The African Development Bank (AfDB), put the financial outlay to finance Africa’s development needs at between 600 to 700 billion US dollars annually.
Of this amount, about 130-170 billion US dollars, was needed annually to address infrastructural deficit.
In order to get the needed funds to address the numerous development challenges in Africa, the AfDB launched the African Investment Forum (AIF).
The AIF is a platform to mobilise private equity funds, sovereign wealth funds and the private sector to facilitate infrastructure projects with the capacity to transform the continent.
The inaugural edition of the AIF was held in South Africa, while the second edition was also scheduled to hold in Johannesburg, South Africa, from November 11 to November 13.
Ahead of the November meeting, AfDB President, Dr Akinwumi Adesina, has appealed to investors to attend the bank’s 2019 AIF.
He spoke at Africa 50 General Shareholders meeting, held recently in Kigali, Rwanda.
Adesina said that Africa was ready for massive investments and offered an attractive investment destination.
He said that AIF, will bring together members with vested interest in Africa’s growth and development
“If you are an investor, do not miss Africa Investment Forum 2019, Africa is ready for massive investments and the environment is getting more attractive for investors.
“One such investment is the construction of the bridge that will connect the Democratic Republic of Congo and the Republic of Congo, a 550 million dollar transaction being led by Africa 50 in partnership with AfDB,” he said.
Adesina emphasised that the recently launched African Continental Free Trade Area (AfCFTA) had opened possibilities for an integrated single market for Africa.
He, however, pointed out that the continent needed to be connected through roads, rail, ports, airports, ICT backbones and energy corridors in order to enjoy the full benefits of the agreement.
Africa 50 is an innovative fund for developing and financing infrastructure in Africa, funded by AfDB, African governments, private and institutional investors.
“Africa 50 is on track to launch a private sector third party fund to leverage one billion dollar from private sector institutional investors.
“I encourage countries that have not yet joined Africa50 to do so.
“Join us as we move towards a future of great promise for Africa. Join us as we lay the foundation for a more prosperous Africa,” Adesina said.
Nigeria Country Department of AfDB, in collaboration with Africa Finance Corporation, recently organised a road show in Abuja, to sensitise stakeholders on gains of the AIF.
Ekiti governor, Dr Kayode Fayemi, who spoke at the event, emphasised the role of private capital to deliver the infrastructure required to grow Nigeria’s economy.
While expressing hope that Nigeria and other African countries would record significant investments that will boost the economy, Fayemi said that private investments are critical in providing jobs for millions of young Nigerians.
According to him, with the support of AfDB, African Finance Corporation and the quality of investors that attended the inaugural edition, the second edition would be successful.
“I am confident that if we put our best foot forward, we will receive significant funding commitment for investments across Nigeria and Africa,’’ the governor said.
Senior Bank Director, Nigeria Country Office, of AfDB, Mr Ebrima Faal, highlighted Nigeria’s prominence during the 2018 forum.
He pointed out that Nigeria was very visible and urged industry players and policy makers to maximise opportunities that the 2019 forum would provide.
Faal urged them to connect, engage and close high-impact deals.
He further recounted that last year’s edition of AIF held in South Africa recorded attendance of 2000 participants, representing 87 countries, including eight heads of government.
“Deals worth 46.9 billion dollars were discussed with 49 deals valued at 38.7 billion dollars secured.
“These figures are not just impressive for an attempt at something that has never been done on the continent, but phenomenal.
“The AfDB and its partners are excited to present you with the only platform that allows you to instantly pitch and close monumental deals on the spot.
“We encourage you to engage early and wholesomely to be part of re-writing Africa’s economic history,’’ Faal said.
According to Africa Finance Corporation Senior Director, Mr Taiwo Adeniji, “building on the success recorded in 2018, it is expected that Nigeria will be a major participant at the 2019 forum.
“The Africa Finance Corporation is keen to support Nigerian businesses across sectors to ensure effective project implementation to boost economic development.
“We are now seeing positive momentum in building transparent and durable institutions to anchor the political economy, promote and support development of the private sector.
“This is in order to increase the pace, depth and spread of economic growth in Africa,’’ Adeniji said.
On his part, a former Minister of Information and Communications, Mr Frank Nweke, identified early preparations as crucial in positioning Nigeria to meet international business and social impact investors eager to invest in Africa.
“Early preparation is also key, not only to prepare for the deals but being able to present them to a wide range of global investors.
“These investors are coming from different classes.
“We are talking about pension funds, sovereign wealth funds globally and in the continent, asset managers, commercial investment bankers so it is a wide array of investors that we are looking at.
“So we need to showcase very high transactions; we need to prepare projects and this is essential,’’ Nweke said.
Similarly, former Minister of Finance, Mrs Zainab Ahmed, urged the federal government to support the preparation.
“Ministries, Departments and Agencies (MDAs) must sit down to discuss what we expect.
“This preparation has to be done every time we are going to a forum.
“So when they go, they come into contact with investors and they will be interested in what is being presented.
