The contribution of the country’s Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) has increased by almost one per cent in the first quarter of the year, the Director General of National Information Technology Development Agency (NITDA), Kashifu Abdullahi, has said.
 
The director-general made this known while delivering his remarks at the international webinar organised by the Information Technology (Industry) Association Nigeria (ITAN), Kano and Abuja Chapters, on Tuesday.
 
He noted that despite the ravages of the COVID-19 pandemic on all economies of the world, the country’s ICT sector grew to 14 per cent compared to growth of 13.12 per cent in the previous quarter as people relied more on digital platforms during the lockdown.
 
Read more:
https://www.premiumtimesng.com/business/406003-ict-contribution-to-nigerias-gdp-up-by-1-nitda-boss.html
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Seplat Petroleum Development Company Plc, has announced a cash increased to $343 million despite lower revenues for the six months ended 30 June 2020. Revenue for the period stood at $234 million amid lower oil prices and demand.

Commenting on the results, which were released to the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE) on Wednesday, the Chief Executive Officer, Seplat, Mr. Austin Avuru, said: "Seplat has delivered a robust performance despite the unprecedented crises we have experienced since March. Our continued resilience is possible as a result of our financial strength, our careful management of risk and our prudent approach to capital allocation. Unlike many in our industry, we were able to protect our 2019 dividend and increase our capital investment to ensure continued growth."

According to Avuru, Seplat's oil hedging strategy and gas revenues, have continued to protect the business from price volatility, with the company achieving substantial cost reductions from its suppliers while managing own costs even more carefully in this challenging period.
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Read more:
https://www.thisdaylive.com/index.php/2020/07/30/seplat-to-drill-two-gas-wells-as-cash-reserves-rise-to-343m/

The Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, has said the Presidential Artisanal and Gold Mining Initiative (PAGMI) could fetch Nigeria $675 million yearly (about N261.9 billion) as 400 trading centres have already been registered for licit transaction.

Adegbite who stated this during an interactive session in Abuja yesterday, gave the breakdown of the expected revenue drive to include, an annual average of $150m in taxes, $25m in royalties and $500m accretion to foreign reserves, by integrating artisanal gold mining activities.

He said, "Using a Centralized Offtake and Supply System supported by a Decentralized Aggregation and Production network, PAGMI' will buy all the gold produced by artisanal and Small-scale miners and aggregated by licensed buying centres and aggregators for supply to the Central Bank of Nigeria."
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Read more:
https://www.dailytrust.com.ng/gold-mining-initiative-to-fetch-nigeria-n261-9bn-yearly.html

The International Finance Corporation (IFC), a member of the World Bank Group, has provided a loan of up to $50 million to Access Bank Plc to help the bank increase liquidity to thousands of small and medium-sized enterprises (SMEs) in Nigeria which are navigating the economic challenges of COVID-19.
 
A statement from the corporation explained that funds from the loan, made through IFC’s global COVID-19 fast-track financing support package, would allow Access Bank to provide increased trade financing and working capital to their business clients experiencing disrupted cash flows, supporting business activity and preserving jobs.
 
Read more:
https://www.thisdaylive.com/index.php/2020/07/27/ifc-offers-access-bank-50m-for-on-lending-to-smes/
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The Nigerian-British Chamber of Commerce (NBCC) on Thursday, July 23, 2020, hosted its Opportunity Nigeria Conference. In his welcome speech, the President and Chairman of Council of the NBCC, Mr Kayode Falowo stated that the theme ‘‘Nigeria- Gateway to Emerging African Markets’’ was apt given the economic realities in Nigeria today, and her relationship with the UK and other countries in the world. The Conference would have been held in the UK as part of the Chamber’s 2020 Annual Trade Mission activities, to promote Trade & Investment between Nigeria & Britain.
 
Read more:
https://businessday.ng/events/article/nigeria-remains-the-investment-destination-of-choice-in-africa/

Farmcrowdy has acquired Best Foods (L&P) to to grow its Livestock value chain with an improved process for livestock production.  Announcing the acquisition in Lagos, the Founder & CEO of Farmcrowdy, Onyeka Akumah, said the acquisition of Best Foods L&P Limited is a major milestone for the entire team knowing as it offers a wider livestock production and processing solution to the meat market.  
 
The acquisition will see Farmcrowdy owning majority stakes in Best Foods L&P Limited including its assets, team and customer contracts to supply meat across Nigeria…
 
More details through:
https://www.vanguardngr.com/2020/07/agtech-plans-to-launch-retail-meat-hubs-across-nigeria-in-q2/
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The Director-General, National Research Institute for Chemical Technology, Zaria, Prof. Jeffrey Barminas, said that Nigeria lost $1.4bn to importation of chemicals in 2019.
 
He made the disclosure on Thursday at an interactive session in Abuja with the Senate Committee on Science and Technology chaired by Sen. Uche Ekwunife.The News Agency of Nigeria reported that Barminas said that the country was losing a lot every year on chemical imports. He said, “We are highly dependent on importation of chemicals and chemical products into this country…
 
More details through:
https://punchng.com/nigeria-lost-1-4bn-to-chemical-importation-in-2019-narict/
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The ongoing edition of hit reality television show, Big Brother Naija (BBN), which kicked off on Sunday, will bring an estimated $5.2 million (N2 billion) into the Nigerian economy, financial sector sources have disclosed.
 
MultiChoice, producers of the show, explained sources, have had to ensure that the show, holding in the middle of the COVID-19 pandemic, is held under much stricter measures in conformity with the public health and safety protocols. According to financial sector sources, MultiChoice’s investments in the show have risen to N2 billion because of capital intensive projects necessary for the successful hosting of the show…
 
More details through:
https://www.vanguardngr.com/2020/07/bbn-2020-brings-n2bn-into-nigerian-economy-%e2%80%95-experts/

Ericsson, a global technology company with operations in Nigeria, has released its second quarter results 2020, recording increased operating income, excluding restructuring charges, to reach 8.2 per cent
 
Its gross margin excluding restructuring charges improved to 38.2 per cent, including the earlier communicated inventory write-down related to Mainland China, which equals to 1.6 percentage points.
Networks sales increased by four per cent Year-on-Year (YoY).
 
Networks operating margin excluding restructuring charges was 14.1 per cent, impacted by strategic contracts and the inventory write-down, partly compensated by operational leverage and a favorable business mix…
 
More details through:
https://www.thisdaylive.com/index.php/2020/07/23/ericsson-posts-increased-operating-income-plans-accelerated-investments-in-digital-services/
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THE National Agricultural Seeds Council (NASC) says the North-East comprising Adamawa, Yobe, Borno, Gombe, Bauchi and Taraba are fertile states making them a big hub for cotton production.  
 
Mr Idris Aliyu, the Director of Seed Industry Development, Technical Support and Commercial Services, NASC, said the North-East had always been fertile ground, and the culture of cotton production had been there since colonial times. The director, who spoke on the new hybrid cotton varieties BG 571 and BG 567, recently approved and introduced to farmers last December, said these varieties were high-yielding…
 
More details through:
https://www.vanguardngr.com/2020/07/north-east-is-big-hub-for-cotton-production-nasc/