IN: Again, Police Arrest Speed Darlington During Show In Imo State

Published

on

Operatives of the Nigeria Police Force have arrested Nigerian musician Darlington Okoye, popularly known as Speed Darlington, in Owerri, the capital of Imo State.

The singer’s counsel and human rights lawyer, Deji Adeyanju, confirmed the arrest in a post on his official X page on Wednesday.

Adeyanju revealed that his client was detained while performing at a show in Owerri, just days after returning to Nigeria earlier in the week.

He wrote, “Our client, Speed Darlington, a.k.a AKPI, has been arrested by the Nigeria Police in Owerri at his show upon return to Nigeria.”

However, the exact reason for the singer’s arrest remains unclear at the time of filing this report.

It is worth noting that the Nigeria Police had previously arrested Darlington over allegations of cyberstalking fellow musician Damini Ogulu, better known as Burna Boy.

Darlington was initially arrested in Lagos, then transferred to Abuja, where he was detained by the IGP’s Intelligence Response Team in the Guzape area of the city.

The musician, who faced accusations of cyberstalking Burna Boy, was later released on bail days after his arrest.

Continue Reading

BIG STORY

President Tinubu Asks NNPC To Fast-Track Reactivation Of Warri, Kaduna Refineries

Published

on

President Bola Tinubu has praised the Nigeria National Petroleum Company (NNPC) Limited for the revitalization of the Port Harcourt refinery.

On Tuesday, NNPCL announced the official commencement of crude oil processing at the refinery—a milestone achieved after three years of rehabilitation work.

In a statement on Tuesday from Bayo Onanuga, the president’s special adviser on information and strategy, Tinubu urged the NNPC to expedite the reactivation of the Warri and Kaduna refineries.

Tinubu, while acknowledging the efforts of former President Muhammadu Buhari in making this achievement possible, reaffirmed his administration’s commitment to advancing energy sufficiency in Nigeria.

“The President acknowledges the pivotal role of former President Muhammadu Buhari in initiating the comprehensive rehabilitation of all our refineries and expresses gratitude to the African Export-Import Bank for its confidence in financing this critical project,” the statement reads.

“Furthermore, President Tinubu commends the leadership of NNPC Limited’s Group Chief Executive Officer, Mr. Mele Kyari, whose unwavering dedication and commitment were instrumental in overcoming challenges to achieve this milestone.

“With the successful revival of the Port Harcourt refinery, President Tinubu urges NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.”

Tinubu emphasized that the commencement of petrol production at the refinery would bolster the country’s domestic production and position Nigeria as a major energy hub.

He called on individuals, institutions, and citizens entrusted with public infrastructure to uphold trust in their service to the nation.

“These efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration,” Onanuga said.

“In alignment with the Renewed Hope Agenda focused on shared economic prosperity for all, the President reaffirms his administration’s commitment to achieving energy sufficiency, enhancing energy security, and boosting export capacity for Nigeria.”

Continue Reading

BIG STORY

FG Considering US Diaspora Bond, Targets $1bn Monthly Remittances — CBN Governor Cardoso

Published

on

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), announced that the country’s foreign reserves increased to $40.88 billion as of November 21.

Cardoso made the statement on Tuesday during a press conference following the monetary policy committee’s 298th meeting in Abuja.

He reported that the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.

This marks an increase of $82 million, or 2.05 percent, in just 21 days.

“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he explained.

However, a check on the apex bank’s website revealed that Nigeria’s foreign reserves were listed at $40.27 billion on November 22, which is lower than the figure presented by Cardoso.

Further commenting on the matter, Cardoso stated, “the process of getting us where we are in terms of reserves has been a long one.”

“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.

He emphasized that “reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.”

“They are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary,” he clarified.

“And when we talk about shocks that are not anticipated, I think we can see how the global economies are,” Cardoso continued.

The governor also affirmed that the bank will persist in efforts to stabilize the currency and prices.

“The currency has been stable compared to what it was in June,” he noted.

However, he pointed out that for the country’s currency to maintain stability, there must be increased exports and greater diversification of the economy.

Cardoso also highlighted that diaspora remittances have risen due to policies that have been implemented.

He commended Nigerians in the diaspora for helping the country achieve over $600 million in remittances.

Continue Reading



 

Join Us On Facebook

Most Popular