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BINL Plans $172bn investment in Nigeria’s Infrastructure, Energy, Real Estate, Mining

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BINL Plans $172bn investment in Nigeria’s Infrastructure, Energy, Real Estate, Mining

By: Michael Mike

Backbone Infrastructure Nigeria Limited, has announced its intention to invest $172 billion in Nigeria to develop various infrastructure sectors in the country.

According to a statement by the multi-national company on Saturday, this investment, utilising alternative financing options, will be allocated to mineral resources, energy, agriculture, housing, and transportation sectors for the next 22 years.

The administration of President Bola Tinubu has openly reaffirmed its commitment to enhancing foreign direct investment inflows into the country, while also promoting alternative financing for the construction of essential infrastructure projects.

Last year, the Minister of Industry, Trade and Investment, Doris Aniete, said the government has secured $30bn in commitments from foreign investors.

Despite this amount, Nigeria still requires investments to reduce its infrastructural gap in the region of $3 trillion over a period of 30 years according to the implementation of the National Integrated Master Plan.

The Group Chief Executive Officer, Henry Owonka, said the company with foreign partners is seeking approval for a joint venture model to facilitate its planned investment in the country.

Owonka emphasised that the company intends to align with the current administration’s infrastructure plan, highlighting that a consistent influx of investment, as proposed by the company, is preferable to isolated investments by other investors especially in the mining sector.

He said: “What we are looking for is for us to structure our program of investment, we are not looking for a sovereign guarantee which will deplete the foreign reserves but innovative ways to collateralize those natural resources that the country has in abundance. The president has verbally approved our request.

“The company expressed its interest in investing in the range of commodities. We are seeking approval for a joint venture model because in that way we can draw more investors not only in the country but also outside the country. Because when you have a joint venture with the government, it’s better and that’s what we are seeking rather than for them to just issue land to us.”

The CEO stating plans for the mining sector, noted that the company is ready to invest $4bn, “to explore mineral resources but we need data and that is also one of the offers we proposed so that we can bring in our expertise and help the government obtain accurate data and then we can explore those minerals. This partnership will help the government plan to reduce dependence on crude oil. We also doing this across all the ministries because it’s a $172bn investment drive.”

In a presentation at the Ministry of Solid Minerals Development, the Chief Operations Officer, Clement Kwegyir-Afful, explained that the investment drive is to reduce the huge infrastructural gap in the country.

He noted that: “The current administration is looking for several investments to come in through the private sector to reduce the infrastructure gap. The NBIL have come together as a team to support the government achieve this mandate without any sovereign guarantee.

“We want to help address the energy gap through the use of renewables, so one of our subsidiaries focuses on renewable and how we can address that. We are going to bring in innovative ways of funding through financier engineering to raise funds that would address the infrastructure gap.”

The statement also read: “Minerals exploration is one area the government want to use to create another source of revenue shifting from oil and that is one strong area that we want to focus on. It will raise a different form of revenue.

“To do this will require a significant amount of money, so over the next 22 to 23 years, we are looking to invest $172bn dollars. If you break this down yearly, that works to $6bn every year in investment out of the numerous numbers the president is looking for.

“We have grouped our project into phases; the first one will be the ones that have the most impact on Nigeria’s landscape, so we are looking at hospitals, renewable energies, mineral exploration and exportation because that is where we have huge concerns and also some of the deep sea ports,” he added.

BINL Plans $172bn investment in Nigeria’s Infrastructure, Energy, Real Estate, Mining

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Troops repel bandit attack in Katsina, rescue kidnap victims

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Troops repel bandit attack in Katsina, rescue kidnap victims

By: Zagazola Makama

Troops of Operation FANSAN YANMA, in collaboration with the Police and Community Watch Corps, have repelled an armed bandit attack in Dutsinma Local Government Area of Katsina State.

Sources said that the incident occurred in the early hours of Tuesday when armed bandits invaded Gago and Ruwan Dorawa villages, kidnapping two residents, Labaran Jalli, 35, and Umma Sabon Gero, 30, and injuring others.

“During the attack, one Labiru Umaru, 40, of Gago village, and two members of the Community Watch Corps, Abba Mohammed, 30, and Suleman Shuaibu, 35, sustained gunshot injuries.

