Speaking at the Nigerian-German Investment Dialogue in Berlin, Germany, Osinbajo said Nigeria is a leading investment destination for potential and serious investors.
According to him, “He said consumer spending in Africa was $1.4 trillion by 2015, with Nigeria, Egypt and South Africa accounting for more than half of that total,” Osinbajo said.
“There is also increasing economic opportunities in Nigeria because of deliberate actions by our government to diversify the economy and improve the business environment.
“It is encouraging that there are significant economic ties between Nigeria and Germany. Germany is a significant exporter to Nigeria, which is its second largest trading partner in Africa.
“Recent reports show that German investment in Nigeria contributes as much as $1 billion in turnover annually. This is good, but we must agree that there is scope for even deeper collaboration given that Nigeria’s GDP is close to $500bn.”
“Today we produce locally 10 million metric tonnes of paddy rice annually. And we are importing only two percent of our rice consumption now,” Osinbajo said.
“Investments in milling capacity has risen astronomically since then, with one investor putting a million tonnes of milling capacity into the market.
“Carlos Farms, a Mexican fruit and vegetable investor, had initially planned to grow bananas and pineapples for export; until he discovered that he was making more money selling his bananas locally at $3 dollars a kilogramme, for what he would have been paid only a dollar per kg in Europe.
“With a substantial percentage of the world’s arable land and over half of that uncultivated, it is becoming clearer that the world will be looking to Africa, and Nigeria in particular, as its food basket.
“Just to take China’s demand alone, China has 27% of the world’s population, but only 7% of the world’s arable land for agriculture. China needs 2 million tonnes of hybrid Soya beans per annum for livestock feed and vegetable oil. But we have not met that demand.”
“We are also diversifying within oil, while adding that Nigeria is already exporting urea since it is producing more than enough for its domestic needs and in the very near future.
“In the service sector, about 1.8 million international travellers spend two nights on average at Nigeria’s estimated 10,000 hotel rooms yearly.
“This generated about US$210 million in revenue for the industry in 2017, which barely reflects on Nigeria’s US$500 billion GDP size.
“Nigeria’s hotel industry alone is projected to grow by double digits by 2020, as the sector bounces back post-recession to one of the fastest growing in the world, and the possibilities for investors is significant.”
Nigerian Newspapers: 10 things you need to know this Thursday morning
1. Several persons were reported dead and many others injured in a clash that ensued between supporters of the Peoples Democratic Party, PDP, and the All Progressives Congress, APC, in Ogbolomabiri community in Nembe Local Government Area of Bayelsa State during a governorship rally organised by the ruling party.
The attackers, it was also learnt, opened fire on the protocol bus of the Bayelsa State Government House along the junction between Bassambiri and Ogbolomabiri communities.
2. The Executive Council of the Edo State Chapter of the All Progressives Congress (APC) has ratified the suspension of the National Chairman of the party, Comrade Adams Oshiomhole, from the party in the state.
The decision was reached at an enlarged meeting of the council and other party chieftains with the state governor, Godwin Obaseki, in Benin City, on Wednesday. At the meeting, the leaders said the suspension of Comrade Oshiomhole became necessary because the national chairman has been deploying divisive tactics to cause disharmony in the party in collaboration with the proscribed group, Edo Peoples Movement (EPM).
3. The Department of State Services (DSS) has explained why it is yet to release Omoyele Sowore, convener of RevolutionNow Movement.
The Service in a statement by its spokesman, Peter Afunanya, reiterated its avowed readiness to release Sowore once the processes are concluded, adding that the appropriate persons have still not turned up to take delivery of Sowore.
4. The Court of Appeal sitting in Calabar on Wednesday affirmed the victory of Governor Udom Emmanuel of the PDP in the March 9 gubernatorial elections in Akwa Ibom State. The Appeal was filed against the judgement of the tribunal delivered on September 5, 2019 at Uyo, which dismissed Mr Ekere’s petition for wanting in merit. Delivering judgement in the Appeal filed by Mr Nsima Ekere, the Governorship Candidate of the All Progressives Congress (APC) challenging the re-election of His Excellency, Mr Udom Emmanuel in the March 9, 2019 Gubernatorial Elections, the five-man panel gave her judgement on all the issues set out by parties in the appeal.
5. The gubernatorial candidate of the All Progressives Congress (APC) in the March 9th 2019 gubernatorial election in Oyo State, Mr. Adebayo Adelabu, has declared that he is approaching the Supreme Court in order to validate his victory at the poll.
