AT the Nigerian Exchange Limited (NGX), the governor of Gombe State, Muhammad Yahaya, urged investors to invest in the state agricultural and infrastructural development, just as he revealed plans by the state government to raise N30 billion green bond in advancing its economy.
Speaking during the closing gong ceremony on the floor of the NGX, Yahaya explained that the state intends to raise N30 billion with the issuance of green bonds to finance projects in the state, while noting that Gombe State, having been ranked number one for two years in a row by the survey of the Ease of Doing Business (EoDB) in Nigeria, is a good place to invest.
He added that Gombe State was ranked fifth out of 36 states on the following index assessed: accessibility, open budget, public procurement, human resources, anti-corruption and citizens’ engagement.
He also added that Gombe presents investment opportunities across the tomato value chain, saying that the livestock sector in the state remains an opportunity waiting to be harnessed and the state has the largest grazing reserve in Nigeria with 146,000Ha of land, comprising of six veterinary clinics, milk collection centre, modern abattoir and 16 boreholes.
He said the government’s commitment to maintaining peace and fostering a business friendly environment has been a key factor in ensuring the state’s security and attractiveness to investors.
“In the year 2022, we unveiled Golnvest 1.0 as a tangible realisation of our commitment to fostering a conducive business environment within the state.
“This project was undertaken with the purpose of showing our recognition of private sector investments as a strong catalyst for both employment generation and the augmentation of Internally Generated Revenue (IGR), thereby contributing significantly to the overall advancement of the state’s developmental objectives,” Yahaya said.
He noted that the green bond is an initiative aimed at raising funds in order to finance eco-friendly and environmentally friendly investments, especially in assets that will contribute to restoration and upliftment of human life so as to reduce the impact of climate change and global warming.
He, therefore, expressed optimism that the proposed green bond would be successful. “With the support we saw and the acceptance of the Nigerian capital market stakeholders, we are going to hit our target,” he said, while adding that the capital market is the ideal place for any investor, government, public or private sector, to pull funds for development.
Commenting on the plans and a potential timeline, the Commissioner for Finance for Gombe State, Muhammad Magaji, revealed that the necessary approvals were already in progress and would be finalised by the end of the first quarter of 2024.
“We are in the process of approvals. Hopefully, before the end of the first quarter, we should have a date for the issuance,” he said.
Magaji also highlighted the innovative approach of Governor Yahaya’s administration as a driving force behind the decision to issue green bonds. “The state’s commitment to sustainability, exemplified by solar-powered streetlights and renewable energy in hospitals and offices, underscored the need for further investment in environmentally sustainable practices,” he noted.
The chairman of Nigerian Exchange (NGX) Group Plc, Dr Umaru Kwairanga, said Nigeria is one of the best investment destinations globally, as it is blessed with abundant human and natural resources.
“We have vast lands for agriculture and food production, almost every kind of mineral resources that you can think of and a large hardworking populace,” he said, noting that the next growth engine of the world is Africa and is going to be led by Nigeria
Acting CEO of NGX, Jude Chiemeka, on his part, assured the governor and potential investors that the market is open to everyone for business and its commitment to regulatory compliance ensures that the market is embedded in a strong corporate governance structure.
“Last year, we raised over N3.3 trillion for states as well as the government in order to fund their finance gaps. We are also committed to partnerships both locally and globally to ensure that anyone who approaches the exchange are protected,” Chiemeka said.
Managing director/CEO, Backbone Connectivity Nigeria, Ibrahim Dikko and an investor in the state stated that “we just signed an agreement with the Gombe State government to position the state as a technology hub for North East Nigeria.”
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