Economy
Zenith Bank GMD Canvasses Increased Impact Investing in Africa
Mr Ebenezer Onyeagwu, Group Managing Director/Chief Executive Officer, Zenith Bank Plc, has called for increased impact investing in Africa, to enable the continent achieve its full potentials.
A statement by the bank issued to newsmen on Sunday, in Lagos, said Onyeagwu made the call in a keynote address at the Africa Investment Risk and Compliance Summit 2021, organised by the Emerging Business Intelligence and Innovation (EBII) Group on July 30 at the University of Oxford, U.
K.Onyeagwu, whose address was entitled: ‘Leveraging Impact Investment Opportunities for Growth in Africa’, described impact investing, as an investment that yielded optimal returns for investors.
He further described impact investing as value for all stakeholders and guaranteed continued sustenance and existence of humanity.
Onyeagwu decried the shallowness of Africa’s financial market as depicted by the fact that no African exchange was among the Morgan Stanley developed markets index, except for two in Egypt and South Africa, in the MSCI Emerging Markets Index, and only six African exchanges in the MSCI Frontier Market Index.
The Zenith bank’s CEO noted that although the International Finance Corporation (IFC) estimated that the global investors’ appetite for impact investing could total as much as $26 trillion, only approximately eight per cent of the assets of impact intent funds, were focused on Africa.
This is not significant enough, he said, adding that Africa appeared to be in the room, but not on the table, considering the fact that Africa was in dire need of investments, especially in the light of the continent’s 1.3 billion people representing about 17 per cent of the global population of about 7.8 billion.
Onyeagwu cited the immense opportunities in Africa that represented enormous investment propositions for discerning investors, including the huge population, large market, active labour force and the rich natural endowments.
He described Africa as “the new frontier” for global growth; making a case for increased impact investment in the continent because of its investment opportunities in agriculture, healthcare, housing, infrastructure, electricity, and the creative sectors.
Onyeagwu exuded optimism on the coming into effect of the African Continental Free Trade Area (AfCFTA) initiative, noting that this would create a single, continent-wide market for goods and services, business and investment, granting investors access to the entire continent.
The Zenith bank CEO also called the attention of investors to Africa’s rich natural endowments, which included 60 of the world’s uncultivated arable land that had enormous potentials for organic food production, and nine per cent of the world’s freshwater bodies.
“Therefore, I implore investors in the agribusiness value chain to focus attention on Africa for organic food production, instead of genetically modified food in other climes.
“As a socially responsible organisation, Zenith Bank continues to promote impact investment in Africa.
“For example, the bank has maintained strong advocacy for investment in Africa through its flagship sponsorship of “Inside Africa” on CNN for 16 consecutive years.
”This is helping to highlight the immense creativity and talent that abound on the continent and the enormous investment opportunities.
“The bank leverages its in-depth knowledge of the African market to guide investors and hedge their exposures,” he said.
In addition, he said the bank had been on a steady Environment, Social and Governance (ESG) investment journey.
Onyeagwu then called for a paradigm shift, as Africa remained work in progress and leaders in the public and private sectors must not despair, rather they should champion the changes they want to see, by paying close attention to responsibility and accountability in leadership.
He called for the de-risking of Africa through reforms, improved ease of doing business, respect for the rule of law and sanctity of contract and human capital development.
Onyeagwu expressed satisfaction with the several reforms of the Federal Government, including the Road Infrastructure Tax Credit Scheme (RITC) and the establishment of the Rural Electrification Agency’s (REA).
In particular, he lauded the Rural Electrification Fund (REF) and the Infraco Plc, among other development finance initiatives of the Central Bank of Nigeria. (NAN)
Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.
Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.
Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.
He said that the ministry was already collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.
“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.
Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.
“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.
“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.
He further said that the Federal Government was working on developing a national policy on marine and blue economy.
“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.
In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.
Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.
“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.
Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.
Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.
“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.
“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.
The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.
Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (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)
Uba Sani Attends Christmas Carol, Maulud to Strengthen Muslim-Christian Unity
Share By Nasir Dambatta Governor Uba Sani has once again underscored his commitment to fostering unity among Kaduna’s diverse religious...
Fury Fails in Revenge Mission Against Usyk
Share Tyson Fury’s mission to avenge his only professional defeat ended in crushing disappointment Saturday evening as he lost on...
Abuja Stampede: Wike Directs Free Treatment for Victims
Share Federal Capital Territory (FCT) Minister, Nyesom Wike has directed government hospitals to provide free treatment to the people that...
NDA Records Successes in Military Training, Academics in 2024
ShareThe Nigerian Defence Academy (NDA), says it has recorded a lot of successes in military training and academic activities in...
Corps Member Donates Delivery Kits to Pregnant Women in Katsina
ShareA Corps member serving in Katsina State, Blessing Ene-Ameh, has distributed free delivery kits to 50 pregnant women in Mani...
FUSHO Ag VC Promises Collaboration with Lydia Memorial Hospital
ShareBy David Torough, Abuja The Acting Vice Chancellor of the Federal University of Health Sciences, Otukpo (FUHSO), Prof. Stephen Abah...
PenCom Issues Over 38,000 Pension Clearance Certificates – D-G
Share The National Pension Commission (PenCom) on Thursday said it had issued over 38,000 Pension Clearance Certificates (PCC) so far...
Bill to Rename Benue Varsity Passes Second Reading
ShareThe bill to rename the Benue State University (BSU), Makurdi, after the second civilian governor of the state, Rev. Fr...
Benue Assembly Summons Former Special Adviser on Missing N1.78bn
Share The Benue House of Assembly presided over by its Speaker, Hyacinth Dajo has summoned the former special adviser to...
Buhari Once Rejected Land Offer During His Tenure- Garba Shehu
Share Former President Muhammadu Buhari once rejected an offer of land in the Federal Capital Territory (FCT) during his tenure....