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Oyo ‘ll become major investors’ destination in Nigeria by 2020- Makinde



Oyo state governor, Engr Seyi Makinde  has disclosed that before the first quarter of 2020, the state would have become the major investors’ destination in Nigeria as it partnered with Nigeria Investment Promotion Commission (NIPC), Nigerian Maritime Administrative and Safety Agency (NIMASA) and the Development Agenda for Western Nigeria Commission (DAWN Commission).

The Executive Assistant to the governor on Investment Promotion and Public Private Partnership, Hon. Segun Ogunwuyi, made this disclosure when he paid courtesy visits to the federal government agencies on Thursday at Ibadan, the state capital.

The former member of the Federal House of Representatives said Oyo state was positioned to benefit maximally from partnership with the agencies in its quest to revive moribund State industries and assets in order to bring about progressive commercial climate to the State as a whole.

Speaking at the Ibadan office of DAWN Commission, the governor’s aide  pointed out that the State could not wait to fast track activities toward achieving financial independence through revitalization of State-owned industries that would soon be co-owned by private individuals and corporate bodies.

He promised the Director General of the Commission, Seye Oyeleye that the State was ready to key into the programmes of DAWN Commission for the aim of promoting investment in the State.

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“We appreciate the DAWN Commission for her pivotal role in the region on integration and development. Oyo State is on board with InvestWest 2020. The administration of  His Excellency Engr. Seyi Makinde is ready and open for Investment especially in the area of resuscitating the State moribund companies and assets through PPP.

“Other areas of interest the State is working on is to improve the business environment in Oyo State and make it more conducive. We know this is where DAWN Commission has being active at the Regional level.

“Also, we are interested in having a functional Investment promotion agencies backed by law in Southwest, likewise the recreation of Dugbe as Central Business District (CBD) while maximizing the economic opportunities of the Lagos – Ibadan Railway project through the rail routes and stations.”

Director General, DAWN Commission, Seye Oyeleye, while welcoming the entourage from the state government said the body was planning towards the Western Nigeria Investment Summit (Investwest) 2020 calling for collaboration from the State.

Oyeleye thanked the Executive Assistant and his team for deeming it necessary to visit the office, asking newly appointed cabinet members across the region to do same.

At the NIPC office, the head of the Ibadan zone, Mr Lawal Hassan appreciated the efforts of the State administration on revamping local industries and thereby promoting investments and employment opportunities.

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“Investment promotion is expensive but required in order to create wealth and job opportunities. The list moribund companies will be needed for profiling by the Commission. Before long, the State will become the preferred destination for investors,” he expressed optimism.



Naira strengthens against dollar




Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures



The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.


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AfDB urges central banks to cut interest rates




The African Development Bank (AfDB) has urged central banks on the continent to act quickly by cutting interest rates to inject liquidity in view of impact of COVID-19 pandemic.

The AfDB , in its African Economic Outlook 2020 supplement amid coronavirus pandemic released on Tuesday gave the advice.

According to the bank, the targeted interventions should be implemented for affected firms and sectors and use macroprudential and unconventional monetary policy to support the economy.

It added that central banks could resort to their own forms of quantitative easing, targeted at funding the most affected sectors such as firms in the hospitality and entertainment industry.

The bank noted that other sectors to be assisted are airlines, hotel chains, logistics and sports by temporarily reprofiling or restructuring their debts.

AfDB emphasised that the apex banks could also support vulnerable groups by designing programmes targeted at micro enterprises and the unbanked in the informal sector, financed by government and potentially run by other agencies closer to the ground.

“The impact of COVID–19 on Africa’s labour markets will have disproportionate impacts on vulnerable groups, notably youth and women, who are engaged in the informal sector, or with only casual job opportunities in the formal sector.

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“Assist vulnerable groups, especially youth and women. The COVID–19 pandemic can have differentiated socioeconomic impacts,” the AfDB said.

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