Kenyan Government Implements Measures to Boost Diaspora Investment and Employment Opportunities

Kenyan Government Implements Measures To Boost Diaspora Investment And Employment Opportunities

President William Ruto has announced the implementation of robust measures aimed at promoting local investment by the Kenyan Diaspora. Recognising the significant role that Kenyans living abroad play in the country’s development, President Ruto highlighted their contributions, particularly through remittances, which have surpassed the performance of major exports.

During the Diaspora Investment Conference held in Nairobi on Wednesday, President Ruto expressed the government’s commitment to creating a seamless network that facilitates, promotes, and supports Diaspora investment in Kenya. Emphasising the importance of harnessing the potential of Kenyans abroad, he outlined plans to leverage their knowledge, skills, and technology transfer for the benefit of the nation.

The government is implementing the Global Labour Market Strategy, aiming to facilitate employment opportunities for Kenyan youth abroad. This strategy seeks to connect skilled Kenyan workers with international job markets, enabling them to contribute to the economy while gaining valuable experience. President Ruto highlighted that this initiative would not only benefit individuals but also promote the transfer of knowledge and technology upon their return to Kenya.

In addition to fostering employment opportunities, President Ruto announced the establishment of Special Economic Zones (SEZs) to attract foreign direct investments and expand job prospects within the country. The government has allocated funds for infrastructure development in six SEZs, aiming to create an environment that offers incentives to investors while enhancing Kenya’s manufacturing and export capacities.

“Our goal is to expand job opportunities both locally and abroad for our youth,” President Ruto affirmed. By promoting Diaspora investment and establishing SEZs, the government aims to stimulate economic growth, create employment opportunities, and strengthen Kenya’s position as a favourable investment destination.

The measures announced by President Ruto underscore the government’s commitment to leveraging the potential of the Kenyan Diaspora for the country’s development. By fostering collaboration and creating supportive frameworks, the government aims to harness the skills, knowledge, and financial resources of Kenyans abroad to drive economic progress and empower the nation’s youth.


Source: Kenya Presidency

Nigeria Calls for Increased Investment in Mining Sector, Unveils Reforms to Boost Growth

Nigeria Calls For Increased Investment In Mining Sector, Unveils Reforms To Boost Growth

Nigeria’s Minister of Solid Minerals Development, Oladele Alake, has outlined fresh commitments and reforms aimed at attracting investment and accelerating growth in the country’s mining sector. Speaking at the Mines & Money Conference in London, Alake emphasized the need to streamline business transactions, enhance security in mining operations, and capitalise on Nigeria’s abundant mineral resources.

Citing a report by audit firm KPMG, Alake highlighted the positive growth of the mining sector, with its contribution to Nigeria’s GDP increasing from 0.3 percent to 0.85 percent last year, representing a year-on-year growth rate of 0.63 percent. He underscored the country’s geological potential, which encompasses over 44 distinct mineral types across more than 500 locations, including the newly recognised strategic mineral, lithium.

The Minister emphasised the administration’s commitment to reforms aimed at attracting foreign investment. These reforms include streamlining procedures, reducing bureaucratic hurdles, and creating a favourable environment for solid minerals development. Alake also highlighted recent progress in data collection through partnerships with organisations like the Airborne Geophysical Survey and German firm Geoscan, which aim to gather comprehensive data on solid minerals across the country.

Alake stressed the importance of value addition and beatification in Nigeria’s mining industry. The government aims to move beyond raw mineral exports and promote processing within the country. By adding value to raw materials, Nigeria seeks to generate employment opportunities, particularly for the youth, and increase the sector’s profitability and contribution to the nation’s GDP.

The Minister called on investors to prioritise the socio-economic development of communities where mining operations take place. He highlighted the revised guidelines for the Community Development Agreement, which promotes initiatives such as social amenities, educational support, and environmental facilities to benefit local communities.

The reforms and commitments unveiled by Minister Oladele Alake indicate Nigeria’s determination to attract investment and harness the potential of its mining sector. By simplifying procedures, improving security, and promoting value addition, the government aims to create a conducive environment for both domestic and foreign investors. These initiatives not only have the potential to drive economic growth but also contribute to job creation, youth empowerment, and the overall development of Nigeria’s mining industry.


Source: Premium Times

President Bola Tinubu Urges German Investment in Nigerian Economy’s Key Sectors

President Bola Tinubu Urges German Investment In Nigerian Economy's Key Sectors

President Bola Tinubu of Nigeria has called for German investment in critical areas of the Nigerian economy, particularly in the fields of electricity and rail transportation. The president made this request during a meeting with German Chancellor Olaf Scholz in Berlin on Monday, outside the G20 Compact with Africa Economic Conference.

In a statement released by the president’s spokesperson, Ajuri Ngelale, Tinubu emphasised the need for German investment in growth-enabling sectors such as transportation, energy, and the generation, transmission, and distribution of electric power. He highlighted the importance of accelerating the implementation of the Presidential Power Initiative, backed by Siemens, which aims to address Nigeria’s power challenges.

Tinubu expressed his commitment to pursuing all aspects of the Siemens power project and emphasised the potential skill development opportunities for Nigerian youth in sustaining the industry. He also suggested that Siemens could contribute to Nigeria’s rail network by supplying cutting-edge trains and railroads, drawing inspiration from the company’s ongoing project in Egypt, where it is constructing a 2,000 km ultra-high-speed rail network spanning 60 towns.

In response, German Chancellor Olaf Scholz expressed his willingness to move forward with the investment proposals. However, he emphasised the importance of addressing financial and administrative obstacles resulting from governance issues within the sector.

During the meeting, Tinubu also raised the topic of value-added processing in Nigeria’s solid minerals, agriculture, automotive industry, and other job-generating sectors. He highlighted the potential for enhancing these sectors through German collaboration, further emphasising Nigeria’s commitment to economic growth and job creation.

The meeting between President Tinubu and Chancellor Scholz reflects the mutual interest in strengthening economic ties between Nigeria and Germany. As discussions continue, both countries aim to explore avenues for collaboration and investment that will drive sustainable economic development and benefit the people of Nigeria.

This development marks an important step forward in attracting foreign investment and fostering partnerships to promote economic growth and address key challenges facing Nigeria’s infrastructure and industrial sectors.