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The paper industry in Ogun State is about to get a big boost as the Dahua Paper Company Nigeria Limited, Owiwi in Ewekoro Local Government Area of the State says it is set to invest $500 million on tree plantation for paper production in the state.
A working Partner in the company, Prince Bayo Ikujenyo made this known when the State Commissioner for Industry, Trade Investment, Mrs. Kikelomo Longe, and her team visited the company stating that the project which would be a 10,000-hectare tree plantation is segmented into the cultivation of 2,500 hectares of trees annually for four years. He was quoted in a statement signed by the Press Officers, Ministry of Industry, Trade and Investment, Ogun State, to have said the company had sought the approval of the state government for the 10,000 hectares of land needed adding that with the project, ” a minimum of 5,000 workers would be directly employed and two million indirect jobs would be created… More details through: https://www.thisdaylive.com/index.php/2021/05/31/500m-investment-underway-in-ogun/
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Piaggio Vehicles Pvt Ltd (PVPL), a 100 percent subsidiary of the Italian Piaggio Group and India’s leading manufacturer of small commercial vehicles has announced its distribution partnership with Bhojsons Group of Nigeria.
Bhojsons Group is a renowned conglomerate Headquartered in Lagos with diversified business interests in varied sectors spanning automobiles, fast-moving consumer goods, consumer durable goods, power solutions, packaging solutions, polymers, agricultural machinery, domestic machinery and infrastructural needs for the telecom industry. Through this partnership, Piaggio, the pioneer of 3 wheelers, aims to introduce a diverse product portfolio that includes passenger and cargo 3 wheelers under its flagship brand Ape’… More details through: https://www.sunnewsonline.com/piaggio-bhojsons-group-collaborate-to-distribute-ape-tricycles/ Even with the spate of insecurity, high rate of inflation, unemployment and recessions, the 2021 World Population Review of World Bank rates Nigeria as the richest African country with a Gross Domestic Product (GDP) of $514.05 billion.
Nigeria is followed by Egypt with $394.28 billion, South Africa ($329.53 billion), Algeria ($151.46 billion), Morocco ($124 billion), Kenya ($106.04 billion), Ethiopia ($93.97 billion), Ghana ($74.26 billion), Ivory Coast ($70.99 billion) and Angola with $66.49 billion “Many of the world’s poorest nations are in Africa. Most economies are unstable, and poverty is widespread. There are, however, some African countries that have the fastest-growing economies in the world. The largest components of the African economy are agriculture, trade, and natural resources, and the African economy is expected to reach a GDP of $29 trillion by 2050”, the document says, adding that there are several ways to compare a nation’s wealth and one of the best ways to measure it is by taking a look at the purchasing gross domestic product or GDP of a nation… More details through: https://www.sunnewsonline.com/nigeria-is-africas-richest-country-with-514bn-gdp-says-wbank/ The Information and Communications Technology (ICT) sector retained its position as the sector with the highest growth rate of all the main sectors of the Nigerian economy in the first quarter of 2021 (Q1 2021).
Consequently, the Minister of Communications and Digital Economy, Isa Pantami expressed delight over the development. According to the NBS, “Nigeria’s Gross Domestic Product (GDP) grew by 0.51%(year-on-year) in real terms in the first quarter of 2021, marking two consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020”. The Report noted that in terms of contribution to aggregate GDP, the oil sector accounted for 9.25% of aggregate real GDP in Q1 2021, while the non-oil sector accounted for 90.75% of aggregate GDP in the first quarter of 2021… More details through: https://www.sunnewsonline.com/nbs-ict-retains-position-as-fastest-growing-sector/ Nigeria has exported cocoa beans and derivatives valued at N121.9 billion ($259.5 million) to The Netherlands in the last two years. The exports represent 40.18 per cent of the total export of N303.4 billion ($646.2 million) between 2019 and 2021. In 2019, total export to various countries was valued at $311.38 million, while $334.79 million worth of beans and its derivatives were exported in 2020.
