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AfDB Mobilises $31bn Investment Interest
The African Development Bank (AfDB), has drawn 31 billion dollars in investment interest from African and global investors.
In a statement issued by the Communication and External Relations unit of the AfDB, President of the bank, Dr Akinwumi Adesina said this at the 2022 Africa Investment Forum (AIF) Market Days.
The forum ended on Friday.
Adesina commended the forum’s outcomes and the partners’ commitment.
“Despite the challenges, we are not afraid, and neither have we despaired nor lost hope.
“We are excited and committed to a collective goal; accelerating the closure of deals to transform Africa and its investment landscape.”
He said the AIF’s focus was to attract more foreign direct investment to Africa, and ensure the private sector remained the driving force of that transformation.
“The private sector is Africa’s growth accelerator. We must mitigate real and perceived risks and persuade the private sector that investing in Africa is safe,” Adesina said.
Combined with 32.8 billion dollars from the rescheduled 2021 Africa Investment Forum Market Days, the forum has mobilised a total of 63.8 billion dollars of investment interest in 2022.
Islamic Development Bank (IsDB) President, Dr Mohammed Al-Jasser, said the organisation was hopeful that its commitment to the AIF would translate into tangible and measurable outcomes for the benefit of Africa.
Al-Jasser said the IsDB Group was commitment to support transformative African projects, especially those promoting resilience, financial, economic, and social sustainability.
Furthermore, Admassu Tadesse, Trade and Development Bank Group President and Chief Executive, spoke on the value of the “AIF spirit” in doing more to advance and close investments.
Tadesse said: “Notwithstanding ongoing global crises, we have to keep our eye on the ball. We must continue to encourage and enable investment in agriculture and industry, as well as infrastructure.
“Growing our own food and manufacturing more will enable us to trade more. It will lead to less overall greenhouse gas emissions linked to imports from far away.
“In the process also generating more employment and opportunities for our people.”
Also, European Investment Bank President, Werner Hoyer, said the bank was excited to see how the creativity and vision of African innovators were making an impact.
Hoyer said: “Particularly in the area of technology which holds such great potential for Africa’s future”.
Mohan Vivekanandan, Group Executive Origination and Coverage, Development Bank of Southern Africa, said a unique feature of the 2022 forum was that it focused on transactions.
“It’s about the project sponsors, the project developers and how we, as development financiers, help them get their vision implemented to improve the quality of life of Africans.
“And how we promote economic growth, job creation and industrialisation,” Vivekanandan said.
Africa Finance Corporation President and Chief Executive Offcer (CEO), Samaila Zubairu said: “The current global economic challenges indicate the critical need to build Africa’s self-sufficiency by investing in resilient infrastructure.
“Such critical investment is needed to drive Africa’s industrialisation and economic prosperity.”
Moreover, Africa50 CEO Alain Ebobisse said the AIF presented a timely platform to help scale up and speed up investments into Africa.
Ebobisse said attracting new pools of capital into infrastructure would be critical.
“More specifically, Africa’s institutional investors such as pension and sovereign wealth funds must play a critical role and will be the game changers for Africa’s infrastructure development,’ he said.
In addition, Afreximbank President, Benedict Oramah said the AIF reflected the interest and optimism of global investors towards the continent and its opportunities.
“We close, knowing that the AIF, Africa’s largest transactional investment marketplace, continues to be a huge success.
“Moreover, the event serves as a measure of international confidence in Africa’s economic and political development, and the unmatched investment opportunities this is creating,” Oramah said.
Also, the AIF Senior Director, Chinelo Anohu, on her part said, a lot of the successes recorded by the Africa Investment Forum were domiciled in the spirit of the partnership.
Anohu said it was up to the AIF to ensure the continent was “what it ought to be.”
The three-day event, which held in Abidjan, Côte d’Ivoire, attracted the participation of several African heads of states and government.
The event had as theme: “Building Economic Resilience through Sustainable Investments”.
The AIF platform has mobilised more than over 100 billion dollars in investment interests since its inception in 2018. (NAN)
From Joseph Amedu, Lokoja
Governor Ahmed Usman Ododo has charged government officials to remain close to the grassroots and ensure constant engagement with the people, noting that such connection is key to responsive governance. Ododo gave the charge during the State Executive Council Meeting held in Lokoja on Monday.
