Browsing: Nigeria

The state government of Lagos will launch a five-year Agriculture Development Roadmap in line with its mission development agenda Strategy on Thursday April 22, 2021.

Explaining this to the media Ms. Abisola Olusanya the State Commissioner for Agriculture in Lagos said that the Roadmap will steer their goals and help the State achieve its goal of making Lagos a 21^st Century Economy.

The Roadmap will focus on the development of agricultural value chains where the State has competitive and comparative advantages of ensuring that the State attains its food security goals.

“I am delighted to address you today and avail you of the forthcoming launch of the five-year Agricultural Development Roadmap for the Ministry which is slated for launch by the State Governor, Mr. Babajide Olusola Sanwo-Olu next week Thursday.

This bold step which will be taken by the Governor Babajide Sanwo-olu-led Lagos State government to launch a five-year …

The Jubilee Syringe Manufacturing (JSM) Company Limited, the largest disposable syringe factory in Africa that produces disposable syringes, made with state of the art technology, from high quality medical, has been awarded the internationally recognized ISO certifications for its conformity with industrial quality and management.

Jubilee Syringe Manufacturers was presented with the ISO 9001:2015 and ISO 13485:2016 certifications, almost four years after its inauguration in September 2017 mandated to produce syringe for single use hypodermic and sterile disposable syringes.

Jubilee Syringe which is the largest disposable syringe factory in Africa was established in 2017 through the vision of Governor Udom Emmanuel’s led administration. The Company which has since commenced operation is producing three types of disposable syringes (2ml, 5ml, and 10ml).

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This disposable syringes whose raw materials are produced by Nigerian Petrochemical companies come handy with the …

The ravaging Covid-19 pandemic earlier last year 2020 forced the Federal Government of Nigeria to suspend borrowing from International market but with their progressive economic recovery they have since announced plans to re-enter the international debt market this year once again.

Patience Oniha, the Director-General of the Debt Management Office (DMO), revealed this during a Reuters interview on Wednesday, April 7, 2021.

According to the Director-General of the Debt Management {DMO} the country will issue Eurobonds in 2021, with specifics to be published soon and an open bidding procedure for advisors.

ALSO READ: Folorunso Alakija Drops From Forbes List Of Nigeria’s Dollar-Billionaires

She also confirmed that the Eurobond would be included in the budget’s external borrowing plans for 2021.

A Eurobond is a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued.

Nigeria’s outstanding Eurobonds debt as …

Folorunso Alakija has been dropped from Nigeria’s Forbes list of dollar- billionaires for a second year in a row according to a statement released by Forbes 2021 world billionaires on Tuesday.

The Nigerian Africa Billionaire businesswoman is involved in the fashion, Oil, real estate and printing industries. She is currently the group managing director of The Rose of Sharon  Group which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and the executive vice-chairman of Famfa Oil Limited.

Nigeria the most populous country in Africa and the seventh most populous in the world with an estimation of 206 million inhabitants as of late 2019 with the largest economy in Africa has only three dollar-billionaires now.

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The current world dollar-billionaires in Nigeria according to Forbes are Chairman of Dangote group that spans a range …

Nigerian President Muhammadu Buhari has virtually launched “The Decade of Gas in Nigeria Initiative” pledging that his government will fully utilize gas resources in the country to lift the economy high as well as enhance industrialization.

During the unveiling of The Decade of Gas in Nigeria initiative in Abuja on Monday, Mr Buhari said the country’s capacity to produce about 600 trillion cubic feet of gas and the rising demand for cleaner energy sources were capable to help the nation achieve its economic diversification goal.

 ‘‘The rising global demand for cleaner energy sources has offered Nigeria an opportunity to exploit gas resources for the good of the country. We intend to seize this opportunity,’’ the President said at the virtual Nigeria International Petroleum Summit (NIPS) 2021 Pre-Summit Conference and official launch of the Decade of Gas.

