Abidjan-Lagos highway corridor secures $15.5bn in AIF 2022- Adesina

Dr Akinwumi Adesina, President of African Development Bank (AfDB) said that the Abidjan-Lagos highway corridor has secured a 15.5 billion dollars investment interest.

Adesina said this while welcoming participants at the 2023 Africa Investment Forum (AIF) Market Days in Marrakech, Morocco on Wednesday.

The News Agency of Nigeria (NAN) reports that the event has as its theme,” Unlocking Africa’s Value Chains”.

Adesina said the corridor would transform the entire West African region and speed up regional integration, sustainable economic development and trade.

“In 2022, investment interests were secured for 3.6 billion dollars for the East Africa Railway Corridor, linking Tanzania, Democratic Republic of Congo and Burundi.

“We are delighted that the AIF has so far closed on deals’ investment gaps worth 11 billion dollars.

“This ranged from liquified natural gas, renewable energy, agribusiness, industrial manufacturing, creative industry, housing, and transport.

“It is time again for investment action, it is time to do it again,” Adesina said.

According to the AfDB boss, African economies provide some of the best investment opportunities in the world.

He said, “as investors, put your monies where the future is. The future is in Africa and investors should see Africa not from what they hear, but from what the facts say.

“Moody’s Analytics shows Africa’s default rate is the lowest in the world with 2.1 per cent compared to Eastern Europe well over 10 per cent; and Asia well over 8 per cent.

“Africa is not as risky as you perceive. Private equity and venture capital in Africa soared year over year to 7.70 billion dollars.

“The number of deals increased from 211 in 2018 to 404 in 2022, an increase of 91per cent.

“The total transaction value expanded from 4.65 billion dollars in 2018 to 7.70 billion dollars in 2022, an increase of 66 per cent. Invest in Africa and reap high risk-adjusted returns, “Adesina said.

Earlier, the king of Morocco, His Majesty King Mohammed VI, said the Morroco-Nigeria Gas Pipeline Project was part of the country’s endeavour to achieve regional economic integration and cross border development of communities.

“This project will enable all countries along the pipeline route to have access to reliable energy supplies.

“I welcome the interest expressed by bilateral and multilateral partners in this project, and in particular, regional and international financial institutions.

“To provide effective support for the implantation of this strategic project,” he added.

NAN reports that AIF is the place where bankable projects in Africa meet with investors; investors meet with Heads of State and Governments in investment board rooms.

It is also where comfort is given to investments, where risks are managed and where deals are closed.

AIF founded in 2018, is a multi-stakeholder platform that has become the continent’s premier investment platform. It is a flagship initiative of the AfDB, Islamic Development Bank.

It has European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Cooperation, Africa 50 as its Founding Partners. (NAN)

Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, at the NAF’s Communication Information Systems (CIS) Conference for year 2023, in Abuja on Wednesday (8/11/23)

Military total radar coverage of Nigeria necessary for national security – CAS

The Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, says military total radar coverage of Nigeria’s airspace is  necessary for national security.

Abubakar said this at the Nigerian Air Force (NAF) 2023 Communication Information Systems (CIS) Conference, on Wednesday in Abuja.

He said that monitoring the Nigerian airspace through the implementation of military total radar coverage would position the NAF to meet the country’s airpower demands.

He said it was a goal the NAF had been tirelessly pursuing, and challenged the participants to bring up viable ideas to achieve the feat.

Abubakar said CIS was one of the pillars of modern military operations, because it enables commanders to make informed decisions, coordinate forces and by extension, achieve mission success.

The CAS said that the NAF had always strived to stay at the forefront of technological advancements, adding that the drive to stay ahead of the curve in adopting new technologies also corresponds with one of the key enablers of his Command Philosophy.

This, according to him, is prioritising Research and Development, leveraging cutting-edge technology, and strategic partnerships and lessons.

He added that the conference was in furtherance of the efforts of NAF to meeting contemporary operational demands of the Armed Forces, independently or through multi-agency environment.

“Our world is changing at an unprecedented pace and the landscape of modern warfare is evolving just as quickly.

“As we gather here to deliberate on pertinent issues, it is necessary to note that we are at the intersection of technology, artificial intelligence and network-centric warfare.

“These elements are the driving forces that would shape the future of the NAF.

“Our ability to churn out ideas to harness the power of technology, will determine our success in ensuring the highest levels of operational effectiveness and efficiency,” he said.

Abubakar also called for a deep focus on artificial intelligence to revolutionise how NAF processes data, analyses information and makes informed decisions real-time during operations.

He said there should also be more efforts towards improving investment in state-of-the-art encryption and cybersecurity measures, to secure NAF communications.

“I enjoin you to look towards the principles of network-centric warfare, which comprises the ability to share data, collaborate seamlessly and coordinate operations across multiple platforms.

“This would enable us build a robust, interoperable network that connects all branches of the military and our allied partners,” the air force chief added.

Earlier, the NAF Chief of Communication Information System, AVM Ibikunle Daramola, said the CIS conference was aimed delivering innovative technology-based solutions to accomplish NAF missions.

Daramola said the resolution of the current security challenges in the country required innovative solutions using emerging CIS technologies, which could be applied on land, sea, airspace and cyber domains.

He said the core derivative of the conference was to improve the capacity of CIS personnel and reinvigorate existing procedures to enhance NAF’s operational effectiveness.

The communication officer urged the participants to come up with actionable solutions that would add value to the collective efforts of securing Nigeria.

Daramola said the CIS Branch of NAF had secured approval for the establishment of Intelligence, Surveillance and Reconnaissance Systems Maintenance workshop at 441 CIS Group Kaduna.

He said that the facility would conduct first, second and eventually third line maintenance of NAF ISR payloads and associated equipment.

He added that the branch had successfully midwifed the implementation of the NAF Paperless Automation System, known as the Digital Correspondence System, to enhance efficiency in handling correspondences.

“The plan is to eventually extend same to Commands and units,” he added. (NAN)

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