“The troops supported by the Police and vigilantes, mobilised to the scene and engaged the hoodlums in a gun duel, forcing them to retreat.

“The injured victims were immediately taken to the General Hospital, Dutsinma, for medical attention, while efforts are ongoing to track down the perpetrators and rescue the abducted victims,” the command said.

The troops assured residents that Operation FANSAN YANMA troops and other security agencies would sustain patrols to restore peace and stability in the area.

Troops repel bandit attack in Katsina, rescue kidnap victims

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Zulum Appoints Ali Mamman Shuwa as BRTV General Manager

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Zulum Appoints Ali Mamman Shuwa as BRTV General Manager

By: Our Reporter

Borno State Governor, Professor Babagana Umara Zulum, has approved the appointment of Ali Mamman Shuwa as the substantive General Manager of Borno Radio Television (BRTV).

Until his elevation, Shuwa served as Director of Current Affairs at the station. A seasoned broadcaster with over three decades of experience, he has held several key editorial and managerial positions at BRTV.

Born in 1970 in Maiduguri, Shuwa began his education at Abbaganaram Primary School before proceeding to the Arabic Teachers’ College, Maiduguri, where he obtained a Grade II Certificate in 1988. He later acquired a Diploma in Civil Law from BOCOLIS, an Advanced Diploma in Journalism from the International Institute of Journalism, and a Bachelor’s degree in Mass Communication from the University of Maiduguri.

Shuwa began his career with BRTV in 1992 as a News Editor and Translator. Over the years, he rose through the ranks, serving as Current Affairs Officer, Controller of News and Current Affairs, Assistant Director, Deputy Director, and most recently Director of Current Affairs.

The Secretary to the State Government, Bukar Tijjani, announced that the appointment takes immediate effect. The outgoing Acting General Manager, Umar Gazali, will return to his previous position at the station.

Governor Zulum congratulated Shuwa on his appointment and commended Gazali for his stewardship while wishing him success in his future endeavours.

Shuwa, an ethnic of Shuwa Arab from Dongo village in Mafa Local Government Area, is widely travelled and has represented BRTV at numerous workshops and seminars.

Zulum Appoints Ali Mamman Shuwa as BRTV General Manager

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VP SHETTIMA AT NES ANNUAL CONFERENCE: President Tinubu’s Bold Reforms, Proof Of Political Will In Economic Policy

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VP SHETTIMA AT NES ANNUAL CONFERENCE: President Tinubu’s Bold Reforms, Proof Of Political Will In Economic Policy

*Says, Africa can turn supply chain disruptions, trade protectionism, into opportunities for economic transformation

By: Our Reporter

The Vice President, Senator Kashim Shettima, has said the courageous and unavoidable reforms being undertaken by the administration of President Bola Ahmed Tinubu, which are currently fixing Nigeria’s structural weaknesses, are a proof of the power of political will in economic policy.

Accordingly, he called on African nations to embrace the knowledge economy, saying it is a bridge to transform the continent’s economic growth and development through productivity beyond outdated explanations.

The Vice President who stated this on Tuesday in Abuja during the opening session of the 66th Annual Conference of the Nigerian Economic Society (NES) noted that while Nigeria is not immune to the economic morass Africa had long been enmeshed in, the nation’s comforting prospect is that it currently has a President with a listening ear.

“Nigeria is, of course, not exempt from Africa’s economic tragedies. But our silver lining is the listening ear of His Excellency, President Bola Ahmed Tinubu. Under his leadership, this administration has embarked on bold and inevitable reforms to address structural weaknesses that others before us only paid lip service to.

“These reforms testify to the power of political will in economic policy. Their painful but necessary consequences remind us that a malignant disease can only be cured by painful surgery. The wounds are temporary, but the recovery is permanent,” he stated.

VP Shettima stressed the need for African nations to get rid of the old-fashioned approach to their economy and embrace structural transformation if they must revive human capital challenges and reverse unemployment on the continent.

He said, “We live in a world where a random citizen in Daura can outsource his services to a corporation in Dallas without seeing the inside of a plane or leaving his bedroom. But to catch up with this changing world, Africa must embrace structural transformation that reinvents its human capital and reverses unemployment.

