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PPP has Made Significant Contribution to Economic Growth and Human Capital in Lagos – George

The Special Adviser to the Governor of Lagos State on Public-Private Partnerships (PPPs), Mr. Ope George, has said that PPPs structure is a good vehicle that can be explored to stimulate national economic growth and human capital development.

He said the state government is leveraging PPPs strategically to deliver critical infrastructure assets that increase access to better and improved services for the over 21 million residents, and to further boost socio-economic growth and development of the state.
‘‘For us in Lagos State, considering our huge population of over 21 million we know the importance of catering for our people in terms of infrastructure needs, provide better roads, better hospitals, better schools, ferry services.
“So, our PPP projects cut across all the various infrastructural services and that is what we are trying to provide for the residents in the state,’’ he said.
George, speaking at a media interaction session, added that the engagement of local professionals such as engineers, architects, project managers and consultants, artisans like welders, aluminum fitters, plumbers and labourers at various PPPs project sites in various sectors and located in several wards in the five divisions has helped significantly in boosting human capital development.
He added that thousands of direct and indirect jobs were being created on an ongoing basis through the various infrastructure projects in the state, noting that opportunities and other value-added services propelled by PPPs also accounted for the high rate of migration into the state, a development that continues to exert pressure on existing social amenities and infrastructure in the state.
‘‘These projects create tens of direct and indirect jobs. If you consider the number of people that come into Lagos every day, those that live in Lagos and those from neighbouring states and towns who come to work at these project sites, you will find out that these projects have tremendous positive impact on the economy of individuals and Lagos State.
“Also, these projects help us develop our local capacity and human capital because the projects provide opportunity for our local engineers, professionals and artisans to put their skills and expertise to use. A lot of capital flights are being saved for the country as well,’’ he stressed.
The PPPs boss listed the ongoing construction of about 8,000 bed spaces at the Lagos State University (LASU), Ojo as one of the PPPs projects in the education sector aimed to solve the accommodation problems faced by students of the institution, while the proposed construction of a medical park at the old site of the former School of Nursing on Awolowo Road, Ikoyi, is another example. The medical facility, to be equipped with state-of-the-art facilities and staffed with specialists in various fields of medicine, is aimed to reduce medical tourism in Nigeria.
George added that the 5000-capacity Truck Park in Orile Iganmu is another PPP project, stating that though its construction is ongoing, operations have commenced and already yielding results in the gradual decongestion of Apapa traffic caused by trucks.
The adviser also revealed that the ongoing construction of the entire physical infrastructure for the smooth take-off of the red and blue rail services such as station terminals, ticketing points, bridges, access roads and other infrastructure was also by PPPs arrangements.
He dismissed critics of PPPs structure for their ignorance, explaining that public-private collaboration has greater benefits by helping government to provide and maintain basic amenities as well as meet other statutory obligations like payment of workers’ salaries and allowances while private capital helps in delivering capital projects that have long-term impact.
George restated that there were enormous opportunities for interested private capital investors to partner with Lagos State on PPPs projects, even as he assured them that the state was safe for investment. He said the state government has put in place the appropriate policy and legal framework that protects investors with the enactment of the Public-Private Partnerships Act.
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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud


EFCC
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AfDB Supports Francophone Africa Start-ups with €6.5M

The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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