ALSO READ: Chinese Quarry Shut Down For Violating Environmental Regulations In Zambia

Buhari …

The Nigerian National Petroleum Corporation (NNPC) has recorded an increase of 80.12% in trading surplus in a month. This increase was recorded between the month of December 2020 and November 2020 which stood at 63,532,499.89 USD and 35,272,487.54 USD surplus respectively.

According to the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru this increase was captured in the month of December 2020 edition of the NNPC Monthly Financial and Operations Report [MFOR]

The trading surplus figure is usually derived after deducting the expenditure profile from the revenue in the period under review. It is also known as the trading deficit.

The report also shows an increment of the operating revenue of the NNPC Group in December 2020 by 33.44% or 359,816.14USD as compared to November 2020 to stand at 1,435,718,936.08USD

Similarly, expenditure for the month increased by 27.54% or 296,283,642.51USD to stand at …

Climate change is a 21st-century phenomenon that has called the attention of most governments on planet earth. In Africa, the cost of adaptation is estimated at approximately $2 billion per year in the period 2030-2100.

According to a US-based think-tank, Brookings, research finding point out that, bold climate action could deliver at least $26 trillion in global economic benefits between now and 2030. On another, it could also generate nearly 65 million new low-carbon jobs by 2030.

All these benefits safeguard Africa’s prosperous future which is filled with exciting development projects execute across the region’s vast landscape.

As far as the adoption of new climate economy models, such as phasing our fossil fuels energy structures and ushering in renewables particularly solar and wind energy—which is proving to be useful in East Africa, the role of green banks and climate funds is inevitable.

The African Development Bank (AfDB) and the Climate …

The Central Bank of Nigeria has banned all cryptocurrency transactions as of February 5^th 2021 citing terrorism concerns. The central bank is of the view that cryptocurrency transactions are been used to fund terror groups.

As a result, it has ordered all banks as well as non-bank financial institutions and all other financial institutions that deal in cryptocurrencies or facilitate payment for cryptocurrencies to stop with immediate effect.

The development comes after the Central Bank issued a warning back in January cautioning against the use of cryptocurrency.

Cryptocurrencies are volatile and risky since unlike in regular banking transactions, these are transactions that are irreversible. Further still, transactions are anonymous so you do not know who you are dealing with and also, there are no regulators for cryptocurrency dealings, it is all just you and a host of other people that you do not know trading online, to call it …

Africa’s top economy and oil exporter, Nigeria is battling yet another economic hurdle, as the government disagrees with the International Monetary Fund’s (IMF)recommendations of lowering its currency that’s more than 18 per cent overvalued to ease external imbalances, according to Bloomberg News.

According to IMF February 8, 2021, press release, Nigeria has been hit quite hard by the COVID-19 pandemic, following a sharp decrease in oil prices and capital outflows, real GDP is estimated to have contracted by 3.2 per cent I 2020 amidst the pandemic-related lockdown.

Bloomberg News reported on February 8, 2021, that, Nigeria’s President Muhammadu Buhari administration sees currency pressures stemming from global outflows caused by the coronavirus pandemic and believes another depreciation would add to double-digit inflation.

The devaluation pressure from IMF is not new to Nigeria. In 2014 the Nigerian central bank devalued the naira by nearly 8 per cent and then fixed the official …

Up to 50 million people around the world, including around five million smallholder farmers, depend on cocoa which is essential to their livelihoods. 

Africa is the world’s major cocoa producer with West African nations—Côte d’Ivoire, Ghana, Nigeria, Cameroon and Togo—producing an estimated 70 per cent of the world’s cocoa on 1.5 million farms. The majority of the crop comes from small farms of between three to five hectares. 

Producing cocoa is backbreaking for the cocoa farmers yet they do not earn enough from the product that is a global on-demand ingredient. Most farmers are unable to cover their basic needs despite the fact that the worldwide chocolate market is valued at US$103 billion.…