As Nigeria continues to exist without a law guiding the automotive sector to attract investors and enable citizens to purchase new cars with ease and affordable prices, data from the National Bureau of Statistics (NBS) has shown that Nigerians have continued to rely on used cars from the United States of America (USA) as cheaper alternatives.
 
Analysis of data on foreign trade reports conducted by the NBS from 2017 to 2022 indicates that Nigerians prefer cars from the US, as from the $5.4bn of the commodity imported into the country, $3.9bn was imported from the US alone.
 
More details at:
https://dailytrust.com/nigerians-imported-n1-8trn-of-us-used-vehicles-in-6-years
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The President, Major General Muhammadu Buhari (retd.), on Monday, inaugurated the 10-megawatt Kano Solar Power Project funded by the Nigeria Sovereign Investment Authority with the sum of $16m.
 
It stated that Haske Solar Company Limited, the project vehicle whose name means light in the Hausa language, was jointly owned by the Federal Government, Kano State Government, and the host Local Government – Kumbotso.
 
“The project is currently the largest grid-connected solar PV plant and is a proof of successful mid-sized solar PV deployment in Nigeria,” the NSIA stated.
 
More details at:
https://punchng.com/buhari-unveils-16m-kano-solar-power-project
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The International Monetary Fund (IMF) in its latest World Economic Outlook update for January, released last night, has reviewed upwards growth projections for Nigeria in 2023 from 3.0 per cent which was projected in October last year to 3.2 per cent as it retained the growth forecast for 2024 at 2.9 per cent.
 
Earlier this month, the World Bank further reviewed the country’s projected growth to 2.9 per cent from 3.1 per cent last year. The World Bank in its January Global Economic Prospects release had said Nigeria’s slower growth for 2023 and 2024 reflects the downturn in its oil sector as well as the aftermath of rising insecurity and flooding.
 
Improved growth projection for Nigeria by the IMF also impacted the forecast for Sub-Saharan Africa which saw a slight upward review from 3.7 per cent to 3.8 per cent in 2023, whilst 2024 remained at 4.1 per cent. Global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024.
 
More details at:
https://leadership.ng/imf-reviews-nigerias-growth-upwards-to-3-2
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Industry players have estimated Nigeria’s recycling industry to be worth at least $2bn. Despite this potential economic opportunity, Lagos State has continued to battle the menace of plastic pollution, writes EDIDIONG IKPOTO
 
In an exclusive chat with The PUNCH, an environmental expert and President of the Lagos Recyclers Association, Femi Idowu-Adegoke, said the menace of plastic pollution that has perennially plagued Lagos State has been largely down to lack of willingness on the part of residents to adopt recommended waste disposal means that have been prescribed by the relevant authorities.
 
According to him, Nigeria’s recycling industry has been estimated to be worth a staggering $2bn but has struggled to live up to this lofty estimation due to the menace of indiscriminate disposal of waste and poor orientation of Lagos residents on how to work with professionals to convert this liability to a viable economic opportunity.
 
More details at:
https://punchng.com/lagos-battles-plastic-pollution-amid-2bn-recycling-industry
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The United Nations has said the Nigerian economy will grow to three per cent in 2023 because of a robust commodities trade and dynamic consumer goods and services markets.
 
It stated that high inflation and power supply issues are affecting economic growth in the country. It disclosed this in its ‘The World Economic Situation and Prospects 2023’ report.
 
The report was produced by the United Nations Department of Economic and Social Affairs, in partnership with the United Nations Conference on Trade and Development and the five United Nations regional commissions: Economic Commission for Africa, Economic Commission for Europe, Economic Commission for Latin America and the Caribbean, Economic and Social Commission for Asia and the Pacific and Economic and Social Commission for Western Asia.
 
More details at:
https://punchng.com/un-projects-three-per-cent-economic-growth-for-nigeria

Minister of Communications and Digital Economy, Prof. Isa Ibrahim Pantami has disclosed that the market value of Nigeria Data Protection Bureau (NDPB) in the digital economy sector of Nigeria has hit $11.9 million.
 
Pantami made this known during a press conference to mark the commencement of 2023 Global Data Privacy Week on Saturday in Abuja.
 
He explained that the Ministry came up with the proposal of having a full-fledged data protection institution and also principal legislation of data protection relations in Nigeria because of the critical nature of data to the economy in the digital sector.
 
More details at:
https://leadership.ng/nigeria-data-protection-market-value-hits-n5-5bn-minister
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The volume of trade between Nigeria and India in 2022 was $14.95 billion, the Indian High Commissioner to Nigeria, Mr. Shri Balasubramanian has revealed.
 
Speaking in Abuja on Thursday during the celebration of the 74th Republic Day of India, the envoy disclosed that the volume of trade was in favour of Nigeria.
 
The envoy said, “there has been improvement in the importation of Indian pharmaceutical products into Nigeria. And there are efforts to improve trading and other ties between the two nations.’
 
More details at:
https://www.thisdaylive.com/index.php/2023/01/27/nigeria-india-trade-volume-hit-14-95bn-in-2022
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The UK Government has launched the Developing Countries Trading Scheme in Nigeria, which will enable the country to benefit from duty-free trade on exported goods.
 
The launch took place on Wednesday in Lagos, and the DCTS would come into force in the Spring of 2023, replacing the UK’s Generalised Scheme of Preferences.
 
The statement said, “The DCTS benefits 65 countries, 37 of which are African and will mean that Nigeria benefits from duty-free trade on over 9,200 products…
 
More details at:
https://punchng.com/uk-declares-generous-export-packages-for-nigeria-others
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Fitch Ratings has predicted a sustained growth trajectory for the Nigerian Islamic finance industry in 2023 and 2024.
 
The report said the growth would ride on the back of government sukuk issuance and policy push but was still likely to remain nascent in the medium term.
 
According to the ratings, Nigeria, although small by global comparison, houses the largest sukuk market in Africa with an outstanding issuance of $1.7bn.
 
The report said the size of the Nigerian Islamic finance industry was estimated at $2.9bn as of 2022, with outstanding sukuk being the largest segment at 57 per cent, followed by Islamic banks at 42 per cent, and the remaining one per cent between Islamic funds and takaful.
 
More details at:
https://punchng.com/islamic-finance-industry-to-sustain-growth-report 

President Muhammadu Buhari inaugurated a 200-million-litre lubricant plant on Monday in Lagos, a project described as the first of its kind in the West African market.
 
According to Energy Insights by Mckinsey & Company, a lubricant plant, also known as a base oil plant, extracts high-viscosity heavy material from vacuum gas oil and vacuum resid to produce base oils.
 
Nigeria's capacity in the lubricants market stood at 503.50 million litres in 2021 and is projected to register a compound annual growth rate (CAGR) of 3.48 per cent to reach 597.33 million litres in 2026, according to the latest market report by Mordor Intelligence, an Indian-based consultancy firm.
 
On importation, Nigeria spent $74.4 million bringing in other lubricating oils meant to be mixed further in the third quarter of last year, the latest data from the National Bureau of Statistics showed.
 
According to the company, it can also manufacture and fill 110 million cans per year of various aerosol products like insect repellents, cosmetic aerosols, air fresheners, and pharmaceutical aerosols.
 
More details at:
https://businessday.ng/energy/oilandgas/article/explainer-what-200m-litre-bestaf-lubricant-plant-means-for-nigerias-economy
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