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FG seeking approval from National Assembly for $1.2 billion agric loan

FG has sought the approval of the National Assembly for a $1.2 billion loan aimed at fixing value chains in Nigeria’s agricultural sector.

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The Minister of Finance, Zainab Ahmed said the Federal Government is seeking the approval of the National Assembly for a $1.2 billion loan aimed at fixing value chains in Nigeria’s agricultural sector.
The Minister disclosed this on Tuesday afternoon during the Finance ministry’s budget defence at the House of Representatives. The Minister also told the  Committee that the loan would be financed by the Brazilian Government.

What you should know

It was reported in June that the Federal Government announced plans to develop 142 agro-processing centres across the six geopolitical zones in the country.The projects will be funded by the “Green Imperative” programme a $1.2 billion joint Nigerian-Brazilian agriculture development scheme.

The Finance Minister said Nigeria needs to address the issues of its food value chain as the country diversifies away from oil.

“We need to address issues in the agriculture value chain as the country moves towards other sources of revenue. Already, the federal government is making efforts to acquire 100,000 hectares of land per state for food production.
“Roads will be built in such locations to provide access for farm inputs and ease the movement of farm produce to the markets. If the farmers can move their farm produce to markets, it will reduce post-harvest losses,” Ahmed said.

It was also reported in September that the Central Bank of Nigeria (CBN)  revealed Nigeria needs to increase its level of bank credit to the agricultural sector by over 50% within the next 4 years to boost food production.

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Business

Tony Elumelu conferred with Belgium’s most important national honour

Nigerian billionaire-entrepreneur, Tony Elumelu, has been conferred with Belgium’s oldest and most important national honour.

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The Chairman, United Bank for Africa (UBA) Group, Tony Elumelu, has been conferred with Belgium’s oldest and most important national honour titled: “The honorary distinction of Officer in the Order of Leopold.”

The entrepreneur made the disclosure via his verified Twitter handle. The award is said to be in recognition of his commitment to the eradication of poverty & the economic empowerment of young Africans.

Elumelu tweeted, “Last night, the Kingdom of Belgium conferred on me with the honorary distinction of Officer in the Order of Leopold, the country’s oldest and most important National Honour.

“I am humbled by this recognition of the work @TonyElumeluFDN in catalysing entrepreneurs across Africa and will continue to drive the economic empowerment of our brilliant young #Africanentrepreneurs to propel development in Africa.”

What you should know

Themoneymetrics  had earlier reported that Tony Elumelu had been named in “Times 100” list of 100 most influential people in the world 2020.

Why it matters

The latest award, amongst others, is in recognition of his commitment to the eradication of poverty and the economic empowerment of young Africans.

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Business

FG to sell Geregu, Omotosho and Calabar power plants for N434 billion

The Federal Government has mapped out some of its power plants for sale and to concession some assets in 2021.

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The Federal Government announced that it will sell the Geregu, Omotosho and Calabar power plants for N434 billion in 2021. The FG also disclosed plans to concession major sports stadiums across the country.

This was disclosed by the Bureau of Public Enterprises (BPE) in its 2021 Budget Defence in Abuja, reported by Vanguard.

Geregu Power Plant would be sold for N140.7 billion, Omotosho Power Plant N151.4 billion and  Calabar Power Plant N143.4 billion, the BPE said.

Senator Theodore Orji, member of the Senate Committee on  Privatization and Commercialization disclosed that Geregu is already majority-owned by private investors.

“We also found that in Geregu Power Plant, the core investor already owned 51% shares and that the transaction emanated from a request by the investor for additional 29% of FGN residual 49% shares,” Orji told the BPE

The Government also announced plans to concession some sports and entertainment infrastructure next year including the National Stadium, Lagos, Moshood Abiola Stadium, Abuja, Jos International Stadium, Adokiye Amiesimaka Stadium and the National Art Theatre

What you should know  

Our source reported in 2019 that  Femi Otedola, revealed plans to shift focus to power generation with a planned investment of up to $1 billion into Geregu Power Plc.

Chief Executive Officer, Geregu Power Plc, Akin Akinfemiwa, told our source  in June that they have invested the sum of 100 million dollars (USD) to carry out a major overhaul not only to ensure that the three turbines were operational at the nameplate capacity of 414MW but also to add an extra 21MW to bring the total nameplate and available capacity to 435MW.

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3000 participants projected to grace Diaspora Investment Summit

The Summit will hold its third edition with the theme: “Post-COVID-19 Economic Resurgence: Targeting Diaspora Investment.”

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At least 3000 participants are projected to grace the upcoming Nigerians in Diaspora virtual Investment Summit holding from Nov. 20 to 21, according to Abike Dabiri-Erewa, CEO/Chairman, Nigerians in Diaspora Commission (NiDCOM).

What you should know

The Diaspora Virtual Investment Summit is organized by NIDS, a private sector-driven initiative in collaboration with NIDCOM and Nigeria Diaspora Summit Initiative. This is the third edition with the theme: “Post-COVID-19 Economic Resurgence: Targeting Diaspora Investment.”

This year’s edition is virtual owing to the global pandemic, so the participants are expected to register online. Mrs. Dabiri-Erewa shared the registration link on her Twitter handle.

What they are saying

According to a report by the News Agency of Nigeria, Mrs. Abike said:

“The biggest advantage is that participants are free to attend from anywhere in the world.

“This virtual summit is aimed at creating an avenue for prospective, meaningful and sustainable diaspora investment to be relied upon to boost economic growth in Nigeria.

“The virtual summit will also showcase the investment opportunities and the developmental framework put in place to make investing in Nigeria more attractive to Nigerian Diaspora investors.

“The aim is to establish a platform where Diaspora investors can interact with potentials, sponsors, partners and collaborate with government; they will also direct round-table deals for mutual benefits.

“We are also expecting financial intermediaries and stakeholders who have an interest and commitment to the resurgence and revival of the Nigerian economy, with particular regard to its diversification to enhance attractiveness.

“This summit will strengthen participants’ profile, expand their network, show-case practice, products and services at a virtual conference with potential government actors.

“We project that 3,000 participants will be joining this investment summit. Participation is free. However, pitchers looking for investors are asked to pay N15,000.”

Why it matters

The event is expected to attract diaspora investors from the healthcare, education, agric-business, creative, sports and entertainment, telecom, ICT/fin-tech and manufacturing sectors, with participants taking through exhibition halls all in a bid to maximize growth potentials in the aforementioned sectors.

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