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Global agribusiness firm, Olam International, has announced collaboration with the Massachusetts Institute of Technology Solve (MIT Solve) to design a challenge aimed at addressing the issues around sustainable food systems in Nigeria.
Olam International and MIT Solve co-hosted a Challenge Design Workshop in Lagos, a statement from the firm on Thursday noted. It said, “MIT Solve is a hybrid business incubator and business ideas marketplace from the Massachusetts Institute of Technology that advances solutions from tech entrepreneurs to address pressing global issues… More details through: https://punchng.com/olam-massachusetts-institute-collaborate-on-food-workshop/
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Nigeria’s oldest airline, Aero Contractors, has strengthened its partnership with Ramco, a software company based in Chennai, India, to provide improved digital solutions on the airline’s Maintenance, Repair and Overhaul (MRO) services, costing the airline $555,000 (N200million).
The partnership with commenced in 2019, saw the MRO operations go life in December, 2019. The automation has since made every aspect of the airline’s MRO services accessed and tracked real time for enhanced efficiency. Seven years ago, Aero Contactors got AMO approval from the Nigeria Civil Aviation Authority, (NCAA) to carry out skeletal services like wheels and brakes, NDT and BSI (Borescope Inspection). The airline later applied for the upgrade of AMO to provide heavy maintenance since the company already had the experience and manpower… More details through: https://businessday.ng/aviation/article/aero-invests-n200m-on-automation-of-mro-processes/ A Chinese shipbuilding firm, Julong Technology Limited, is in partnership with a Nigerian company based in Port Harcourt for the establishment of a ship building yard over about $10 million.
Disclosing this at an enlightenment workshop for dredgers in Lagos, a Director of Julong, Ubong Essien, said that the project is expected to commence before the end of this year. Essien told Vanguard Maritime Report that at completion, fish vessels, transportation vessels, tug boats and barges will be built at the yard… More details through: https://www.vanguardngr.com/2020/02/julong-to-partner-nigerian-firm-for-10m-shipbuilding-investment/ Nigeria Liquefied Natural Gas (NLNG) has signed a deal with Galp Trading SA for the supply of one million tonnes of LNG per year, the African producer said in a statement on Wednesday.
The volumes will be supplied on a delivered ex-ship basis for 10 years from Trains 1, 2 and 3 of a six-train NLNG production facility on Bonny Island. The transaction follows a similar deal with Italy’s Eni and France’s Total announced last month and a 0.5 million tonnes per year deal with commodity trader Vitol signed in December… More details through: https://af.reuters.com/article/nigeriaNews/idAFL8N2AC72S Nigeria’s active bank accounts increased to 79.28 million in December 2019, thanks to the additional 8.1 million accounts that became active, data from Nigeria Inter-Bank Settlement System Plc (NIBSS) shows.
Despite the 11.33 percent surge in active banks accounts last year, the country with 40 million unbanked population reported 45.57 million dormant accounts. While Nigeria recorded a total of 124.85 million bank accounts in the year under review 36.5 percent of the accounts were inactive. BusinessDay analysis of the NIBSS data revealed that the dormant bank accounts reported last year reduced slightly by 1.32 million compared to the 46.89 million the previous year… More details through: https://businessday.ng/financial-inclusion/article/nigeria-records-11-increase-in-active-bank-accounts-but-45m-remain-dormant/ Nigeria will get a grant of more than $1 million from the U.S. government for technical and financial work on a power plant project in the capital Abuja, the U.S. Trade and Development Agency (USTDA) said on Tuesday.
The money will go towards the 1,350 megawatt NNPC-Abuja Independent Power Project plant and NNPC will work with U.S. firms GE and Continuum Associates, the USTDA and NNPC head Mele Kyari said at the Nigeria International Petroleum Summit, reports Reuters… More details through: https://www.newtelegraphng.com/fg-secures-1m-us-grant-to-plan-for-gas-fired-power-plant/ Singapore’s family-run Tolaram Group made much of its $1.8 billion fortune in cereals, noodles and infrastructure in Africa. Now, it’s planning to use its global reach and local relationships to move into digital banking there.
The group has a blueprint of sorts from another business it owns -- PT Bank Amar Indonesia. Bank Amar is largely a digital institution, with loans and deposits for consumers handled over mobile phones. The publicly listed group has loaned almost $300 million to around 300,000 customers and expects advances to increase more than 50% this year. Africa shares some of the same characteristics. Non-traditional players without the legacy costs of established lenders are setting up digital banks to serve millions of smartphone-savvy customers. In 2018, the World Bank estimated as many as 95 million unbanked adults in Sub-Saharan Africa received cash payments for agricultural products, and about 65 million saved money using semi-formal methods… More details through: https://www.bloomberg.com/news/articles/2020-02-09/singapore-family-extends-africa-noodle-empire-into-digital-banks Standard Chartered Bank Nigeria has said that between the last three and five years, it has invested over $3 billion in technology in its efforts to promote growth of digital banking.
David Idoru, Head of Retail Banking, Standard Chartered Bank Nigeria, who stated this in a report tagged ‘The Rise of Nigeria’s Invisible Bank,’ said: “When we looked at the recent NIBSS report, total number of bank accounts as at September 2019 was 123.9 million; with total number of active accounts at 74.7 million, and total number of active bank customers (individuals) at 69.0 million. The importance of quick access to finance cannot be undervalued and with financial exclusion still, a barrier in Nigeria – only a digital innovation in banking can influence growth in the sector. “While the obvious financial inclusion challenge is something we are keen to addressing, we ask ourselves, is this a problem that digital banking and innovation can solve? Yes, it certainly is. To buttress this, a report demonstrated that 59 percent of Nigerian customers prefer digital methods of banking, with only about 15 percent still fixed on the traditional form… More details through: https://www.newtelegraphng.com/digital-banking-stanchart-invests-over-3bn-in-technology/ Cadbury Nigeria Plc has posted net earnings of N1.267 billion for the full year ended December 31, 2019, which translates to 54 percent growth, when compared to N823.085 million realised in the same period of last year.
According to the company’s unaudited financial result obtained from the Nigerian Stock Exchange, the firm’s revenue grew by nine percent to N39.326 billion in 2019 to N35.973 billion posted in 2018. Profit before tax grew by 26 percent from N1.222 billion in 2018 to N1.544 billion in 2019. The company’s cost of sales dropped by 11 percent from N28.017 billion in 2018 to N31.110 billion in 2019… More details through: https://www.newtelegraphng.com/cadbury-nigeria-grows-profit-by-54/ Edo State Government has said the British Deputy High Commissioner, Harriet Thompson, led a new batch of investors from the United Kingdom to meet the state’s business community. The state government said this in a statement made available to our correspondent on Wednesday.
It said the meeting, which held in Benin City, the Edo State capital, had business experts from the private sector including the Manufacturers Association of Nigeria; Guinness Nigeria PLC; Azura Power; Benin Chamber of Commerce, Industry, Mines and Agriculture and Small and Medium Enterprises among others in attendance… More details through: https://punchng.com/uk-investors-explore-business-opportunities-in-edo/ |
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