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An Australian firm, Worley, has been awarded a contract to provide main front-end engineering design (FEED Phase II) services for the Nigeria-Morocco Gas Pipeline (NMGP) project. The engineering study is progressing in accordance with the initial project planning.
The NMGP is a new regional onshore and offshore gas pipeline that is intended to deliver natural gas resources of Nigeria to 13 countries in the West and North Africa as a continuation of the existing West Africa Gas Pipeline (“WAGP”) between Nigeria, Benin, Togo and Ghana. Starting from Nigeria, the 5,660 kilometers long NMGP will end at Tangiers, a Moroccan port on the Strait of Gibraltar, with a possible extension to Europe through Spain. The project is estimated to cost $25 billion and it will be completed in stages over 25 years. When completed, the over 7,000km long gas pipeline, being promoted by Office National desHydrocarbures et des Mines (ONHYM) of Morocco and Nigerian National Petroleum Corporation (NNPC) of Nigeria, will link Nigeria with Morocco, cross 11 West African countries and extend to Europe. It will be the longest offshore pipeline in the world and the second longest pipeline overall… More details through: https://www.newtelegraphng.com/gas-australian-firm-to-feed-nigeria-morocco-25bn-pipeline-project/
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Trade volume between Indonesia and Nigeria rose to $2.46 billion in 2021, as the southeast Asian country seeks closer economic ties with Nigeria. This was disclosed by Amb. Usra Harahap, Ambassador of Indonesia to Nigeria, during a press briefing in Abuja.
He added that Indonesia’s main economic focus is improving economic relations with Nigeria, citing efforts made to introduce, promote and boost the bilateral economic relations of the two countries, as 25 Indonesia companies now invest in Nigeria… More details through: https://independent.ng/indonesia-nigeria-trade-volume-rises-to-2-46bn-in-2021/ A cryptocurrency trading platform, Paxful, has said Nigeria is the largest crypto-trading country in Africa with a trading volume worth over $760m in 2021.
In a statement on Wednesday, the firm said that in the year under review, the country had over 16,000 trades completed across Nigeria each day. The company also said that Africa was leading the way for global Bitcoin, adding that the market in the continent had grown over 1,200 per cent with countries like Kenya, South Africa and Nigeria ranking among the highest in grassroots adoption in the world… More details through: https://punchng.com/nigeria-records-760m-crypto-trade-in-2021-paxful/ THE Federal Executive Council on Wednesday approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and the National Iron Ore Mining Complex in Itakpe, Kogi State.
FEC also approved contracts worth N10.48bn and $27.09m respectively for the Federal Ministry of Power, for the purchase of several transmission equipment to stabilise power supply nationwide. The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents shortly after Wednesday’s hybrid FEC meeting Presided over by the President, Major General Muhammadu Buhari (retd.), at the council chambers of the State House, Abuja… More details through: https://punchng.com/consultant-to-get-n853m-for-ajaokuta-steel-firms-concessions-fg/ The Federal Ministry of Finance, Budget and National Planning has approved implementation of the ECOWAS Common External Tariff (CET) 2022-2026 which provides for a slash in import duty of pickup vehicles to 10 per cent without payment of the controversial National Automotive Council (NAC) levy.
The circular obtained by Daily Sun dated April 8, 2022 signed by the Minister of Finance, Budget and National Planning, Dr Zainab Shamsuna Ahmed. was transmitted to the Comptroller General of Nigeria Customs Service, Col Hameed Ali. The Minister instructed that single and double cabin pickup vehicles under the heading of 87.04 should attract 10 per cent import duty with no levy, both old and new… More details through: https://www.sunnewsonline.com/fg-reduces-import-duty-on-hillux-vehicles-pickups-to-10/ Akwa Ibom State government is making a new move to partner China Harbour Engineering Company (CHEC) on the construction of $2.02 billion Ibom Deepsea Port project. The state government explained during the presentation of its 2022 budgetary outlay of N582.115 billion that it would commence the construction of Ibom Deep Seaport and development of the Ibom Industrial City to complement its efforts in the creation of enduring structures for 300,000 jobs, wealth creation and increased Internally Generate Revenue (IGR).
