News
AfDB Mobilises $31bn Investment Interest
The African Development Bank (AfDB), has drawn $31billion in investment interest from African and global investors.
In a statement issued by the Communication and External Relations unit of the AfDB, President of the bank, Dr Akinwumi Adesina, said this at the 2022 Africa Investment Forum (AIF) Market Days.
The forum ended, last Friday.
Adesina commended the forum’s outcomes and the partners’ commitment.
“Despite the challenges, we are not afraid, and neither have we despaired nor lost hope.
“We are excited and committed to a collective goal; accelerating the closure of deals to transform Africa and its investment landscape.”
He said the AIF’s focus was to attract more foreign direct investment to Africa, and ensure the private sector remained the driving force of that transformation.
“The private sector is Africa’s growth accelerator. We must mitigate real and perceived risks and persuade the private sector that investing in Africa is safe,” Adesina said.
Combined with $32.8billion from the rescheduled 2021 Africa Investment Forum Market Days, the forum has mobilised a total of $63.8billion of investment interest in 2022.
Islamic Development Bank (IsDB) President, Dr Mohammed Al-Jasser, said the organisation was hopeful that its commitment to the AIF would translate into tangible and measurable outcomes for the benefit of Africa.
Al-Jasser said the IsDB Group was commitment to support transformative African projects, especially those promoting resilience, financial, economic, and social sustainability.
Furthermore, Trade and Development Bank Group President and Chief Executive,Admassu Tadesse, spoke on the value of the “AIF spirit” in doing more to advance and close investments.
Tadesse said: “Notwithstanding ongoing global crises, we have to keep our eye on the ball. We must continue to encourage and enable investment in agriculture and industry, as well as infrastructure.
“Growing our own food and manufacturing more will enable us to trade more. It will lead to less overall greenhouse gas emissions linked to imports from far away.
“In the process also generating more employment and opportunities for our people.”
Also, European Investment Bank President, Werner Hoyer, said the bank was excited to see how the creativity and vision of African innovators were making an impact.
Hoyer said: “Particularly in the area of technology which holds such great potential for Africa’s future”.
The Group Executive Origination and Coverage, Development Bank of Southern Africa, Mohan Vivekanandan, said a unique feature of the 2022 forum was that it focused on transactions.
“It’s about the project sponsors, the project developers and how we, as development financiers, help them get their vision implemented to improve the quality of life of Africans.
“And how we promote economic growth, job creation and industrialisation,” Vivekanandan said.
Africa Finance Corporation President and Chief Executive Officer (CEO), Samaila Zubairu said: “The current global economic challenges indicate the critical need to build Africa’s self-sufficiency by investing in resilient infrastructure.
“Such critical investment is needed to drive Africa’s industrialisation and economic prosperity.”
Moreover, Africa50 CEO, Alain Ebobisse, said the AIF presented a timely platform to help scale up and speed up investments into Africa.
Ebobisse said attracting new pools of capital into infrastructure would be critical.
“More specifically, Africa’s institutional investors such as pension and sovereign wealth funds must play a critical role and will be the game changers for Africa’s infrastructure development”, he said.
In addition, Afreximbank President, Benedict Oramah, said the AIF reflected the interest and optimism of global investors towards the continent and its opportunities.
“We close, knowing that the AIF, Africa’s largest transactional investment marketplace, continues to be a huge success.
“Moreover, the event serves as a measure of international confidence in Africa’s economic and political development, and the unmatched investment opportunities this is creating,” Oramah said.
On her part, the AIF Senior Director, Chinelo Anohu, said a lot of the successes recorded by the Africa Investment Forum were domiciled in the spirit of the partnership.
Anohu said it was up to the AIF to ensure the continent was “what it ought to be.”
The three-day event, which held in Abidjan, Côte d’Ivoire, attracted the participation of several African heads of states and government.
The event had as theme: “Building Economic Resilience through Sustainable Investments”.
The AIF platform has mobilised more than over $100billion in investment interests since its inception in 2018.
News
We’ll Drive Tinubu’s Vision in Rivers With Vigour – Fubara …Inaugurates Dualized Ahoada/Omoku Road ….Debunks Rift With RSHA
Rivers State Governor, Sir Siminalayi Fubara, has stated that he will lead Rivers people to galvanize support for President Bola Tinubu to drive the vision and objectives of the Renewed Hope Agenda in the State with vigour.
The governor, who joined the ruling All Progressives Congress (APC), on Tuesday, explained that his decision to join the APC was not for personal interest but for the overall benefit of Rivers State.
Fubara disclosed these while inaugurating the extension of the dualized Ahoada/ Omoku Express road in Ahoada East and Ogba Egbema Ndoni Local Government Areas of Rivers State.
He commended the contracting firm, Julius Berger, for timely delivery of the project, saying the project is a campaign promise fulfilled which will bring economic benefits to the people and tackle issues of insecurity associated with the route.
He said his administration has remained focused in delivering democratic dividends in the state despite facing glaring challenges.
