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Tony Elumelu Promotes Nigeria as top Investment Destination to the French Business Community

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Serial entrepreneur, philanthropist and promoter of Africaptalism, Tony O. Elumelu on 27 May 2016, delivered an inspiring speech in Paris, France, selling Nigeria as an investment destination to the French business community.

Elumelu, who is the Chairman of Pan-African banking group, United Bank for Africa (UBA) Plc and proprietary investment firm, Heirs Holdings delivered the speech as a guest speaker at the 1st ‘Colloque Nigeria’, a colloquium on doing business and investment in Nigeria, which was organised by the French Senate at the exquisite Palais de Luxembourg in Paris, France.

Speaking at the conference, the Founder of the Tony Elumelu Foundation said that like every part of the world, investors in Nigeria and Africa are faced with a myriad of challenges, but amidst these challenges no other destinations provided more opportunities and return on investment as do Nigeria and Africa. “Nigeria remains a very viable, attractive and important investment and export destination for French companies. As a matter of fact, I would argue that now is a good time to come and invest in Nigeria, because it is an investor’s market. The fundamentals of the Nigerian economy remain strong,” he said.

According to Elumelu, some of the trends supporting long – term growth in Nigeria are the increased use of technology by the Nigerian population, high consumerism, young demographic and increasing urbanization. Whilst encouraging French businesses to come and discover Nigeria, he advised the would – be investors to find the right partner that would help them navigate the environment and stated that they need be committed to invest in Nigeria for the long haul.

“Nigeria has always been a unique country. We are not only the most populous country on the continent of Africa, we are amongst the best educated and most-traveled people in Africa. We Nigerians are well known for our positive outlook and can-do spirit. Even more importantly, we have a strong culture and spirit of entrepreneurship. The smart investor, knows that this is the time to enter our market because the fundamentals of the Nigerian economy remain strong, and where others perceive risk and challenge, the glass is actually half full rather than half empty” Elumelu said.

He asserted that despite the current challenges faced by Nigeria which have been brought about by the sharp drop in commodity prices, the country still offers one of the highest returns on investment on the continent

iting the example of what UBA has been able to achieve in Nigeria, Elumelu said that UBA has operated profitably in Nigeria for the past 70 years and in the last decade, increased its footprint into 18 other countries in Africa as it set up business offices in Paris, New York and London. “UBA is helping to finance major projects in infrastructure, as well as in the agriculture and construction sectors of the African countries in which we operate, most of these being francophone countries. We have continued to open more UBA branches of our subsidiaries and we have become better established in those markets. The second stage of the roll out on the continent begins later this year”.

“The large Nigerian economy plays an important leading role in West Africa and beyond. So when you invest in Nigeria, the benefits spill over to our neighbours in dozens of countries” he continued.

He thanked the investing community for their enthusiasm about investing in Nigeria and he encouraged them to “believe in Nigeria; come to Nigeria; discover Nigeria; invest in Nigeria; help develop Nigeria and prosper with Nigerians; and most importantly, take an Africapitalist approach to entering and investing in Nigeria because what we are looking for are sustainable partnerships that will deliver sustainable development through the private sector going about its normal commercial activities,” he concluded.

Also speaking at the Colloque Nigeria summit, the President of the French Senate, Mr. Gerard Larcher stressed that the summit is strategic to French business interests as Nigeria remains the first destination of French investment in sub Saharan Africa. ” We want to strengthen these privileged links, said the President.

He thanked Mr Elumelu for his sterling contributions to the economic development of the continent, and especially in the area of entrepreneurship where the Tony Elumelu Foundation – through its Tony Elumelu Entrepreneurship Programme – has been engaging in promoting start-up businesses across the continent.

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Olabode Olawuyi:s Dedication, Passion Will Forever Serve As An Inspiration To Us All-NBCA

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The Nigeria Biodiversity Conservation Alliance (NBCA) has stated that the dedication and passion of Mr. Olabode Olawuyi, the late veterinary technologist killed by a lion at the Zoological Garden of Obafemi Awolowo University (OAU), would forever serve as an inspiration.

