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IFC To Expand Nigeria Investments To $2 Billion By 2014

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Solomon Adegbie-Quaynor, the country manager of the World Bank’s International Finance Corp, said it plans a 25 per cent boost in Nigeria investments to $2 billion by next year, Bloomberg reported on Tuesday.

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Funds to be raised directly by the IFC or mobilised from other sources will be targeted at industries that offer competitive advantage to the West African nation, Adegbie-Quaynor said in an August 2 interview from Lagos, Nigeria’s commercial capital.

Finance Minister Ngozi Okonjo-Iweala said in May, that Africa’s most populous nation of more than 160 million people needs $10 billion of infrastructure investment a year to keep up with rising population and expanding economy.

“We are partnering with the Nigerian Sovereign Investment Authority and also looking at institutions to work with for activities in banks, power, gas, transport and agriculture,” she said. Power will be an important industry for IFC investment “as it is identified as the  largest constraint to private-sector growth” in Nigeria, she added. The Nigerian Sovereign Investment authority manages the country’s sovereign-wealth fund.

Nigeria needs $10 billion of infrastructure investment a year, to keep up with rising population and expanding economy, Finance Minister Ngozi Okonjo-Iweala said in May. The country’s sovereign-wealth fund, set up in October to invest savings made from the difference between budgeted oil prices and actual market prices, also has a brief to fund the country’s infrastructure needs.

The economy is forecast by the government to expand 6.5 percent this year. Nigeria needs annual economic growth of 13 percent to bring down unemployment, now at more than 25 percent, by 2020, according to the finance ministry. Its currency, the naira, has declined 2.2 percent this year against the dollar while the stock exchange index has advanced 37 percent.

The country is selling majority stakes in power plants and letting private investors acquire as much as 60 percent of six transmission and 11 power-distribution companies created from the former state-owned utility.

The IFC signed an agreement with the sovereign-wealth-fund authority last month to cooperate in developing financial plans to fund investments in target areas such as power generation and distribution and gas-to-power projects, through equity participation and selling debt, according to Adegbie-Quaynor.

The IFC is also targeting investments in agriculture, Nigeria’s largest employer, according to Adegbie-Quaynor. The lender is working with the government to identify ways to link producers to markets and boost output, he said.

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Iyabo Ojo Finds Out Her Mum Lied About Her Age (Video)

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While still in a mourning state, actress Iyabo Ojo has revealed that she just found out her mum, Mrs Victoria olubunmi Fetuga lied about being aged 67 years.

Mrs Victoria olubunmi Fetuga was aged 67 and a three generation photo shoot was organized by Iyabo Ojo in her honor, three months ago to celebrate.

Posting an Instagram video of her late mum dancing on her last birthday, Iyabo Ojo moments ago wrote;

“O my sweet mother even in your death you made me laugh so hard this morning. I just found out from her siblings that she was 69 years old and not 67, as she always claimed.

She didn’t want us to know she was older than my late dad who would have been 68! 😀😃😅😅🤣🤣 she could have claimed his age at least but no, she wanted us to believe she was much younger hence the 2 years gap. Gosh! No wonder she never wanted any birthday party🤣

Cant wrap my head around the fact that she is gone 😭😭😭😭😭😭😭 I love you too much mama, Continue to rest on……..”

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Denrele Edun Meets His ‘New Twin’, Says “Time To Start Questioning Our Parents”

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According to the media personality, he was on a visit to Hi-Impact Planet for a TV recording when he stumbled on the young man who looks exactly like him.

Denrele who shared their photos on his social media pages revealed that he dressed the young man in his ensemble, and was able to confuse people with their looks as it was difficult to spot the difference.

In his words,

“NOTHING WEY NEBUCHADNEZZER NO GO SEE INSIDE FIRE! Wahala dey for who no resemble DENRELE WEREY o!

Ran into my *supposed TWIN* at the @hiimpactplanetng when I was hosted a few weeks back for a TV Recording.
Dressed him up in my ensemble, save for the Heels (I no wan hear story; Nothing wey I no go see for another pickin parent hand) and we had a blast confusing people all around the complex!

Time to start Questioning our parents! Since I’m the German-Indian DENRELE, my new Twin will be the Sango-Agbado-ijaiye DENRELE! What do you think of the Resemblance? Flood Me… I am your Comment Section!”

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‘God Bless U’- Davido reacts after artist shared a wonderful painting of him

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David Adedeji Adeleke (born November 21, 1992), better known as Davido has received massive love from a fan who decided to give him his birthday gift with a beautiful painting.

The fan took to social media to share the wonderful photo of the piece he had designed for Davido.

He tagged Davido and wrote:

Happy Birthday King @Davido Please Help Me Retweet And Tag Him So That He Can See This Street Art I Did Of Him #HappyBirthdayDavido Happy Birthday OBO Papa ifeanyi Big 28 King David World OBO Day

Davido reacted to the painting and thanked him.

He wrote:

God bless u

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