Latest news with #NSIA
Hindustan Times
3 days ago
- Politics
- Hindustan Times
Carney invites Modi to G7, says India ‘must be at table'
Toronto: Canadian Prime Minister Mark Carney extended an invitation to his Indian counterpart Narendra Modi to attend the G7 leaders' summit in Alberta later this month after consultations with other countries that are part of the group and the belief that New Delhi needed to 'be at the table.' Responding to a question at a press conference, in Ottawa, on Friday, Carney said the G7 will be discussing energy security, digital future, critical minerals and building infrastructure in the emerging and developing world. 'There are certain countries that should be at the table for those discussions and in my capacity as G7 chair, in consultation with some others, make those determinations. India is the fifth largest economy in the world, effectively the most populous country in the world, central to, at the heart of those supply chains,' he said. Carney extended the invitation during the course of a telephone conversation with Modi on Friday. The leaders' summit will be held from June 15 to June 17 in Kananaskis, a resort in the province of Alberta. Carney was asked whether US President Donald Trump was involved in those consultations, and he replied in the negative. He also indicated the India has been more forthcoming in cooperating on the investigation of the killing of pro-Khalistan figure Hardeep Singh Nijjar in Surrey, British Columbia, on June 18, 2023. The G7 summit is scheduled to conclude a day prior to the second anniversary of the murder. 'Bilaterally, we have now agreed, importantly, to continue law enforcement dialogue so there's been some progress on that,' he said. He said the invitation had been issued in that context. He was asked allegations that have appeared in Canadian media about Modi having some role in the Nijjar killing but he said he did not address the matter directly as he pointed out there 'is a legal process that is literally underway and quite advanced in Canada and it's never appropriate to make any comments.' In November last year, Canada's National Security and Intelligence Advisor or NSIA Nathalie G Drouin, in a statement, said, 'The Government of Canada has not stated, nor is it aware of evidence, linking Prime Minister (Narendra) Modi, (External Affairs) Minister (S) Jaishankar, or NSA (Ajit) Doval to the serious criminal activity within Canada.' 'Any suggestion to the contrary is both speculative and inaccurate,' she added. The statement was issued by the Privy Council Office. Drouin is also Deputy Clerk of the Privy Council, which is akin to India's Cabinet Secretariat. The invitation to Modi was also supported by Conservative Party leader Pierre Poilievre. 'India has been at the last six G7 conferences. It's one of the biggest and fastest-growing economies in the world. We need to sell our natural gas, our civilian nuclear power technology and other resource projects to India,' he said, adding, 'We want to see the government work on addressing security issues at the same time when the prime minister has those conversations.' The move was opposed by the New Democratic Party or NDP and even Liberal Party MP Sukh Dhaliwal. The latter's riding (as constituencies are called in Canada) Surrey-Newton includes the gurdwara Nijjar led at the time of his death.
News18
4 days ago
- Politics
- News18
'Legal Process Is Underway': Mark Carney On Nijjar Case Probe After Inviting PM Modi To G7
Last Updated: Mark Carney's remarks came after he invited Prime Minister Narendra Modi for the upcoming G7 Summit in Kananaskis later this month. Canada Prime Minister Mark Carney refused to comment on the ongoing probe in the killing of pro-Khalistan activist Hardeep Singh Nijjar, saying that a legal process is underway. He further asserted that Canada follows rule of law and no one would interfere in the ongoing investigations. Carney' predecessor Justin Trudeau had openly accused New Delhi of plotting the murder of Nijjar. Carney's remarks came after he invited Prime Minister Narendra Modi for the upcoming G7 Summit in Kananaskis later this month. As this year's chair of the G7, Carney said it's important to have India at the table in Kananaskis while world leaders discuss issues including energy security and critical minerals, given the country's size and key role in the global supply chain. PM Modi said that he had a 'warm" conversation with newly elected Canadian PM. He congratulated him and confirmed his participation in the upcoming G7 Summit. Mark Carney, a former central banker and climate finance advocate, became Canada's Prime Minister after leading the Liberal Party to victory in the recent general election. Indo-Canadian Souring Ties Indo-Canadian ties have nosedived in the aftermath of Nijjar's killing as well as Trudeau's allegations. In September 2023, Trudeau had accused New Delhi of having a 'potential" involvement of Indian agents in Hardeep Singh Nijjar's killing. India has repeatedly denied these allegations, and has taken a decisive stand against what it perceives as Canada's non-seriousness in dealing with the Khalistan issue. The ties further strained when Trudeau named Indian High Commissioner Sanjay Kumar Verma as a person of interest in an investigation, without naming the case. A person of interest means a suspect who is not arrested. Earlier this year, a public inquiry on foreign interference in Canada has found 'no definitive link to a foreign state" in the killing of Nijjar. What Is Hardeep Singh Nijjar Case? Nijjar was killed on June 18, 2023, outside a gurdwara in British Columbia. According to the probe report, Canada's security and intelligence agencies initially assessed this to be a gang or criminal activity, and Trudeau was informed of this. But, as more intelligence was gathered over the summer, India's involvement was revealed and the then Prime Minister was promptly briefed on the updated assessment, the report stated. 