The federal government through the Bureau of Public Enterprise (BPE) has said 12 hydropower plants are slated for concession in five states and the Federal Capital Territory (FCT).
 
The director-general, BPE, Alex Okoh said the concession is in a bid to unlock the values and full potentials of the hydropower plants which have a generation capacity of 1,200 Mega Watts to 1,500 Mega Watts, for the purpose of electricity production.
 
According to a statement on Thursday signed by Amina Othman, head, Public Communications, the hydropower plants include eight Greenfields and four Brownfields located in Adamawa, Benue, Kogi, Ogun, and Taraba States as well as the FCT…
 
More details through:
https://businessday.ng/news/article/fg-plans-concession-of-12-hydropower-plants-to-add-1500mw/
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Tommy Hilfiger, which is owned by PVH Corp and listed on the New York Stock Exchange (NYSE) has launched Tommy Hilfiger store in Abuja.
 
The company yesterday in a statement said the store, which was launched in partnership with Smartmark Limited, reflects its global store design concept, which fuses the brand’s heritage and DNA with clean, modern finishes and a bright, airy aesthetic.
 
“The design concept takes reference from the nautical lifestyle, one of Tommy Hilfiger’s long-time sources of inspiration. The theme is reflected in walnut accents, minimalist white lacquered details, and customized polished steel elements”, the firm said…
 
More details through:
https://dailytrust.com/tommy-hilfiger-opens-abujas-retail-store
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Amid challenges being faced by Nigerian farmers, researchers and industrialists on quality seeds access, the Central Bank of Nigeria (CBN) has disclosed that it is intervening in the country’s wheat sector with 13,000 metric tonnes seeds for local farmers. The move, according to the apex bank, became imperative to bail Nigerian farmers out of the challenge.
 
CBN said that it facilitated the importation of about 13,000 metric tonnes of improved and heat-tolerant wheat seeds into the country to boost food production at a period insecurity is posing risk to food system. According to the country’s banking regulator, it realised the importance of wheat to food security as it will move the country forward in food sufficiency, adding that it was the reason bank’s focus on its value chain for 2021/2022 dry season planting. Farmers, researchers and industrialists have constantly faced production impediments, including poor quality of inputs and inadequate infrastructure. Based on this, CBN decided to import the 13,000MT seeds to cushion their plights and also curtail the huge foreign exchange (forex) spending on seeds by flour millers, which is seen as being responsible for hike in the prices of foodstuff in the country…
 
More details through:
https://www.newtelegraphng.com/wheat-cbn-intervenes-with-13000mt-seed-imports/
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The sum of N300 million ($750,000) has been earmarked by Olam and its subsidiary, Crown Flour Mill Limited (CFM) in a 10-year project to set up community seed enterprises for Nigerian farmers.
 
The project, which was launched during a virtual meeting on Wednesday was to increase production of wheat in Nigeria. The project will trial new heat-tolerant varieties of wheat and improved agronomic practices using a participatory approach that directly engages farmers…
 
More details through:
https://dailytrust.com/olam-cfm-launch-n300m-wheat-seed-project
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Telco giant MTN Nigeria Communications Plc (MTNN) posted revenue in excess of $2.9 billion (N1.2 trillion) for the period from January to September on the back of Nigerians’ fast-increasing demand for data, according to the unaudited financial statement of the company issued Thursday
 
That implies MTNN has reached a milestone that makes it the first ever public company in Nigeria to record a revenue that high for a nine-month period putting it on track to surpass this year its full-year sales figure for 2020 when it reported N1.3 trillion.
 
Data is having its moment in Nigeria on account of the country’s large, vibrant and digital-savvy youthful population and an explosion of fintech services targeting that social category…
 
More details through:
https://www.premiumtimesng.com/business/492306-mtn-nigerias-nine-month-sales-hit-record-n1-2-trillion-on-booming-data-market.html
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The Ambassador of the People’s Republic of China in Nigeria, Cui Jianchun, has said that Nigerian banks would soon commence operations in China.
 
Cui, while briefing journalists in Abuja, also said he is working hard to make the move a reality, revealing that efforts are ongoing on the part of China to ensure the setting up of Chinese financial institutions in Nigeria.
 
Speaking on the currency swap between Nigeria and China, Cui stated that the framework for the N750 billion initiative is being expanded by the Chinese and Nigerian central banks…
 
More details through:
https://www.sunnewsonline.com/nigerian-banks-to-commence-operations-in-china-envoy/
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Nigeria has exported rubber and its articles worth $22 trillion since 2009. The highest was $10 trillion in 2012, while the lowest was last year with the value put at   $21 million.
 
However, Nigeria exports of rubber have been on the low side since 2009, according to data provided by the International Trade Centre’s – Trade Map, sourced by The Nation…
 
More details through:
https://thenationonlineng.net/nigeria-exports-22tr-worth-of-rubber-in-12-years/

To bridge the nation’s power needs and reduce environmental pollution, the Agence Francaise de Developpement (AFD) has staked about $70m to fund renewable energy and efficient energy projects in the country.
 
This fund, according to its promoters, would guarantee electricity supply to over 80 million Nigerians who are currently without power supply.
 
Member, Project and Structured Finance, Sub Sahara Africa, Access Bank, Chukwudumije Igwe, said this at the second edition of Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria Programme Investors’ Conference. In Lagos…
 
More details through:
https://guardian.ng/business-services/nigeria-gets-70m-grant-for-renewable-energy-development/
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Nigeria will on Monday launch a digital currency, the eNaira, the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies.
 
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account.
 
"The eNaira therefore marks a major step forward in the evolution of money and the CBN is committed in ensuring that the eNaira, like the physical Naira, is accessible by everyone," the bank said in a statement…
 
More details through:
https://www.reuters.com/business/finance/nigeria-launch-digital-currency-monday-central-bank-says-2021-10-24/

The International Monetary Fund (IMF) said Nigeria’s economy will grow by 2.6 per cent this year and a 2.7 per cent in 2022.
 
This is contained in its October Regional Economic Outlook for Sub-Saharan Africa: One Planet, Two Worlds, Three Stories, made available at the ongoing Annual Meetings of the IMF and World Bank in Washington, United States (US), yesterday. It stated that the growth would be driven by recovery in non-oil sectors and higher oil prices…
 
More details through:
https://thenationonlineng.net/nigerias-economy-to-grow-by-2-7-says-imf/