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FG’ll Float Diaspora Fund, Spet – Aganga

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The Federal Government has unfolded plans to float a Diaspora Fund as part of strategies aimed at unlocking available capital for investment in critical sectors of the economy.

The Minister of Trade and Investment, Olusegun Aganga, who disclosed this at a press briefing to unveil the activities of the ministry in Lagos, Wednesday, said that the commerce and industry ministry had been expanded, refocused and rebranded to enable it play its proper role of driving the nation’s economy.

He said that the Diaspora Fund will be inaugurated in September this year, after all the approvals must have been secured.

Aganga noted that the ministry would focus on investments, sources of funds and the creation of a conducive environment for industrial growth, adding that there was enough capital within and outside the country to drive the required double-digit growth.

He said: “We have so many Nigerians in the Diaspora. The economies of many countries were built based on investments from people living abroad. We are in the process of structuring a fund, which we hope to put in place sometime in September when all the approvals are in place. That fund will be targeting those in the Diaspora.

“They will come in, bring their money and invest. According to the World Bank, in 2009, about $18.6 billion was remitted to this country by Nigerians in the Diaspora. If we take half of that, and channel it the right way into the country, we will have enough capital to invest in this country. That is just focusing only on what you already have.”

He explained that the ministry was working with key stakeholders to create a conducive environment for investment in the country, adding that the laws and policies guiding investments must be investor-friendly.

“We have commenced a review of all the laws and policies. However, most of our laws are friendly, just that investors are not even aware of these laws and policies. We want to make sure that we do not just review them but that we also have them in a form that is easily accessible to both local and international investors,” the minister noted.

Aganga pointed out that the ministry would also operationalise the Sovereign Wealth Fund, which was created partly because of investments.

He added that the N2 trillion pension fund was also “sticky, long-term money” that should be unlocked for investment in key sectors, especially infrastructure.

He said: “We will also be looking at pension funds. We are sitting on about N2 trillion. Of course, you have to make sure that the assets are safe and that the money is available to pay back pensioners in the future, but in many countries, one of the reasons they have such funds is to be able to put it back in the economy. We have been very cautious about that in the past and that was the right thing to do. But perhaps the time has come for us to say, how can we unlock it in a safe way, in a responsible way, such that it will still be available in the future to pay back pensioners?

“Pension funds all over the world are the biggest investors. If you go to the United States, the United Kingdom, most parts of the world, it is the same. And it is sticky money, long-term money. In this country, we’re looking for sticky, long-term money. Since we are looking at investing in infrastructure, it means we are looking for long-term money. And pension fund is sticky and long-term. So, we must find a way of unlocking that.”

He pointed out that “according to the World Bank, in 2009, about $18.6billion was remitted to this country by Nigerians in the Diaspora. If we take half of that, and channel it the right way into the country, we will have capital to invest in this country.

“That is just focusing on what you already have. The second area is foreign investment. We will make sure that investors have the information that they need to have on time.”

On the area of trade, Aganga said that the ministry would focus on trade imbalance between Nigeria and other countries.

“We will reactivate our export and free trade zones. We have many of them but they are not working the way they should.

We will also be developing a healthy, strong small and medium enterprise sector and make sure that they have all what they require to make them succeed,” he noted.

He said a team of experts would be raised to restructure the ministry and professionalise it “with a view to making the various departments efficient and effective. The committee should determine capacity gaps in each of the departments and recommend how these gaps can be filled.”

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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