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The value of capital imported into Nigeria in the third quarter of 2021 stood at $1.73 billion from $875.62 million in the preceding quarter of 2021, the National Bureau of Statistics (NBS) has said.
According to a report published by the NBS, the data showed an increase of 97.73 per cent but when compared to the corresponding quarter of 2020, capital importation as well increased by 18.47 per cent from $1.46 billion. The largest amount of capital importation by type according to the Bureau was received via portfolio investment, which accounted for 70.30 per cent ($1.22 billion) of total capital importation… More details through: https://guardian.ng/business-services/nigeria-records-97-73-increase-in-capital-importation/
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The National Agency for Science and Engineering Infrastructure (NASENI) has said it is making plans to procure an aircraft N219, two helicopters and hangar equipment from the PT Dirgantara of Indonesia.
The Executive Vice Chairman/Chief Executive (EVC/CE) of NASENI, Prof. Mohammed Sani Haruna, said the agency has the approval to acquire the know-how from Indonesia on the development of civil and military aircraft. He spoke on Thursday in Abuja, while receiving the Ambassador of the Republic of Indonesia, Dr Usra Hendra Harahap who led a delegation to the agency on a visit… More details through: https://dailytrust.com/fg-to-buy-aircraft-2-helicopters-others-from-indonesia Barrick Gold Corp. and Rio Tinto Group have expressed interest in Nigeria’s largely untapped mining sector, according to the West African nation’s mining minister, although the gold miner denied any plans to enter the new market.
“They are looking at the possibility of coming to look at opportunities in Nigeria,” Olamilekan Adegbite said in an interview at a mining conference in Saudi Arabia’s capital, Riyadh. Africa’s biggest crude producer is hoping investors will follow the example of Thor Explorations Ltd., which has built the country’s first industrial gold project, as it seeks to cut its dependence on oil earnings… More details through: https://www.bloomberg.com/news/articles/2022-01-12/nigeria-woos-barrick-and-rio-to-spur-nascent-mining-industry The Nigerian off-grid solar market is among the fastest-growing in Africa, increasing at a 22 per cent average annual rate during the past five years, according to a study conducted by Boston Consulting Group and All On, a Shell-funded impact investment company.
The report, however, said the country had underperformed its peers in Africa in penetration of off-grid solar and had a long way to go before its solar market could be considered robust. It said, “Nigeria’s installed photovoltaic panel per capita amounts to only about 1 watt compared to an average of 8 watts in similar emerging market, indicating a big opportunity for further growth in the country… More details through: https://punchng.com/nigerian-off-grid-solar-market-among-fastest-growing-in-africa-report/ The World Bank gave the forecast in its latest Global Economic Prospects report, a copy of which was obtained by Channels Television on Wednesday.
“In Nigeria, growth is projected to strengthen somewhat to 2.5 per cent in 2022 and 2.8 per cent in 2023,” said the Washington-based institution in the section of the report which focused on recent developments in Sub-Saharan Africa. “The oil sector should benefit from higher oil prices, a gradual easing of the Organisation of the Petroleum Exporting Countries (OPEC) production cuts, and domestic regulatory reforms… More details through: https://www.channelstv.com/2022/01/12/nigerias-economy-to-grow-by-2-5-in-2022-world-bank/ The number of Nigerian students granted sponsored-study visas to the United Kingdom (UK) has increased by 368 percent within two years to a record high of 36,783, an official data from the British government show.
“In the top five nationalities, Nigerian nationals (citizens) saw the largest relative increase in sponsored study grants compared increasing by 28,923 (+368%) to a record high of 36,783, making them the third-largest nationality group in 2021,” information from the UK’s immigration website shows. In terms of nationalities granted visa to the UK, the data show from September 2019 – September 2021, other countries such as Pakistan, India, China, and the United States also recorded 225 percent, 197 percent, 13 percent, and 3 percent, respectively… More details through: https://businessday.ng/education/article/nigerians-sees-the-largest-increase-in-uk-scholarships/ Subscriptions for highspeed internet, otherwise known as broadband, increased marginally in November 2021 as operators added 168,027 new subscribers. This brought the subscriptions database to 76.3 million from 76.1 million in the preceding month.
According to the latest industry data released by the Nigerian Communications Commission (NCC), the increase in subscriptions also brought the broadband penetration in the country to 39.98 per cent from 39.89 per cent recorded in October. Despite the on-going imple mentation of the country’s National Broadband Plan (2020- 2025) with a target of 70 per cent penetration by 2025, subscriptions for the service had been declining for months. From a peak point of 45.93 per cent in October 2020, broadband penetration in Nigeria slipped to 39.79 per cent in July 2021… More details through: https://www.newtelegraphng.com/broadband-subscriptions-hit-76-3m/ For the first time in several months, the consumer goods industry outperformed the financial sector, dominating in volume terms at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited (NGX),
It led the activity chart with 1.255 billion shares valued at N51.9 billion in 2,581deals, thus contributing 61.9 per cent to the total equity turnover. Following the consumer sector, last week was the financial services industry with 537.9 million shares worth N4.6 billion in 8,015 deals… More details through: https://guardian.ng/business-services/consumer-sector-displaces-financial-industry-lifts-turnover-by-62/ The Federal Government spent $1.68bn on food importation from January to September last year. The Central Bank of Nigeria disclosed this in a report on sectoral utilisation of foreign exchange for the third quarter of 2021.
According to the CBN, the government spent $163.60m, $197.73m, and $171.05m in January, February and March, respectively, while $156.30m, $135.72m and $213.58m were spent in April May and June, respectively. The report revealed that $184.69m, 188.88m and 271.59m were spent in July, August and September, respectively… More details through: https://punchng.com/fg-spent-1-68bn-on-food-imports-in-nine-months-cbn/ A German consumer electronics manufacturer, Loewe, has launched its first set of products in the Nigerian market amid its planned growth into the broader West-African region.
The Chief Executive Officer, Loewe Technologies Nigeria Limited, Omodunke Adelakun announced during the product launch in Lagos that the firm had selected Lagos-based Courtleigh Investment Limited as its official and exclusive distributor for the Loewe brand in Nigeria and West African countries. She said, “Since its establishment, the company has been shaping the industry with its iconic products and technical innovations and has received numerous awards for its elegant designs and superior performance… More details through: https://punchng.com/german-electronics-manufacturer-begins-operations-in-nigeria/ |
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