It was learnt that the exporters had shifted to Europe as demand for beans had been sluggish in Asia, which priced Nigerian cocoa at differentials of between 160 pounds and 200 pounds ($279.56) less than the market price due to weak international demand. But it was learnt that exporters were still struggling to get shipments of the beans out of the country due to slow and poor documentation, packaging, gridlock at the port roads and delay at the export terminals… More details through: https://www.newtelegraphng.com/netherlands-imports-n121-9bn-cocoa-from-nigeria/ Outpost Health, a Canadian digital health provider, has partnered with HealthPlus Limited to deliver its award-winning telemedicine platform in Nigeria.
According to a statement by the management of HelathPlus, the partners held a meeting on the pact where Outpost Co-founders Dr. Didi Emokpare and Dr. Jude Emokpare spoke about the platform. The Outpost platform connects providers, patients, payors, pharmacies, labs and health facilities globally and serves to provide seamless access and enhanced quality of care to all… More details through: https://dailytrust.com/healthplus-canadian-firm-partner-on-telemedicine Despite foreign exchange restriction by the Federal Government and fall in price, Nigerian importers will still spend about N606.4 billion ($1.29 billion) on wheat this year.
The amount is 21.15 per cent of the projected N2.86trillion ($6.1 billion) money spent on wheat importation annually. Findings by New Telegraph revealed that wheat price in Russia had fallen by $21 from $274 to $253 per tonne. With the new price, the cost of importing the commodity to Nigeria has been reduced by 78.85 per cent. Flour Mills of Nigeria is the country’s largest importer, while other major importers include Dangote, Honeywell, Olam and Seaboard Group. More details through: https://www.newtelegraphng.com/wheat-importers-to-spend-n606bn-despite-forex-restriction/ The Federal Government has signed the Engineering, Procurement and Construction contract for the Gurara II Dam project as part of plans to raise the country’s power generation by about 360MW.
Nigeria’s power generation hovers around 4,500MW and 5,000MW for a population of about 200 million people. Operators and experts have repeatedly called for an increase in power generation and distribution. Documents sighted at the Federal Ministry of Water Resources in Abuja on Friday showed that the signing of the EPC contract for the 360MW project was one of the major achievements of the FMWR in recent times… More details through: https://punchng.com/fg-signs-contract-to-raise-power-generation-by-360mw/ Nigeria’s economic growth quickened in the first quarter as oil output started to recover and manufacturing production increased for the first time in a year.
Gross domestic product in the continent’s biggest oil producer expanded 0.5% in the three months through March from a year earlier, the Abuja-based National Bureau of Statistics said in a report published on Twitter on Sunday. That compares with 0.11% growth in the fourth quarter. The median of three economists’ estimates in a Bloomberg survey was for an increase of 0.9%. The slow pickup in growth could reinforce central bank Governor Godwin Emefiele’s view that it’s still too early to increase the key interest rate from 11.5%... More details through: https://www.bloomberg.com/news/articles/2021-05-23/nigerian-economy-expands-less-than-forecast-in-first-quarter The country has the capacity to generate over $1billion earnings from the export of cashew nuts and other commodities annually, The Nation has learnt.
Speaking at a pre-listing event of Agvest Limited, a player in the agricultural value chain in Nigeria, experts observed that with over 14 states of the federation involved in the planting of cashew nuts, the country was literally sitting on a cash cow as they highlighted the opportunities in the cashew value chain. Nigeria is the fourth largest producers of cashew nuts worldwide. Addressing journalists at the event the Managing Director of the Lagos Commodities and Futures Exchange (LCFE), Mr. Akin Akeredolu-Ale, noted that Nigeria had opportunities to earn robust income from cashew nut… More details through: https://thenationonlineng.net/nigerias-annual-cashew-nuts-export-worth-1bn/ |
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