The Group Managing Director, African Industries Group, Mr. Alok Gupta, on Thursday said Nigeria will gain a lot from the company’s huge $600million steel plant in Kaduna State.
 
He said the nation will soon be exporting steel and chemical products to various countries within the Economic Community of West African States (ECOWAS) sub-region. He said the project will also bring in significant savings in foreign exchange by import substitution to the country…
 
More details through:
https://thenationonlineng.net/600m-steel-plant-to-create-3000-jobs-save-forex/

The World Bank Group, yesterday, raised Nigeria’s growth expectations in 2020 to 2.1 per cent, describing it as an “edge up”, a development that confirms the country’s continued stay in sluggish economic path for another calendar year.
 
It also warned that the macroeconomic framework is characterised by multiple exchange rates, foreign exchange restrictions, high persistent inflation, and a central bank targeting manifold objectives that are not conducive to confidence.
 
Meanwhile, the global economic growth is also forecast to edge up to 2.5 per cent in 2020, as investment and trade gradually recover from last year’s significant weakness, but downward risks persist…
 
More details through:
https://guardian.ng/business-services/world-bank-puts-nigerias-growth-at-2-1-per-cent-in-2020/

Nosak Group has invested more than $75 million in three ethanol plants in Nigeria even as it gets ready to tap opportunities in the African Continental Free Trade Area (AfCFTA) which begins in July 2020.
 
In an interview with BusinessDay, Osaro Omogiade, managing director of Nosak Distilleries Limited, said his group’s investments had been huge, adding that the company would continue to pump huge amounts to tap opportunities in the economy…
 
More details through:
https://businessday.ng/real-sector/article/nosak-pumps-75m-into-ethanol-plants-readies-for-afcfta/

Eleven new pipelines are expected to come on stream in Nigeria by 2023, GlobalData has said. According to the data and analytics company, Nigeria is expected to contribute around 35 per cent of Africa’s total planned and announced oil and gas new-build trunk/transmission pipeline length additions between 2019 and 2023…
 
More details through:
https://punchng.com/11-new-pipelines-expected-in-nigeria-by-2023/

The Finance Bill 2019, when signed into law, will ensure that small businesses with turnover less than $70,000 (N25m) will be exempted from Companies Income Tax. Currently, all companies are expected to pay the Federal Government 30 per cent of their profit as Companies Income Tax.
 
However, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said once the bill is signed into law, companies that make a turnover of less than N25m will no longer pay this tax while those that have a turnover of between N25m and N100m yearly will now pay 20 per cent as companies income tax…
 
More details through:
https://punchng.com/firms-with-less-than-n25m-turnover-will-no-longer-pay-company-tax-fg/

​2020 starts off on a good note, with Ghanaian Fintech startup KudiGO officially opening an office in Nigeria. KidiGO builds comprehensive and reliable financial models to help businesses receive payments and track inventories (https://bit.ly/35zoLsv). This movement follows on from the great year the Fintech sector had in 2019 as Nigeria stood out as the top destination for VC investment, recording USD 663.24 MN in total funding garnered. The top two deals were from the Fintech sector (among the other 32 deals recorded in the sector) but more importantly 50% of the total companies that raised USD 1Mn and more in Nigeria were Fintech companies. (https://bit.ly/35zoLsv)

​The year 2020 for the Nigeria oil and gas industry has started on a good note as the long-awaited final investment decision on the NLNG Train 7 project has been taken by the government (NNPC Group) and shareholders. The FID will enable Nigeria to be one of the world’s largest providers of cleaner energy, provide more revenue to the government and create thousands of jobs (direct & indirect) (https://bit.ly/46qpRt). This giant step taken has raised more optimism within the Nigerian government on the implementation of the National Gas policy  as the FID will accelerate the enactment of the policy (https://bit.ly/47gsBt).

Nigeria’s imports from China in the second and third quarter of 2019, (April to September) stood at $6.1bn (N2.2tn); data obtained from the National Bureau of Statistics have shown.
 
The country imported Chinese goods worth N1.02tn in the second quarter, representing 25.47 per cent of total imports and in the third quarter, imported Chinese goods valued at N1.22tn representing 31.34 per cent of total imports.
 
Imports from the United States of America were valued at N422.1bn, representing 10.53 per cent of total imports…
 
More details through:
https://punchng.com/nigerias-six-months-imports-from-china-hit-n2-2tn/

The year 2019 was a good year for Nigerian ventures as the country raked in $663.24 million, the highest amount of venture capital money secured by an African country in the year, according to a 2019 Africa Venture capital report released on Saturday.
 
A further analysis of the report by WeeTracker, a global tech media platform with a marked focus on the African technology and start-up ecosystem, showed that it is the second consecutive time Nigeria has attracted the highest amount of venture capital.
 
Kenya emerged second, netting 283.6 percent growth over the previous year’s funding amount. South Africa took the third position in the top three countries as per funding amount…
 
More details through:
https://businessday.ng/enterpreneur/article/with-663-2m-nigeria-again-tops-startup-investments-in-africa/