The African Export-Import Bank (Afrexim) has disclosed its plans to support infrastructural development in Ogun State with $200 million. The fund, according to the bank, will be dedicated towards projects and other developmental initiatives embarked upon by the incumbent administration in the state. Its President, Benedict Oramah, who made this known when he led management of the bank on a courtesy visit to Governor Dapo Abiodun at his Oke-Mosan Office, Abeokuta, on Monday, equally said the bank would partner Ogun in ensuring that the 250-bed Specialist Hospital, Abeokuta, is completed and brought into operations soon.
 
Oramah, while noting that the bank has been investing heavily in the health sector in Africa to develop vaccines and other drugs, declared that AfreximBank was ready to collaborate with the state-owned Gateway Pharmaceuticals in similar direction. “We are willing to dedicate an envelope of $200 million for projects and initiatives here in Ogun State; we will also be happy to see the hospital project completed. We will be very pleased to look at this asset and see how we can partner with your government…
 
More details through:
https://www.sunnewsonline.com/afreximbank-to-support-ogun-infrastructural-development-with-200m/
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Nigerian hospitals have imported syringes and needles valued at N557billion ($1.2billion) in the last one year. It was gathered that most of the imports, which came from India,
 
China and other foreign countries, were cheap, substandard, used, rewashed and unsterile, thereby exposing the country to health hazards and loss of huge foreign exchange.
 
Finding from International Trade Statistics (ITS) on Nigerian trade revealed that imports from China in 2020 were valued at N340.5billion ($709.29million) or 61.13 per cent of the total imports as Federal Ministry of Health lacked policy on procurement of syringes and needles used by government hospitals and agencies…
 
More details through:
https://www.newtelegraphng.com/nigerian-hospitals-import-n557bn-used-inferior-syringes-needles/
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Coca-Cola Co.’s Nigeria unit said it has seen a threefold increase in e-commerce sales this year after virus-induced lockdowns inspired a change in consumer habits in Africa’s most populous country.
 
The U.S. beverage giant saw a sharp rise in online sales of its products after Africa’s largest economy joined the global trend of imposing movement restrictions on people to contain the spread of the virus, according to its chief executive officer.
 
“The first one month of Covid-19 was the pivot point,” for e-commerce penetration in the company, CEO Alfred Olajide said at an interview in Lagos, Nigeria’s commercial hub. “We have more than tripled the e-commerce business that we have in our portfolio,” he said without sharing details as the company isn’t listed in Nigeria…
 
More details through:
https://www.bloomberg.com/news/articles/2021-06-27/coca-cola-nigeria-unit-triples-e-commerce-sales-amid-pandemic

Despite the ban on the use of motorcycles as a means of human transportation in major cities in Nigeria, foreign investors are still able to sniff untapped opportunities in Nigeria’s transport and motorcycle industry.
 
According to data from the National Bureau of Statistics (NBS), the motorcycles usually imported from India, China, Indonesia, and Japan contributed N416 billion to the total imports in 2020, this is however a 14 percent drop from the N486 billion it contributed in the same period of 2019. The drop may be attributed to the impact of the Coronavirus pandemic.
 
In 2018, it achieved N204 billion, which represented an increase of 183 percent from the N72 billion realised in 2017; although data for the second quarter of 2017 was not available…
 
More details through:
https://businessday.ng/real-sector/article/foreign-manufacturers-look-to-tap-nigerias-153m-motorcycle-industry/
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The chairman of the Chinese firm, Longrich industries, Xu Zhiwei said his firm has signed a contract with Nigeria’s Lekki Free Trade Zone in Lagos State for the construction of a 40,000-square-meter production line.
 
With the construction, Longrich industries will become the first Artificial Intelligence factory in line with the “Belt and Road”, in Nigeria.
 
Xu made the disclosure when the consul general of the Consulate General of the Federal Republic of Nigeria in Shanghai, China, Chimezie Okeoma Ogu paid him a visit at the company’s headquarters located at the outskirt of Shanghai province of the People Republic of China on Wednesday 23, June 2021…
 
More details through:
https://businessday.ng/news/article/chinese-firm-to-build-ai-production-line-in-lagos/
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The Federal Government has acquired and commissioned two mobile control towers worth N1.7 billion in a bid to enhance safety in the Nigerian aviation industry. The two pieces of equipment which would be deployed to the Murtala Muhammed Airport (MMA), Lagos and the Nnamdi Azikiwe International Airport (NAIA), Abuja and any other airport…
 
More details through:
https://businessday.ng/aviation/article/fg-acquires-n1-7bn-mobile-control-towers-to-boost-air-safety/
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Kwara State Executive Council has approved the award of contract for the establishment of a garment production factory in Ilorin, the state capital. To be known as Garment Production Village, the factory, Commissioner for Enterprise, Hajia Arinola Lawal, said, is expected to provide job opportunities for thousands of Kwarans, particularly youths and women. Presenting the memo at the council meeting and explaining the bidding process for such highend projects in line with the procurement law, the commissioner put the cost of the garment factory at N1.8 billion to be awarded to Freshvine Nigeria Ltd out of the three firms that bidded for it…
 
More details through:
https://www.newtelegraphng.com/kwara-unveils-job-opportunities-with-n1-8bn-garment-factory/
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The Seaport Terminal Operators Association of Nigeria has said private terminal operators at the seaports invested $1.31bn (N538bn) in port development from 2006 after the concession of the ports to December 2017.
 
The spokesperson for STOAN, Dr Bolaji Akinola, said this in a statement made available to our correspondent while reacting to other issues he said were responsible for the Apapa gridlock.
 
He said, “The major challenges facing port operations in the country are dilapidated port access roads, poor traffic management, and manual examination of cargo by Customs….
 
More details through:
https://punchng.com/terminal-operators-invested-n538bn-in-port-development-stoan/
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Nigeria’s rapidly growing population is giving life to the baby food market, which has to ensure an estimated 7 million babies born in Nigeria every year are properly fed. Nigeria currently has a population of 211 million, which according to the United Nations is projected to increase by 90 percent to 401 million by 2050…
 
More details through:
https://businessday.ng/business-economy/article/baby-food-market-booms-on-nigerias-growing-population/
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Nigeria is targeting to earn $4.53 billion annually from export of mushrooms to the international market.
 
This was disclosed Wednesday by the National President of the Mushroom Growers, Processors and Marketers Association of Nigeria, Chief Michael Awunor, at the inaugural summit of the association held in Abuja.
 
Awunor told the summit that the world mushroom market as of the end of 2020 stood at about $45.3bn and Nigeria is determined to earn 10 percent of it…
 
More details through:
https://dailytrust.com/nigeria-to-earn-4-5bn-yearly-exporting-mushroom
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