Nigeria and the United States recorded 5.21 billion dollars bilateral trade between January and August this year. The Consul General, US Consulate in Lagos, Ms Claire Pierangelo, disclosed this during the 2019 International Investment Conference on Wednesday in Lagos.
Represented by Ms Christine Kelley, US Commercial Attache, Pierangelo said that the US saw a lot of opportunities in Nigeria, adding that 8.3 billion dollars was recorded as trade in 2018.
She commended Nigeria for improving in its ranking on the World Bank Ease of Doing Business index, saying it foresees more improvement in the economy.
According to her, to sustain flow of foreign direct investment (FDI) into Nigeria, government should maintain an open dialogue with international bodies, improve its regulatory environment, policies and infrastructure.
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that the total financial inflows to Nigeria from solid minerals extraction between 2013 and 2017 amounted to N240 billion.
NEITI in its recent 2017 audit report of activities in the country’s solid minerals sector, stated that the trend analysis of revenue flow from the sector showed that there has been a remarkable increase in revenue accruing to the federation from the solid minerals.
It explained that although revenue from sector in 2016 witnessed a decrease by 33 per cent when compared to the 2015 figures, it subsequently picked up in 2017.
The Central Bank of Nigeria (CBN) has approved about N19.2 billion to fund the establishment of nine ginneries across the country, the Central Bank of Nigeria Governor, Godwin Emefiele, disclosed on Tuesday.
The CBN governor said this at the signing of an Memorandum of Understanding (MoU) with some critical interest groups in the Cotton, Textile and Garment (CTG) sub sector in Abuja.
The MoU was signed between CBN and Nigeria Cotton Association of Nigeria, Ginners Association of Nigeria as well as Nigerian Textile and Garment Manufacturers Association.
Other groups who signed the MoU with the CBN included the Armed forces, Nigerian Police force, paramilitary institutions, the National Youth Service Corps (NYSC) and some uniform organisations.
Following the improvement in the Nigerian economy after the recession that hit the country, foreign airlines operating in the country sold tickets worth $700 million as at the end of August 2019, according to figures obtained from the International Air Transport Association (IATA).
The data represented a significant increase in ticket sales compared with the total of $800 million recorded in the whole of 2018. IATA has projected $1 billion foreign airlines’ ticket sales for 2019.
Dangote Farms has flagged off the distribution of hybrid tomato seedlings to tomato farmers under the Central Bank Anchor Borrower Programme. Speaking at the event on Monday at Kadawa, the Managing Director of the company, Abdulkarim Kaita said that they would distribute 6,500 hectares worth of tomato seedlings to farmers before the end of the year.
Today is the first day we are releasing the seedlings to them and the distribution is continuous and on a daily basis. And today we are starting with 28 hectares.
“10,000 farmers are going to benefit from this programme and by next year, CBN has promised to help another set of 100,000 farmers across the country.
Kaita said that the essence of distributing the hybrid seedlings was to boost output in order to meet the demand of tomatoes processing plants in the state.
Minister of Transportation, Rotimi Amaechi has signed a Memorandum of Understanding (MoU) with two Russian firms for the modernisation and development of railway infrastructure.
The MoU also covers the rehabilitation of existing Nigerian Railway Corporation (NRC) rolling stock-fleet and upgrading of workshops across the country. Mr Israel Ibeleme, the media aid to the Minister disclosed this in a statement on Thursday in Abuja. The two Russian firms are Joint Stock Company Russian Railway (JSCRR) and Transmash Holding, a private rolling stock manufacturing company.
The number of Japanese affiliated companies in Nigeria has doubled in the last four years, growing from 21 in 2014 to 42 last year.
The Trade Commissioner/Managing Director of Japan External Trade Organisation (JETRO), Mr. Shigeyo Nishizawa, attributed the development to the increasing investment opportunities in Nigeria. Nishizawa, said this at a media briefing in Lagos, to announce Japan’s readiness to participate in the Lagos International Trade Fair. He said 37 Japanese firms, their agents and local distributors would be exhibiting at the fair scheduled to hold from November 1 –10.
The Russian Government has agreed to support development of Nigeria’s rail infrastructure by constructing 1,400 kilometres track from Lagos to the South-South city of Calabar.
According to Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, in a statement in Abuja, said this development was one of the agreements reached at a meeting between President Muhammadu Buhari and the Russian President, Vladimir Putin.
The bilateral meeting was held on sidelines of ongoing Russia-Africa Summit, in Sochi, Russia, on Wednesday.
Shehu disclosed that there was also discussion on the advancement of ongoing project for the establishment of a nuclear power plant in Nigeria.
Nigeria has made some progress on the World Bank’s ‘Ease of Doing Business’ ranking for 2020. The Ease of Doing Business is an index published annually by the World Bank. It is an aggregate figure that includes different parameters. These parameters indicate how easy or difficult it is to conduct business in a country.
The Ease of Doing Business compares business regulations in 190 countries across the world. In the latest index from the World Bank, Nigeria is ranked 131 globally, moving up 15 places from its last ranking.
Enforcement of contracts entered was a key factor in Nigeria’s ascent on the table. Wide ranging reforms by the federal government was also cited as a significant factor.
Nigeria and Russia on Thursday in Sochi, Russia, signed an important Memorandum of Understanding (MoU), which will enable both countries’ oil giants, Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukeoil to elevate commercial relationship to a government-to-government backed partnership.
Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, confirmed this development in a statement in Abuja, He said with signing of the MoU, NNPC and Lukeoil would work together in upstream operations and revamp Nigeria’s refineries.
According to him, the Group Managing Director of NNPC, Mele Kyari and Vagit Alekperov, President of leading Russian oil company, Lukeoil, signed the MoU, which entails cooperation in deep offshore exploration of oil in Nigeria, production, trading and refining.
News Archive from before July 2018