Economy

Mbah rallied foreign investors towards a $30 billion economy

Published

2 years ago

November 28, 2022

Mbah rallied foreign investors towards a $30 billion economy

The governorship candidate of the Peoples Democratic Party, PDP, in Enugu State, Dr Peter Mbah, has rallied foreign governments and investors towards the exponential growth of the state’s economy from the present $4.4 billion to $30 billion in eight years.

Mbah also said that his administration would make skills and vocational education compulsory for all indigenes and residents of Enugu State from the age of 12 to effectively address the challenge of unemployment and service the planned economic growth.

He made this known during the official opening of the Geoffrey Okoye University–European Business Park and Centre for Practical Skills (CPS) at Ugwuomu, Nike, Enugu.

Speaking at the event, which had in attendance the Ambassador of Hungary to Nigeria, Mr Thomas Schlesinger; Minister Counsellor of Germany in Nigeria, Mr Martin Huth; Country Director of the German Agency for International Cooperation, Mr Markus Margner; Executive Secretary, National Universities Commission, Prof. Abubakar Rasheed; Bishop of the Catholic Diocese of Enugu, Most Rev. Callistus Onaga, among others, Dr Mbah said the initiative was in sync with his plans catalyse skill and vocational education and de-risk investment inflow and make Enugu State a preferred destination for investment, for business, and for living

He said: “My joy in being here stems largely from the fact that what we are doing here today is everything we had proposed in our manifesto to the people of. One of the ways to de-risk investment flows to Enugu stated is to work with centres like this because, in our development plan, it is well captured that we are going to have a lot of skills acquisition, technical, and vocational education across many locations in the state.

“One of our strategic plans is the transition of Enugu from a public sector-driven to a private sector-driven economic growth.

“Our goal is that in the near future, this CPS and indeed the European Business Park would constitute one of the hubs for the emergence of small and medium scale businesses in our state.

“We have therefore proposed a humongous vision to the people of Enugu State that we are going to grow our economy from the current $4.4 to $30 billion. Such a proposal was tagged as crazy when the such proposal was made, the reason being that in the last 21 years, we have only marginally grown the economy, and here we are saying we are going to have an exponential growth from $4.4 billion to $30 billion in eight years.

“Again, we want to create an environment for the private sector to thrive. So, we simply said that our mission is going to make Enugu State the preferred destination for investment, for business, and for living. So, we understand clearly that as a government, we are going to have to de-risk investment flow by the private sector into Enugu.

“We understand the need for businesses because we are also coming from that background and we know that skills and labour are one of the key indicators for the Ease of Doing Business in any community, he stated.

He added that “Made-in-Enugu” products would serve both domestic and foreign markets and would address the problem of unemployment, eradicate poverty, and also create opportunities for investors to explore other areas such as the new energy and mineral resources sector his soon-to-be administration is exploring.

On compulsory skills and vocational education, Mbah said: “Beyond just saying that we are going to have technical and vocational education for our young people, we are actually going to work with the House of Assembly to create a legislative framework so that it will be mandatory for every Enugu citizen, for everybody living in Enugu, who is up to the age of 12, to begin to have access to technical and vocational education. The objective to make sure that at some point, we would not have an 18-year-old who tells you he or she doesn’t have a job.

“We believe that with the establishment of a skills centre like this, our unemployment rate will drop drastically. We must ensure that this Centre is singled out for recognition because this is what we do hope to replicate as a government across different locations in the state.

“What this Centre has done is to bring our tomorrow closer to us today, which is in sync with our tagline, tomorrow is here; and indeed our tomorrow is here because we no longer have room for procrastination. We can no longer wait. We have to hit the ground running”.

He also lauded the management of the university led by Vice Chancellor of Geoffrey Okoye for its “doggedness and excellence” in the management of the laudable projects, assuring that his administration would continue to partner with institutions to produce responsible, wealth-creating young men and women that will be useful to the world.

On his part, an international energy investor from Europe, Mr Jens-Christian Moller, expressed confidence in Mbah’s ability to achieve the “ambitious $30 billion dollars economy”, adding that his company would be willing to invest in the state once he is elected.

He said the European contingent was interested in training Enugu people in Europe and bringing them back so that they could replicate the technical know-how and other skills in their home state.

