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Emerging Africa to raise N250bn capital for infrastructure development in Northern Nigeria
Emerging Africa to raise N250bn capital for infrastructure development in Northern Nigeria
By: Michael Mike
African investment banking franchise, Emerging Africa Group (EAG) said it will be raising a minimum of N250 billion capital to finance infrastructure development and Micro, Small and Medium Enterprises (MSMEs) in Northern Nigeria in the next two years.
The Executive Vice Chair of the Company, Mrs. Oluwatoyin Sanni disclosed this at the Opening of the new Abuja Office Complex of EAG which will oversee the operation of the investment bank in the entire Northern Nigeria.
Sanni said the North requires huge financing especially in infrastructure in order to speed up development in the region.
She said: “There can’t be development or growth without adequate infrastructure, so what we aim to do is to help them raise funds (North) for infrastructure development. As we speak, we have gone on four different exercises to raise funds for road development in Niger state.”
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She added that: “So first of all, we offer Northern states opportunity to raise funds from the capital market, by private bonds and notes for all their different infrastructure needs. We are also involved in raising funds for some state-backed initiatives. We also provide Micro and SME finance for these small businesses that ordinarily struggle to raise capital and we have many of them both in the North and the rest of Nigeria and Africa.”
Sanni disclosed that Emerging Africa had set out a target to raise up to $1 billion over a five-year period for businesses in Nigeria and the rest of Africa when it started business, but said the company successfully met the target three and half years into the plan.
The Executive vice Chair said this encourage the Group to set a fresh target to raise $4 billion over the next five years for businesses in Africa.
On how the Group raises capital, she explained, “When we target to raise this capital, what we do is that we match-make between the surplus segment of the economy and the deficit segment. We look for partners, local banks, international banks, and development finance institutions, similar investment banks like us, institutional investors and wealthy families. We crowd them all in, to invest in segments and sectors that we think can have a catalytic effect for the development of the economy.”
On the infrastructure funding for development of roads in Niger state, Sanni said the Group did a final signing ceremony for a private bond that it raised, to the tune of N13.2 billion.
She disclosed that the funding was raised for a private infrastructure funding company that would then deploy the money to the development of projects within the state.
She said: “That way we bring private sector accountability, private sector transparency and unique funding structure. Niger state is a partner and a beneficiary to that funding.”
The Executive Vice Chairman said the Group decided to open a more befitting office in Abuja to provide investment management, wealth management, trust services, capacity building, financial technology solutions to develop Abuja and the entire North.
She said: “We are bringing funding access, investment management capability, recent technical skills; we are bringing transparency and quality investment management services to Abuja and to the entire North.”
Emerging Africa to raise N250bn capital for infrastructure development in Northern Nigeria
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Governor Buni Approves N70, 000 Minimum Wage
Governor Buni Approves N70, 000 Minimum Wage
By: Our Reporter
The Executive Governor of Yobe State, Hon. Mai Mala Buni CON has approved the payment of N70, 000 minimum wage to state civil servants with effect from December 2024.
This is contained in a memo signed by His Excellency Governor Mai Mala Buni CON, following recommendations by the committee on Minimum wage constituted by the state government.
The committee had recommended for a reconciliation of local government finances to ensure a hitch free transition process of the local government councils from the existing salary structure to the new minimum wage.
The reconciliation process which is nearing completion is expected to be concluded soon for approval, and quick enrolment of the local government employees into the new minimum wage salary structure.
The Government expects civil servants in the state to reciprocate the gesture by putting in their best to ensure effective and efficient service delivery.
Governor Buni Approves N70, 000 Minimum Wage
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AT SIR AHMADU BELLO FORUM: North’s Development Central To Nigeria’s Prosperity, President Tinubu Declares
AT SIR AHMADU BELLO FORUM: North’s Development Central To Nigeria’s Prosperity, President Tinubu Declares
*** Targets tech, agric, creative sectors in region’s youth development plan
By: Our Reporter
President Bola Ahmed Tinubu declared on Tuesday that the development of Northern Nigeria remains fundamental to the nation’s prosperity.
Accordingly, the President unveiled a comprehensive youth development strategy spanning multiple key sectors to drive Nigeria’s economic transformation.
Speaking during a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation in Abuja, President Tinubu who was represented by his deputy, Vice President Kashim Shettima, invoked the legacy of the late Sardauna of Sokoto and former Premier of Northern Nigeria.
“The late Sir Ahmadu Bello, the Sardauna of Sokoto, was one of the towering giants on whose shoulders we have ascended as a nation. His vision was clear: the North cannot progress in isolation, and Nigeria cannot prosper unless every part of this nation thrives,” he said.
The President warned that “whatever disrupts the growth of one region sets back the entire nation.
“For far too long, we have been taunted as a nation with the most children out of school—a reality that should not elicit pride but provoke urgent action. This alarming statistic has turned the promise of our population into a challenge rather than the dividend it ought to be,” he added.
President Tinubu reechoed his administration’s pioneering youth development initiatives, including the 3 Million Technical Talent (3MTT) programme and the Presidential Initiative for Youth Enterprise Clusters.
“Our creative and digital economy is another goldmine,” the President said, outlining programmes such as the Skill-Up Artisans Programme (SUPA), Nigerian Youth Academy (NIYA), and the National Youth Talent Export Programme (NATEP).
He listed other programmes to include the Nigeria Education Loan Fund (NELFUND) for higher education access, Investment in Digital and Creative Enterprises (iDICE) for digital entrepreneurship, the Outsource to Nigeria Initiative (OTNI) for global market participation, Youth Enterprise Clusters for business development, and the Renewed Hope Housing Scheme to address accommodation needs.
