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American companies ready to invest in Nigeria – Blinken
American companies ready to invest in Nigeria – Blinken
The US Secretary of State Anthony Blinken has assured of the country’s companies’ readiness to partner with and invest in the Nigerian economy.
Blinken, who is on an African tour, made the remark in Abuja during his visit to President Bola Tinubu at the Presidential Villa.
“American entrepreneurs and companies are ready to partner and invest in Nigeria, particularly in the tech sector,” he said while briefing the press after he met with Tinubu at the State House in Abuja
“We have tech giants that have teamed up with Nigerian partners to help meet President Bola Tinubu’s one million digital jobs initiative.”
“Our tech entrepreneurs are fostering Nigeria’s next start-ups and our venture capital companies are working to finance them,” Blinken added, saying American firms are also working to broaden internet access in the West African country.
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“So, we want to work in partnership to drive Nigeria’s tech revolution,” he said.
‘Opportunities for Real Investors’
Despite the promises investing in Nigeria holds, the US diplomat is aware of the challenging business environment in the country.
Nigeria remains one of the lowest ranked on Transparency International’s widely watched corruption perceptions index. Tackling this and also creating a better business environment, Blinken believes, are key to unlocking the Nigerian economy.
“Nigeria offers real clear competitive opportunities for real investors. But at the same time, I think it is no secret that there remain long-term challenges to unlock its full potential,” he said.
He maintained that “tackling corruption and making it easier for companies to repatriate capital” is essential for Nigeria to attract foreign investments.
Tinubu, who took office last May, has repeatedly called for patience to allow his reforms to take effect after ending a fuel subsidy and freeing up the naira currency — policies the government says will bring more foreign investment despite the short-term austerity they cause.
The moves have been praised by investors. But they have also led to a sharp fall in the naira’s value against the dollar, and access to foreign currency in Nigeria remains a major problem for foreign companies.
Blinken said while the impacts of these reforms might be harsh on the people, the US will continue to support Nigeria to cushion the effects.
American companies ready to invest in Nigeria – Blinken
News
Yahaya Bello govt spending third term in office through Ododo – Clark
Yahaya Bello govt spending third term in office through Ododo – Clark
Elder statesman, Chief Edwin Clark, says the former Kogi State Governor, Yahaya Bello, administration was nothing to write home about.
This is even as he asked the embattled former governor to surrender himself to the authorities.
Bello has been in the news for days on end over money laundering and financial impropriety.
He was declared wanted after he evaded the economic and financial crimes commission (EFCC) who had stormed his Abuja residence to apprehend him.
Speaking on Bello’s time as the governor of the middle belt state, Clark, who is the leader of the Pan Niger Delta Forum, PANDEF, stated that state sponsored violence, corruption, civilian repression and political killings were rife when Bello was in office.
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Clark also pointed out that Bello is still running the show in Kogi state as he is currently spending third term in power through the incumbent governor, Ododo, who he planted in office.
“Yahaya Bello is just being stubborn. He has been living very very rough…having a very rough government, corruption, killing of people in the place during elections and so on,” Clark said during an interview on Arise TV on Thursday.
“There’s time for everything and it has come for him to answer questions. He should go to court. He should go to court to answer the substance of the case, where did he get the money from?
“Is it true or not that the money he paid to the American school belongs to him or belongs to the government of Kogi State?
“The behaviour of the new Governor shows Yahaya Bello is in power for the third time. Ahmed Ododo is just running after him.
“I just want to plead with Ododo to do the needful so that the youth in this country will have something to fall upon.”
Yahaya Bello govt spending third term in office through Ododo – Clark
News
‘Unfounded accusation’ – Obi slams Umahi over instigation of Igbo against Tinubu claim
‘Unfounded accusation’ – Obi slams Umahi over instigation of Igbo against Tinubu claim
Labour Party presidential candidate in the 2023 general elections, Peter Obi, says he is not in the business of whipping up ethnic sentiments or amplifying Nigeria’s fault lines to gain socio-political mileage.
Obi said this reaction to comment made by the Minister of Works, David Umahi, at an event on Wednesday on the Lagos-Calabar road project.
Obi has been vocal in his criticism of the road project, calling it a misplaced priority as it is not what Nigeria needs at a time of lean resources and plethora of challenges begging for drastic solution.
Umahi while speaking at the event said Obi’s position on the Lagos-Calabar coastal road project amounted to pitting Nigerians of Eastern extraction, who are majorly Igbos, against the government of President Bola Tinubu.
He also accused Obi of demolishing property without compensating those affected when he was Anambra governor, Obi was inciting South Easterners against the government
“When His Excellency Peter Obi was the governor. He made a statement saying, “Any infrastructure that stands in the way of the road must go. And there would be no compensation paid.” That’s what he said,” Umahi said.
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“And I think he’s inciting some of the South-East people that are not well informed. He is inciting them. And gets them into trouble,” he added
Reacting to Umahi’s allegation of divisiveness and sedition in a statement on Wednesday, Obi opined that he is a preacher of peace and advocate of unity who always wants what is best for the country.
Obi, who described criticisms that he is inciting Igbo against Tinubu’s government as baseless, stated that he won’t wallow in the murky water of divisive ethnic politics like many of his contemporaries and opponents do.
He stated, “My focus is on fostering constructive dialogue and inclusivity, rather than engaging in divisive politics, Claims of incitement are baseless distractions. I have always advocated unity and advancement, refusing to partake in reactionary divisive politics.
“I refuse to be reduced to the level of those who wallow in ethnic politics. Worse still, I have never and can never descend so low as to base my political aspirations on any sectional or ethnic interest.”
The former Anambra governor also said there were no comparisons between the demolition he did when he was governor and what the Tinubu-led government was currently doing.
‘Unfounded accusation’ – Obi slams Umahi over instigation of Igbo against Tinubu claim
News
NDIC jacks up deposit insurance cover from N500,000 to N5m
NDIC jacks up deposit insurance cover from N500,000 to N5m
The Nigeria Deposit Insurance Corporation (NDIC) has announced a significant increase in the maximum deposit insurance coverage levels for Deposit Money Banks (DMBs) and other financial institutions, effective immediately.
During a press conference in Abuja on Thursday, NDIC Managing Director Bello Hassan disclosed, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98% of the total depositors compared with the current cover of 89.20%. In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of the total value of deposits.”
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Hassan further explained, “The increase of the maximum deposit insurance coverage for primary mortgage banks from N500,000 to N2,000,000 would provide full coverage of 99.99% of the total number of depositors and would increase the value of deposits covered by deposit insurance to 43.10% of the total value deposits from the current cover of 40.60%.”
Additionally, Hassan noted, “The increase of the maximum deposit insurance coverage for subscribers of Mobile Money Operators from N500,000 to N5,000,000 per subscriber.”
NDIC jacks up deposit insurance cover from N500,000 to N5m
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