The governor thanked the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas for their continuous support, and urged his supporters to remain steadfast and also support President Tinubu who he said, has demonstrated love to Rivers State as a father.
Fubara denied having rift with the Rivers State House of Assembly, stating that his meeting with the lawmakers was stalled as a result of delay in the agreed meeting to be convened by former Governor Nyesom Wike and other stakeholders for him to meet with the state lawmakers.
“I have made every effort to meet with the Assembly members, but it is not within my leadership to initiate the meeting process.
“The arrangement was for my leader, Wike, and the elders led by Anabraba to call for a meeting with the the lawmakers.
“I’m a gentleman and principled. I can’t go behind to call them when we’ve already agreed. Whoever that tell them that I don’t want to meet with them, or I rejected proposal meant for them isn’t saying the truth,” Fubara said.
The Permanent Secretary of the Rivers State Ministry Works, Mr Austin Ezekiel-Hart, who gave the project description, said the delivery of the project was a fulfillment of long time dream by the people of Ahoada East and Ogba Egbema Ndoni Local Government Areas.
He said the road was previously a single lane and has now been dualised to 14.6 meters wide, complete with solar-powered streetlights with drainages.
He said the road significantly would reduce travel time between Ahoada and Omoku while improving economic activity in the region.
In his welcome address, Chairman of Ogba-Egbema-Ndoni Local Government Area, Hon. Chuku Shedrack Ogbogu, described the road as a symbol of unity, oneness, and development, thanking the governor for fulfilling his campaign promises.
On his part, the Managing Director of Julius Berger, Engr. Peer Lusbash, said the project was awarded to his company in 2023 with a completion period of 18 months which was achieved in best quality.
He added that Julius Berger enjoyed a good support from the Fubara administration, and assured to complete all ongoing projects being handled by Julius Berger on specification, especially the Ring Road project which is a legacy project.
News
Fubara Expresses Commitment To Healthcare …As UNICEF Lauds RSG On Health Programmes
Rivers State, Sir Siminialayi Fubara, has reaffirmed his commitment to ensuring good healthcare for the people of Rivers State.
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?Governor Fubara stated this when he played host to the Country Director of UNICEF, Wafaa Saeed Abdelatef and her management team in Port Harcourt, last Tuesday.
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?The governor who was represented by the Secretary to the State Government, Dr. Benibo Anabraba, said he would continue to provide the necessary facilities in order to ensure accessible and good health care for all Rivers people.
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?”We are constructing new zonal hospitals across the State. The Ahoada Zonal hospital will be commissioned in December and others are near completion.
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?”We are grateful to UNICEF for all they have done and believe we can always work together to care for the vulnerable in the society. We appreciate your physical presence, and believe that your staff working remotely, can also do more virtually. We have a capable Commissioner of Health, Dr. Adaeze Oreh, to help foster our relationship, communication and greater collaboration,” he said.
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?The Country Director for UNICEF Nigeria, Ms. Wafaa Saeed Abdelatef, assured Governor Fubara of UNICEF’s support to the programmes of the State Government. She appealed that health facilities such as the Oxygen Plant at Eleme Local Government Ares and the New Born Care Units be solarized.
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?”Be assured that UNICEF will continue to work and support the programmes here in Rivers State. We have seen the Oxygen Plant at Eleme LGA which has been effective because of the Public Private Partnership. We appeal that the plant be solarized.
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?”I commend your leadership of the State and assure that we are here to support your effort and assure you that you can count on our support and partnership. Rivers State is one of the states we can showcase how things are working so others can learn,” she added.
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News
Dangote Unveils N100bn Education Fund For Nigerian Students
Chairman of the Dangote Group, Alhaji Aliko Dangote, has announced a N100 billion annual education support programme aimed at keeping financially vulnerable Nigerian students in school.
Speaking at the launch of the national scholarship scheme in Lagos, yesterday, Dangote said too many brilliant young people were being forced out of classrooms because of poverty.
He described education as the “strongest engine of social mobility” and a critical foundation for national development.
The initiative, funded by the Aliko Dangote Foundation, will run for ten years beginning in 2026, costing over N1 trillion in total.
Dangote said the scheme would support 45,000 scholars each year at inception, expanding to 155,000 beneficiaries annually by its fourth year, and maintaining that level for the rest of the decade.
By 2036, he said, the programme is expected to have reached at least 1,325,000 students.
“We cannot allow financial hardship to silence the dreams of our young people, not when the future of our nation depends on their skills, resilience and leadership,” he added.
A major component of the fund is the Aliko Dangote STEM Scholars programme, which will provide annual scholarships for 30,000 undergraduate students pursuing science, technology, engineering and mathematics in public universities and polytechnics.
Each beneficiary will receive tuition support aligned with the fees of their institution and course of study. Dangote said the goal is to expand access to higher education, empower innovation, and give young Nigerians the tools to compete globally.
“STEM drives development. If Nigeria must compete globally, our young minds must have the tools to learn, imagine and innovate,” he said.
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