Nigeria’s cotton market has witnessed a marginal rebound almost two years after the Central Bank of Nigeria blocked traders from having official access to forex for the importation of textiles into the country.
 
The volume of production and consumption of cotton in the country rose by at least 7.5 per cent in 2020 after the figures dipped in 2019, according to data from the United States Department Of Agriculture (USDA). The rise was a far cry from figures recorded between 2006 and 2011.
 
In 2006, cotton production reached 1.8 million tonnes while consumption stood at 1.7 million tonnes, the data show. Both fell to 920,000 metric tonnes and 690,000 metric tonnes respectively by 2014…
 
More details through:
https://www.premiumtimesng.com/news/headlines/444614-nigerias-cotton-market-sees-rebound-after-textile-forex-ban.html

Spotify said on Monday it would nearly double its market presence by launching in 85 new markets in the next few days, making the music streaming service available to more than a billion people around the world.
 
While Spotify is the leader in music streaming, entry in new countries across Asia, Africa, Europe and Latin America would significantly increase the gap with its rivals, Apple Music and Amazon Music.
 
“Together these markets represent more than a billion people, with nearly half of them already using the internet,” said Chief Premium Business Officer Alex Norstrom. “Some of the places we’re going like Bangladesh, Pakistan and Nigeria have the fastest growing internet populations in the world…
 
More details through:
https://www.reuters.com/article/idUSKBN2AM22N
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Maritime sector stakeholders have said that the electronic call-up system being deployed by the Nigerian Port Authority (NPA), could save Nigeria over $10 billion yearly loss on agro products that usually rot due to gridlock before reaching their destinations in Europe.
 
Earlier, the NPA had said it would commence the electronic call-up system for all trucks calling at the nation’s ports from February 27, 2020 and by extension, the Authority launched Eto App for truck drivers that would be responsible for the scheduling entry and exit of all trucks into the ports.
 
Stakeholders who spoke with Daily Sun at the weekend, said the system if well implemented, could decongest the ports, reduce road traffic on ports access areas and save N140 billion weekly economic loss. According to them, one of the major problems the e-call up would solve is the pre-allocation of trucks to designated parking spaces…
 
More details through:
https://www.sunnewsonline.com/e-call-up-system-to-save-10bn-yearly-loss-on-agro-products/
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There are indications that Brazil would supply 80 per cent or 1.44million tonnes of raw sugar valued at N319.85billion ($680.55million) to Nigeria in 2021. Nigeria is currently battling with sugar production deficit of 1.81million tonnes valued at $850.7 million as global price surges to $407 per metric tonnes.
 
Brazil’s production has already increased by more than 44.2per cent to meet demand from Nigerian and other buyers. It was gathered that high sugar price in 2021 would further encourage producers to keep maximising production to supply the deficit in  global market.
 
The Federal Government had targeted 800,000 tonnes of raw sugar production by 2022 but had not met five per cent of the target as at December 2020. It was revealed that Nigeria had a deficit of 1.81million tonnes following massive smuggling through the porous borders…
 
More details through:
https://www.newtelegraphng.com/nigeria-to-import-n319-8bn-raw-sugar-from-brazil/
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Stories, Wole Shadare 7-Star Global Airlines has concluded arrangement to acquire four Embraer jets to start up its premium airline operations. The firm currently has five helicopters in its hangars, awaiting necessary clearance, while paper works are being perfected.
 
The Chief Executive Officer of 7-Star Global Airline, Issac Balami, an aircraft engineer, who made the disclosure in his office at the Murtala Mohammad Airport Ikeja, said plans were already made for smooth processing.
 
Balami said the business model of the airline would be different as it would not compete with existing ones in the country, but would offer premium service type with target at high users.
 
He said it would operate as a scheduled premium carrier. He noted that COVID-19 had provided the window for airline start-ups, especially now that the existing foreign carriers were struggling to survive even with government palliatives…
 
More details through:
https://www.newtelegraphng.com/7-star-mulls-premium-airline-to-acquire-embraer-jets/

In a recession year when the nation’s economic activities came to a virtual halt on account of the global pandemic, the Nigerian solid minerals sector, defying all odds, is recording booming numbers, funneling N7.69 billion in royalties into federal coffers, the highest in a three-year period, according to a 2018-2020.
 