“Poverty must be confronted head-on for the promise of this continent to be realised in the lives of our people. There is no justification for the low per capita income that afflicts our nations amidst the resources at our disposal.”

Senator Shettima observed that though “geopolitical conflicts, trade protectionism, supply chain disruptions, the energy transition, and the disruptive rise of artificial intelligence” may all seem like a threat to the continent’s economy, they are opportunities in disguise.

“They all paint a gloomy outlook. But each threat is also an opportunity in disguise. This is why a society such as yours exists: to light the path of a continent even in the darkest night,” he explained, just as he pointed out it is the mandate that the Annual Conference of the Nigerian Economic Society has been given “to find new pathways to solutions,” while the nation awaits the recommendations.

The Vice President noted while the Tinubu administration did not claim the ongoing reforms would be easy, it has always acknowledged the inflationary impact of the reforms as well as the “spillovers from global crises into our economy,” which explains why President Tinubu “has remained committed to investment-friendly measures and social protection programmes to cushion the vulnerable.

“Policies in transportation, healthcare, and education have been deliberately targeted at reducing inequality because these are the sectors that affect the weakest among us,” he added.

The VP commended the President of the Nigerian Economic Society, Prof. Adeola Adenikinju and his team for challenging the nation “to reflect on what decades of policy failures and vulnerabilities to global risks have created for Africa.

“I urge all participants to take their role in this conference not as a scholarly exercise but as a continental and national assignment—one expected to salvage Africa’s economies from their fragile status,” he further stated.

Earlier, the Minister of Budget and Economic Planning, Abubakar Bagudu, applauded VP Shettima’s significant contributions in the realization of the economic reforms of administration of President Bola Ahmed Tinubu.

Bagudu assured the NES that it will be fully integrated in all of the ministry’s programmes, especially the preparation and implementation of the development plan and the recently approved Renewed Hope Ward Development Programme.

Also, the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, presented potentials in Nigeria’s livestock sector, estimated at several billions of dollars, offering opportunities for economic diversification.

The Minister expressed readiness to partner with the NES to brainstorm on the “brilliant ideas” needed to implement President Bola Tinubu’s Renewed Hope Agenda for the livestock sector, which he described as “the next crude oil.”

For his part, the President of the NES, Prof. Adeola Adenikinju reiterated the society’s commitment to collaborating with the Tinubu administration to actualise the goal of genuine economic transformation and national development.

He said the NES under his leadership has undertaken reforms aimed at repositioning the body to act as “a bridge between research and policy, a centre for mentoring the next generation of economists, and a trusted partner in Nigeria’s pursuit of sustainable development and Africa’s transformation.”

Highlighting the milestones of his administration, Prof. Adenikinju said under his watch, the NES “established chapters in the across 36 states, FCT and the Diaspora, to ensure national reach and grassroots engagement; Created the NES Women’s Wing and Students’ Wing, to broaden inclusivity and representation,” among others.

He added that the reforms have transformed the society into a modern, inclusive, and globally connected professional body while preserving its core identity as Nigeria’s foremost economic think-tank.

On his part, the Director of the African Development Institute, Dr. Eric Kehinde Ogunleye said the African Development Bank remains committed to the development of Africa and Nigeria, even as he stated that “Nigeria occupies a strategic position in moving the African continent forward.”

Ogunleye commended the Tinubu administration for its bold reforms aimed at achieving structural and economic transformation as well as inclusive growth.

Charging the audience regarding investing in people, he advised: “Let us rethink how we invest in people because these are the people who represent the greatest assets of the continent.”

Other dignitaries who graced the event include the Special Adviser to the President on Economic Affairs, Tope Fasua; Chairman of the Ministry of the Board of Ministry of Finance Incorporated (MOFI), Dr Shamsudeen Usman, Nigeria’s first Professor of Capital Market Studies, Uche Uwaleke; representatives of the Speaker of the House of Representatives, Tajudeen Abass, and the Governor of the Central Bank of Nigeria, Yemi Cardoso.

VP SHETTIMA AT NES ANNUAL CONFERENCE: President Tinubu’s Bold Reforms, Proof Of Political Will In Economic Policy

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