“We are in government to serve the people, and that means staying connected to their needs and aspirations,” the Governor said. As part of efforts to boost the local economy, the Governor also directed all government officials to wear Made-in-Kogi fabrics as a show of support for indigenous industries. He encouraged Kogites to take pride in local products and lead a cultural and economic renaissance from within. Also Briefing journalists after the meeting, the Commissioner for Information and Communications, Hon. Kingsley Femi Fanwo, said the administration is committed to making governance more visible and impactful. “Governor Ododo is driving a government that listens, learns, and leads from the grassroots. His directive on Made-in-Kogi fabrics is a strategic move to grow our economy and export our identity,” Fanwo said. On infrastructure, Fanwo disclosed that perimeter fencing at the Confluence University of Science and Technology (CUSTECH), Osara is 90% completed, while both male and female hostels have been completed and are already housing students. Similar projects at the Kogi State University, Kabba, are progressing satisfactorily. To improve public safety, the Council also approved a bill to restrict the movement of heavy trucks during peak hours. Another bill was approved for the establishment of the Kogi State Agency for Climate Change as part of a forward-thinking response to global environmental challenges. In a separate briefing, the Commissioner for Finance, Budget and Economic Planning, Mukadam Asiwaju Asiru Idris, announced that the Ododo administration has fully liquidated N98.8 billion in debts inherited from previous administrations within just 15 months. The breakdown includes,N8 billion in bonds from the Idris Wada administration,N50.8 billion salary bailout from the last administration,N10 billion ECA-backed infrastructure loan,N15 billion infrastructure loans from Zenith Bank and another N15 billion from UBA Plc.“This is a landmark achievement. His Excellency Governor Ododo has demonstrated fiscal discipline and commitment to economic recovery. Within 15 months, we have cleared N98.8 billion in inherited debt,” Idris said.He added that Fitch Ratings has upgraded Kogi State’s credit rating from ‘B-’ to ‘B’, with a stable outlook, citing prudent financial management. As of September 30, 2024, the state’s debt profile stands at N40.5 billion, placing it on a strong path to debt sustainability.
France is to ban smoking in public outdoor spaces, including beaches, parks, school zones, bus stops and sports facilities starting July 1 as part of a nationwide effort to protect children.
Health Minister Catherine Vautrin said where there are children, tobacco must disappear.
She added that plans to lower the nicotine content in vaping products and reduce the number of flavours available.
“Anyone who violates the new smoking ban will have to pay a fine of 135 euros (153 U.
S. dollars).“The regulation is to be monitored by the municipal police.
“My goal is both simple and deeply ambitious: to ensure that children born in 2025 become the first smoke-free generation,” the minister said.
The new nationwide smoking restrictions, many of which were already in place at the local level, are designed to support that vision, she said.
However, outdoor seating at cafés and the use of e-cigarettes is exempted from the ban, but young people should no longer smoke outside schools.
The minister said that the size of the area around schools where smoking would no longer be permitted in future was still being determined.
The regulation should also prevent pupils from going outside the building to smoke.
In 2023, 15.6 per cent of 17-year-olds said they smoked, compared to twice as many 10 years earlier.
Smoking remains the leading preventable cause of death in France, responsible for 75,000 deaths annually or more than 200 per day, the health minister added.
Vautrin noted that it has been proven that prevention reduces the risk.
She also noted the economic toll, with cancer costing the country 150 billion euros per year.
Vautrin emphasised that the right to smoke is not being abolished.
“People are free to smoke at home or in designated areas. But that freedom ends where a child’s right to clean air begins.” (dpa/NAN)
Gov. Yahaya of Gombe State has lauded President Bola Tinubu for the implementation of viable social and economic reforms geared towards repositioning Nigeria for sustainable development.
The governor felicitated with the President and his deputy, Vice President Kashim Shettima on the occasion of their second anniversary in office.
Yahaya, in a goodwill message by his media aide, Mr Ismaila Uba-Misilli, said Tinubu’s bold reforms would reposition Nigeria on the path of sustainable growth.
He described Tinubu’s two years in office as those of courage, bold reforms, and purposeful governance under its Renewed Hope Agenda.
“President Tinubu has taken decisive steps to reposition Nigeria on the path of sustainable growth,” he said.
Yahaya said that Tinubu had initiated viable infrastructure development projects such as the Lagos – Calabar Coastal Highway and the Sokoto-Badagry Road, as landmark efforts to bridge developmental gaps and stimulate the economy.
According to Yahaya, these projects, along with other strategic interventions in energy, agriculture, transportation, and the digital economy, are gradually laying the foundation for a more prosperous and resilient Nigeria.
He acknowledged Tinubu administration’s renewed drive to tackle security challenges, describing the intensified campaign against insurgency, banditry and criminality as “commendable.”
Yahaya, who is also the Chairman, Northern Governors’ Forum (NGF), also applauded the president’s inclusive and consultative leadership style, fostering national unity and renewed confidence in governance.
“The Northern region is already feeling the ripple effects of Tinubu’s policies through the improved Federal Government collaborations, increased access to social investments, and targeted empowerment programmes for youths, women and vulnerable groups.”
He further prayed for continued divine guidance, good health and greater wisdom for Tinubu as he steers the nation toward peace, equity and development. (NAN)
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