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he Federal Government, Tuesday, disclosed that funding for the $2.6 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline would be provided by the Bank of China and SINOSURE, while two Chinese firms would be working along with their Nigerian partners in the execution of the project.
Speaking at the virtual flag-off of the construction of the AKK Gas pipeline at the Ajaokuta and Kaduna campsites simultaneously, President Muhammadu Buhari commended the Government of the People’s Republic of China; the financiers, the Bank of China and SINOSURE; and the two Engineering Procurement and Construction (EPC) Contractors for their support to delivering the important project. The EPC contractors are Brentex/China Petroleum Pipeline Bureau-CPP Consortia and Oilserve/China First Highway Engineering Company-CFHEC Consortia… More details through: https://www.vanguardngr.com/2020/06/bank-of-china-sinosure-to-finance-2-6bn-akk-gas-pipeline-%e2%80%95-fg/
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Business owners who register their businesses with the Corporate Affairs Commission (CAC) will no longer need to approach the Federal Inland Revenue Service (FIRS) for a tax identification number as the federal government has merged the process with business registration.
CAC stated this in a statement yesterday, saying that certificates of incorporation issued by the Commission would now carry TINs. “This is to inform our esteemed customers that as part of the ease of doing business initiative, certificates of incorporation of companies registered under part A of CAMA will henceforth carry tax identification numbers issued by the Federal Inland Revenue Service (FIRS),” the corporation said… More details through: https://www.vanguardngr.com/2020/06/ease-of-doing-business-fg-merges-cac-tax-id-registrations/ Shell Nigeria Gas (SNG) said at the weekend that it had completed the final phase of its 20km domestic gas pipeline expansion project in Abia State, connecting Agbor Hill, Osisioma and Araria industrial zones.
The project, the company said in a statement, had also enabled the supply of pipeline gas to Ariaria Market Energy Solutions Limited, the Independent Power Project (IPP) consortium that provides electricity to the popular Ariaria market in Abia State. Ariaria International Market is one of the largest leather shoe-making and open stall markets in West Africa, with over 37,000 shops and an estimated one million traders… More details through: https://www.newtelegraphng.com/shell-completes-20km-gas-pipeline-to-aba-industrial-zones/ Financial transactions through mobile phones took a great leap in the first five months of this year as it rose by 365 percent. The latest statistics released by the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed that Nigerians transferred a total of N853.7 billion between January and May this year through their mobiles.
In the same period of 2019, the value of mobile transfer was N183.7 billion. The five-month mobile transfer value for this year also surpassed the value for the entire 12 months of 2019, which stood at N828 billion. According to the NIBSS data, the volume of the mobile inter-scheme transactions also rose by 561 percent from 6.2 million recorded in the first five months of 2019 to 41 million in the same period of 2020… More details through: https://www.newtelegraphng.com/cashless-mobile-spending-rises-by-365/ Commodity exports from Nigeria to China, India, Spain, Netherlands, and South Africa in the first quarter of this year hit $4.92bn (N1.87tn), the National Bureau of Statistics has said.
The NBS disclosed this in its Commodity Price Indices Terms of Trade report released on Thursday. Petroleum products stood out as the most exported commodities in the first quarter of this year. The major import into Nigeria came from India during the review period, with a monetary value of N637.5bn. Export trade to India was dominated by crude oil valued at N526.9bn, followed by natural gas worth N91.3bn, and sesame seeds of N7.97bn… More details through: https://punchng.com/nigerias-exports-to-china-india-others-hit-n1-87tn/ The initiative by leading the streaming entertainment service provider, Netflix, is set to boost employment in Nigeria with regard to the creative industry.
