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Nigeria, in August, imported some synthetic filament yarn woven fabrics, fake hair, rubber footwear and other goods valued at ($2.07 billion) from China in July, 2021. Also, a total of $456.55 million goods were exported by Nigeria in the same period to China, leading to a trade deficit of $1.61 billion in one month.
It was gathered that Chinese goods that originated from Guangdong Province, valued $480 million; Zhejiang Province, $480 million; Shandong Province, $237 million; Jiangsu Province, $220 million and Fujian Province, $141 million. Data from United Nations’ International Trade Statistics (ITS) revealed that export destinations of Nigerian goods were mainly Beijing, $294 million; Fujian Province, $43.3 million; Hainan Province, $42 million, Hebei Province, $32.6 million and Guangdong Province, $24.6 million… More details through: https://www.newtelegraphng.com/nigeria-imports-n1-04trn-goods-from-china-in-1month/
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Flutterwave Inc., a Nigerian payments firm, is seeking fresh funding at a valuation of $3 billion or more, a figure that would roughly triple its last valuation, according to people with knowledge of the matter.
The startup, which has offices in Lagos, Nigeria and San Francisco, recently held discussions with potential investors, the people said. Terms of the funding round haven’t been finalized, and it’s possible they may change… More details through: https://www.bloomberg.com/news/articles/2021-10-14/nigeria-s-flutterwave-in-talks-to-triple-valuation-to-3-billion The Katsina State Government has signed a Memorandum of Understanding (MoU) with a Malaysian firm, Bionas, to invest $199 million (N82.037 billion) for the production of bio-fuel from Jatropha plant in the state.
The MoU which was signed at the Government House Katsina on Tuesday will involve the management of domestic waste for clean energy production. Governor Aminu Masari said the project, apart from its “unquantifiable economic benefits”, would help in preserving the environment and addressing issues of climate change… More details through: https://dailytrust.com/katsina-firm-sign-pact-for-n80bn-energy-project The International Monetary Fund (IMF) has increased Nigeria’s growth forecast to 2.6 per cent and 2.7 per cent for 2021 and 2022, respectively, amid the rally in oil prices. The revision was made in the IMF’s October 2021 World Economic Outlook Report, which was released on Tuesday.
The growth forecast for Nigeria was originally pegged at 2.5 per cent in 2021 and 2.6 per cent in 2022 but with oil prices rallying above $80 per barrel on the back of an energy crunch, Nigeria, Africa’s top exporter of the commodity is expected to reap some benefits according to the IMF. A barrel of crude oil sold for $83 Wednesday according to Bloomberg data… More details through: https://businessday.ng/business-economy/article/imf-upgrades-nigerias-gdp-growth-on-oil-price-rally/ Akwa Ibom State Government has sealed a deal with a Korean based Company, Kumbit Global Limited to establish an Ibom Industrial Park in the state worth $600 million.
The industrial park is to be sited in Nung Ikot Obiodo community, Oruk Anam Local Government Area of the state. The signing of the agreement took place in the office of the Secretary to the Akwa Ibom State Government, Government House, Uyo… More details through: https://www.thisdaylive.com/index.php/2021/10/12/aibom-signs-600m-agreement-with-korean-firm-to-establish-industrial-park/ Insecurity and high demand by flour and feed industries have hindered Nigeria from realising N640 billion ($1.28 billion) from the 1.25 million tonnes of soybean oilseed produced locally between the 2020/21 season.
Soybean oil is currently rated as the second most consumed vegetable oil in the world after palm oil. It was gathered that the high demand for the product has reached 80 million tonnes across the world, while global price has gone up by 30 per cent from $875 to $1,025 per tonne within one year… More details through: https://www.newtelegraphng.com/soybean-high-demand-hampers-n640bn-oilseed-export/ Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to COVID-19. Now he is hooked even though the financial authorities disapprove.
“Crypto just allows me to transact freely and within minutes we are done with our transactions,” the 28-year-old told Reuters from a friend’s studio in Lagos where he displays his works. Nigeria’s Central Bank barred local banks from working with cryptocurrencies in February, warning of “severe regulatory sanctions” and freezing accounts of firms it says are using them… More details through: https://www.reuters.com/article/idUSKBN2H20VM The Coca-Cola System in Nigeria, comprising the Nigerian Bottling Company (NBC) Limited and Coca-Cola Nigeria Limited, has pledged to invest $1.37 billion (N560 billion) in Nigeria in the next five years.
The brand stated this as it flagged off activities marking its 70th anniversary in Nigeria with key NBC and Coca-Cola Nigeria executives in attendance. The Managing Director (MD) of NBC, Mathieu Seguin, in a chat with newsmen to kick-start activities for the anniversary, said, “As we continue to grow, we have been very deliberate about investing heavily to make a positive impact in the lives of people in communities where we work and operate… More details through: https://dailytrust.com/coca-cola-earmarks-n560bn-for-investment-in-nigeria The National Office for Technology Acquisition and Promotion (NOTAP) has lamented that more than 90 of the technology that Nigeria’s economy relies on is imported.
The Director-General of NOTAP, Dr. Danazumi Ibrahim, made the remark during a working visit by the Senate Committee on Science and Technology to the agency’s headquarters in Abuja, yesterday. “More than 90 percent of technology that powers Nigeria’s economy is imported. There is no nation that is serious about development that will fold its hands and allow it like this,” the NOTAP DG said… More details through: https://dailytrust.com/90-tech-that-powers-nigerias-economy-imported-notap Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has advised banks to adopt technology tools to enhance the country’s payment services, noting that payment services has attracted investment of about $500 million in firms operated by Nigerian founders.
He made the disclosure at the 31st seminar for financial correspondents and business editors in Enugu on Wednesday. Emefiele, who was represented by the Deputy Governor, Corporate Services, Mr Edward Adamu, explained that the country’s payment method had traction and huge confidence from the global financial services ecosystem between 2015 and 2020… More details through: https://www.sunnewsonline.com/investments-in-electronic-payment-systems-hit-500m-cbn/ |
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