General Electric and the Bank of Industry have agreed to a $500m funding support for small and medium-sized enterprises in the area of infrastructure provision. Both parties said in a joint statement on Thursday that the new arrangement would bring [...]
IBM announced its next major chapter for Watson – fueling economic development and sparking new business opportunities across Africa. This announcement comes on the heels of IBM’s $1 billion bet to create the Watson Group, which will accelerate efforts around [...]
While aquaculture is gaining popularity and momentum in Nigeria, the sector is still underdeveloped and inefficient. Fish farming inputs such as fish meal, fish feed, fish health supplies are mostly imported and their costs are too high for small scale [...]
Disturbed by the inability of most investors in the recently privatised power generation and distribution firms to raise funds to run the operations of the plants, President Goodluck Jonathan has directed Vice-President Namadi Sambo to convene a meeting of stakeholders [...]
The World Trade Organisation has called on the Federal Government to ensure transparency and inclusiveness in the formulation and implementation process of the country’s trade policies. The Deputy Director-General, WTO, Ambassador Yonov Agah, stated this on Saturday, in Abuja at [...]
By Babajide Komolafe Foreign portfolio investors withdrew $12.8 billion from the economy last year, even as the nation’s external reserves maintained it downward trend last week. Speaking at the Monetary Policy Committee (MPC) meeting held last month, Deputy Governor, Central [...]
By Obinna Chima The non-oil sector of the Nigerian economy was the main driver of the country’s real Gross Domestic Product (GDP) growth in 2013, a report has indicated. According to the report, ongoing reforms in the key sectors of [...]
The United Nation Industrial Development Organisation (UNIDO) on Thursday attributed Nigeria’s slow pace development to inconsistency in the country’s industrial policy. UNIDO Country Representative in Nigeria, Dr Patrick Kormawa, who stated this in an interview, noted that Nigeria’s over-dependence on export [...]
TURKISH investors plan $50m textile plants in ImoTHE volume of bilateral trade between Nigeria and Turkey has risen from $2 billion in 2012 to $2.3 billion last year, as the two countries, yesterday, renewed strategies to further raise transactions profile [...]
Japan to support Nigeria’s automobile development plan – Japan has pledged to provide technical assistance to the Federal Government in the implementation of the proposed Automobile Development Plan aimed at ensuring the production of various vehicles in the country. The [...]
Nigeria Mobilises $700m for Trans-Sahara Gas Project – President Goodluck Jonathan Wednesrday announced that Nigeria had mobilised $700 million to support the completion of Nigeria-Algeria gas pipeline project. Jonathan made this known in Addis Ababa in a report on the [...]
WEF: Foreign investors impressed with Nigeria — Okonjo Iweala BY JONAH NWOKPOKU The Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo Iweala, has said that foreign investors were impressed with Nigeria’s economic growth and overall performance [...]
Prior to embarking on the salient task of unpacking the business dynamics between Africa’s two biggest economies, South Africa ($407billion) and Nigeria ($282billion) it is critical to look at a brief history of the two nations South Africa became a [...]
Investors Prefer Nigeria to Other African Countries By Obinna Chima Investors in Africa have continued to choose Nigeria over most countries in the continent as the preferred investment destination because of the country’s strong fundamentals. In a report titled: “Sub-saharan [...]
‘Nigeria’s GDP to Grow by 7% in 2014’ – Nume Horsfall with agency report The United Nations Economic Commission for Africa (ECA) has listed Nigeria among select West African nations to witness Gross Domestic Product (GDP) growth of 6.9 per [...]
The Transmission Company of Nigeria,TCN has announced that there will be a 300 megawatts (mw) drop in power supply. The drop is due to the shutdown of Shiroro Power Station for maintenance and repairs. Shiroro Power Plc has announced that its Power [...]
Large land deals between African governments and usually foreign (and sometimes domestic) investors have seen swathes of the countryside leased or concession, often for as much as 50 to 99 years. From Senegal in West Africa to Ethiopia in the Horn, [...]
Indications have emerged that Indi telecommunications service provider, Bharti Airtel may sell off its towers in Nigeria for about $550m in the first quarter of the year to streamline debt. “The company wants to finish the Nigeria tower sale by [...]
Nissan Motors is working on rolling out the first made-in-Nigeria Sport Utility Vehicle, Nissan Patrol, in April, the firm’s Chief Executive Officer, Mr. Carlos Ghosn, has said. He said this on Thursday during a meeting he had with President Goodluck [...]
SABMiller’s Nigerian subsidiary, Intafact Beverages Ltd, announced yesterday plans for a multi million pound expansion of its brewery in Onitsha, South Eastern Nigeria, which opened in August 2012. It’s set up marked an initial investment of more than $100m making it the [...]
President Goodluck Jonathan, has said that the key objective of the nation’s new automotive policy was to make new cars affordable to more Nigerians. He said that his Administration was fully committed to rapidly developing Nigeria’s automobile industry through the [...]
At the world Economic Forum in Davos, Switzerland, Mr Adesina told Channels Television on Thursday that bulk of the land available for farming around the world was in Africa. “The issue of global food security is very important. Nine billion [...]
By Goddy Egene with agency report The founder of Zenith Bank Plc, Mr. Jim Ovia, Wednesday called on foreign investors to invest in the Nigerian economy and reap one of the best returns in the world. Ovia, who is attending [...]
NIGERIA’S cement industry has attracted additional investment worth $8 billion, driven largely by the implementation of the Federal Government’s Backward Integration Policy. The Minister of Industry, Trade and Investment, Olusegun Aganga, who disclosed this during a meeting with the Indian [...]
Africa’s biggest producer of cement and Nigeria’s largest manufacturing company, Dangote Group, is to expand into three South American countries, after signing a preliminary joint venture agreement with an unnamed firm in that regard. The private BusinessDay newspaper reported Thursday [...]
By Vera Sam Anyagafu & Prisca Sam-Duru The Head of the Lagos office of Indian Embassy Rani Malick, has disclosed that India’s export to Nigeria during the past few years has tripled to the tune of 11 billion dollars due to [...]
President Goodluck Jonathan has sent a request to the National Assembly to approve an increase in the amount to be raised through the Diaspora Bond by 200 percent from an initial $100 million ,to $300 million. The request is contained [...]
Steve Omanufeme, Eromosele Abiodun and James Emejo The Central Bank of Nigeria (CBN) Tuesday rose from its first Monetary Policy Committee (MPC) meeting this year to further raise banks’ Cash Reserve Requirement (CRR) on public sector deposits from 50 per [...]
President Goodluck Jonathan on Monday expressed the belief that with the measures put in place by his administration, especially the new National Automotive Industry Policy; the country would soon be exporting cars to other countries. Jonathan spoke at the Presidential [...]
The Federal Government is working to come up with a new price regime for domestic gas within three months, informed industry sources have disclosed. The move is intended to encourage gas producers who have been clamouring for incentives to produce [...]
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