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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/
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The value of manufactured goods imported into the country exceeded exports by 10.6bn (N4.37tn) in the second quarter of 2021, according to figures obtained from the National Bureau of Statistics.
The NBS stated that the value of manufactured goods trade in Q2, 2021 stood at N4.51tn representing 37.50 per cent of total trade. “Out of this, the export component accounted for N211.67bn while the import component was valued at N4.3tn,” the NBS report stated. The products that drove up manufactured products were vessels and other floating structures for breaking up, which was exported to Cameroon in the value worth N71.9bn… More details through: https://punchng.com/quarter-2-manufactured-imports-exceeded-exports-by-n4-3tn-nbs/ The Ondo State Governor, Oluwarotimi Akeredolu, has decried importation of glass into the country despite the huge availability of raw materials in the state.
To this end, the Ondo State Government has signed a public-private partnership (PPP) agreement with the ZMP Industrial Limited for the establishment of a 600 tonnes per day capacity float glass factory in Igbokoda, Ilaje Local Government Area of the state. The governor recalled that when the moribund Oluwa Glass was functional, it was supplying the then Peugeot glasses for windscreen and mirror for the production of the vehicles… More details through: https://guardian.ng/business-services/ondo-partners-german-firm-to-establish-n162b-float-glass-factory/ Abia State government has signed a memorandum of understanding (MoU) with Total Value Integrated Services Limited for the building of an industrial cluster for the leather, garment and allied products producers at Amator in Obingwa LGA of the state.
Speaking at the MOU signing ceremony at Hotel De La Paix Aba, the Permanent Secretary in the state Ministry of Industries, Cletus Mba, said that the building of the $73 million (N30 billion) industrial cluster was informed by Governor Okezie Ikpeazu’s early mindset to provide the beneficiaries with a suitable and permanent business location that would prosper their businesses and thus engender mass production of made-in-Abia/Aba products. He said that members of the beneficiary associations would be allocated shops first before others in the cluster which will have 15, 000 shops therein… More details through: https://guardian.ng/business-services/abia-to-build-n30bn-industrial-cluster-for-leather-garment-products/ A Chinese high-tech company, Clou, and its Nigerian partners, Jumbo Goois Global Services, are set to establish a smart prepaid metering assembly factory in Bayelsa State.
Managing Director and Chief Executive Officer of Jumbo Goois Global Services, Mr. Timipre Ogoibiri, who led the delegation, disclosed this in Government House, Yenagoa, during a presentation to Governor Douye Diri, yesterday. Presenting the company’s plan for the proposed project, the Head of Operations, Dr. Chris Osazuwa, was quoted in a statement to have explained that the specification of the meters were unique and would meet the Nigeria Electricity Regulatory Commission (NERC) standard… More details through: https://www.thisdaylive.com/index.php/2021/09/16/chinese-firm-to-establish-smart-metering-plant-in-bayelsa/ BUA Group, one of Africa’s leading industrial companies, is set to commence the construction of a 2,000tons/day Plaster of Paris (Gypsum Powder) production plant. This was made known during the signing of an agreement between BUA and MMM Erba Makina of Turkey – one of the world’s leading equipment suppliers for plaster production, for the supply the plant equipment. Upon completion in 2022, BUA’s P.O.P (gypsum powder) production plant will be Nigeria’s largest plaster (gypsum powder) production facility.
Speaking at the signing ceremony, BUA Group Chairman, Abdul Samad Rabiu, said that the signing marked another milestone in the Group’s journey to becoming Africa’s leading manufacturing and infrastructure Company… More details through: https://www.sunnewsonline.com/bua-mmm-erba-of-turkey-sign-agreement-on-2000tons-day-plaster-plant/ Nigeria’s largest Fast-Moving Consumer Goods (FMCGs) companies have seen their profits surge to a five-year high and above pre-pandemic levels in the first half of 2021, a sign that an economic recovery is on for Africa’s biggest economy. Data compiled by BusinessDay show that Nestle Nigeria, Dangote Sugar, Flour Mills, Unilever Nigeria, and Nascon recorded profits above pre-pandemic levels…
More details through: https://businessday.ng/business-economy/article/nigerias-largest-fmcgs-see-profits-surge-to-five-year-high/ In a bid to deepen the bilateral trade between Nigerian and Russian businesses, nine Russian firms have indicated interest to invest over $500 million in the Nigeria’s manufacturing sector.
Chairman, Nigerians in Diaspora Organisation (NIDO), Russia, Mr Sampson Uwem-edimo, made this known in Lagos, ahead of the forthcoming Russia- Nigeria Business conference. NIDO chairman pointed out that the volume of trade between both countries was below expectation, not withstanding the Gross Domestic Product (GDP) of both countries… More details through: https://www.sunnewsonline.com/manufacturing-sector-to-get-500m-boost-from-russian-firms/ Kwara State Executive Council has approved the award of contract for the establishment of a garment production factory in Ilorin, the state capital. To be known as Garment Production Village, the factory, Commissioner for Enterprise, Hajia Arinola Lawal, said, is expected to provide job opportunities for thousands of Kwarans, particularly youths and women. Presenting the memo at the council meeting and explaining the bidding process for such highend projects in line with the procurement law, the commissioner put the cost of the garment factory at N1.8 billion to be awarded to Freshvine Nigeria Ltd out of the three firms that bidded for it…
More details through: https://www.newtelegraphng.com/kwara-unveils-job-opportunities-with-n1-8bn-garment-factory/ Nigerian billionaire Aliko Dangote’s new fertiliser plant near Lagos will export its first shipment in late June or early July, to Louisiana, while the majority of exports from the plant are expected to go to Brazil, Dangote said on Tuesday.
The new plant at the Lekki Free Zone in Lagos State, designed to manufacture 3 million tonnes of urea per year, will also be able to supply all the major markets in sub-Saharan Africa, Dangote told a virtual economic forum hosted by Qatar. “Apart from meeting the domestic demand, we are going to be able to earn quite a lot of money exporting the goods to the South American countries,” he said… More details through: https://www.reuters.com/article/idUSKCN2DY1D7 |
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