REPORT OF THURSDAY 10/10/13
by Dario Galluccio
This Blog is sponsored by http://www.reflexecogroup.com
Nigeria: To slashes business registration fee by 50%
Nigeria’s Minister of Trade and Investment, Olusegun Aganga has said the cost of business registration in the country has been slashed by 50 percent to encourage investment in the country.
Speaking at the signing of a Memorandum of Understanding (MoU) with a 19-man Brazilian delegation led by Brazil’s Deputy Minister of development, Industry and Foreign Trade, Richardo Schaefer on the promotion of trade and investment between Nigeria and the Southern American country; Aganga said the Corporate Affairs Commission had since October 1, 2013 slashed the capital registration cost by 50 percent for equity registrations of N500 million or lower, and by 25 percent for equity registrations above N500m.
Nigeria’s Trade Minister said the initiative was in line with the ministry’s investment climate reform programme, which was aimed at strategically repositioning Nigeria as the preferred destination for both local and foreign investment. He also stated that the new regulation has been designed to ensure that the bulk of these savings goes to smaller businesses which needed the lower fees more. This will save companies over N2m ($12, 520) per annum which they could use to hire more workers expand their businesses, Aganga said.
Ghana: Inflation hits11.9%; highest since March 2010
Inflation for September hit a record high rate of 11.9%. This is up from the 11.5% recorded in August this year and it is the highest it has reached since March 2010, when it recorded 13.32%. Monthly inflation for September however remained the same as August indicating that general prices of goods and services have been falling at a rate of 0.7 percent in the past two months.
Deputy Government Statistician Baah Wadieh told, though transport hikes pushed inflation up, the overall impact was mitigated by falling prices of food.
He said: “September prices compared with August were generally lower. They declined. We are in the main harvest season, so from the previous month to now, the prices have declined. Food items have declined. If that had not happened the figure could have been the same. The situation last year is that we did not see a fuel increase. But now we have seen a fuel increase which has hiked transport. So when we compare those two we can see the change.”
Nigeria: Dangote plans U.S.$34.7 Billion fresh investment in economy
The President of Dangote Group, Alhaji Aliko Dangote, has said that the Group is poised to make an additional investment totaling $US 34.7 billion in the economy by 2017. He also said the cement arm of the group will commission an additional 10 million metric ton capacity in Nigeria by mid 2014 with an additional plan to also invest US $4.7 billion over the next four years in order to ensure that cement supply stays ahead of demand.
In a keynote address during the just ended Nigeria’53rd Independence Anniversary Lecture, organised by the Lagos Chamber of Commerce and Industry, LCCI, Dangote said, the Nigerian financial sector has demonstrated its ability to support big ticket industrial projects – the most recent being the US$9 billion refinery project by Dangote Group and is poised to invest $US 34.7 billion by 2017.
Dangote said in setting an agenda for the next decade, government should improve the business climate and continuously benchmark our business environment against “best-in-class” investment destinations, implement the recently unveiled Nigeria Industrial Revolution Plan, support the new investors in the power sector to ensure they “hit the ground running” and provide the kind of outcomes Nigerians desire.
He said their investment in agriculture is driven by our desire to create jobs for thousands of Nigerians and that It will increase their workforce from its present level of 26,000 employees to 750,000 employees .
Ghana: GIPC investment drives get results in energy sector
Ghana’s energy challenges will soon witness a massive improvement as United States Energy Company Symbion power commits to construct a 450 megawatt power in Ghana. A memorandum to that effect has already been signed between Ghana and the Symbion power. The realization of this agreement came to light after months of negotiation between Symbion and the Ghana Investment Promotion Center led by its Chief Executive, Mawuena Trebarh. Under the letter of Intent signed by the energy minister Emmanuel Kofi Buah and the chief executive officer of Symbion Power Paul Hinks, Symbion power proposed to finance the establishment of a 450 megawatts combined cycle energy facility to meet the need of an expanded energy facility in Ghana.
The Volta River Authority on its part on behalf of Ghana is expected to give prompt and fair consideration to the Symbion proposal within the requirements of the country’s laws and policy. The ceremony which took place in New York in the US is expected to start soon in Ghana.
Somalia: Oil and gas discovery offers ‘hope’ for investment
Somali Minister of Finance and Planning Mohamud Hassan Suleiman encouraged foreign investors to “seize the opportunity” to invest in Somalia during the Somalia Oil and Gas Summit in London Monday (October 7th).
