Some railway coaches, ramway locomotives, rolling stock and parts, tramway track fixtures and fittings, electro-mechanical traffic signaling equipment of all kinds valued at N122 billion ($249.4 million) have been purchased by Nigeria between 2019 and 2020 from China and the United States.
 
In 2019, the country took delivery of some of the equipment valued at $43.9 million, while imports increased to $205.5 million in 2020. According to data by the International Trade Statistics (ITS), the imports rose by 78.7 per cent within one year…
 
More details through:
https://www.newtelegraphng.com/u-s-china-deliver-n122bn-train-equipment-to-nigeria/

The Federal Government has said that cocoa production sale contributed an average of $313 million to the country’s gross domestic product in three decades to demonstrate its importance to the country’s agric development.
 
Particularly, government noted that Nigeria has the capacity to overtake Ivoire, Ghana and Indonesia to become the largest cocoa producer in the world in no distant future. Minister of Agriculture and Rural Development, Alhaji Muhammed Sabo Nanono, made this assertion in Akure, Ondo State, while opening the newly established National Secretariat of Cocoa Farmers Association of Nigeria (CFAN) recently.
 
The minister said Nigeria was once a major producer of cocoa, but today lags behind Cote d’ Ivoire, Ghana and Indonesia, sharing only six per cent of global production of the commodity…
 
More details through:
https://www.newtelegraphng.com/fg-nigeria-rakes-in-313m-from-cocoa-in-30-years/
​

Nigeria said its efforts to cut dependence on oil earnings reached a milestone as the country’s first industrial gold project entered production.
 
Thor Explorations Ltd. poured first gold from its Segilola mine in southwestern Nigeria on Friday, according to a statement. The plant, which will now ramp up over the next six weeks, is targeting output of 85,000 ounces a year, the company said…
 
More details through:
https://www.bloomberg.com/news/articles/2021-07-30/thor-explorations-hits-nigeria-s-first-commercial-gold-output

A Nigerian vehicle assembler is importing parts from China to build electric cars in the nation, undeterred by the chronic power shortage in Africa’s biggest economy.
 
Jet Motors, which assembles cars fit to traverse the nation’s potholed roads, is importing the power train of the vehicle from China’s Jing-Jin Electric Technologies Co., the battery from KeyPower, another Chinese firm, while the shock absorber is from Stellantis NV’s Jeep.
 
Battery-powered vehicles are a novelty in Africa’s most populous country where only about a half of the residents have access to on-grid power supply and most homes and businesses go for days without electricity. Nigeria is able to supply just about a third of its installed capacity because of dilapidated transmission infrastructure. Jet has yet another challenge -- inadequate charging points…
 
More details through:
https://www.bloomberg.com/news/articles/2021-07-29/chinese-parts-help-jet-motors-assemble-first-ev-vans-in-nigeria
​

The management of Egbin Power Plc has said it will invest $2 billion in the expansion of its plants in addition to the $1bn it had already invested after the privatisation of the plant in 2013.
 
The Managing Director, Mr Kola Adesina, disclosed this when the Senate Committee on Privatisation and Commercialisation paid a visit to the plant in Egbin, Lagos. He also said the debt which the Nigeria Bulk Electricity Trading PLC (NBET) owes the plant has reached N388bn…
 
More details through:
https://dailytrust.com/egbin-power-plans-2bn-investment-plan

The institution said this in its World Economic Outlook (WEO) for July titled “Fault Lines Widen in the Global Recovery” released on Tuesday in Washington DC.
 
According to it, the slow rollout of vaccines was the main factor weighing on the recovery for Low-Income Developing Countries (LIDCs) which Nigeria is part of.
 
It also retained its 6% growth forecast for the global economy for 2021 and 4.9% in 2022, adding that though the global forecast was unchanged from the April 2021 WEO, there were offsetting revisions…
 
More details through:
https://dailytrust.com/imf-retains-2-5-growth-estimate-for-nigeria
​

The federal government and Russia’s State Nuclear Energy Corporation have pledged to work together for the development of nuclear energy for peaceful developmental purposes.
 
The Secretary to the Government of the Federation (SFG), Mr Boss Mustapha, who received a Russian delegation on Tuesday in Abuja, said, “And to say that Nigeria is indeed delighted to be a strategic partner of the Russian Federation in this very important area of the peaceful application of nuclear science and technology.
 
“Within the framework of this partnership, Nigeria (through the Nigeria Atomic Energy Commission – NAEC) and the Russian Federation (through Russia’s Nuclear Energy Corporation) have both signed three Intergovernmental Agreements (IGAs)…
 
More details through:
https://dailytrust.com/nigeria-russia-partner-to-develop-nuclear-energy
​

Nigeria plans to launch its own crypto currency, called the "e-naira", in October, its central bank governor said on Tuesday.
 
Nigeria barred its banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February. Central Bank Governor Godwin Emefiele said the "e-naira" would operate as a wallet against which customers can hold existing funds in their bank account…
 
More details through:
https://www.reuters.com/world/africa/nigeria-launch-digital-currency-e-naira-oct-central-bank-2021-07-27/

From 167,091 recorded last year, Internet Service Providers (ISPs) in the country recorded increase in their active customers to hit 182,093 at the end of first quarter of this year.
 
According to data released by the Nigerian Communications Commission (NCC), more ISPs have also become active in the last year as 65 operators with active customers were captured, compared with 39 in the same period of last year. The 65 ISPs had a total of 338,028 connected customers, out of which 182,093 were active.
 
This showed that 155,935 subscribers for the service have become inactive. Despite the increase, the ISPs’ subscription figure is in sharp contrast with that of the four mobile network operators (MNOs) whose active internet subscribers stood at 144.5 million as of March this year…
 
More details through:
https://www.newtelegraphng.com/nigerias-isp-active-customers-hit-182093/

Nigeria imported $50.3 billion worth of goods last year, the International Trade Centre (ITC) has said.
 
The trade map by ITC showed that imports were  $4,417,805,000 in January, $3,685,091,000 in February; $4,165,950,000 in March; $2,954,555,000 in April; $3,493,388,000 in May; $4,368,600,000 in June and $4,719,912,000 in July. Total imports stood $4,882,743,000 in August, $4,580,307,000 in September; $4,678,286,000 in October; $6,345,452,000 in November and $4,672,057,000 in December.
 
Goods imported included, machinery, mechanical appliances, nuclear reactors, boilers and parts; vehicles other than railway or tramway rolling stock, and parts and accessories; electrical machinery and equipment and parts; sound recorders and reproducers, television; plastics and articles; pharmaceutical products; cereals; mineral fuels, mineral oils and products of their distillation; fish and crustaceans, molluscs and other aquatic invertebrates; optical, photographic, cinematographic, measuring, checking, precision, medical or surgical and sugars and sugar confectionery….
 
More details through:
https://thenationonlineng.net/nigeria-imported-50-3b-goods-in-2020/
​