Category Archives: Nigeria News

Nigeria News

Africa’s agricultural production systems need a radical change – ECA’s Karingi

Karingi indicated that the progress in the levels of agricultural productivity has been uneven across countries, ranging from an increase of 325% in Nigeria to a decrease of about 40% in Zimbabwe and proposed that rethinking agricultural transformation would involve the adoption of a three-pronged approach that should systematically and comprehensively consider three essential elements: farming systems, agribusiness and regional value chains

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Scatec Solar Project in Jigawa State – Nigeria, attracts USD 150 million investment

Nigeria, one of the largest economies in Africa, is continue to face challenges with energy access and power supply. As the country gears towards increasing employment by providing jobs, and strengthening the economy for youth. The Scatec Solar project has attracted new investors who will support the project with an estimated USD 150 million which will boost the 100 Megawatts Scotia project in Nigeria. Additionally, the project is also targeted to setting Nigeria on their commitment to the Paris Agreement as the project is estimated to prevent 120,000 tons of CO2 emissions every year as a renewable energy power source.

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Paystack closes seed investment of $1.3m to develop its hub in Nigeria

Paystack, a reinforced payment system that is dedicated to solving challenges relates to online payments in Africa, has announced a closed seed investment of 1.3 million USD. The investment is coming from Paystacks international investors including Tencent, Comcast Ventures, and Singularity Investments, Spark, M&S Partners, and many other organizations and individuals – Michael Siebel, Justin Kan, Olumide Soyombo, Leonard Stiegeler, etc.

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Lagos to host CashlessAfrica Expo 2017

Digital disruption is shifting the balance stay of power in financial services and influencing the way, millions of people bank their money, make payments, remittances and more, in a continent where mobile phone penetration exceed bank accounts and bank cards ownership, combined.

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Nigeria’s Amina Mohammed appointed as UN Deputy Secretary-General

The elected United Nations Secretary-General, Antonio Guterres, who will replace Ban Ki-moon coming 2017, has appointed the environment minister of Nigeria to be his deputy secretary-general. According to reports, the incoming Secretary-general of the United Nations has additionally named two additional women to occupy high positions in the United Nations. This comes as a good news to many youth (especially women) who anticipated the next UN Secretary-general position to be occupied by a woman. This move by Antonio Guterres is a great gesture towards gender equality and also ensuring gender balance within the United Nations as the current statistics shows women occupy only about 20 per cent of the under-secretary-general positions.

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Eight MOAs signed by 4 Companies to boost Oil and Gas Infrastructure in Nigeria

Nigeria is known for its oil production boosting the country’s economy. To help advance the Oil and Gas sector, it is important that required infrastructures be made available. In view of this, Chongqing Construction Engineering Group (CCEGC, Oilserv, Tianjin Energy, and Alpha Group has come together to sign eight multi-billion dollar memorandum of agreements (MOAs) to develop Nigeria’s Oil and Gas Infrastructure.

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Crowding the private sector into Africa’s climate action

Mohamed Beavogui, Director General at African Risk Capacity (ARC) and Akinwumi ADESINA, President of the African Development Bank

The global community for climate action was spooked by the November 8 election of Donald Trump as the next President of the United States. The US President-elect had earned the sobriquet of “climate denier,” for his claim that climate change is a hoax. However, there is cautious optimism that his presidency will not overturn the global agenda on climate change. Hopefully, his views on climate change will change and align with reality when he settles into the Oval Office. Policymakers also believe that global climate agreements cannot be reversed easily.

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Five West African Countries Avoids Dirty Fuel from Europe

A number of West African countries have been sourcing fuel from Europe and reports (beginning earlier and mid this year) indicates that these European fuels do not meet the expected emission standards. In Ghana, the issue had risen in public discussions when first discovered and some environmental and health activists had used social media to publicize the issue to raise awareness for better fuel importation into the country.

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Promoting African Culture Through Clothes and Fabrics

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In modern times, African culture is being displayed in many material forms and to that, we are gradually expanding our reach on the global market. In recent decades, it is of no surprise to see folks in Europe or the United States wearing clothing manufactured from African print materials or clothing with African symbols inscribed in it. The use of beads as chains, bracelets, etc is no longer a thing of Ghana, Nigeria, Senegal, or any of the sub Saharan countries but could be found in many parts of the world.

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African Travel Spend expected to rise 24 Percent with Introduction of African Union Passport Introduction in 2018

New research released by global travel technology provider, Sabre Corporation, has revealed that African air travel spend is expected to rise 24% with the introduction of the pan-African passport in 2018. The new passport will enable African travellers to visit other countries on the continent without a visa.

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Spotlight on regional achievements as West African Power Industry Awards finalists are announced

Industry pioneers and projects recognised and celebrated

Genesis Energy, Aggreko, GRIDCo, Eko Disco and several innovative renewable projects are just some of the who’s who in the region’s energy industry who have made the coveted list of finalists for the upcoming West African Power Industry Awards.

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Nigeria’s Strong Presentation at ITU bodes well for Future Telecoms Investment in Nigeria

Nigeria’s government and private sectors have made a pitch to foreign investors at the 2016 International Telecommunication Union conference, Telecoms World, where they presented the country’s developments in Information and Communication Technology (ICT) opportunities for future investment.

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The employment relationship and how it is affected by business transfers in countries across Africa

The Employment & Benefits team at pan-African law firm, Bowmans, has put together a Guide covering the employment consequences in business transfers in Botswana, Cameroon, Kenya, Madagascar, Nigeria, Senegal, South Africa, Uganda, Tanzania and Zambia. The Guide outlines the laws in each jurisdiction that regulate the employment consequences of business transfers and provides useful insight for those planning to buy or sell a business, or out- or in-source a service, in those countries.

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Nigerian and Angola economies suffer as oil prices fall

By HUMPHREY NKONDE

Nigeria and Angola, Africa’s oil producers, are facing economic difficulties mainly due to depressed prices of the liquid commodity on the international market.

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SWIFT’s messaging traffic grows by 15.8% in West Africa

Figures released at the SWIFT Business Forum West Africa show that the region has outperformed the total growth of SWIFT globally

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UBA makes a profit of N 62 billion in 9 months

By HUMPHREY NKONDE

United Bank of Africa (UBA) has in the last nine months increased its profits by seven percent representing N62 billion before tax.

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Time is running out for Nigerian Companies to get their Tax Houses in Order

Magnus Nmonwu, Regional Director for Sage in West Africa

Magnus Nmonwu, Regional Director for Sage in West Africa

Companies should respond by putting in place systems and processes that enable them to report accurately on revenue and expenses and to streamline tax submissions

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