Author: Tamara

AfDB appoints new director-general for Nigeria

The African Development Bank Group has appointed Mr. Lamin Barrow as the director-general of its Nigeria office. According to a statement issued by the bank on Tuesday, before his appointment, Barrow was Acting Senior Director, Nigeria Country Office, in the Regional Development, Integration & Business Development Vice Presidency. Commenting on the appointment, President, AfDB, Dr Akinwumi Adesina, said, “Mr Lamin Barrow is a seasoned professional, with a proven track record in strategic management, country dialogue, portfolio management, negotiations and building partnerships. “The Nigeria Country Office is strategic for the bank as it manages a large country portfolio and operations with State governments and...

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Firm to build Nigerian cars, generators powered by gas

Indigenous energy startup, OMAA, displayed its locally assembled vehicles and generators fuelled with gas at the recently concluded Nigeria International Petroleum Summit. The company’s founder, Chinedu Oguegbu, said at the event that the company would be pioneering energy mobility as it would be producing vehicles and generators powered by Compressed Natural Gas to maximise gas to harness the nation’s economic potential. He was quoted as saying, “Nigeria is in the top ten and this is incidental because so far, there have been very little prospects in terms of gas; its incidental for us trying to get the crude. “What it means is that...

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Terminal operators invested N538bn in port development — STOAN

The Seaport Terminal Operators Association of Nigeria has said private terminal operators at the seaports invested N538bn in port development from 2006 after the concession of the ports to December 2017. The spokesperson for STOAN, Dr Bolaji Akinola, said this in a statement made available to our correspondent while reacting to other issues he said were responsible for the Apapa gridlock. He said, “The major challenges facing port operations in the country are dilapidated port access roads, poor traffic management, and manual examination of cargo by Customs. “Terminal operators, like other business entities in Apapa, are victims of the dysfunctional state and chaos...

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TEF trains 200,000 entrepreneurs

TEF trains 200,000 entrepreneurs

The Tony Elumelu Foundation has trained over 200,000 young African entrepreneurs in core business management skills across 54 African countries as part of its 2021 TEF Entrepreneurship Programme, the Foundation has said. The foundation in a statement by on Wednesday said the TEF entrepreneurship programme would equip entrepreneurs with critical skills required to launch their businesses at the early growth stage. It said the foundation hosted entrepreneurs to weekly information sessions to address relevant concerns and share vital programme updates as well as provide active support from coaches and mentors. The foundation said it hoped to train and empower thousands more across the...

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Experts worry as rice imports increase by 200MT

rice

Agricultural experts have expressed concern over the increase in rice imports into the country despite interventions in the value chain by the Central Bank of Nigeria through its Anchor Borrowers Programme. Speaking at the ongoing 44th National Council on Agriculture and Rural Development in Abuja, industry experts observed that it was becoming tough to guarantee food security in Nigeria following widespread insecurity across the country. Delivering a presentation at the council, a professor of agricultural economics and policy as well as Chair, Infrastructure, Nigeria Zero Hunger Forum, Gbolagade Ayoola, said findings showed that Nigeria imported about 200MT of rice in 2020. He said...

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Banks commence N6.98 USSD charge, customers kick

Some banks have notified their customers that they will start charging them N6.98 for every USSD transactions. However, experts have said that excessive charges by banks could pose a threat to financial inclusion. According to them, it will increase cash transactions because many bank customers would avoid using the USSD for transactions and could also discourage the unbanked segment of the population because they would not like to pay such charges over their little deposits. A message from some of the banks, including Guaranty Trust Bank, First Bank and Fidelity Bank on ‘Update on USSD transactions’ stated, “Please be informed that you are...

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Nigeria among top three countries with electricity deficits – World Bank

The World Bank has listed Nigeria among the three countries with the largest electricity deficits in the world. It said during the last decade, a greater share of the global population gained access to electricity than ever before, but the number of people without electricity in Sub-Saharan Africa increased. The bank disclosed this on Monday in a report, titled ‘Universal access to sustainable energy will remain elusive without addressing inequalities’. It said, “Significant progress has been made since 2010 on various aspects of the Sustainable Development Goal 7, but progress has been unequal across regions. “While more than one billion people gained access to...

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We’re planning four airports’ concession for 30 years – FG

Lagos State

The Lagos, Abuja, Port Harcourt and Kano airports will be on concession for a minimum of 20 to 30 years, the Federal Government said on Wednesday. It provided the explanation in a document on frequently asked questions about airport concession released by the Federal Ministry of Aviation in Abuja. In a document on the status of the road map/public private partnership projects concession of airports, made available to our correspondent, the government named the airports/parts that were up for concession. They include the Murtala Muhammed International Airport, Lagos: international and cargo terminals; and Nnamdi Azikiwe International Airport, Abuja: international, domestic and cargo terminals. Others...

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Oil hits $71 on rising demand hopes in US, China

First cargo of Nigeria’s new crude, Anyala, set for Europe

Oil prices were higher on Wednesday as negotiations over the Joint Comprehensive Plan of Action continued to falter, and as a rebound in oil demand in China, the United States and Europe threatened to outpace planned increases in supply. The international crude oil benchmark, Brent, rose by $1.09 to trade at $71.34 per barrel as of 7:00 pm Nigerian time, while the US West Texas Intermediate gained $1.11 to trade at $68.38 per barrel. S&P Global Platts reported that any resolution on the JCPOA remained far from certain as the fifth and final round of negotiations proceeded in Vienna, putting into question...

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Currency in circulation dips by N10bn

CBN-financed farmers cultivated 3.64 million hectares – Emefiele

Currency in circulation dropped by N10bn from N2.81tn as of the end of March to N2.8tn as of the end of April, latest statistics from the Central Bank of Nigeria showed on Monday. According to figures from the CBN, the figure dropped by N50bn in February from N2.83tn as of January to N2.78tn as of the end of February. It had earlier dropped by N70bn in January from N2.9tn as of December 2020. According to the CBN, currency in circulation rose from N2.5tn as of the end of October to N2.66tn in November. The CBN defined currency in circulation as currency outside the vaults...

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