The core year of the COVID pandemic, 2020, posted about half of this amount, declared a gladdened Frank Odoom, Director of the Mines Inspectorate of the Ministry of Mines and Steel Development in Abuja who walked premium times through the current data which he credited to a new strategy in the ministry to pursue an aggressive revenue profile in the wake of lean oil earning into the federal purse.
 
Mr Odoom pointed out that the progression from 2018 to 2020 had been even, starting from a modest posting of N1.88 billion in 2018, remarking that the South-west region of the country recorded the highest contributions, accounting for N749.96 million, (39.95 per cent) of the total royalty paid in the year under review. Ogun State’s sole contribution to that regional performance was N563 million (75.09 per cent) of the total revenue generated in the South-west region…
 
More details through:
https://www.premiumtimesng.com/news/top-news/444268-mining-royalties-increase-nigerias-revenue.html

As part of its efforts to boost local milk production in Nigeria, the Ikun Dairy Farm Limited (IDFL), a joint venture between Promasidor Nigeria Limited and the Ekiti State Government have announced the arrival of the first batch of pregnant Jersey cows from a minimum pre-ordered pool of over 500 heifers from the United States of America.
 
The move was an addition to the biological pool of 192 indigenous and cross breeds available on the farm. According to a statement, the Ikun Dairy Farm Limited through the partnership with immeasurable support of the Central Bank of Nigeria (CBN) was working to ensure that more of these breed of cows arrive Nigeria in the coming weeks, thereby making the dairy farm a model of backward integration in the sourcing and use of local raw materials for milk production…
 
More details through:
https://www.thisdaylive.com/index.php/2021/02/19/promasidor-imports-pregnant-jersey-breed-cows/

The Minister of Agriculture and Rural Development, Sabo Nanono, has said it has become necessary for Nigeria to build its own jute bag factories to aid the export of cocoa and other agricultural produce. This was disclosed in a statement on Friday by Ezeaja Ikemefuna, the chief information officer in the ministry. According to the statement, the minister stated this during a visit by the Cocoa Association of Nigeria in Abuja on Thursday.
 
“The ministry would seek collaboration with the Ministry of Finance, Budget and National Planning in ensuring that appropriate policy measures and counterpart funding were put in place to fast track the setting up of jute bag factories across the nation as well as commence the cultivation of Kenaf, which can grow in any part of the country and happens to be the raw material for the production of jute bags…
 
More details through:
https://www.premiumtimesng.com/business/443902-nigeria-to-set-up-jute-bag-factories-minister.html

Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as restrictions to curb the spread of the coronavirus were eased.
 
Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a Bloomberg survey was for a quarterly decline of 1.86%. The economy contracted 1.92% for the full year, the most since at least 1991, according to International Monetary Fund data.
 
The surprise rebound means Africa’s largest economy may recover faster than expected as the oil price and output increase this year. It could also point to the growing dominance of the non-crude sector, according to Joachim MacEbong, a senior analyst at SBM Intelligence in Lagos…
 
More details through:
https://www.bloomberg.com/news/articles/2021-02-18/nigeria-unexpectedly-exits-recession-with-0-11-growth-in-4q
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Over the last couple of years, some companies of Nigerian origin have had their eyes on the top-ranked foreign exchanges in the world.
 
Of all the companies of African origin that have looked to list on foreign exchanges, only Jumia—an eCommerce platform that started in Nigeria—has succeeded. It 2019 it became the first African-focused company listed on the New York Stock Exchange (NYSE).
 
Based on other companies’ attempts in recent times, it appears that Jumia will not be the only Nigerian company that will be listed on foreign stock exchanges in the next couple of years. African startups probably chose the NYSE, among others, to gain easy access to new markets and boost brand recognition…
 
More details through:
https://www.thisdaylive.com/index.php/2021/02/18/nigerian-companies-targeting-ipos-in-us-london-exchanges/