50 firms eye investment in Yobe

The Yobe State Government has said more than 50 local and foreign investors have expressed interest in investing in key sectors of the state’s economy, with officials projecting a major investment breakthrough before the end of the year.

The Director-General of the Yobe State Agency for Public-Private Partnership and Investment Promotion (YAPPPIP), Dr. Aliyu Isa Chikaji, disclosed this on Wednesday during a press briefing in Damaturu, where he outlined the agency’s achievements since its establishment.

Chikaji said the agency was created by Governor Mai Mala Buni to attract private sector investment through Public-Private Partnerships (PPPs), noting that discussions with several investors had progressed beyond preliminary engagements to due diligence, site inspections and negotiation of commercial terms.

“We have received over 50 expressions of interest from investors across agriculture, solid minerals, manufacturing and renewable energy. A number of these engagements are already at advanced stages, and we expect Yobe State to witness a genuine breakthrough in investment inflows through the PPP window before the end of this year,” he said.

He said the agency had focused first on putting in place the legal and institutional framework required to attract credible investors, including the development of the state’s PPP Policy, PPP Manual, implementation guidelines, Fiscal Commitments and Contingent Liabilities Framework, disclosure framework and corporate plan.

According to him, the frameworks are designed to ensure transparency, protect public finances and provide investors with confidence in the state’s partnership processes.

As part of efforts to strengthen coordination across government, Chikaji said YAPPPIP had established a network of 20 PPP Desk Officers across ministries, departments and agencies and trained them to facilitate investment transactions and improve inter-agency collaboration.

The agency also undertook asset optimisation of six state-owned enterprises to determine the most viable commercial models for their revival through private sector participation.

The enterprises include the Damaturu Modern Abattoir, Gujba Fertilizer Blending Company, Yobe Flour and Feed Mills in Potiskum, Global Wheat Flour Mills Company, Nguru Oil Mills Company Limited and Nigeria Food Company Limited.

In addition, he said transaction advisers had been engaged to develop seven greenfield investment projects covering renewable energy, livestock processing, cement manufacturing, soybean processing, sesame processing, irrigation development and water supply.

He said investor interest in some of the state-owned enterprises had already emerged even before the advisory process was concluded.

On completed transactions, Chikaji said the agency recently facilitated the lease of Yobe State Hotels to Yamaji Grand Impex Limited, with renovation work already underway.

He also disclosed that YAPPPIP was finalising another major PPP agreement with Trucks Transit Park Limited for the Potiskum Trailer Park project, which he said would improve traffic management, enhance commercial activities, create jobs and boost the state’s internally generated revenue.

Beyond investment attraction, the agency said it had strengthened collaboration with key federal institutions, including the Nigerian Investment Promotion Commission (NIPC), Bureau of Public Enterprises (BPE), Rural Electrification Agency (REA), Nigeria Commodity Exchange (NCX), Presidential Enabling Business Environment Council (PEBEC) and the Nigeria Governors’ Forum (NGF).

Chikaji added that the agency had also launched a “Mentoring Corner” to provide young entrepreneurs with internet access, computers and mentorship opportunities aimed at preparing them for future business opportunities.

He said Yobe’s improving business climate was reflected in its ranking as the ninth best-performing state in the country’s Subnational Ease of Doing Business Index.

“We are building an investment ecosystem where projects are professionally structured, institutions are ready and investors have confidence that the government will honour its commitments. Yobe is no longer merely saying it is open for business; we are demonstrating it through concrete partnerships and bankable projects,” he said

UPDATE NEWS:

Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder,

click here to find out how it works.