 

NBCA stated this in a statement released on Wednesday, February 21, adding that Olawuyi’s dedication to his chosen field shone for all to see.

 

In the statement signed by Mr. Dipo Bali, NBCA said that it was deeply saddened by the tragic passing of Olawuyi, who was the former Public Relations Officer for the National Zoological Agency (NAZAP).

 

“In memory of Mr. Olabode Olawuyi, we pledge to redouble our efforts towards promoting responsible wildlife management practices and fostering a robust safety culture within the zoological and animal care fields. His dedication and passion will forever serve as an inspiration to us all.”

 

The group which described the deceased as a pillar of the Nigerian zoological community, also noted that he was lauded for his unwavering commitment to wildlife conservation and exceptional service.

 

“He had dedicated years to the OAU Zoological Garden, providing exemplary care to its resident lion, whom he had nurtured since its birth. NBCA acknowledges the ongoing investigation into the circumstances surrounding Mr. Olawuyi’s passing.

 

“We extend our deepest condolences to his grieving family, friends, and colleagues at OAU during this difficult time. Our unwavering support stands with them as they navigate this profound loss.

 

“As an organization dedicated to wildlife protection and preservation in Nigeria, we recognize the inherent risks associated with working with wild animals. We remain steadfast in advocating for the strictest adherence to safety protocols and established guidelines to ensure the well-being of both wildlife caretakers and the animals under their care.*

 

Also, NBCA said that it remains committed to closely monitoring the situation and collaborating with relevant authorities to prevent similar tragedies from unfolding in the future, while also extending its unwavering support to the OAU Zoological Garden and its staff during this period of immense loss.

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NASRE Advises FG On Food Crisis, Forex Shortage Amid Calls To Suspend Import Ban

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As Nigeria finds itself at a critical crossroads, grappling with simultaneous challenges of a food crisis and a foreign exchange (forex) shortage.

 

This is even as the nation seeks solutions to mitigate these pressing issues, the debate over whether to open its borders for importation has intensified.

 

The food crisis gripping Nigeria has raised concerns about food security and access to essential nutrition for millions of citizens.

 

Adverse weather conditions, supply chain disruptions, and other factors have contributed to dwindling food supplies and soaring prices, placing a significant strain on households and exacerbating the vulnerability of already marginalized communities.

 

Meanwhile, the forex shortage has hampered Nigeria’s ability to import essential goods and raw materials, further exacerbating supply chain disruptions and exacerbating inflationary pressures.

 

Industries reliant on imported inputs, including agriculture, manufacturing, and healthcare, have been particularly hard hit, impeding economic growth and development.

 

In response to these challenges, some stakeholders advocate for opening Nigeria’s borders to facilitate the importation of food and other essential commodities.

 

Proponents argue that increased importation could help alleviate immediate food shortages, stabilize prices, and provide relief to vulnerable populations facing hunger and malnutrition.

 

However, others caution against the potential risks of opening borders amid a forex shortage. Critics raise concerns about the impact on domestic production and self-sufficiency, as well as the long-term consequences of relying heavily on imported goods. They emphasize the need to prioritize investments in domestic agriculture and infrastructure to build resilience against future crises.

 

As Nigeria navigates these complex issues, the government faces the daunting task of balancing short-term relief efforts with long-term strategies for sustainable development and economic resilience.

 

Proffering suggestion on how the government can address the unending inflationary pressures, Forex shortages, food prices hike and revitalise the nation’s economy, the Nigerian Association of Social and Resourceful Editors (NASRE), has advised the Nigerian government to adopt collaborative efforts involving policymakers, industry stakeholders, civil society organizations, and international partners to identify holistic solutions that address both immediate needs and underlying structural challenges.