Adelabu in a statement he personally signed on Wednesday, alleged that some agents of darkness perfected the plan to steal his mandate, this according to him, necessitated his resolve to approach the judiciary to reclaim his mandate.
6. The Senate on Wednesday approved the refund of N10.069 billion to Kogi State government ahead of governorship election slated for Saturday.
The approval followed a report by the Senate Committee Chairman on Local debts and Foreign Loans, Senator Clifford Akhimienmona Ordia.
7. The Court of Appeal sitting in Makurdi on Wednesday affirmed the election of the Speaker of Benue State Assembly, Titus Uba, representing Kyan state constituency.
Justice E. J. Ekanem, in his lead panel judgment held that the appeal brought against the speaker by the All Progressives Congress (APC)’s Gwaza Ujamatyu, lacked merit.
8. The House of Representatives has urged the Joint Admission and Matriculation Board (JAMB) to extend the use of compulsory National Identification Number (NIN) in the conduct of examinations till 2021.
This followed a motion moved by Rep. Zainab Gimba (APC-Borno) under Matters of Urgent Public Importance at plenary presided over by the Speaker of the House, Mr Femi Gbajabiamila on Wednesday. The House said the extension would allow more time to better sensitise prospective candidates to the NIN.
9. An Ikeja Special Offences Court on Wednesday sentenced to death, three men who kidnapped a Lagos monarch and killed his palace guard.
Justice Oluwatoyin Taiwo sentenced Duba Fureso, Reuben Anthony and Yerin Fresh, who kidnapped the Oniba of Iba, Oba Oseni Goriola, murdered his 72-year-old palace guard, Mr Sunday Okanlawon, and attempted to murder the monarch’s wife, Bosede.
10. Nigeria began their quest to be at the 2021 Africa Cup of Nations, with a narrow 2-1 win over Benin Republic on Wednesday.
The Super Eagles had to fight from a goal down, as the Squirrels opened scoring at the Godswill Akpabio International Stadium in Uyo.
Health, education get low allocations as Buhari presents 2020 budget before National Assembly
Buhari, who arrived the National Assembly chambers at about 2 p.m., presented the budget to lawmakers under atmosphere free of rancour unlike last year.
Mr. President during the declaration said that N125 billion was allocated to the National Assembly while N110 billion was allocated to the Judiciary.
For allocations to ministries, the president affirmed the following allocations to respective ministries.
Works and Housing – N262 billion
Transportation – N123 billion
UBEC – N112 billion
Defence – N100 billion
Agriculture – N83 billion
Water Resources – N82 billion
Education – N48 billion
Health – N46 billion
North East Dec Commission – N38 billion
SIPs – N30 billion
FCT – N28 billion
Niger Delta – N24 billion
However, Senate President, Ahmed Lawan in his speech charged all government ministries, departments and agencies to defend their proposals before lawmakers before the end of October.
He also said the lawmakers should ensure the budget got passed before the end of the year.
EFCC Arrests Nigerian Farmers For Stealing Fertilizers Worth N5.4 Million
The Economic and Financial Crimes Commission (EFCC) has arrested leaders of Gummi Local Government chapter of Rice Farmers’ Association of Nigeria, in Zamfara State over alleged diversion N5.4 million worth of fertilizers.
The arrested suspects include Ibrahim Rijiya, the chairman of the association; Aminu Musa, the council storekeeper; and one Abdullahi Bashir.
Tony Orilade, the acting spokesman for the commission said this in a statement released on Wednesday.
The commission arrested the suspects following a petition by some rice farmers.
They were said to have criminally diverted three trailers of 1,800 bags of fertilizers, and a truck-load of herbicides meant for rice farmers in Gummi.
Rijiya, who is also the District Head of Rijiya Gummi, Gummi LGA, was said to have sold each bag for N3,000 including other farm materials, according to a Punch Newspaper report.
Representatives of seven different groups of rice farmers had alleged that sometimes in July 2018, the federal government approved and disbursed 12 trucks of fertilizers and herbicides on loan to 83 cooperative societies in Gummi, adding that no member of the association received the items as approved by the government.
Also, efforts by the Gummi chapter of RIFAN to get the items back reportedly proved abortive.
EFCC investigations, however, revealed that Rijiya conspired with Musa to divert and sell the fertilizers and herbicides to Bashir for N17.1million which they shared among themselves.
“The suspects confessed to their roles in the crime while the three trailers of the fertilizers have been recovered from them. Efforts are in top gear to recover the diverted herbicides. They will soon be arraigned in court,” the statement said.
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