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Nigeria’s telecommunications sub-sector emerged as one of the best performing sectors of the economy last year as it contributed a total of $33.1 billion (N11.9 trillion) to the country’s nominal Gross Domestic Products (GDP).
This represents a 22.6 percent increase year-on-year when compared with the N9.7 trillion it contributed in 2018. With this, the telecommunications sub-sector accounted for 8.25 percent of the aggregate nominal GDP for the economy in 2019, which stood at N144.2 trillion. The latest data released by the National Bureau of Statistics (NBS) showed that the information and communications technology sector, led by telecommunications, remained one of the major drivers of the economy… More details through: https://www.newtelegraphng.com/telecoms-contributions-to-gdp-hit-n11-9trn/
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The long-standing friendly relations between Nigeria and Australia are billed to be accorded an official seal in April in Abuja when both countries are expected to sign a memorandum of understanding (MoU) on the merit scholarship scheme administered by the Australian Government.
The document is expected to provide a special scholarship package for Nigerian post-graduate students. The scheme is expected to be implemented this year with the first 200 Nigerian recipients arriving in Australia in December 2020. It is expected that Nigeria’s education minister, Adamu Adamu, and the Australian high commissioner to Nigeria, Claire Ireland, are billed to meet at a round-table in Abuja to sign the MoU… More details through: https://businessday.ng/education/article/nigeria-australia-to-sign-merit-scholarship-pact-in-april-2020/ The volume of non-oil trade between Nigeria and the United Arab Emirates (UAE) stood at $1.5 billion (N525 billion) in 2018, UAE Ambassador to Nigeria, Dr. Fahad Al Taffaq, has said. Al Taffaq also said around 100,000 Nigerians visit UAE annually, while one of UAE’s main airlines operates 21 flights weekly from Lagos and Abuja to Dubai.
The Ambassador, who spoke on Wednesday at the Dubai Tourism Road Show 2020 in Abuja, said Nigerians visit Dubai either for tourism or medicals. His words: “Nigeria represented the fastest growing market for Dubai with an impressive 33 percent increase in visitor arrivals… More details through: https://thenationonlineng.net/nigeria-uae-non-oil-trade-hits-1-5b/ A consortium of A. J. Walters/Glovesly/Egypt Air has been shortlisted to bid for Nigeria’s Aviation Leasing Company (ALC). For the Maintenance Repair and Overhaul (MRO) facility, two companies – A.J. Walters/Glovesly/Egypt Air and Ethiopian Airlines – were shortlisted out of seven that expressed interest for the facility.
More details through: https://www.dailytrust.com.ng/egypt-air-ethiopian-airlines-shortlisted-for-leasing-company-mro-facility.html Despite import restriction, Norway has realised N36.38 billion ($100.5 million) from fish exports to Nigeria.
The country exported 51,000 tonnes between 2017 and 2019. The exports grew from 9,000 tonnes to 21,500 tonnes in three years, leading to a growth of 193 percent. Statistics by the Norwegian Seafood Council (NSC) revealed that Norway exported 9,000 tonnes of stockfish, stockfish heads, and other dried products to Nigeria valued at $25 million. Also in 2018, the country exported 20,500 tonnes of seafood valued at $40.5 million to Nigeria, while over 21,500 tonnes of fish valued at $35 million was imported to Nigeria from Norway… More details through: https://www.newtelegraphng.com/norway-earns-n36-38bn-from-nigerian-fish-market/ For the first time since 2014 Nigeria’s grade-A office reported the largest take-up of about 20,100m² in 2019 on the back of increased demand from tech and oil & gas industries, data from Nigeria’s Office Market Viewpoint H2:2019 by Broll Nigeria shows.
While the bulk of the grade-A office space was delivered in the first half of 2019, around 45,000m² of office properties entered into the A-grade market last year. The most noteworthy of the major transactions that occurred in the year under review was the sale of the Cornerstone Tower Development (GLA of 12,040m²) in the second half of last year… More details through: https://businessday.ng/real-estate/article/nigerias-grade-a-office-records-largest-take-up-in-5years-at-20100m2-in-2019/ Imo State Governor, Senator Hope Uzodimma has expressed his resolve to chart a roadmap for the development of the healthcare sector in the state. The Governor spoke on Tuesday, February 25, when he received in audience the American International Health Incorporated led by its Chief Medical Officer (CMO), Uche Nwaneri. Nwaneri, a professor and his team made a presentation to the Governor on “the Strategic Plan to Revitalise the Imo State Healthcare sector…
More details through: https://businessday.ng/health/article/imo-govt-partners-american-international-healthcare-inc-on-healthcare-delivery/ The United States government through its Agency for International Development (USAID) and Infrastructure Credit Guarantee Company Limited (InfraCredit) recently signed a Declaration of Partnership for the first-ever bond co-guarantee under a risk sharing arrangement to provide increased access to electricity to consumers in Port Harcourt, Rivers State.
The N13 billion ($36.1 million) co-guarantee for a 15-year bond represents a partnership with InfraCredit, a domestic ‘AAA’ rated specialised infrastructure credit guarantee institution backed by the Nigeria Sovereign Investment Authority, GuarantCo (a Private Infrastructure Development Group company), KfW Development Bank and Africa Finance Corporation to provide local currency guarantees and mobilise long-term debt financing for infrastructure in Nigeria. InfraCredit is an official partner of Power Africa… More details through: https://businessday.ng/companies/article/nigerias-infracredit-forges-new-partnership-with-usaid-to-spur-infrastructure-funding/ As global vehicle exports to various countries is on the increase, Nigeria has imported used passenger vehicles valued at N687.8billion ($1.90 billion) within five years from United States (US) alone. Nigeria accounts for 27 percent of the used vehicles export into Africa, which are either low grade or damaged.
The vehicles were shipped from various states in U.S. between 2014 and 2018 as cost of shipping from U.S. ports to Nigeria is $750. According to the United States Department of Commerce (USDC), U.S. used vehicle export to low income countries in Africa like Benin and Nigeria, among others, had already risen to 826,000 units annually… More details through: https://www.newtelegraphng.com/import-nigeria-spends-n687-8bn-on-passenger-vehicles/ Interswitch Limited and American Express (AmEx) have announced a new partnership to expand the usage and acceptance of American Express (AmEx) cards across Nigeria.
The partnership with Interswitch will enable American Express Cardmembers to transact, using a wide range of merchants, who process payments through the Interswitch platform, for a range of travel, retail, hospitality and dining expenses, as well as ATM withdrawals… More details through: https://dailytimes.ng/2020/02/24/interswitch-american-express-partner-on-amex-cards-acceptance-in-nigeria/ |
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