Kinglace unveils five-year expansion plan, opens ice cream bar alongside Burger King in Nigeria30/11/2021 A Russia company, Kinglace Ice Cream, has opened a new branch in Lagos as unveils its five-year expansion plan in the country.
In the next five years, the company hopes to open 60 new branches which it hopes would create 1000 direct jobs besides several ones. Speaking to The Guardian at the official launch of the branch of Kinglace as well as Burger King in Lagos, a shareholder of the firm, Roman Lola, explained its relationship with the iconic American brand, Burger King… More details through: https://guardian.ng/business-services/kinglace-unveils-five-year-expansion-plan-opens-ice-cream-bar-alongside-burger-king-in-nigeria/
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The Minister of Agriculture and Rural Development, Mr. Mohammad Mahmood Abubakar, has stated that investment in the nation’s agricultural sector is paying off as Nigeria has become the largest producer of rice and sorghum in Africa and second largest producer of millet in Africa.
Abubakar stated that Nigeria also currently occupied the first position in cassava and yam production globally, adding that the potentials in crops, livestock, horticulture, and fisheries sub-sectors are enormous. He made this disclosure during the launching of the Technical Working Documents and Debriefing of Outcomes of Socio-Economic Studies by the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) in Abuja… More details through: https://www.thisdaylive.com/index.php/2021/11/30/nigeria-is-largest-producer-of-rice-sorghum-in-africa/ In a bid to ensure the development and growth of Nigeria’s Mines and Steel sector, the office of the former ruler of Abu Dhabi, United Arab Emirates (UAE), Hamdan bin Khalifa, has pledged the sum of $2 billion to Nigeria.
The Minister of State, Mines and Steel Development, Mr. Uchechukwu Sampson Ogah made the disclosure when he delivered an address at the Dubai World Expo 2021, with the theme, “Investment in the Nigerian Gold Sector: Opportunities in the Gold Value Chain,” held in Abu Dhabi. According to Ogah, the Executive Director, Royal Office of Sheikh Hamdan bin Khalifa and Global Peace Ambassador, United Nations, Zulfiquar Ghadiyali, hinted that the donation was to further cement the very close trade and bilateral relationship that exist between the two countries… More details through: https://www.thisdaylive.com/index.php/2021/11/30/uae-pledges-2bn-to-ensure-nigeria-mining-sector-growth-sustainability/ The federal government, through the Nigerian Communications Commission (NCC) and the Lagos State government have expressed optimism about the launch of 10 megawatt data centre facility in Nigeria by the Africa Data Centres, which held in Lagos at the weekend.
Both the federal government and the Lagos State government said the launch would further diversify Nigeria’s economy and enhance her digital transformation agenda. The Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, who was represented by the Director, Licensing at NCC, Muhammed Babajika, said the facility launch in Lagos was a welcomed development and that the NCC would offer all the regulatory support that will make Africa Data Centres succeed and achieve its objectives in Nigeria… More details through: https://www.thisdaylive.com/index.php/2021/11/29/fg-lagos-govt-optimistic-as-centre-unveils-10mw-facility-in-nigeria/ Foreign portfolio investors have increased their participation in the Nigerian stock market by almost three-quarters as steady corporate earnings and improving foreign exchange (forex) Liquidity continued to sustain rally by Nigerian equities.
Latest trading data on foreign portfolio investments (FPI) in the Nigerian market at the weekend showed remarkable increase in foreign transactions, strengthening the overall market to sustain a two-month rally. Total foreign transactions in the Nigerian equities market jumped by 74.2 per cent in October 2021 with inflows and outflows almost at par; a significant recovery from a long-running deficit of inflows to outflows… More details through: https://thenationonlineng.net/foreign-investors-raise-nigerian-investments-by-74/ Olamilekan Adegbite, Nigeria’s minister of Mines and Steel Development has revealed that revenue from Nigeria’s mining sector is expected to hit $19.2 million (N8 billion) by December 2021 as the ministry intensifies efforts to develop the industry and block revenue leakage.