'The government wanted India to acknowledge its involvement in the killing but also needed a pragmatic approach to resolve the issue. The then Prime Minister testified that the immediate approach was to engage with India and communicate the need for the two countries to work together while ensuring there was accountability," it said. In August and September 2023, there were a series of meetings between the National Security and Intelligence Advisor to the Prime Minister (NSIA), the CSIS Director, the Deputy Minister of Foreign Affairs and their Indian counterparts. India, however, did not acknowledge its involvement in Nijjar's killing. First Published: June 06, 2025, 23:35 IST
Zawya
01-05-2025
- Business
- Zawya
Nigeria: DBN partners NSIA to set up $2.5mln youth entrepreneurship investment bank
Institutional shareholder of Development Bank of Nigeria (DBN) has given approval to the bank's Board of Directors to invest $2.5 million in equity into the Youth Entrepreneurship Investment Bank billed to start next year. Managing Director/Chief Executive Officer Mr. Tony Okpanachi disclosed this on Wednesday to journalists at the bank's 8th Annual General Meeting (AGM) and presentation of the 2024 financial report to shareholders in Abuja. Youth Entrepreneurship Investment Bank is a DBN initiative, in collaboration with African Development Bank (AfDB) and Nigerian Sovereign Investment Authority (NSIA). Fielding questions from newsmen, Okpanachi said, 'The youth entrepreneurship investment bank is an initiative we're working with the African Development Bank and with NSIA to set up that youth entrepreneurship Investment Bank, which is going to provide assets to equity investment in the youth-owned businesses. And working with the African Development Bank, who is going to provide additional funding to that, we're going to provide that platform to invest in youth owned businesses and encourage entrepreneurship in Nigeria. 'NSIA is taking equity lead. For now, it's going to be DBN and NSIA; we are going to commence operations. The plan is to also bring other strategic partners, and this includes other international organizations who would want to join. So, we're going to catalyze more capital from other institutions globally. I can assure you that we're just going to kick start it. But a lot of interest across different global organizations wants to invest in it to ensure that they provide that platform to provide investment in youth owned businesses. 'Let me put on record that this is not the typical bank you hear about. It's not a bank, it's an investment vehicle. So it is just going to be an investment vehicle that is focused on youth.' Highlights of DBN's financial statement show that in 2024, it disbursed a total sum of N1.06 trillion to Participating Financial Institutions (PFIs), showing a 35 percent increase from the cumulative disbursement recorded in 2023. Also, DBN's loan disbursement stood at N273.13 billion in 2024, marking an impressive 75 percent growth compared to N155.7 billion disbursed in 2023. The DBN provided funding to 711,819 end-borrowers, reflecting a 44 percent increase from 494,819 end-borrowers in 2023. Other major highlights include a N49 billion disbursed to more than 69,182 MSMEs in economically disadvantaged regions such as Borno, Adamawa, Katsina, Yobe, Zamfara, etc In addition, the Bank disbursed 20-25 percentage of private sector loans to MSMEs over the last 5 years with 25% of beneficiaries women while training 9,500 MSMEs trained across the country. In the year under review, through its various interventions, 1.2m jobs were created nationwide. Okpanachi said the loan disbursement has helped to support 711,819 MSMEs across various sectors and regions in the country. 'This milestone represents a 35% increase in total disbursement value and a 44% growth in the number of MSMEs impacted compared to the previous year underscoring DBN's unwavering commitment to driving financial inclusion and sustainable economic growth. 'In alignment with the Federal Government of Nigeria's priority sectors, DBN provided over 15 billion in loans to the manufacturing sector, benefiting more than 3,000 individuals. Similarly, in the agricultural sector, we disbursed over 18 billion to agribusinesses, reaching over 1,500 individuals. Additionally, DBN remains at the forefront of supporting green initiatives, with over 26 billion in loans dedicated to MSMEs engaged in climate-friendly and Co emission reduction businesses. 'At Development Bank of Nigeria (DBN), we remained steadfast in our commitment to empowering MSMEs, a critical pillar of Nigeria's economy. A landmark achievement in 2024 was DBN's successful accreditation by the Green Climate Fund (GCF), making it the first Development Finance Institution (DFI) in Nigeria to attain this status. This accreditation is not just a recognition; it is a testament to DBN's unwavering commitment to sustainable financing and climate resilience,' the Managing Director explained. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Yahoo