“The potential investor wants to see where you are coming from, from the beginning to the end, they want to see their way through,’’ she said.
The Head, Private Sector Investment Operations, AIF/AfDB, Mr Odiogo Ezekiel, stressed that getting the projects bankable is also critical.
With the awareness raised through the road show, stakeholders say Nigeria will record more investment opportunities after the 2019 AIF.
Uwadileke writes for News Agency of Nigeria (NAN)
Expert Harps On Quality Building Materials
A real estate consultant in Port Harcourt, the Rivers State capital, Dr Derefa Fiberesima, has charged builders in Nigeria to come’ up with buildings that would stand the test of time, using quality building materials.
Fiberesima gave the charge in a chat with The Tide, yesterday in Port Harcourt.
He noted that the use of quality building materials would not only ensure the integrity of the building, but that materials suitable for the tropical weather conditions in the country would also be chosen.
Fiberesima observed that the buildings put up by the colonialists were still standing strong, saying: even stronger than new buildings erected in present day Nigeria’’.
He lamented that the quality of building materials used in the present day Nigeria was not suitable for the Nigerian weather condition.
He explained that the consequences of using substandard building material were dire and charged the Lawmakers need to accelerate the passage of the enabling Act for the enforcement of the National Building Code to adequately address building collapse crises in the built industry in the nation.
Fiberesima cited the example of corrugated iron roofing sheets widely used in roofing in Nigeria as one that gets easily rusted due to a acid rain and heavy sunshine especially in Rivers State adding that the heavy noise due to rain dropping on it could also be very disturbing to occupants of the building.
He also pointed out that there were health implications when asbestos building materials are used, which he lamented was not widely known to Nigerians.
He enjoined the government to take a look at the housing policies of other climes and articulate in Nigeria’s housing policies.
By: Tonye Nria-Dappa
FMDQ Committed To Tackling Housing Deficit –Onadele
The FMDQ Securities Exchange (FMDQ) Plc has said it remains committed to tackling the housing infrastructural deficit facing Nigeria through mobilisation of funds from the capital market.
Its Chief Executive Officer, Bola Onadele, disclosed this during the Capital Market Correspondents Assoctaion of Nigeria (CAMCAN) 2019 annual workshop in Lagos at the weekend.
Speaking on the theme: “Bridging the infrastructure gap in Nigeria: The Capital Market Option”, Onadele stated that infrastructure is central to the development of the economy and pointed out that FMDQ is poised to providing workable means of housing provision in the country,amongst other programmes to address infrastructural gap in Nigeria.
Onadele who was represented by Associate Executive Director, Corporate Development, FMDQ, Kaodi Ugoji, noted that the Exchange had set up a housing development project team to work directly with the office of the Vice president.
Onadele further added that the Exchange has been working with stakeholders and government to develop products that will drive the capital market and the Nigerian economy in the last four years.
“Sukuk bond has been a success no doubt but there is a need to expand sukuk bond which the Federal Government introduced. Infrastructure is one thing we need to shore up to achieve our goal as a country.
He gave assurance that the Exchange’s holding company would bring efficiency to help in the development of infrastructures.
“We will continue to innovate ways as well as blueprint to drive development in the capital market and the economy at large”, he said.
Staff Housing Loan Boss Cautions Public Servants Against Corruption
The former Executive Secretary, Federal Government Staff Housing Loans Board, Dr Hannatu Adamu Fika, has called on public servants in the country to shun corruption and contribute to making Nigeria great.
Fika made the call in an interview with newsmen during a dinner party organise in her honour to celebrate her retirement in Abuja.
She said that challenges in life were normal but one needs to be upright in carrying out his or her responsibility as a pubic or civil servant.
“When you build a house for a public servant, you have added value to his or her life.
“I want to call on public servants to be transparent and shun corruption in the course of their work for the development of the country.
“However, I will continue to urge the staff I have worked with to continue to follow the line of doing the right thing so that we can have a corrupt free public service in Nigeria.
“Those in the Housing Loan section should not relent to touch true lives of pubic servant in the area of provision of housing.
“I have exited but am not tired; I am moving into another stage where the Centre for Leadership and Economy Development, an affiliate with UN have given me the Chair Person of their governing board.
“I am now going to concentrate on issues of women and youths development, “ she said.
However, Fika said she would continue to pray that the Federal Integrated Staff Housing Programme known as FISH grows from strength to strength.
“So that civil servants who are hard working but their salaries cannot take then home would be able to benefit through that system so that they can have their own homes”.
Also speaking, the Permanent Secretary in charge of Niger Delta Ministry Ms Didi Walson-Jack, said Fika is intelligent, willing to advice and always on top of her subject matter.
“She has created impact in the public service through provision of housing for public servants and other wonderful things she did to help them,” she said.
Our correspondent reports that the occasion attracted some former permanent Secretaries, Heads of Civil Service of the Federation, FG Staff Housing Loans and many friends and well wishers.
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