Business
Boosting Development In Africa Via AfDB’s Investment Forum
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)
Ikenna Uwadileke
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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