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Investment is Valued and Rewarded in Nigeria says NITDA DG Kashifu Inuwa

indie
3 minutes

ABUJA, NG, Feb 4, 2023 - (ACN Newswire via SEAPRWire.com) - The Director General, NITDA (National Information Technology Development Agency), Kashifu Inuwa has called on international investors to invest in the Nigerian tech ecosystem because doing so is valued and comes with many rewards. Speaking on the "Evolution of the Nigerian Tech Ecosystem" to the Ludwig von Bayern Startup Lions, Inuwa said there are four comparative advantages you won't find anywhere but in Nigeria.Firstly, Inuwa suggested that Nigeria's large population and its emerging economic status positioned as a suitable investment destination in Africa. "Nigeria alone has 15% of the population and the GDP, so investing in Nigeria is like investing in Africa. Moreover, it is emerging because if you look at the tech-ecosystem, Nigeria attracts 30% of African FDI. Last year alone, the country attracted more than USD 2 billion."Secondly, Inuwa suggested that the level of support the government now gives to the tech ecosystem is unparalleled in the history of the country. He said the government has been supporting innovation and startup. There are many interventions in terms of policies, laws and infrastructure to help b...

SeaPRwire

Inflation worries dominated Fed’s last meeting

elean
4 minutes

WASHINGTON (NYTIMES) - Worries about inflation dominated the Federal Reserve's November policy meeting, with some policymakers suggesting that the United States central bank should move more quickly to reduce its bond-buying programme in order to give it flexibility to raise interest rates sooner if necessary. The Fed has been buying US$120 billion (S$164 billion) in bonds each month and has kept interest rates near zero, policy moves that have helped make borrowing cheap and keep money flowing through the economy. This month, the Fed took the first step towards withdrawing support for the economy when it announced that it would begin scaling back its Treasury bond and mortgage-backed security purchases by US$15 billion a month starting in November. "Some participants suggested that reducing the pace of net asset purchases by more than US$15 billion each month could be warranted so that the committee would be in a better position to make adjustments to the target range for the federal funds rate, particularly in the light of inflation pressures," minutes from the meeting showed, referring to the Federal Open Market Committee, which sets interest rates. Those comments reflected unce...