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Nigeria’s central bank plans to extend a low-interest loan offer to local milk producers to discourage imports after it curbed access to forex for the sector.
The bank said in a statement that it had met with milk importers, after the currency restriction was announced this week, to offer them cheap credit to try and boost output locally instead of relying on “endless” imports. Keen to reduce imports of products that can be produced locally and to conserve dollar reserves, the bank has also offered cheap credit to rice, tomato and starch importers for the same purpose… More details through: https://af.reuters.com/article/nigeriaNews/idAFL8N24S0OY
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Visa’s Global President, Ryan Mclnerney hosted a round-table discussion with West African fintech founders and executives. The event, held in Lagos, Nigeria, presented an opportunity for tech entrepreneurs and innovators to discuss a variety of ideas for promoting growth in the industry and drive the digitization of economies across the continent.
Four leading Fintech operators Flutterwave, ExpressPay, Innovectives and OneFI participated in the meeting… More details through: https://www.thisdaylive.com/index.php/2019/07/26/visa-partners-fintech-community-to-accelerate-growth-of-digital-payments/ The Nigeria Aviation Handling Company Plc says it has acquired $7mn (N2.5bn) set of equipment for passenger facilitation and other aspects of its business.
The Group Managing Director, NAHCO Aviance, Mrs Olatokunbo Fagbemi, who made this known on Thursday, said it was part of the company’s five-year transformational plan to boost growth in the aviation industry. Fagbemi, who spoke at a pre-annual general meeting forum in Kano, was quoted to have said the firm would use the equipment to sustain high-level service delivery across domestic and international airports in the country… More details through: https://punchng.com/nahco-invests-2-5bn-in-equipment-upgrade/ The Federal Government has said Nigerians living abroad remitted $25bn in 2018, representing 83 per cent of the national budget in that year. The amount, it noted, was about 6.1 per cent of the Gross Domestic Product of the country.
The Secretary to Government of the Federation, Boss Mustapha, who said this at the 2019 National Diaspora Day celebration, in Abuja on Thursday, explained that the figures reflected the research findings by the World Bank’s Migration and Remittances report issued in April 2018… More details through: https://punchng.com/nigerians-abroad-remitted-25bn-in-2018-fg/ Kasi Sports Medicine and Orthopedics, the pioneer of Sports Medicine and Orthopedic Care in Nigeria seeing an average of 3000 Sports Medicine and Orthopedic patients a year, has entered a partnership with Lokmanya Orthopedics from India to provide robotic knee replacement surgery service for Nigerians.
Lokmanya Orthopedics is the pioneer in Robotic Assisted Knee replacement surgery in India performing over 4000 cases a year. In 2018, their team set the Guinness Book of Records for most knee replacement surgeries performed in a single day… More details through: https://businessday.ng/health/article/4m-investment-for-robotic-surgery-centre-births-in-nigeria/ Omega, a top global wrist watch brand is partnering Polo Luxury Group, Nigerian luxury product retailer, in the opening of its first wristwatch store in Africa.
The development is putting Africa on foremost Swiss watchmaker’s distribution channels since inception over 170 years ago in Bienne, Switzerland, as the store will offer discerning customers in Nigeria world-renowned timepieces through Polo retail outlets across the country. More details through: https://businessday.ng/companies/article/omega-partners-polo-luxury-for-first-wristwatch-store-in-africa/ The West Africa Container Terminal has unveiled two new Mobile Harbour Cranes worth $10m (N3.6bn) for discharge of cargoes at the terminal.
The MHCs coming on the heels of 10 new specialised terminal trucks and two new reach stackers would be expected to increase the turnaround time of vessels at the terminal, the firm noted in a statement on Wednesday. The Managing Director, WACT, Aamir Mirza, said the massive investment at the terminal had attracted 700 direct and 2000 indirect jobs in the country… More details through: https://punchng.com/wact-spends-n3-6bn-on-onne-port-upgrade/ The Federal Government through the Nigerian National Petroleum Corporation and the Kingdom of Morocco have pledged to deliver on the gas pipeline bilateral agreement between Nigeria and the North African nation in record time.
The NNPC’s Group Managing Director, Mele Kyari, disclosed this while receiving the Moroccan Ambassador to Nigeria, Moha Ou Ali Tagma, at the NNPC towers in Abuja on Tuesday. Morocco’s King Mohammed VI had in December 2016 visited Nigeria in June 2018; President Muhammadu Buhari reciprocated the gesture and both leaders signed a number of agreements during the state visits… More details through: https://punchng.com/nigeria-morocco-to-deliver-gas-pipeline-in-record-time/ The International Monetary Fund on Tuesday raised the growth forecast of Nigeria’s economy for the 2019 financial year by 0.3 per cent to 2.3 per cent.
It disclosed this in its July update on the World Economic Outlook with the theme, ‘Sluggish global growth call for supportive policies’. The Fund in its January report had revised the country’s Gross Domestic Product projection down to two per cent from 2.3 per cent projected in October 2018… More details through: https://punchng.com/imf-raises-nigerias-growth-forecast-to-2-3/ Nigeria and electricity giant Siemens have signed a power deal that will lead to the production of 25,000 megawatts of electricity by 2025.
President Muhammadu Buhari gave the indication at the Presidential Villa on Monday during a meeting with the Siemens’s Global Chief Executive Officer, Mr Joe Kaeser. He asked Siemens, the Transmission Company of Nigeria and the regulator to work hard to achieve 7,000mw and 11,000MW of reliable power supply by 2021 and 2023 in the first and second phases of the deal, respectively… More details through: https://punchng.com/nigeria-siemens-sign-25000mw-six-year-electricity-deal/ |
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