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The United States (U.S.) companies operating in Nigeria are said to have generated about $3.9 billion (N1.4 trillion) in 2018. The companies during the same period also contributed about $1.19 billion through foreign direct investment (FDI) inflow and created over 18,000 direct jobs and over three million indirect jobs.
At the launch of the 2019 Nigeria Economic Impact Survey, which analyses the economic effect of U.S. companies, President, American Business Council (ABC), Dipo Faulkner, said the report highlights the companies’ impact on the Nigerian economy in 2018, through gross value added to the output, investment, jobs, and communities… More details through: https://guardian.ng/business-services/u-s-firms-in-nigeria-generate-n1-4-tr-contribute-1-9b-fdi/ A Nigerian solar-power company raised $20 million with the support of Ebay founder Pierre Omidyar’s investment firm to power business clusters in Africa’s most populous country.
Rensource received equity financing from a group of investors including Omidyar Network and CRE Venture Capital that will enable it target as many as 20 urban markets within 18 months, Chief Executive Officer Ademola Adesina said in a phone interview from London… More details through: https://www.bloomberg.com/news/articles/2019-12-19/nigeria-solar-company-raises-20-million-led-by-ebay-founder Dairy manufacturer FrieslandCampina WAMCO has developed ‘mDairy App,’ a mobile software application to help dairy farmers perform better.
The company developed the app in partnership with two Nigerian entrepreneurs (former students of the University of Ibadan) and three research students from the Delft University of Technology, The Netherlands. The Dutch students are Margot Ridderikhoff, Jaap Dechering and Betsie Loeffen, while the mDairy’s co-founders from Nigeria are Oyewale Abioye and Gbadegesin Alawode… More details through: https://thenationonlineng.net/frieslandcampina-wamco-gets-app-for-dairy-farmers/ FilmOne Entertainment, an independent distributor of filmed entertainment with emphasis on Nigeria territory, has launched the first-ever international capital fund created specially for investment in Nigerian films. Core investors in the $1 million fund are Huahua Media, and Empire Entertainment (South Africa).
While Huahua Media is a Chinese company known for investing in Godzilla: King of the Monsters, Transformers: The Last Knight and Star Trek Beyond, as well as AY’s next movie, 30 Days in China, Empire Entertainment is a leading African distributor representing major Hollywood studios and a host of leading independent studios and producers. Both companies will assist in identifying the films with the most potential for theatrical release and box office success in global market… More details through: https://businessday.ng/news/article/filmone-announces-1-million-fund-for-production-of-nollywood-films/ Cormart Nigeria Limited has strengthened its product portfolio with the addition of starches and sweeteners from Cargill. According to a statement made available to THISDAY by the company, for more than 20 years, Cormart and Cargill have developed a business relationship that provides essential raw materials to Nigerian food manufacturers.
The statement also stated with the new product portfolio, customers are offered starches and sweeteners from Cargill which are not being currently produced in Nigeria, “this new addition will help to enhance local production in Nigeria.”… More details through: https://www.thisdaylive.com/index.php/2019/12/17/cormart-cargill-strengthen-partnership/ Within a nine-month period covering January to September this year, Nigerians spent about $1.416bn (N509.8bn) importing used vehicles into the country.
The figure was arrived at based on an analysis of the foreign trade in good statistics obtained from the National Bureau of Statistics. The cars were imported into Nigeria from the United States and some European countries such as Italy, Belgium, Germany and Canada… More details through: https://punchng.com/nigerians-spent-n509-8bn-on-imported-used-vehicles-in-nine-months/ President Muhammadu Buhari says Nigeria will collaborate with and support Hyundai Engineering Company Limited to set up a car plant and also rehabilitate petroleum refineries.
The president stated this when he received the President/Chief Executive Officer of Hyundai Engineering, Mr Chang Hag Kim, at State House, Abuja, on Tuesday. He said that Nigeria was committed to ensuring energy security in the country, “and the goal is to achieve self-sufficiency in the supply of petroleum products within the next three years.” More details through: https://www.dailytrust.com.ng/hyundai-to-set-up-car-plant-in-nigeria.html A German firm, Liebherr Group, has delivered mobile harbour cranes and other equipment valued at over $20m to Nigeria’s maritime logistics firm, Sifax Ports and Cargo Handling Services Limited.
According to Sifax Group, the new equipment acquired are five shore cranes, nine reach stackers, 10 terminal tractors, five Nissan pickup vehicles, four trailer backs and other machinery… More details through: https://punchng.com/sifax-gets-20m-german-mobile-harbour-cranes/ Information and Communications Technology, ICT, sector contributed 13.85 per cent of the nation’s Gross Domestic Product, GDP, in the seconds quarter of 2019.
The Permanent Secretary, Federal Ministry of Communications and Digital Economy, Mr M. F. Istifanus, disclosed this yesterday while flagging off a two-day 2019 ICT Data Stakeholders Workshop, in Owerri… More details through: https://www.vanguardngr.com/2019/12/ict-sector-contributed-13-85-of-nigerias-gdp/ |
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