|
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, last weekend said Nigeria may end steel importation soon when a $1.5 billion steel plant being built by African Natural Resources and Mines Limited at Jere in Kaduna State comes on stream. The firm has one million metric tonnes (MT) capacity of daily production.
The minister who inspected the plant along with the management of the company, further noted that Nigeria was on the path of industrialization which will be yielding results five years from now. “Producing one million metric tonnes of steel per annum means that Nigeria will really be well on its way of being independent of importing steel into our country and this will attract other investors,” Zainab said… More details through: https://dailytrust.com/minister-hopeful-1-5bn-kaduna-plant-will-end-steel-imports
0 Comments
Hope rises for the moribund Ajaokuta Steel company, as Olamilekan Adegbite, the Minister of Mines and Steel Development says a 60-man team from Russia will soon arrive in Nigeria to start a Technical Audit of Ajaokuta steel. Adegbite disclosed this to the News Agency of Nigeria (NAN), in Abuja…
More details through: https://businessday.ng/business-economy/article/nigeria-government-turns-to-60-russian-experts-to-revive-ajaokuta-steel/ The President/Chairman in Council, Chartered Institute of Professional Printers of Nigeria, Olugbemi Malomo, in this interview with NIKE POPOOLA, speaks on the need to revive the moribund paper mills in the country and urgently implement policies that will promote productivity and protect the future of the printing industry…
More details through: https://punchng.com/nigeria-imports-paper-worth-n3tn-annually-malomo/ Despite efforts for Nigeria to become an industrialised economy with high sustainable growth rates since October 1960 when it got its independence, stakeholders in the real sector believe that the level of industrialisation remains poor.
Records have it that the country’s non-oil sector accounts for 9.1 per cent of the gross domestic product (GDP). According to the Manufacturers Association of Nigeria (MAN), the sector still contributes a meagre 9 per cent to the nation’s GDP, which has been blamed on the challenges faced over the years… More details through: https://www.sunnewsonline.com/nigeria60-manufacturing-sector-contributes-meagre-9-to-gdp/ Nigeria’s biggest cement makers by market value appear to be doing relatively well despite the Covid-19 pandemic which has upended key sectors of the Nigerian economy. Two of the largest cement makers in the country, Dangote Cement and Lafarge WAPCO both saw their net profit hit the highest level in seven years…
More details through: https://businessday.ng/lead-story/article/nigerias-largest-cement-makers-see-profits-jump-to-7-year-high-despite-covid-19/ Farmcrowdy has acquired Best Foods (L&P) to to grow its Livestock value chain with an improved process for livestock production. Announcing the acquisition in Lagos, the Founder & CEO of Farmcrowdy, Onyeka Akumah, said the acquisition of Best Foods L&P Limited is a major milestone for the entire team knowing as it offers a wider livestock production and processing solution to the meat market.
The acquisition will see Farmcrowdy owning majority stakes in Best Foods L&P Limited including its assets, team and customer contracts to supply meat across Nigeria… More details through: https://www.vanguardngr.com/2020/07/agtech-plans-to-launch-retail-meat-hubs-across-nigeria-in-q2/ The Director-General, National Research Institute for Chemical Technology, Zaria, Prof. Jeffrey Barminas, said that Nigeria lost $1.4bn to importation of chemicals in 2019.
He made the disclosure on Thursday at an interactive session in Abuja with the Senate Committee on Science and Technology chaired by Sen. Uche Ekwunife.The News Agency of Nigeria reported that Barminas said that the country was losing a lot every year on chemical imports. He said, “We are highly dependent on importation of chemicals and chemical products into this country… More details through: https://punchng.com/nigeria-lost-1-4bn-to-chemical-importation-in-2019-narict/ The Central Bank of Nigeria (CBN) has announced $131.5 million (N50 billion) special mechanism funds to revive the ailing textiles industry.
The funds to be administered by the Bank of industry (BoI) at 4.5 per cent interest rate will use any of the CBN-approved non-interest financing instruments for refinancing of projects, long- term financing for acquisition of plant and machinery and working capital for the beneficiaries. A statement containing the guidelines for the revival pill, tagged “Central Bank of Nigeria Non-Interest Guidelines for Intervention in the Textile Sector”, was released yesterday. It was signed by CBN Director, Financial Policy and Regulation Department, Kelvin Amugo. The apex bank said the funds would be used to resuscitate the ailing textile sector, restructure facilities and provide further facilities for textile firms with genuine need for intervention… More details through: https://thenationonlineng.net/cbn-approves-n50b-revival-fund-for-textile-industry/ Nigeria’s southeastern Cross River state is setting up a 4-billion naira ($10-million) cocoa-processing plant to start operations in August and target the export market, an official said.
Cross River, which accounts for about 30% of Nigeria’s output, has negotiated with chocolate companies based in Italy to receive supplies from the grinder, Peter Egba, the commissioner for industry, said in a phone interview from Calabar, the state capital. The factory will receive raw material from local growers as well as farmers in neighboring Cameroon, across the nearby border, Egba said. The government also plans to distribute 10 million seedlings of a cocoa variety that matures in three years to farmers to increase output… More details through: https://www.bloomberg.com/news/articles/2020-07-21/nigeria-targets-processed-cocoa-exports-with-10-million-plant Dangote Group’s fertilizer plant, now under construction in Nigeria’s biggest city of Lagos, will be ready to start production next year, according to Saipem SpA, the builders.
Owned by Aliko Dangote, Africa’s richest man, the facility located in the Lekki district of Nigeria’s commercial hub, has a name-plate capacity of 3 million tons a year of urea and ammonia, making it the world’s biggest. It is in the vicinity of a 650,000 barrels a day Dangote oil refinery also under construction. Test runs started at the plant in March, though hampered by the disruptions that came with the coronavirus pandemic, said Maurizio Coratella, chief operating officer of Saipem SpA… More details through: https://www.bloomberg.com/news/articles/2020-07-16/dangote-s-2-billion-fertilizer-plant-set-for-february-start |
Categories
All
Archives
October 2020
News Archive from before July 2018
|
RSS Feed