Business
Israeli Government to Partner with Osun for Economic Development
The Israeli government has expressed its readiness to collaborate with the Osun government to boost the state’s economic growth. This commitment was announced by Israeli Ambassador to Nigeria, Mr. Michael Freeman, at the inaugural Osun State Industrial Investment Summit in Osogbo.
Freeman emphasized Israel’s interest in Nigeria’s economic potential and highlighted the successful use of Israeli expertise in driving economic and industrial development. He noted that Israel’s economic strength is heavily reliant on the intellectual contributions of its people, underscoring the importance of utilizing human resources effectively.
The Ambassador urged Nigeria to leverage its population for economic advancement, stressing that a well-managed workforce could significantly benefit the nation’s economy.
Osun State Governor Ademola Adeleke reaffirmed his administration’s dedication to transforming the state into an industrial hub for southwestern Nigeria. He outlined various initiatives aimed at accelerating industrialization, including revitalizing the Free Trade Zone, establishing farm produce aggregation centers, and supporting youth entrepreneurship and skills development.
Governor Adeleke also introduced the Osun State Industrial Development Policy Document, marking its launch after 22 years. The Governor expressed his vision for Osun to become one of Nigeria’s top revenue-generating states and emphasized the state’s openness to investment from both local and international sources.
Rev. Bunmi Jenyo, Commissioner for Commerce and Industry, highlighted that the summit aligns with Governor Adeleke’s vision to make Osun a key economic center in the southwest. He assured that the state government will support investors and foster an environment conducive to economic growth.
Jenyo expressed confidence that the ongoing efforts will attract globally recognized investors and lead to the establishment of new companies in the state, calling for collective support to revitalize Osun’s economy.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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