Economy
2023 Economic Summit: Ondo Targets Highlighting Capacity, Attracting Investors – Official
The Ondo State Government, on Wednesday, said the forthcoming economic summit in the state was aimed at highlighting it capacity in energy, natural resources, blue economy, agriculture and tourism for investors.
The Commissioner for Energy and Mineral Resources, Mr Razaq Obe, said this at a news conference to herald the investment summit tagged: “Develop Ondo 2.
0,” in Akure.The commissioner listed some of the areas as blue economy, tourism, energy, natural resources and agriculture.
Obe, who doubles as the chairman of the organising committee for the summit, disclosed that the state was targeting investors who would explore the untapped natural resources in the state.
He explained that the deep seaport, which the state had got the licence to build and operate, was one of the major sectors the state was yearning to engage investors who would partner with the state to build.
The commissioner said that the summit, to be declared open by President Bola Tinubu, will witness the assembly of financial experts, scholars and captains of industry in Akure.
According to him, the assemblage of eminent scholars, financial experts, industrialists and government officials will rub minds on the theme: “Developing Possibilities” from July 24 to July 26.
Obe explained that the focus of the summit was to attract investment into the state and also help build the local cottage industries as well as mop up the unemployment market.
Speaking on the desire for investment in energy sector, the commissioner said the current administration understood the importance of human capital development in sustaining economic growth.
“Ondo State has prioritised investments in education, skills training and entrepreneurship programmes to empower our youth and equip them with the necessary tools to succeed in the global economy.
” By nurturing a skilled workforce, we aim to provide a competitive advantage to investors and ensure long-term sustainability.
“We are going to exploit the new bill on power assented to law by President Bola Tinubu, which granted right to states to generate and distribute power for the development of our state.
“Though we already have communities which are enjoying power supply from solar mini grids, we are going to engage more investors in the sector.
“This will help us in sustenance of existing and new industries that berth in the state.
“Our cottage industries also would experience boost and more would spring up as well as resuscitating moribund ones,” he said.
Obe said that with the investment summit, the state would acquaint the investors with list of opportunities that abound in the state, noting that doing business in the state had become easy as bureaucratic bottlenecks had been removed.
“We will present an array of investment opportunities across various sectors. From agriculture to manufacturing, tourism to technology, renewable energy to infrastructural development.
“Ondo State offers a diverse range of sectors where investors can harness the untapped potential and contribute to the growth of our economy.
“Ondo State is blessed with abundant natural resources, including vast arable land for agriculture, solid minerals, and a significant coastline for maritime activities and tourism.
“We encourage potential investors to explore these sectors which hold immense opportunities for sustainable development, employment generation, and wealth creation,” he said.
Obe said that the European Union, United Nations Development Programme (UNDP), Brevity Anderson, among others were partnering with the state in the investment drive. (NAN)
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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