“In 2019, the sector was generating N2.5 billion in revenue to the economy but this has grown to N6.8 billion as of September 2021, which has increased its contribution to the GDP and we are looking to grow it to N8 billion by the year-end,” he said. Adegbite who spoke at an evening with the Minister hosted by the Lagos Business School on Thursday explained that efforts have been intensified to drive full recovery of the sector which include blocking revenue leakages, provision of data and driving increased investments… More details through: https://businessday.ng/news/article/mining-revenue-to-hit-n8bn-december-revival-efforts-intensify-adegbite/ The Nigerian Postal Services has signed an agreement with an Egyptian firm, e-Gate Egypt, on digital transformation of logistics and last-mile delivery chain services, among others, in Nigeria.
The Postmaster-General of the Federation/Chief Executive Officer, NIPOST, Dr Ismail Adewusi, said the collaboration would boost job creation in the country, according to a statement signed by the General Manager, Corporate Communications, Franklin Alao. He said the partnership would help address infrastructural gaps in the agency… More details through: https://punchng.com/nipost-egyptian-firm-collaborate-on-digital-transformation/ BUA has signed yet another agreement with Wartsila OY of Finland for the construction of a 70megawatts dual-fuel power plant for its BUA Cement Obu Line 3 project in Edo State, Southern Nigeria. This agreement was signed between both companies at a ceremony in Abuja presided over by the Deputy Minister for International Trade for Finland, Ms. Nina Vaskunlahti. The gas power plant will also be the third power plant to be commissioned by BUA from Wartsila as BUA Cement seeks to increase total production capacity across all locations to 17million metric tonnes by 2023.
Speaking at the signing ceremony, Abdul Samad Rabiu, Chairman of BUA, who signed on behalf of the cement producer said that BUA was committed to utilising cleaner, more efficient energy sources for its cement operations rather than relying on coal or heavy fuels. According to Rabiu, the 70MW gas powered plant ordered by BUA for its Obu Line 3 cement plant will ensure that the company remains very efficient in energy utilisation in the cement production process… More details through: https://www.sunnewsonline.com/bua-wartsila-oy-of-finland-extend-partnership-with-new-70mw-gas-plant/ In line with its commitment to give utmost priority to import substitution and grow the country’s agricultural sector value chain, Nigerian Breweries (NB) Plc, the foremost brewing company in Nigeria, has invested about $188 million (N78 billion) in sorghum and cassava cultivation over the last five years. Managing Director, NB, Mr. Hans Essaadi, disclosed this in Lagos recently as part of the activities in commemoration of the company’s 75th anniversary. Essaadi noted that this year alone, the company had spent a total of N20 billion on the sorghum value chain appropriated through direct purchase from commercial and smallholder farmers. He revealed that this considerable investment was necessitated by the increased demand for locally grown sorghum, stating that the company’s current sorghum requirement stands at 120,000 tonnes per annum.
“In the last five years, we have invested a total of about $188 million (N78 billion) in investigating and cultivating locally sourced raw materials with success obtained in sorghum, sorghum maltose syrup and cassava extracts,” he said. Essaadi stressed that it was gratifying to note that the investments in agribusiness have succeeded in creating economic prosperity for Nigeria, with at least 47,000 jobs created for commercial and smallholder farmers… More details through: https://www.newtelegraphng.com/nb-invests-n78bn-in-sorghum-cassava-farming/ Cocoa Farmers Association of Nigeria (CFAN) has expressed concern that the country is exporting about 90 per cent of cocoa beans due to the low level of processing.
By this, it said cocoa farmers are getting less than six per cent total value profit in cocoa value trade. The National President of CFAN, Comrade Adeola Adegoke, who made this known at a briefing in Abuja, said Nigeria is losing millions of dollars, which goes into servicing other economies… More details through: https://thenationonlineng.net/nigeria-exporting-90-cocoa-beans/ |
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