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Vice-President Yemi Osinbajo on Tuesday said Nigerians were spending about $8bn (N2.45tn at the official exchange rate of N306.55 to $1) on a yearly basis on the importation of vehicles into the country. Osinbajo, who was represented by the Director General, National Automotive Design and Development Council, Jelani Aliyu, disclosed this at the 19th Abuja Motor Fair…
More details through: https://punchng.com/nigerians-spend-n2-45tn-yearly-to-import-vehicles-osinbajo/
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When it comes to the future of its oil industry, Nigeria is looking miles out to sea.
By early next year, the largest offshore production vessel ever delivered to Nigeria will start pumping crude from a deposit deep beneath the seabed, boosting the West African country’s oil output by about 10 percent. The project, viewed as the most ambitious in Nigeria’s history, could help to push production to a record by 2022… More details through: https://www.bloomberg.com/news/articles/2018-10-29/nigeria-heads-to-sea-in-search-of-safer-future-for-oil-producers?srnd=premium-africa The International Air Transport Association (IATA), Wednesday revealed that present trends in air transport suggest passenger numbers could double to about 8.2 billion by 2037.
The latest update to IATA’s 20-Year Air Passenger Forecast, shows that an increasing shift Eastwards in the centre of gravity of the industry is behind the continued strong growth. Over the next two decades, the forecast anticipates a 3.5 per cent Compound Annual Growth Rate (CAGR), leading to a doubling in passenger numbers from today’s levels… More details through: https://guardian.ng/business-services/iata-forecasts-higher-air-traffic-in-nigeria-others/ The volume of trade between Nigeria and Japan has hit $320m, information from the Japan External Trade Organisation has revealed. The Trade Commissioner and Managing Director, Japan External Trade Organisation, Shigeyo Nishizawa, said on Wednesday that Nigeria’s import from his country in 2017 slightly decreased by 1.6 per cent to $320.8m, while export to Japan decreased by 7.5 per cent to $783.1m…
More details through: https://punchng.com/nigeria-japan-trade-volume-hits-320m/ The minister of budget and national planning, Udo Udoma, Monday, said the Nigerian government has issued the first gold refining licence to improve the country’s economy.
Udoma disclosed this while Speaking at the 24th Nigerian Economic Summit (NES24) in Abuja. “Today, I am happy to inform us that the first gold refining licence has been issued to a company called Kian Smith Limited, which was one of the companies that participated in the labs,” Udoma said… More details through: https://guardian.ng/news/nigeria-issues-first-gold-refining-licence/ Nigeria has been named among countries with affordable mobile Internet in Africa.
Other countries with low-cost of accessing and using the Internet in Africa are Egypt, Mauritius and Tunisia, according to findings by the Alliance for Affordable Internet… More details through: https://punchng.com/nigeria-among-countries-with-affordable-internet-says-report/ Lagos has more concentration of people with “discretionary” spending power of at least US$5,500 (N1.98 million) per annum than 46 other countries in Africa. Premium consumers are people, who after spending on necessities like rent, food and school fees, still have at least N1.98 million left over to spend on what are considered luxuries…
More details through: https://www.businessdayonline.com/exclusives/article/lagos-premium-consumers-46-african-countries/ Nigeria is now the fastest growing Airbnb market in Africa. The platform, which allows home owners to earn extra income from hosting guests in their spare rooms for specific period has seen a significant growth of 213 percent in Nigeria in the last five years, making it the fastest growing market in Africa…
More details through: https://www.businessdayonline.com/exclusives/article/nigeria-emerges-fastest-growing-airbnb-market-africa/ The Brazilian Ambassador to Nigeria, Ricardo Guerra de Araujo, says Brazil will soon inject 1.1 billion dollars into Nigeria’s agriculture. The envoy said on Thursday night in an interview with News Agency of Nigeria in Abuja that an agreement between Brazil and Nigeria on the matter would be concluded by the end of October.
More details through: https://punchng.com/brazil-to-inject-1-1b-into-nigerian-agriculture/ Air Peace has signed a multi-year aircraft spare parts deal with Brazilian aircraft manufacturer, Embraer. The airline on Thursday said the deal would cover more than 250 components for the six Embraer 145 jets it recently acquired to connect un-served and underserved domestic and regional routes under its subsidiary, Air Peace Hopper…
More details through: https://punchng.com/air-peace-embraer-sign-spare-parts-supply-deal/ |
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