UNGA: Zulum secures $100m investment for Borno State

Governor Babagana Zulum of Borno has secured $100 million in investments for the state. Zulum struck the deal at the Foreign Investment Network (FIN) Deal Room/MoU signing ceremony and Forbes Best of Africa Award held at the Forbes Centre in New York on the sideline of the just concluded United Nations General Assembly (UNGA) in the United States.

Zulum at the event accepted to collaborate with the International Data Centre Authority (IDCA) to develop digital infrastructure and boost sustainable digital economies in Africa.

Mehdi Paryavi, the IDCA chairman/CEO, also emphasised Africa’s vast potential, citing projections of $4 trillion in GDP by 2028. According to Paryavi, Africa needs substantial investments to reach its destiny.

Other MoUs facilitated by FIN include agreements between the Borno State government and GTIF Capital to collaborate on investments and development projects in technology, healthcare, media, and branding; African Tourism Union to promote tourism, trade, and investment in Borno State through joint initiatives; Altitude Water to deploy Atmospheric Water Generators (AWGs) in Borno State and the Philanthropist to raise funds for Youth Education in Borno State.

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The FIN also signed MoUs with the Asian-African Chamber of Commerce & Industry – USA and Japan Chapter and 99 Infosystems to promote trade, investment, and economic development between Africa and Asia, and to promote AI technology solutions in African countries.

Speaking on the essence of the event, Olayinka Fayomi, the chairperson of FIN, said, “The event demonstrated FIN’s commitment to facilitating partnerships and investments in Africa. With these agreements, the continent is poised for significant economic growth and development.”

Zulum further invited investors to explore opportunities in Borno State on the grounds of its vast land and huge population.

He also received the Forbes Best of Africa Leadership and Inclusion Champion Award in recognition of his commitment to rebuilding Borno State after the Boko Haram insurgency.

According to the organisers, the nomination of Governor Zulum for the award was in recognition of his efforts in inclusive emergency response, cultural sensitivity, social cohesion, equitable resource allocation and community engagement.