Business

$500million Domestic Bond Launch: A Bold Step Toward Economic Transformation-Edun

Published

1 month ago

August 16, 2024

In a groundbreaking move, the Federal Government of Nigeria has launched a $500 million domestic bond, marking a significant milestone in the country’s economic reform and development journey.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while unveiling the Series I USD500 Million Domestic FGN US Dollar Bond today in Lagos, stated that the launch was a bold step towards economic transformation poised to attract both local and international investors.

*This historic initiative is aimed at raising a minimum of $500 million from both local and international investors, marking a significant step in Nigeria’s ongoing economic reform and development efforts*, he said

Edun stated further that the bond issuance, which is set to leverage the Nigerian financial system, including the Securities and Exchange Commission, the banking system, and investment bankers, represents a critical effort to attract foreign currency held by Nigerians abroad, as well as other international investors who believe in the macroeconomic reform initiatives spearheaded by President Bola Ahmed Tinubu.

In his presentation at the event, the Honourable Minister emphasized that the financial market thrives on creativity and innovation and that it is essential to encourage investors to participate in this strategic opportunity.

While highlighting the positive outcomes already being seen from the current economic policies, HM Edun noted that government revenue and expenditure have been significantly revamped, and the trade balance is improving.

He informed of the government’s efforts in revitalizing the agricultural sector, which is taking on a new and promising direction.

The Minister informed further of the present administration’s successful interventions to reduce inflation and poverty, such as the removal of levies on food imports and the direct transfer of funds to the most vulnerable citizens. He stressed that this new bond initiative is another crucial step in bolstering Nigeria’s economy.

HM Edun underscored the importance of dollar funding, particularly in stabilizing the exchange rate, which he said is vital for the country’s economic stability.

Addressing the challenges faced by African nations in the international capital markets, the Minister explained that the rating systems often do not favour the continent. In response, he assured that Nigeria aims to take the lead.

With this historic bond launch, the Minister expressed optimism that Nigeria is poised to become a continental financial hub, where other African nations can raise capital and drive economic growth.

Thus, the Honourable Minister’s visionary leadership and commitment to innovation have set the stage for a brighter economic future, especially now that Nigeria has taken the lead in harnessing diaspora savings and driving macroeconomic reforms, the country is well on its way to becoming a continental financial hub, driving growth and prosperity for generations to come

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Business

Climate Change: GIZ Lead Efforts To Boost Collaboration In Africa

Published

3 weeks ago

August 28, 2024

The Gleamer

Mariam Sanni

The German Agency for International Cooperatives ,GIZ has intensify efforts on climate change by announcing the formation of Association of Africa Climate Adaptation Business Network (AACABN) to foster collaboration among African businesses dedicated to climate adaptation.

Dr. Denis Mujibi of Usomi (Usomi) expressed gratitude to the German government, GIZ, and all stakeholders for their support.

He is the first cohort to establish such an association that is also aimed to build on the program’s momentum on climate adaptation.

The association selected Suleiman Dikwa (Green Sahara Nigeria) as Chairman and Dr. Denis Mujibi (Usomi) as Secretary. The Steering Committee comprises four members: Greg Ikwe (Oklan Best Limited), Elizabeth Mbogo (Nazava), Ibukunoluwa Animashaun (FutuX Agri-consult Ltd), and Greg Ikwe (Oklan Best Limited).

GIZ has endorsed this initiative, recognizing its strategic alignment with their objectives to sustain support for climate adaptation businesses and facilitate investment in the sector.

The establishment of AACABN marks a significant step towards creating a unified network of climate adaptation enterprises across Africa, poised to drive meaningful change and innovation.

Similarly , the two-year program, organized by GIZ, aimed at enhancing business modeling and financial linkages for climate adaptation, has successfully come to a close.

The intensive program engaged 13 select African companies from Kenya and Nigeria, with the final segment held at a summer camp in Feldafing, Germany.

The initiative focused on developing sustainable business models, measuring impact, and preparing companies for investment readiness in the climate adaptation sector. Participants underwent diverse training modules tailored to address various sectors, including:Agriculture, Forestry, Climate-smart technologies , Infrastructure, Irrigation, Water, among others .

Through this program, participants gained valuable insights and skills to refine their business approaches and adapt to evolving climate challenges.

During the closing ceremony, the African Climate Adaptation Business Network was formally established,

The Program Head Denise Engel praised the program’s achievements in promoting peer learning and enhancing business models to attract investments.

Inaugural Members of PrivABoo: Arctic, Infrastructure, Botanic Treasures, CoFarms
Ecocycle,FutuX Agri-consult Ltd, Green Sahara, IrriHub, MajiAgri, Nazava,Oklan Best Limited,Peal, Agro., Usomi, Utooni, and White Gold Camel Milk

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