Economy
FG Woos American Investors to Meet $25b FDI Target
By Modupe Gbadeyanka
In order to achieve $25 billion Foreign Direct Investment (FDI) by 2020, surpassing the Nigeria’s Economic Recovery and Growth Plan (ERGP) set target, Federal Government has assured American investors that they would get highest returns on investments if they come to Nigeria.
Minister of Trade, Industry and Investment, Mr Okechukwu Enelamah, and his Foreign Affairs counterpart, Mr Geoffrey Onyeama, gave this assurance this week at the Nigeria-US Business and Investment Forum held in New York on the sidelines of the 72nd United Nations General Assembly.
The forum was attended by Minister of Solid Minerals, Mr Kayode Fayemi; Minister of State for Budget and National Planning, Mrs Zainab Ahmed; Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku; Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr Anthony Orji; and representatives of the Nigerian private sector and US Business.
According to the Trade Minister, Federal Government is building the Nigeria of the future where things would be done differently from the way they were done in the past.
He said, “Nigeria of the future will be dramatically different from the past and that is what this government is trying to build.
“We are building infrastructure; we are providing the enabling environment and we are improving on the ease of doing business.
“There is a sense of urgency for Nigeria’s industrialisation and we are providing the enabling business and investment environment for investors.”
On his part, the Foreign Affairs Minister said Federal Government would not betray the confidence the US investors already reposed in Nigeria through the forum.
“What we are offering the investors is a much more stable environment, a lot of enabling business environment, one stop shop for registration of names, for getting passport, for coming into the country.
“We are offering them customs clearances, all the elements that go into making much more enabling. A welcoming business environment is what we are offering.
“And of course we are offering them a huge market of almost 193 million people; we are offering them a bigger market with ECOWAS that they can get access to through Nigeria.
“And we are offering them good governance. Those are things they also welcome. We are trying to offer them more security in the country because that’s a point that was also raised,” he said.
Onyeama said the high level representation of the government demonstrated the commitment of the Federal Government to making the partnership really work.
“We believe that Nigeria and Africa in general, you get probably the best returns on investment more than anywhere in the world.
“We are doing everything possible to rebrand our country so that you can know that you are dealing with a reliable partner.
“We want to turn all our embassies around the world including here in the U.S. as hubs for businesses and to provide you all the information you need on Nigeria to invest in Nigeria. And to meet with business partners on the one-stop shop right here without leaving the United States,” Mr Onyeama said.
Also speaking at the event, Executive Secretary of the Nigerian Investment Promotion Commission (NIPC), Ms Yewande Sadiku, noted that $25 billion in Foreign Direct Investment is the target of the country in 2020.
She pointed out that the Federal Government was aware of the bottlenecks in the ways of investors and businesses, but assured that the problems were being addressed.
Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Mr Anthony Orji, said the agency had in the last one year successfully executed one of such partnerships in agriculture.
“We put $25 million in a fund alongside an agriculture fund in South Africa which also put $25 million and we are raising $150 million.
“This is to be invested in primary production from crop farming to dairy farming and the first investment we have actually closed is a maize and soy farm integrated feed mill in Nasarawa state for expansion.
“Some of the people in this room are looking at opportunity in power, real estate, agriculture, healthcare and our role was to say NSIA is your partner of choice,” Mr Orji said.
Additional information from the News Agency of Nigeria (NAN)
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
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