 

On the debate over whether Nigeria should open its borders for importation amid the food crisis and forex shortage, the President of the advocacy group, Mr Femi Oyewale, underscores the urgency of coordinated action and innovative thinking.

 

According to him, now more than ever, solidarity, cooperation, and forward-thinking policies are needed to ensure the well-being and prosperity of all Nigerians.

 

“The question of whether Nigerian borders should be opened for food importation in the face of a food crisis is complex and multifaceted. However, there are factors to consider, which basically, Domestic Agricultural Capacity. Because opening borders for food importation could undermine domestic agricultural production by flooding the market with cheaper imported goods.

 

“However, if domestic production is insufficient to meet demand, importing food may be necessary to avoid shortages,” he said.

 

On the economic implications of borders opening, the President of NASRE, Oyewale, said: “Importing food can have economic ramifications, both positive and negative. On one hand, it can provide access to a wider variety of foods and potentially lower prices for consumers. On the other hand, it may negatively impact local farmers and exacerbate trade imbalances.”

 

The resourceful editors, while commenting on Food Security, pointed out that relying heavily on imported food leaves a country vulnerable to supply chain disruptions and price fluctuations in the global market. Therefore, it urged the federal government to develop a robust domestic agricultural sector, which is crucial for long-term food security.

 

According to Oyewale, the Nigerian government must consider its broader economic and agricultural policies when making decisions about food importation. This includes evaluating subsidies, tariffs, and investment in agricultural infrastructure.

 

“Importing food often involves long-distance transportation, which contributes to greenhouse gas emissions and environmental degradation. Promoting local production can help reduce the carbon footprint associated with food consumption.

 

“Food is not just a commodity; it is essential for human well-being. Government policies should prioritize ensuring access to nutritious and culturally appropriate food for all citizens, particularly those most vulnerable to food insecurity,” he added.

 

The Nigerian Association of Social and Resourceful Editors, NASRE, therefore, noted that the decision to open Nigerian borders for food importation during a food crisis should be approached cautiously, taking into account the country’s domestic agricultural capacity, economic implications, food security goals, environmental concerns, and social welfare considerations.

 

“A balanced approach that supports both domestic production and responsible trade practices may be necessary to address immediate food shortages while also promoting long-term food security and sustainability,” the Association stated.

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Lagos State Government to prosecute 11 suspects for extortion

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The Lagos State Government said 11 suspects arrested at the Ibeju-Lekki junction and Akodo area of the state will be prosecuted to serve as deterrents to others extorting residents and motorists in the state.

The Permanent Secretary, Ministry of Transportation, Olawale Musa, disclosed this while addressing journalists on Wednesday.

He added that the suspects parade themselves as enforcement officers to extort unsuspecting motorists and residents in the state.

Musa said, “Lagos State Government has declared zero tolerance for extortion of unsuspecting residents, especially motorists, by miscreants parading themselves as enforcement officers at the Ibeju-Lekki junction and Akodo area of the state.

“We have announced severally that nobody is allowed to collect money for the local government on the street of Lagos, and the government has set up a team to ensure that anybody that does that is picked up and from that Lekki axis.

“They will be charged to court to explain themselves, and I want to sound a note of warning to others that do the same thing that we will not relent; the government is all out for them.”

He noted that it is unlawful for any local government area within the state to place personnel to conduct such operations on the highways.

“If you have any issues, you call us, and we will come and address them, but when you have people coming on the road on the guise that you want to have revenue at this hard time, collecting money from motorists on the road is not fair, and it is illegal in Lagos State to resist it.

“It is illegal for any local government area in the state to deploy people on the roads as it negates the Lagos State Road Traffic Law, Section 18, 2018, which empowers only the Lagos State Traffic Management Authority to carry out such operations on the roads,” he added.

In March 2023, The PUNCH reported that the Lagos State Government arrested four suspected hoodlums in some parts of the state over extortion.

The suspects were arrested in the Amuwo-Odofin area of the state while attempting to extort motorists.

 

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