The International Monetary Fund (IMF) has held its projection about Nigeria’s economic growth prospect at 3.4 per cent amid growing concern about elevated inflation and the possibility of a technical recession in the year.
 
The Fund is also more bullish about sub-Saharan Africa (SSA), which is expected to grow 3.8 per cent this year and four per cent through next year. The figures are not different from April forecasts about the performance of the regional economy.
 
More details at:
https://guardian.ng/business-services/imf-holds-nigerias-growth-projection-at-3-4-per-cent 

Huawei Technologies, a global provider of Information and Communications Technology (ICT) infrastructure and smart devices has partnered with TD Africa, sub-Saharan Africa’s foremost distributor of tech, services and lifestyle products to launch a suite of revolutionary digital power solutions targeted at various categories of users for the Nigerian market.
 
In his presentation, the Principal Consultant on Huawei Digital Power Technologies Co., Ltd in Nigeria, Justin Tinsey, disclosed that the launch of the company’s Digital Power Solution in Nigeria was motivated by the desire to drive down energy costs, while also playing its part in establishing a greener future built on sustainable, stable and cost-efficient electricity supply in the country...
 
More details at:
https://www.thisdaylive.com/index.php/2022/07/25/huawei-td-africa-launch-digital-power-solutions 

The first fibre optic cables factory in West Africa and fifth in Africa by Coleman Technical Industries Limited, CTIL, has been commissioned in Ogun State, just as the state governor, Dapo Abiodun, promised a port channel to facilitate export soon.
 
More details at:
https://www.vanguardngr.com/2022/07/first-fibre-optic-cables-factory-in-w-a-commissioned-in-nigeria
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The Nigerian Bottling Company (NBC) has stated that its investment in Nigeria has reached over $1 billion over the past ten years, noting that the move demonstrates its confidence in the nation’s investment climate.
 
The Managing Director, NBC Limited, Matthieu Seguin, stated that the investment helped to boost its production capacity, build warehouses, invest in eco-friendly businesses that has provided job opportunities to thousands of Nigerians across the country.
 
More details at:
https://www.thisdaylive.com/index.php/2022/07/25/nbc-investment-in-nigeria-hits-e1bn-in-10-years 

Chairman of Nigerians in Diaspora Commission, (NIDCOM), Abike Dabiri-Erewa, has said remittances from Nigerians in the Diaspora now stand at $20 billion despite the coronavirus pandemic in 2021.
 
The hybrid event scheduled to hold on July 25 in Abuja has the theme, “Diaspora engagement in global challenging times for national development.”
 
Noting that about 17 million Nigerians live in the Diaspora, Dabiri-Erewa said this year’s theme was chosen to make the best use of the difficult times brought about by the COVID-19 pandemic, the Ukraine-Russia War and national insecurity among others, to leveraging on Nigerians in the Diaspora for national development and growth.
 
More details at:
https://guardian.ng/business-services/diaspora-remittances-hit-20b-says-nidcom
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A Director of Patrons, an art advisory and dealership firm, Keturah Ovio, says Nigeria has the capacity to tap into the $65.1 billion global art market.
 
Ovio said this while answering questions on her upcoming miniature art exhibition titled, ‘small is beautiful’, billed to take place between July 30 and 31 at Cabaret, 32 Musa Yar’Adua, Victoria Island, Lagos.
 
The Art Basel and UBS Global Art Market Report 2022 put the size of the global market at $65.1bn.
 
Ovio said the Nigerian art industry has matured so much that works done by artists in the country are exhibited in various parts of the world, including London, Paris, Rome, New York, Valencia and Berlin, which are often regarded as artistic cities in the world.
 
More details at:
https://punchng.com/nigeria-positioned-to-leverage-65bn-art-market-patrons 

Nigeria’s real-time and digital payments revolution is driving economic growth and financial inclusion at unprecedented levels for the largest African economy, according to the third edition of Prime Time for Real-Time, published by ACI Worldwide, in partnership with GlobalData, a leading data and analytics company, and the Centre for Economics and Business Research (CEBR).
 
The report reveals Nigeria as Africa’s undisputed real-time and digital payments leader, adding that Nigeria recorded 3.7 billion real-time transactions in 2021, ranking 6th in the league table of the world’s most developed real-time payments markets, behind India, China, Thailand, Brazil, and South Korea.
 
In recent years, Interswitch has partnered with ACI to deploy cutting-edge technologies that are changing the face of payments in Nigeria. These innovative products include single-issuing platforms for all payment types, digital payment acceptance for acquirers, enterprise payment platforms and secure omni channel payment processing platforms, among others.
 
More details at:
https://www.thisdaylive.com/index.php/2022/07/21/report-nigerian-economy-reaping-benefits-of-real-time-digital-banking-transformation 

The value of Nigeria’s cosmetic retail sales grew by an average of 14.5 per cent last year and added hundreds of billions of naira to the economy, a report by Euromonitor has stated.
 
The report was shared by the President of the Society of Cosmetic Scientists of Nigeria (NICOS), Grace Abamba at the organisation’s yearly conference in Lagos.
 
The sector recorded a turnover of N1.034 trillion in the year with mass beauty/personal care controlling 45.5 per cent or N470 billion in absolute figures. Skincare followed with N128 billion.
 
More details at:
https://guardian.ng/business-services/nigerias-cosmetic-market-hits-n1tr-turnover-records-14-5-growth
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Demand for paper and related products in Nigeria has grown to more than three million metric tonnes annually, the Printing and Publishing Group of the Lagos Chamber of Commerce and Industry (LCCI) has disclosed.
 
She, however, noted that the installed production capacity had stagnated at 200,000 metric tonnes, thus making the importation of raw materials and finished products inevitable.
 
“According to investment analysts, 4.3 million worth of investment machinery can produce 100 metric tonnes of paper per day,” she noted.
 
More details at:
https://dailytrust.com/nigerias-paper-demand-grows-to-3m-metric-tonnes-annually
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The nation’s broadband penetration has witnessed seven million new subscriptions in the last seven months according to the Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta.
 
According to him, the nation is on course to achieving 70 per cent national broadband coverage by 2025. He said this while presenting the keynote address at the 11th eWorld Forum, which featured the launch of a book: ‘Nigeria Drivers of Digital Prosperity: The Trajectories of the Digital Evolution, Sector Analysis and Players Contributions’, authored by Mr Aaron Ukodie.
 
He said, “Internet subscribers have grown from 90 million in 2015 to 150.36 million as at May 2022. Also, within the period under review, broadband penetration increased from 8 per cent to 43.67 per cent, indicating that over 83.3 million subscribers are on broadband networks of 3G and 4G. Indeed, between November 2021 and May 2022, the networks have added 7 million new users.”
 
More details at:
https://punchng.com/seven-million-join-nigerias-broadband-population-danbatta/
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