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Nigerian carrier, Air Peace airlines, yesterday reestablished air connectivity between Nigeria and South Africa, operating its maiden direct commercial flight on the Lagos-Johannesburg route.
The services, already dubbed as a strategic entry into the route erstwhile dominated by Arik Air and defunct South African Airways (SAA), will boost trade ties between Nigeria and South Africa, and connect west and southern regions in about six-hour travel time. As an achievement for the airline in its sixth year of operations, the inaugural flight on Boeing 777 aircraft was dispatched with a toast at the Murtala Muhammed International Airport (MMIA), Lagos. It was the second international route of Air Peace after Lagos-Dubai services opened last year… More details through: https://guardian.ng/business-services/local-airline-reopens-lagos-joburg-route-deepens-bilateral-ties/ The Managing Director, China Civil Engineering Construction Corporation Nigeria Ltd., Mr Han Shuang, has said that the total investment of his firm in Nigeria was expected to exceed $2bn.
Shuang also disclosed that the CCECC has signed investment agreements with 84 firms, adding that it was contributing $325m in exports to the nation’s economy while creating output value totalling $326m. Speaking during the presentation of the CCECC Corporate Social Responsibility Report 1981-2020 in Abuja on Wednesday, the Chinese expatriate explained that the construction giant was leveraging on its business and resource strength to meet local development needs in support of the implementation of the Nigerian National Integrated Master Plan and the Economic Recovery Growth Plan 2017 -2020… More details through: https://punchng.com/chinese-firm-puts-investment-in-nigeria-above-2bn/ The contribution of the telecommunications sector to Nigeria’s Gross Domestic Product (GDP) doubled in the last eight years, according to data obtained from the website of the Nigerian Communications Commission (NCC).
According to the statistics, telecoms contribution to GDP in 2012 was 7.7 per cent, but the figure doubled to 14.3 per cent as at the second quarter in 2020. This represented a N2.3 trillion growth, whereas the total contribution of Information and Communications Technology (ICT) to GDP, which was put at 17. 5 per cent. From the inception of telecoms services in 2001 when the Global System for Mobile Communication (GSM) was rolled out, up till 2015, telecoms contribution to GDP was put at $70 billion… More details through: https://www.thisdaylive.com/index.php/2020/12/17/telecoms-contribution-to-nigerias-gdp-doubled-in-eight-years/ Nigeria will reopen four border crossing points immediately, more than a year after closing its land frontiers to crack down on smuggling, the government said on Wednesday.
Nigeria closed its land borders last year to curb smuggling of rice and arms, which it says threatens efforts to boost local production and security, and to generate state revenues through import duties. The government at a cabinet meeting approved the reopening of Seme border to the South West, Illela and Maigatari border in the North West and Mfun in the South. The others will be reopened on December 31… More details through: https://www.reuters.com/article/idUSKBN28Q2G9 The Minister of State for Petroleum Resources, Timipre Sylva, yesterday, commissioned two Liquefied Natural Gas (LNG) plants in Kano State.
Sylva said the gas plants, being a success of the Federal Government’s gas programme, will generate 10 megawatts (MW) of electricity. The facility was constructed by Greenville LNG Company Limited for Aspira Nigeria Limited; another was earlier commissioned for Mamuda Agro & Allied Products Nigeria Limited. He said, “This factory is now expanding because of how cleaner and cheaper they are getting and they are going to be employing 5,000 people in this place… More details through: https://dailytrust.com/kanos-new-lng-plants-to-generate-10mw-electricity Despite measures by the government to curtail imports, Nigeria has imported some crude palm oil valued at N176billion ($360million) as deficit soared to 500,000 tonnes in 2020.
It was learnt that local production had dwindled from 1.2million tonnes to 1.01million tonnes, while demand stands at 1.5million tonnes. Currently, the price of the produce is $720 per tonnes in the global market. According to the National Palm Produce Association of Nigeria (NPPAN), importation, smuggling and the influx of banned adulterated crude palm oil (CPO) into the country’s market had discouraged local production… More details through: https://www.newtelegraphng.com/nigeria-imports-n176bn-palm-oil-in-2020/ The Nigerian America Chamber of Commerce says it is planning to establish parks in states for businesses to benefit from the duty-free Africa Growth Opportunities Act of the United States government.
The President, NACC, Otunba Toyin Akomolafe, during a courtesy visit to The PUNCH head office in Ogun State on Tuesday said the parks would be a platform to create awareness of the eligible products and acceptable standards by the American government. Already, he said Osun and Imo state governments had shown interest in the parks. He described AGOA as an initiative of the United States Government to open up a preferential window of export opportunities to selected countries in Africa, including Nigeria… More details through: https://punchng.com/chamber-plans-business-parks-to-deepen-us-nigerian-trade-relations/ A leading solar distributor in West Africa, Oolu, has closed a $8.5 million Series B investment round led by independent renewable energy developer, RP Global.
A statement by the company Tuesday said additional participating investors included Persistent Energy Capital, Shell-seeded impact investor All On, Gaia Impact Fund, and DPI Energy Ventures. Oolu’s mission is to provide affordable energy access to rural and peri-urban customers in West Africa. Since its inception in 2015, the company said it has sold over 60,000 solar home systems to customers in the region. In addition to a large distribution and service network, Oolu employs over 250 full-time employees and is run by a Dakar-based management team of whom 50 per cent are women… More details through: https://www.premiumtimesng.com/business/business-news/431463-nigeria-focused-energy-firm-closes-8-5-million-investment-round.html WorldRemit, a cross-border digital payments service, has launched a service for customers in Nigeria to receive international transfers in their bank accounts in USD ahead of the Christmas celebrations.
The firm in a statement noted that the initiative further demonstrates its ongoing commitment to offering customers easy and convenient ways to send and receive money following the Central Bank of Nigeria’s (CBN) new directive for remittances. “According to consumer research, 30 per cent of those who responded to a WorldRemit survey1 stated that they will not be travelling to visit family and friends due to pandemic-related travel concerns… More details through: https://www.newtelegraphng.com/worldremit-launches-usd-bank-transfers-to-nigeria/ |
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