News

Adesina urges more Japanese investment in Africa at AIF

Published

3 weeks ago

November 10, 2023

The African Development Bank (AfDB), has called for more Japanese investments in Africa to harness the continent’s huge potential.

Dr Akinwumi Adesina, AfDB’s President, said this on a sideline event, “Boosting Africa’s Growth with Japan: From Start-ups to Major Companies”, at the ongoing African Investment Forum in Marrakesh, Morocco.

Adesina said: ”I met with some of the largest corporations in Tokyo to encourage them to make more significant investments in Africa. Several of them are well-known brand names in Africa.

“Africa needs more venture capital and private equity funds to tap into Africa’s huge potential. And Japan is paying attention.

“The Government of Japan strongly supports the growth of the private sector in Africa. This is clearly shown by the strong commitment of the Japan International Development Agency (JICA).

“It has provided 5.8 billion dollars towards the Enhanced Private Sector Assistance for Africa (EPSA) in partnership with the AfDB.

“Through strong public and private partnerships, we look forward to much faster growth of private investments by Japanese companies in Africa.”

According to Adesina, the Association of Japanese Corporate Executives, Keizai-Doyukai, is at the forefront of mobilising and galvanising investment interests from Japan to Africa.

He said the Chief Executive Officer (CEO) of Shibusawa and Company Inc., Mr Ken Shibusawa, had inaugurated a 100 million dollar impact fund for investments in Africa.

“Japanese businesses see Africa as a good investment destination.

“A 2020 survey of Japanese companies by the Japan External Trade Organisation (JETRO) found that 48 per cent of Japanese businesses indicated interest in expanding their businesses in Africa.

“About 45 per cent would like to maintain the scale of their businesses in Africa. In addition, 46 per cent see the African consumer market as promising.
“While 43 per cent indicated that they see infrastructure, natural resources, and energy as promising business investment areas,” he said.

Adesina said Toyota Tsusho’s investment in automobile factories in South Africa generated 7.5 billion dollars in revenues in 2022.

He said that Komatsu, the giant equipment company, generated revenue of one billion dollars in 2020 in Africa.

Adesina said Mitsubishi Corporation and Hitachi had been investing in energy in Africa since the early 20th century, adding that they knew Africa well, and had kept on investing.

“Today, the successes of large Japanese companies are spurring a new generation of young Japanese who are also turning their eyes to venture capital and private equity funds in Africa.

“These are to support small and medium-sized enterprises. Japanese companies in Africa increased from 520 in 2010 to 900 in 2020.

“In Ghana, Degas Ltd, a start-up established in 2018, supports farmers with satellite data analytics.

“Kepple Africa Ventures, another start-up, has raised 43 million dollars and is investing along with African private equity funds in 100 seed-stage start-ups in 11 African countries.

“They hope to reach a fund size of 100 million dollars by 2023. The Uncovered Fund, founded only in 2019, also invested in 26 African start-ups.
The sum of these testimonials is that Africa is bankable,” Adesina said.

AIF is where bankable projects in Africa meet with investors; investors meet with Heads of State and Governments in investment board rooms.
It is also where comfort is given to investments, where risks are managed and where deals are closed remarkably.

AIF, founded in 2018, is a multi-stakeholder platform that has become the continent’s premier investment platform.
It is a flagship initiative of the AfDB Islamic Development Bank.

It has the European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Corporation and Africa 50 as its Founding Partners.

News

Gov Akeredolu Releases N1bn For Retired Teachers, LG Workers In Ondo

Published

3 hours ago

December 1, 2023

Alero Danjuma

Governor Rotimi Akeredolu of Ondo State has flagged off the payment of N1bn as a gratuity to teachers and local government workers who retired in 2011.

Akeredolu, who was represented by his Special Adviser on Union Matters and Special Duties, Mr. Dare Aragbaiye, said the N1bn was sourced from the October allocation from the federation account.

He said the payment of N1bn marked a gradual defrayment of the backlog of gratuity arrears for retirees of Local Government and Primary school teachers.

According to him, “another tranche would soon be paid within the first quarter of next year.

Some pensioners who retired in 2012 were paid, while those the government termed distressed benefitted from the N1bn payment.

The governor said that his administration has fully paid all outstanding salaries and pensions, including the allowances of all retirees left by the previous administration.

“We want to make sure pensioners in the state do not suffer anymore. We are making efforts to rid our communities of miscreants and criminals, as well as those who engage in cult-related activities in our dear state.

“The State Government is continually committing enormous resources to strengthening the Amotekun Corps in terms of equipment and human resources.

“This is in addition to the provision of funds and other logistical support to other sister security agencies operating in Ondo State. Our government cannot tolerate a situation where our citizens cannot conduct their daily businesses in a safe environment.”

The Commissioner for Local Government and Chieftaincy Affairs, Hon Takuro Amidu, said the payment of the gratuity was initiated by Governor Akeredolu by ensuring that some money was saved every month.

Amidu said that Governor Akeredolu was poised to take care of senior citizens.

Some of the pensioners said it was suicidal for them to survive 12 years without collecting their gratuities.

Many of them said that they would use a chunk of the money to pay accumulated debts.

One of them, Chief Ojo Samuel, said it was difficult for him to cope with life situations after he retired and his gratuity was not paid.

“We thank God we are alive to collect and enjoy our benefit.”

The chairman of pensioners in Ondo State, Johnson Osunyemi, said the payment of N1bn was a reassurance that the governor would do more for them.

Osunyemi said pensioners have not witnessed such a good gesture in the state.

News

Gunshots At NANS Convention In Abuja, Seyi Tinubu Accused Of Imposing Candidate

Published

1 day ago

November 30, 2023

Desmond Ukafor

Gunshots In Abuja At Nigerian Students, NANS Convention As Seyi Tinubu Allegedly Plots To Impose 48-Year-Old Candidate As President

Heavy gunshots on Wednesday rocked the vicinity of the old parade ground in Abuja, venue of the national convention of the National Association of Nigerian Students (NANS), according to videos obtained by SaharaReporters. 

NANS, the umbrella body of students of tertiary institutions in Nigeria, is currently holding a convention to elect a new set of national leaders.

A source, who spoke to SaharaReporters, said some students sustained wounds from the gunshots and machetes after thugs loyal to a candidate said to be the preferred choice of President Bola Tinubu’s son, Seyi, began attacking opposition delegates.

The thugs were said to have been led by one Sunday Asefon, recently appointed as the Senior Special Assistant to President Bola Tinubu on Students Engagements.

SaharaReporters had earlier reported how students and stakeholders kicked against the candidature of one Lucky Emonefe, a 48-year-old citizen, as president of the association.

Emonefe, who has been parading himself as Seyi’s preferred choice left the College of Education, Warri, Delta State 20 years ago (2003).

It was learnt that some politicians had raised millions of Naira to influence the ongoing election and support his candidature.

“It’s extremely shameful to see old men who should rather be more concerned about the lives and welfare of their wives and kids fighting for positions in the National Association of Nigerian Students (NANS),” a student had said.

“Imagine someone who left the College of Education since 2003, about 20 years ago is now planning to become President of the association due to selfishness of some people working with politicians.”

Another student added, “This same old man, his wife is a serving councillor under PDP in Delta, she is serving her second tenure, so you can guess his age. He is supported by the Delta State Government machinery over this.

“But in Abuja, he is claiming to be an APC member after racketeers led by Asefon collected millions of Naira from him and sold him to Seyi Tinubu as APC candidate for NANS President. Now they came here and started shooting anyhow and attacking delegates who are not in Lucky’s support.”

About seven other aspirants are contesting to be President of the students’ association.