Mr. Moller said what Mbah intended to achieve in the state was quite ambitious, but accomplishable, noting that it would take extra effort to achieve seven times the current gross domestic product (GDP) in the state.

He said he was impressed listening to him marshal his blueprint, assuring that he would be partnering with the state under Mbah’s leadership once the right framework was made available.

According to him, they were ready to create thousands of jobs by engaging Enugu youth in vocational training, to be world-class engineers and help them work globally, especially in the area of electricity generation where they could live in Africa, pay their taxes in Africa and earn their income abroad.

In his intervention, the Danish Consulate General in Nigeria, Per Christensen said they had their corporate investments and activities in Lagos state and one in Northern Nigeria, stressing that with the right policies, they were willing to have one in Enugu State to serve Eastern Nigeria as they had no corporate investments in the region yet.

The Consul General further said he would be glad to come back to Enugu State if Mbah is elected to discuss further on how they could come in with their investments.

Speaking at the event, the Director-General of the International Centre for Migration Poicy Development (ICMPD), Dr. Michael Spindelegger, said that the CPS and Business Park opened in the university was a unique collaboration meant to bring together migration expertise, a local university and the private sector to open up prospects for the local population, business location and companies, in order to attract small and medium-sized enterprises to Nigeria with its large and growing market of over 220 million people.

Meanwhile, Monsignor Prof. Obiora Ike, who is also a professor of Ethics and Intercultural Studies at Godfrey Okoye University, described Dr Mbah as God-sent.

“Dr. Mbah is not a politician. He is a technocrat; and at certain points, we need a technocrat, who comes to salvage the society”, he stated.

Speaking earlier, the Vice Chancellor of the university said the programme was possible because of their uncanny innovation and commitment where they were able to transform a jungle to a Catholic University, and to a GO Uni-European Business Park and Centre of Practical Skills.

Economy

CBN, IFC partner to boost Nigeria’s local currency financing

Published

3 weeks ago

October 28, 2024

Matthew Eloyi

The International Finance Cooperation (IFC), a member of the World Bank Group, and the Central Bank of Nigeria (CBN) have signed an agreement to increase local currency financing.

According to a statement by CBN’s Acting Director, Corporate Communications Department, the agreement is to enable private businesses in Nigeria to grow and thrive.

Sidi-Ali said that IFC aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing more than one billion dollars in the coming years.

She said that those priority sectors included agriculture, housing, infrastructure, energy, small and medium enterprises and the creative and youth economy.

“Many of these sectors require local currency financing, and IFC’s partnership with the CBN is a key tool in expanding access,” she said.

“The partnership will allow IFC to manage currency risks and increase its investment in the Nigerian Naira across priority sectors of the economy,” she said.

Meanwhile, the CBN Governor, Yemi Cardoso, said that this pioneering initiative would unlock much-needed long-term local currency financing for private businesses in Nigeria at economically viable rates.

“This collaboration marks significant progress in the
CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programmes.

” It will serve as a catalyst for economic growth and advance the Federal Government’s agenda for economic diversification,” he said.

According to Makhtar Diop, IFC Managing Director, expanding access to affordable local currency financing for small businesses in Nigeria is
essential for IFC to address the increasing demand for diverse funding options and to better manage currency risk.

“Our partnership with the CBN will enhance lending in Nigerian Naira, fostering economic growth and creating jobs across the country,” he said.

Diop said that with an active portfolio of investments in Nigeria of up to 2.13 billion dollars —the second highest in Africa—local currency financing is a key priority for IFC.

He said that the corporation would continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets.

The News Agency of Nigeria (NAN) reports that the IFC is the largest global development institution focused on the private sector in emerging markets.

It work in more than 100 countries, using its capital,
expertise, and influence to create markets and opportunities in developing countries.

In fiscal year 2024, IFC committed a record 56 billion dollars to private companies and financial institutions in developing countries.

It leverages on private sector solutions and mobilising private capital to create a world free of poverty on a livable planet.

Business

ACCI moves to promote business connections, balance work-life

Published

1 month ago

October 16, 2024

Matthew Eloyi

ACCI moves to promote business connections, balance work-life

The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.

The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.

Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.

He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.

“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.

“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.

“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.

“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.

According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.

“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.

“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.

“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.

“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.

The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.

Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.

He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.