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AfDB mobilises $31bn investment interest

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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.

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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.”

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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.

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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.

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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.”

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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.

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“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.

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“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.

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“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.

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“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.”

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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 News Agency of Nigeria (NAN), reports that the AIF platform has mobilised more than over 100 billion dollars in investment interests since its inception in 2018.

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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

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Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.

The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.

One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”

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Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.

Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.

A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”

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Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.

The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.

The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.

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NEPZA, FCT agree to create world-class FTZ environment

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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.

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Benue IDPs block highway, demand return to ancestral homes

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Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

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Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

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Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

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