The entertainment service provider, which recently incorporated Nigerian Mo Abudu’s EbonyLife TV series into its portfolio, expressed commitment to partner with talented Nigerian practitioners in the creative industry to showcase their stories on the global stage. A report during the week indicated that Ben Amadasun, Netflix’s Director of Content Acquisition and Co-Productions in Africa, expressed this commitment during a webinar in Abuja. According to him, the Nigerian movie industry (Nollywood) has been at the epicenter of the African entertainment industry, creating stars and producing content that has resonated with fans across the continent. In his words: “This year, Netflix joins hands with some of Nigeria’s most talented creatives to bring their unique stories to the world, and with this newfound access to the global stage, their powerful stories will now enjoy a worldwide audience… More details through: https://www.newtelegraphng.com/creative-sector-netflixs-hunt-to-boost-employment-in-nigeria/ With the groundbreaking ceremonies for the construction of the Segilola Gold Mine done with, the Federal Government and mining stakeholders have unanimously passed a vote of confidence on the project, saying that it will boost the mining sector's contribution to the country's gross domestic product (GDP). Taiwo Hassan reports
Obviously, the Nigerian solid minerals sector is on the verge of a major boost. Having been relegated to the background for years, the emergence of Thor Explorations with the Segilola gold mine project in Osun State is set to redefine and explore the huge potential in the country’s gold reserve. Indications to this fact emerged in March during the groundbreaking, which attracted eminent personalities to Iperindo where the multi-billion naira project has been sited. The event, which had the representative of President Muhammadu Buhari, the Minister of Mines and Steel Development, Arch. Olamilekan Adegbite, the Governor of Osun State, Adegboyega Oyetola and other eminent stakeholders in Nigeria's mining sector in attendance, is enough proof that Thor Explorations, owners and investors, is working in line with the present administration's agenda to diversify the country's economy from crude oil by a focus on mining, agriculture, and manufacturing… More details through: https://www.newtelegraphng.com/segilola-gold-potential-game-changer-in-nigerias-mining-field/ EFG-Hermes Holding SAE expects the Covid-19 pandemic to start easing in Africa's largest economy by September and boost investments in food and consumer-facing industries.
Agriculture, digital payments, health, consumer goods, and well-capitalized banks will attract new investors and customers, Kato Mukuru, head of frontier research at the Cairo-based company said in a virtual conference on Thursday. “The good thing about Covid-19 is that it has forced new sectors to come through.” A lockdown by authorities in Africa's most populous country to contain the spread of coronavirus pandemic moved the nation of 200 million people away from cash to digital payments. Also, a crash in the price of crude oil, the nation's major revenue earner, intensified effort by the Government to diversify income sources by supporting investments in agriculture and processing industries… More details through: https://www.bloomberg.com/news/articles/2020-06-25/efg-hermes-sees-covid-19-pandemic-easing-in-nigeria-by-september Nigerian startups got eight slots out of the combined class of 20 startups of the Google for Startups Accelerator Africa in the recently announced Class 5 of the Google Accelerator Program for African startups, with Kenya closely following Nigeria with six slots.
Previously called Google Launchpad Accelerator Africa, Google for Startups Accelerator Africa Class 5 will take place online, as one combined class of 20 startups, rather than the two classes per year held previously. The program will run for the usual three months, with a one week 'virtual bootcamp' per month, from June 29 until September 11, 2020. The selected pool of startups for Google for Startups Accelerator Africa 2020 are from Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tunisia, and Zimbabwe. The startups cut across an array of industries including logistics, transportation, education, agriculture, e-commerce, media, health, and professional services… More details through: https://www.thisdaylive.com/index.php/2020/06/25/nigeria-tops-google-class-5-online-startups-nominees/ Barring unforeseen circumstances, President Muhammadu Buhari will on June 30 flag off the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) gas pipeline construction. The project is a 614km-long natural gas pipeline currently being developed by the Nigerian National Petroleum Corporation (NNPC).
Minister of State, Petroleum Resources, Mr. Timipre Sylva, made the disclosure in Abuja on Tuesday while inaugurating a ‘Committee on Gas Sector-wide Review of the Domestic Gas Pricing Framework, with the responsibility of evaluating and reviewing the price of gas in the country. The minister underscored the need for an appropriate price regime that will be beneficial to the manufacturing industry, Nigerians, and the gas sector at large… More details through: https://www.sunnewsonline.com/buhari-to-flag-off-2-8bn-akk-pipeline-construction-june-30/ |
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