21-04-2025
- Business
- Yahoo
Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users
Nigeria has achieved a 35% reduction in electricity subsidies after last year's tariff increase for certain consumers, as announced by Power Minister Adebayo Adelabu, reported Reuters. The country, which is Africa's most populous, has been grappling with a power sector plagued by an unreliable grid, gas shortages, and financial challenges. Nigeria was previously allocating nearly N200bn ($125.01m) monthly to electricity subsidies due to non-commercially viable tariffs. The government's decision to remove subsidies for the top 15% of electricity consumers, encompassing both households and businesses with high consumption rates, has led to a substantial financial turnaround. During a press briefing in Abuja, Adelabu highlighted the positive impact of the targeted tariff adjustment with "the market generating an additional N700bn in revenue, reflecting a 70% increase.' This strategic move has not only alleviated the financial burden on the state but also contributed to improved power generation and a reduction in the government's tariff shortfall from N3tn to N1.9tn. Despite these advancements, Nigeria's power sector continues to face significant challenges. With an installed capacity of 13GW, the country often produces just one-third of this potential, leading to a heavy reliance on expensive alternative power sources. The Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA), and Africa50 have recently introduced the $500m Distributed Renewable Energy (DRE) Nigeria Fund. The fund is designed to support the development and financing of DRE projects within Nigeria. It will concentrate on investments in mini-grids, solar home systems, commercial and industrial power solutions, embedded generation projects, and innovative energy storage technologies. The goal is to deliver more reliable and cost-effective power to Nigerian homes and businesses, furthering the country's journey towards energy sustainability. "Nigeria reduces electricity subsidies by 35% following tariff hike for heavy users" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
21-04-2025
- Business
- Zawya
Nigeria: NSIA showcases strategy behind subsidiary growth
The Nigeria Sovereign Investment Authority (NSIA) has unveiled the strategic framework behind its successful portfolio expansion, highlighting governance, innovation, and capital mobilisation as the cornerstones of its subsidiary development. Speaking at the NSIA's 2024 Earnings Presentation and media engagement in Abuja, Managing Director and CEO, Aminu Umar-Sadiq, said the institution's decade-long effort to build and nurture a diverse portfolio of subsidiaries has positioned it as a key driver of economic transformation in Nigeria. 'Our approach is rooted in strong governance, robust risk management, and a solid operational focus. These principles have allowed us to optimise performance while staying aligned with our long-term objectives,' Umar-Sadiq noted. He outlined six strategic pillars underpinning NSIA's investments: Capital Formation, Strategic Impact Investment, SME Development, Direct Investments, Ecosystem Development, and Capital Mobilisation. Through initiatives such as the Nigeria Infrastructure Debt Fund (NIDF), Carbon Vista, and the Green Guarantee Company (GGC), the NSIA has catalysed capital and de-risked projects across sectors like housing, healthcare, finance, agriculture, and renewable energy. On capital mobilisation, the NSIA boss revealed that several of its platforms have significantly outperformed initial expectations. 'We started with $25 million and now have over $300 million in attracted capital — not including tier-two capital,' he said. 'Currently, we have about $500 million in committed capital and over $1 billion in total capital attracted across our projects.' Notable investments include the Nigeria Mortgage Refinance Company (NMRC), which is in talks with a major Development Finance Institution (DFI), and a pending oncology investment close to securing tier-one DFI support. Umar-Sadiq also stressed the need to localise solar panel production amid Nigeria's expanding renewable energy market. Commenting on the federal government's restriction on solar imports, he said: 'With the proliferation of solar projects nationwide, there's a compelling need to domesticate solar panel manufacturing.' To that end, NSIA has launched the Renewables Investment Platform for Limitless Energy (RIPLE) — a $500 million initiative focused on developing the full value chain of renewable energy. The platform covers solar panel and battery manufacturing, as well as diesel displacement initiatives and franchised energy models. 'Ripple is our current pride and joy,' he stated. 'It's our bold step toward achieving energy security and sustainability, with projects like the co-located solar initiative at Shiroro showcasing our commitment.' With a diverse portfolio, clear vision, and strong partnerships, the NSIA continues to play a pivotal role in Nigeria's long-term economic resilience and inclusive growth.