On agriculture, President Tinubu emphasised the North’s strategic importance, saying, “Investments in agriculture and industrialisation will further position the North as Nigeria’s foremost agricultural hub.”
The President also announced plans for a National Youth Development Bank and a Youth Data Bank, describing them as crucial tools for “providing financial and informational support” to young Nigerians.
Addressing the region’s security challenges, President Tinubu further outlined measures “to restore stability to the North,” including “strengthening community policing, rehabilitating displaced persons, and addressing cross-border challenges like smuggling and insurgency.”
With Nigeria projected to become the world’s third-largest nation by 2050, he emphasised the urgency of the moment, just as he said, “By 2050, Nigeria will become the third-largest nation globally, with three-quarters of our citizens under the age of 21.
“Our challenge here is to engineer a transition towards a federation defined by order, stability, and safety,” he added, noting that “this task is both urgent and achievable.”
The President also made a direct challenge to young Nigerians: “You are not just the future of this nation—you are its present. Your energy, ideas, and determination are already shaping our policies and programmes.”
He also emphasised the role of local government autonomy, stating that “for the dividends of democracy to reach every corner of our nation, we must empower local governments to serve as active pipelines of governance.
“Our commitment is to provide you with the skill set and opportunities to thrive in a competitive world,” President Tinubu further assured.
He added that the administration’s promise is “to unlock the potential of the Nigerian youth, ensuring that their dreams transform Nigeria into an enduring symbol of democracy, development, and progress.”
Earlier, former Governor of Niger State and Chairman of the Foundation’s Board of Trustees, Dr. Mu’azu Babangida Aliyu, noted that the event marked the Foundation’s 15th anniversary.
He said, “The youth are not just the leaders of tomorrow; they are the driving force of our present and our future. Addressing their concerns is paramount to the stability and progress of our society.”
Dr Aliyu urged the government to take the recommendations from the discussions seriously for the progress and well-being of Northern Nigeria.
“It is imperative that we approach these discussions with open minds and a collaborative spirit, recognizing that the solutions we seek will require collective effort,” Aliyu added.
Also, the Sultan of Sokoto, His Eminence, Muhammad Sa’ad Abubakar II, emphasised the critical role of youth education in national development.
The Sultan said, “Our youths are the foundation of any development we envisage in our society. They are not just leaders of tomorrow but leaders of today.”
The royal father further highlighted the importance of continuous dialogue with the youth, stating that “forums like this must be held continuously to dialogue with our youths across the northern states.”
He emphasised the primacy of education, asserting that “education is the strongest legacy any leader can leave to society.
“Without education, you are a nobody. I believe in infrastructural development like roads and bridges but more money should be spent educating our children,” he maintained.
Urging the government to prioritise education, the Sultan said, “We must ensure that our children are educated. Education must be at the top of the priority of government.
“In Islam, if you don’t even know how to pray and how to worship Allah; if you are an illiterate person, you cannot worship Allah, that is why education is very important. That is why we need to dwell more on how we can ensure that our children are educated.”
AT SIR AHMADU BELLO FORUM: North’s Development Central To Nigeria’s Prosperity, President Tinubu Declares
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Zulum Calls for Overhaul of Educational System to Align with Industry Needs
Zulum Calls for Overhaul of Educational System to Align with Industry Needs
By: Our Reporter
Borno State Governor, Professor Babagana Umara Zulum has called for a comprehensive review of Nigeria’s education system to address the disconnect between educational institutions and the needs of industries.
The Governor made this statement during a courtesy visit by the Managing Director and Chief Executive Officer of the Nigerian Education Loan Fund (NELFUND), Mr. Akintunde Sawyerr, at the Government House, Maiduguri.
Governor Zulum expressed concern that many graduates produced by higher institutions lack the necessary skills to drive innovation and technological advancement.
He urged NELFUND to critically assess the issue and implement solutions that enable graduates to become self-employed rather than depend on limited job opportunities.
“We have two major problems in our educational system: the mismatch between educational institutions and industries, as they do not communicate effectively, and the mismatch between the labor market and graduates, many of whom are unprepared to work in the industries,” Zulum stated.
Zulum further encouraged NELFUND to support entrepreneurship, technical education, and vocational training programs.
“Beyond offering loans, I urge you to explore ways to support entrepreneurship education and promote technical and vocational training to reduce the reluctance toward these critical areas of study,” he added.
The Governor commended President Bola Tinubu for establishing NELFUND, emphasizing its potential to significantly reduce illiteracy, particularly in the North East region.
He pledged to mobilize local government chairmen and traditional rulers to raise awareness about the program, noting its importance for underprivileged students who wish to pursue higher education.
“I have held discussions with heads of tertiary institutions since you assumed office, and reports indicate that a significant number of students who applied for NELFUND loans received them with ease,” Zulum remarked.
During the visit, Managing Director and Chief Executive Officer of Nigerian Education Loan Fund (Nelfund), Mr. Akintunde Sawyerr, highlighted the fund’s mission to tackle the growing issue of students dropping out due to financial constraints.
He noted that the loan is interest-free, with repayment set at 10% of the recipient’s income upon securing employment.
Mr. Sawyerr was accompanied by the Vice Chancellor of Borno State University, Professor Babagana Gutti, and representatives of the National Association of Nigerian Students (NANS).
Zulum Calls for Overhaul of Educational System to Align with Industry Needs
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