“The discovery of oil and gas in Somalia opens up an array of hope and opportunities for the new Somalia, enabling it to influence the pace of economic recovery and the future stability of the country,” Suleiman said. “International investors and multi-national corporations are turning their attention to Somalia and we must now seize the opportunity and work with them.” Suleiman added that the government recently revised the Investment Law to make Somalia “investment friendly”, while at the same time ensuring that a fair portion of profits from the industry are re-invested in the country’s economic growth.
Ghana: Kumasi will need 16m to realise its MDGs
Kumasi mayor Kwadwo Bonsu has said the Kumasi Metropolitan Assembly (KMA) requires €16 million between 2013 and 2015 to enable it attain the Millennium Development Goals (MDGs). Out of the amount, €6 million will be channeled into educational projects, €3 million will go into health and the remaining €7 million will be used to address sanitation problems in the metropolis.
The mayor disclosed this at an investment roadshow organised by the assembly in collaboration with its development partner, Millennium Cities Initiative (MCI), in Accra. The investment roadshow is aimed at attracting investment into the metropolis from potential investors at home and abroad.
According to Mr. Bonsu, the assembly does not want to depend on the government alone to realise its dreams: that is why it has come out to organise this investment show to woo investors to the city. He said KMA has worked with the Millennium Cities Initiative to undertake extensive research to identify viable investment opportunities in and around Kumasi. Investment opportunities have been identified in the areas of property development, agriculture, agribusiness, and food processing amongst others, he added.
Nigeria: Agreements establishment of local transformer assembly plant
In a bid to boost its power supply, Nigeria has approved the establishment of a local transformer assembly plant in the country.
According to the Executive Vice Chairman of National Agency for Science and Engineering Infrastructure (NASENI) Mohammed Sani Haruna, Nigerian president, Goodluck Jonathan sanctioned the commencement of coupling of transformers locally as part of his determination to create more jobs and reduce capital flight. He also revealed that a small hydro-power turbine awaiting commissioning has been designed, fabricated and installed in Ikeji-Ile, Osun State – a move which is line with the President’s desire to focus on renewable source of power supply with emphasis on small hydro sources.
The agency has also developed capacity in the area of design, development and production of most parts and components of motor cycle and is collaborating with the National Raw Materials Research and Development Council in harnessing and putting into optimal use, the natural resources in the country.
Ghana: Nkrankwanta Area Rural Bank makes profit
The Nkrankwanta Area Rural Bank Limited in the Dormaa West District, Brong Ahafo Region, recorded a profit before tax of GH¢63,566.00 in 2012, as against GH¢60,215.00 in 2011, representing a marginal increase of six per cent. The bank also increased its deposits by 65 per cent, from GH¢1, 314,035.00 in 2011 to GH¢2,162,051.00 last year and this was due to the mobilisation strategy adopted by the bank.
Mr Kwaku Agyeman Manu, the Member of Parliament ( MP) for Dormaa Central and a board member of the bank, announced this in a report he read on behalf of Mr Emmanuel Joseph Akomian, Chairman of the Board of Directors, at the fourth annual general meeting (AGM) of the bank at Nkrankwanta, over the weekend.
He also said the bank had chalked up some successes within its few years of operations, indicating, among other things, that the bank was ranked among the first 34 in the country, out of 133 and placed fourth out of the 20 rural banks in Brong Ahafo Region, by ARB Apex Bank’s Efficiency and Monitoring Unit (EMU) Report for the first quarter of 2013.
Ghana: Indonesian investors confer with Chamber of Commerce
A delegation of investors from Indonesia have held bilateral discussions with the Ghana Chamber of Commerce and Industry (GCCI), aimed at strengthening business relations cooperation between the countries. The delegation was led by the Director for African Affairs at the Ministry of Foreign Affairs of the Republic of Indonesia, Mr Lasro Simbolon.
Mr Lasro Simbolon underscored the need for the two nations to forge ahead in business by creating opportunities that can help increase cross-border investments.
He said was particularly impressed with the country’s development agenda, especially in areas such as infrastructures, agriculture, technological development and capacity building, which, he said are geared up to meet the expansion plans of the country.
The President of the GCCI, Hon Seth Adjei Baah, who received the delegation, said it is time to review and explore new areas of cooperation that the two countries can share experience and benefit from. He said the two countries’ interest should be in line with national development plans which are geared towards enhancing economic growth for the welfare of their people.
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