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Foreign Investments: Osinbajo Canvasses Reposition Of Africa’s Economy

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Vice President Yemi Osinbajo has called on Africa to reposition its economy in the direction that will attractive investors because investment depends on the advantages derivable.
Osinbajo made the call while interacting with a committee of African Ambassadors to Indonesia led by the dean of the group, Ms Alice Mageza of Zimbabwe, on the sideline of his two-day working visit to Jakarta.
The Ambassadors include those of Egypt, Ethiopia, Algeria, Libya, Morocco, Mozambique, Somalia, South Africa, Sudan and Tunisia.
Spokesperson to the Vice President on Media and Publicity Mr Laolu Akande, disclosed this in a statement made available to The Tide source on Tuesday in Abuja.
The statement quoted Osinbajo as saying that Africa’s indices of having the lowest integration statistics as well as the lowest GDP ratio can only be reversed by preparing the continent for quality investments that will benefit the people.
The vice president, who was responding to questions from the Ambassadors on the future of Africa’s economic prosperity, said, “the quality and quantum of potential investors in Africa is huge.
“But that the way that such investments will go will depend on the advantages that the investors get from investing in such economies.
“We in Africa must prepare our economies in that direction that attracts such huge and qualitative investments. It is for us to push and we must push:, he said.
On the kinds of investments that Africa desires, Osinbajo said Africa must focus on the manufacturing sector.
He noted: “the most important thing for Africa is that whoever wants to invest in our countries should start in manufacturing.’’
He, however, urged African diplomats in Indonesia to work together in the quest for attracting investment opportunities to Africa.
Osinbajo said, “if you negotiate together, it is probably going to be more effective than if we negotiate separately.’’
Earlier, Vice President met with Indonesian business leaders under the auspices of the Indonesian Chamber of Commerce and Industry, where he stressed the need for Indonesian companies to increase their investment portfolios in Nigeria.
“Nigeria would like to see more Indonesian companies invest in the manufacturing sector even though there are quite a few activities going on in Nigeria; there is also room for more collaboration and cooperation.
“The opportunities in the various sectors comprising oil and gas, manufacturing are huge because the major incentive lies in the market, the Nigerian and the West African markets.’’
Giving an overview of ongoing projects in Nigeria and collaborations between Indonesian and Nigerian businesses, Osinbajo said Nigeria would need a rolling stock in its railway revitalisation project.
He outlined the various incentives given by the Federal Government to attract investors into Nigeria as government’s efforts at increasing foreign exchange availability through the NIFEX market.
Others he said include approval of pioneer status for some category of companies to enjoy a range of incentives; establishment of special economic zones; initiatives to increase foreign exchange availability and opening up of marginal fields.
Earlier, some members of the Indonesian Chamber of Commerce and Industry also expressed concern about the declining value of the Indonesia-Nigeria trade which currently stands at $1.70 billion dollars from $3.18 billion in 2012.
The chairman of the Indonesian Chamber of Commerce and Industry, Mr Rosan Roeslani said, “being the 15th largest economy in the world, Indonesia through its investors is desirous of increasing its portfolios to levels that justify Nigeria’s position as the country’s biggest trading partner in Africa.’’
He said Osinbajo’s visit to Indonesia and meeting with the business leaders are strong indications that Nigeria is ready to take her pride of place among Indonesia’s biggest trading partners in the world.

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NIGCOMSAT Seeks Policy To Harness AI Potentials 

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The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.

Corlins Walter

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We Have Spent N1bn On Electrification -LG Boss

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The Chairman of Emohua Local Government Council, Chief David Omereji, has said  the council has so far spent over N1 billion  for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure  peace and development of the LGA.
According to him,  the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained  that all that have been achieved  were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that  his  works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while  advising critics of his government to do so constructively with facts and figures.

King Onunwor

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Ogoni Rejects NNPC-Sahara  OML11 Deal … Wants FG’s Intervention

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The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and  MOSOP  leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.

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