Author: tolulope

Dangote commits $700m to sugar production

The management of Dangote Sugar Refinery Plc has said it is committing over $700m to its sugar projects to support the Backward Integration Policy of the Federal Government to make Nigeria self-sufficient in sugar production. According to a statement issued on Sunday by Dangote Industries Limited, the company disclosed this to visiting members of the Nasarawa House of Assembly on Friday. The company noted that Nigeria was one of the sub-Saharan Africa’s largest importers of sugar, second only to South Africa with an annual import of over $337m. The Dangote Sugar management however assured the lawmakers that with the completion of its sugar...

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Access Bank acquires fifth-largest bank in Botswana

Access Bank said on Monday it has agreed to buy a majority stake in African Banking Corporation of Botswana for cash, a month after it acquired a South African bank. Access Bank is expanding across Africa to counter stagflation at home and dollar shortages that have frustrated businesses. The lender will acquire just over 78 per cent of BancABC Botswana for cash of around 1.13 times book value and a two-year deferred payment, amounting to an undisclosed sum, Atlas Mara said in a statement. The latest acquisition from ABC Holdings, the local unit of London-listed Atlas Mara, brings its African presence to...

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World Bank to address Nigeria, poor countries’ debt overhang

The President, World Bank Group, Mr David Malpass, said the group is working actively in collaboration with the International Monetary Fund on the common framework that the G20 established for dealing with debt overhang and debt burdens. He said this while responding to questions at the press conference at the 2021 spring meeting on Wednesday. Malpass said, “We are working actively in collaboration with the IMF on the common framework that the G20 established for dealing with debt overhang and debt burdens. “It’s focused on the poorest countries, the IDA countries, and we look forward to progress on that. “The G20 has, I think,...

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FG pledges to lift Nigeria out of poverty, unemployment

The Federal Government says it is determined to do all it entails to lift the country out of poverty and unemployment. The Minister, Federal Ministry of Industry, Trade and Investment, Mr Richard Adebayo, stated this on Thursday in Jos at the 2020 ITF Merit Award ceremony, according to News Agency of Nigeria. Represented by the Director of Administration of the ministry, Mr Samuel Alabi, the minister said that the commitment of the Federal Government to diversify the nation’s economy and put it back to the path of growth through policies such as the Economic Recovery and Growth Plan, the Economic Sustainability Plan...

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Dangote empowers rural women in Kwara with N160m

Aliko Dangote Foundation has empowered a total of 16,000 women in all the 16 local governments area of Kwara State with N160m, the foundation has said. According to a statement from the foundation on Wednesday, each of the women were given the sum of N10,000 each, to help boost their petty trade and also start new businesses in a funfair event held in Kwara State on Wednesday. The deputy governor of the state, Kayode Alabi, who stood in for the governor, Abdulraham Abdulrasaq, lauded the ADF empowerment programme and described it as part of the key economic tools needed to boost the...

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Customs propose ban on vehicles above seven years

Customs propose ban on vehicles above seven years

The House of Representatives’ Committee on Customs and Excise has proposed a revenue target of N1.56tn for the Nigeria Customs Service in 2021, up from the original N1.4tn proposition. The amount was set for the NCS in 2020 before the outbreak of the coronavirus pandemic that led to a downward review of the target to N1.3tn. The committee resolved to jerk up the figure at a budget defence session held with the Controller-General of the NCS, Col. Hameed Ali (retd.), in Abuja on Tuesday. Ali, however, decried that the African Continental Free Trade Area and the World Trade Organisation agreements entered into by...

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Mobile money accounts grew to 1.2 billion in 2020 -GSMA

Mobile money accounts grew to 1.2 billion in 2020 -GSMA

In 2020, the number of registered mobile money accounts grew by 12.7 per cent globally, to 1.21 billion, according to the latest report from the GSM Association. The GSMA noted that over 136 million accounts were added in the year, which exceeded last year’s forecasted growth rate by 6.4 percentage points. In the 2021 State of the Industry Report on Mobile Money, the association revealed that transactions increased by 65 per cent and account activity grew by 17 per cent to over 300 million monthly active mobile money accounts. Transaction values also grew across the board as more money circulated. For the first...

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FG justifies $100 charges, others imposed on Nigerians in diaspora

FG justifies $100 charges, others imposed on Nigerians in diaspora

The Federal Government has said charges and levies imposed on Nigerians in diaspora at the foreign missions are due to paucity of funds to run operations. The Minister of Foreign Affairs, Geoffrey Onyema; and Controller-General of the Nigeria Immigration Service, Muhammed Babandede, who both appeared before the House of Representatives’ Committee on Foreign Affairs in Abuja on Tuesday explained how they were addressing issues affecting Nigerians in other countries. At the two-day investigative hearing organised by the committee, which began on Tuesday, Onyema noted that the charges had been in existence and were only suspended. The minister said, “The $100 they (Nigerians in...

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N577.61bn manufactured goods unsold in 2020, MAN laments

N577.61bn manufactured goods unsold in 2020, MAN laments

Manufactured goods valued at N577.61bn were unsold last year as the COVID-19 hit patronage, the Manufacturers Association of Nigeria said on Tuesday. MAN, in its bi-annual review of the economy, said the inventory of unsold finished manufactured goods increased to N303.22bn in the second half of 2020 from N202.16bn in the same period of 2019 and N275.39bn in the first half of 2020. “Inventory of unsold manufactured goods in the sector totaled N577.61bn in 2020 as against N402.42bn recorded in 2019,” it said. The association said the increase in inventory in the period was attributed to the general low consumption and renewed imports...

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FG explores new technology to check oil-tanker explosions

FG explores new technology to check oil-tanker explosions

The Federal Government plans to adopt a new technology to halt explosions in oil tanks and petroleum products’ distribution tankers. Director-General, National Oil Spill Detection and Response Agency, Idris Musa, said the Explo-Control Technology by Qcuboyds Limited was being explored by government to prevent explosions in facilities that convey, transport and store crude oil. Musa disclosed this in Abuja during the virtual demonstration of how explosion could be prevented in underground oil tanks and petroleum storage facilities. The demonstration was done by Qcuboyds Limited, as the firm stated that the technology could also prevent explosions in petroleum products and liquefied petroleum gas facilities. This,...

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