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‘Africa, Most Attractive Destination For Investors’

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14 years ago

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More than one in two institutional investors see Africa as the most attractive region to invest in the next decade, with one in three expecting to put at least 5 percent of their portfolios into the continent by 2016, a survey showed yesterday. Some 158 institutions including pension funds, hedge funds and private banks polled by the Economist Intelligence Unit (EIU) said Nigeria and Kenya are likely to bring the best investment returns within Africa over the next three years, followed by Zimbabwe, Egypt and Ghana.

Currently, almost half of respondents have either no exposure or less than a one percent allocation to Africa, where an emerging middle class and growing consumerism are seen offering the most attractive investment opportunities. “Africa was exclusively seen as a commodity play but now there are real economic growth drivers,” said Mohammed Al Hashemi, chief executive officer of Abu Dhabi government-owned Invest AD Asset Management, which commissioned the report. “Africa was a destination for grants and aid but going forward it will be the destination for trade and investment.”

Private equity and infrastructure are expected to outpace commodities as the best asset classes for investment in Africa in the next three years. Forty-six percent of the investors said energy and natural resources offer the best investment return over the next three years, followed by agriculture and agribusiness, construction and real estate and financial services. The most favoured investment vehicle is multi-asset class funds, but respondents thought equity funds will give the most opportunity in the next three years.

Investors consider bribery and corruption as the main challenges of investing in Africa, as well as weak legal and governmental institutions. A third of respondents also cited political risk. Al Hashemi said while instability in countries such as Nigeria, where the Islamist sect Boko Haram has killed hundreds of people in the past year, was an important factor in making investment decisions, he also looked at the fundamentals. “We will keep an eye on politics and the changes there because they will have implications for economic policy,” he said.

“(But) the foundations that make us put our money there are still consistent.” Invest AD, which targets Middle East and Africa investment, already has funds focusing on Iraq and Libya. Its Iraq Opportunity Fund returned around 20 percent in 2011, before the withdrawal of U.S. troops in December raised fears of renewed sectarian violence and weighed on local stocks. “For much of 2011, Iraq was one of the best performing stock markets in the world. We’ve seen the market take a breather.

We think there will be a resumption of the good performance in the Iraqi market. It was inevitable when U.S. troops left that people would sit on the sidelines,” Al Hashemi said. “Iraq has been put on a very firm path of progression and development…When we talk to our contacts and investors they’re keen to add to their exposure to Iraq.” Invest AD also hopes to reinitiate its Libya Opportunity Fund, which was suspended in February after a launch in December 2010 due to the stock market closure. “Libya is in dire need of upgrading infrastructure. The country is wealthy and has potential to be very wealthy. They are self-sufficient in funding a great deal of projects and we have now a great political will to implement these projects,” Al Hashemi said

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Boat Mishap Kills Pastor, Wife And Church Members  In Brass Water

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6 days ago

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May 18, 2026

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A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and  members of his church were in a programme.
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?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet  to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report,  our Correspondent gathered  that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s  on the sad accident
By: CHINEDU WOSU
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Rivers Workers Seek Scrapping Of Contributory Pension Scheme

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6 days ago

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May 18, 2026

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The Rivers State Council of  Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt,  recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that  the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also  informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
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FG Begins South-West Tour To Promote New Cooperative Bank

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2 weeks ago

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May 13, 2026

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The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
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