The green field project, which is expected to become the Eastern gateway of Nigeria, is expected to serve as a trans-shipment port for the West and Central African regions and handle container, break bulk, dry bulk and liquid cargo. When completed, the port would have the capacity to accommodate up to 13 new Panamax-class container vessels and two large feeder vessels. To actualise the project, Governor Udom Emmanuel stressed the need to ensure immediate commencement of the project when he hosted a delegation from CHEC led by its Chairman, Mr. Martin Chen, who declared interest in working with the state government to actualise the dream of having the deep Seaport become a reality… More details through: https://www.newtelegraphng.com/akwa-ibom-chinese-firm-to-partner-on-2-03bn-port-construction/ The United Kingdom and Nigeria held trade and investment talks on Tuesday at the Economic and Development Forum (EDF) in London, to promote trade as a force for good and boost a partnership worth over £3 billion (about N1.676 trillion).
A statement from the British Deputy High Commission in Nigeria said the UK and Nigeria agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high-value investment across both countries. An official working-level group will be set up to explore the benefits of an ETP in priority sectors. DIT officials expect the increased ambition to build on long-standing economic ties between the UK and Nigeria, which was worth £3.2bn in 2021… More details through: https://dailytrust.com/uk-nigeria-host-talks-to-boost-n1-6tr-trade-partnership https://www.vanguardngr.com/2022/04/nigeria-seals-300m-fdi-deal-with-uk/ https://guardian.ng/business-services/nigeria-uk-to-strengthen-trade-relations/ https://punchng.com/uk-fdi-deals-to-yield-300m-for-nigeria/ https://independent.ng/uk-nigeria-to-boost-3-2bn-trade-partnership/ The importation of champagne from France into Nigeria jumped by 86 percent last year, nearing the pre-COVID levels, data obtained by BusinessDay show. Experts said the relaxation of COVID-19 pandemic lockdowns and restrictions had led to a recovery of champagne consumption in Nigeria.
According to data compiled by Comité Champagne, a trade association that tracks volume and value of exports from France, Nigeria’s champagne import volume increased by 83.8 percent to 559,088 in 2021 from 304,199 in 2020, the lowest volume in seven years… More details through: https://businessday.ng/business-economy/article/nigerias-champagne-imports-from-france-jump-84/ Lagos State has attracted over $1 billion (about N415.4bn) worth of committed investments from technology giants in the last one-month, Chief Executive Officer of MainOne, Funke Opeke, has said.
Tech giants like Microsoft had last month opened their new African Development Centre (ADCs) in the state; Google, last week launched its state-of-the-art submarine internet cable, which is expected to boost Nigeria’s GDP by $10.1bn by 2025, and as well create 1.6 million jobs by 2025. Also, Equinix recently completed its acquisition of MainOne with a $320m deal… More details through: https://dailytrust.com/lagos-attracts-n415bn-from-tech-giants-in-30-days https://guardian.ng/business-services/lagos-tops-investment-destination-list-in-africa-attracts-1b-commitment/ Singapore’s private sector will play a critical role in improving the livelihoods of thousands of smallholder farmers and lowering greenhouse gas (GHG) emissions in Nigeria, following the construction of a new warehouse and processing complex for agricultural commodities in the country.
IFC, the largest global development institution focusing private sector in emerging markets, has agreed to issue $18 million in debt financing to Robust International Pte. Limited, a Singapore-based agricultural company with operations across the Asia-Pacific region and sub-Saharan Africa. Founded in 2006, Robust primarily trades in specialty crops such as cashews, sesame, ginger, and gum arabic, among others… More details through: https://www.sunnewsonline.com/ifc-backs-singapore-based-agric-firms-plan-to-expand-in-nigeria/ |
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