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The governments of South Korea and Belgium have pledged more support for the Nigerian Maritime Administration and Safety Agency (NIMASA) in its drive to enhance trade and security in the Nigerian maritime domain.
The new Consul-General of the Korean Embassy, His Excellency, Kang Haenggu, and Ambassador Designate of Belgium, His Excellency, Daniel Bertrand, made the promise when they paid courtesy visit on the Director-General of NIMASA, Dr. Bashir Jamoh, in Lagos. Jamoh expressed NIMASA’s determination to curb criminal attacks in Nigerian waters and the Gulf of Guinea. The envoys acknowledged the security challenge in the Gulf of Guinea and promised to support Nigeria’s efforts to improve security in its waters… More details through: https://www.thisdaylive.com/index.php/2020/10/16/korea-belgium-pledge-support-for-nimasas-trade-enhancement-drive/
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Israel will assist Nigeria to develop methanol fuel production technology, the Minister of Science and Technology, Dr. Ogbonnaya Onu, has said.
Dr. Onu disclosed this when the Ambassador of the State of Israel to Nigeria, Shimon Ben-Shoshan, visited him in his office in Abuja on Tuesday. The minister said Nigeria’s partnership with Israel had helped considerably in its quest for a knowledge and innovation-driven economy. He said the Memorandum of Understanding (MOU) signed between the two countries for the implementation of methanol fuel production technology would be beneficial to Nigeria in its diversification process… More details through: https://dailytrust.com/israel-to-assist-nigeria-on-methanol-fuel-tech The Belgian Embassy is currently exploring new areas of cooperation, to expand the existing bilateral relations between the European country and Nigeria. The new Belgian Ambassador to Nigeria, Daniel Bertrand, disclosed this when he spoke with The Guardian about his plans during a visit to Lagos.
Bertrand, during the four-day visit, paid a courtesy call to the Nigeria Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), and other relevant organisations. He also met with the Belgian business community in Lagos, on how their expertise in key sectors could be leveraged to help Nigeria “explores its huge potential”… More details through: https://guardian.ng/business-services/belgium-explores-areas-of-economic-cooperation-with-nigeria/ Nigeria’s export value to African countries, pushed beyond $6.99 billion in 2018, while the rest of the world totalled $45.92 billion during the same period.
The Chief Executive/Executive Director, Nigeria Export Promotion Council (NEPC), Segun Awolowo, disclosed this while speaking at the Ecobank Digital Series virtual meeting on Africa Trade Conference 2020. He noted that with market size of 1.2 billion people, and combined gross domestic product (GDP) of $3 trillion, there is huge potential for Nigeria to increase its export to Africa. However, he said Nigeria’s export is majorly crude oil and natural gas, which constitute 91 per cent… More details through: https://guardian.ng/business-services/nigerias-exports-hit-6-99-billion-as-experts-strategise-to-boost-trade/ Top 10 exporters earned $74.78m from export proceeds in May despite lockdown introduced by the Federal Government to contain the COVID-19 pandemic spread according to the Central bank of Nigeria. The CBN stated this in its monthly economic report for the month of May. It said, “Despite the lockdown measures, export proceeds of the top 10 exporters increased by 29.8 per cent to $74.78m from $57.62bn.”
Analysis showed that Olam Nigeria Limited topped the list with a value of $21.15m or 28.3 per cent of the total, from the export of cocoa beans, cashew nuts, and sesame seeds to Turkey and China… More details through: https://punchng.com/top-10-exporters-earned-74-78m-in-one-month/ Nigeria spends about $3.3bn every year on the importation of metals, the Minister of Mines and Steel Development, Olamilekan Adegbite, stated on Monday.
He stated this in his remark at the takeover ceremony of assets of steel plants of Standard Metallurgical Company Limited in Ogun State by KAM Steel Integrated Company Limited. KAM Steel, a subsidiary of KAM Holding, acquired SMC at N60bn. Adegbite, who was represented at the ceremony by his Senior Special Assistant, Technical, Olu Adedayo, said despite the fast growth of Nigeria’s economy, the country was not producing liquid steel… More details through: https://punchng.com/metals-import-gulps-3-3bn-annually-says-minister/ Some 2.68million tonnes of sugar valued at N407.4billion ($905.3million) have been exported by Brazil to Nigeria within the last two years. The commodity is 84.58 percent of the total $1.07billion foreign sugar shipped to Nigeria between 2018 and 2019.
Brazil, which is the top supplier, exported $446,4million and $458.91million, while the total sugar exported in 2018 was $520.18 and $545.75million in 2019 as demand reached 1.7 million metric tonnes in 2020. Last week, Nigerian Ports Authority (NPA)’s shipping position revealed that a total of 194, 050 tonnes was ferried to Lagos port by four vessels to Apapa Bulk Terminal Limited (ABTL) and Greenview Nigeria Development Limited (GNDL). Desert Hope with 52, 350tonnes offloaded its cargo at ABTL of the port, while SBI Bravo with 49,000tonnes, Almasi, 46,400tonnes and Genco Provence, 46300tonnes have been moored at GDNL… More details through: https://www.newtelegraphng.com/brazil-earns-n407bn-from-sugar-export-to-nigeria/ Nigeria’s National Action Committee on the African Continental Free Trade Area on Monday said Nigeria and other countries on the continent spend $650bn annually importing goods and services from the rest of the world. At a virtual press briefing by the committee, the Executive Secretary, AfCFTA NAC, Francis Anatogu, also stated that Nigeria had been strategising to successfully take advantage of the $650bn market…
More details through: https://punchng.com/nigeria-others-import-650bn-goods-from-outside-africa-fg/ The United States (U.S.) Development Finance Corporation (DFC), has reaffirmed plans to double its commitment in Nigeria with about $530 million. The Corporation, which said it is currently on the active commitment of $530 million, said it is interested in agriculture, critical infrastructure, financial services, and healthcare sectors.
It maintained that in the wake of the COVID-19 pandemic, one of its key focuses is to create a more resilient global healthcare system. At a webinar programme, tagged; “US Project Financing Opportunities,” organised by the American Business Council in partnership with the U.S. Mission, Regional Director for Africa, DFC, Vibhuti Jain, said Nigeria is a priority country for the DFC… More details through: https://guardian.ng/business-services/us-agency-to-double-commitment-in-nigeria-by-530m/ The United States International Development Finance Corporation says it has invested $530m in Nigeria’s agriculture, financial institutions, critical infrastructure and health projects.
The Regional Director for Africa at DFC, Vibhuti Jain, made this known on Wednesday while speaking at a virtual conference on available US project financing opportunities for Nigerian companies organised by the American Business Council. She said the development bank was increasing its focus on lower-income countries like Nigeria and had $29.5bn in total active commitments in countries where it operates. According to her, the bank plans to double this investment to reach $60bn… More details through: https://punchng.com/us-development-bank-invests-530m-in-nigerian-projects/ |
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