ECONOMY

One Woman’s Mission to Save Nigeria’s Palms

She has the largest private collection of plants in Nigeria, with more than 2,000 trees and shrubs, and 400 types of palm growing in her garden, built up over eight years in the capital, Abuja. The 72-year-old imports many of

Dangote Group to Build $350 Million Cement Factory in Neigbouring Niger

Dangote Group will build a new $350 million cement factory in Niger, Nigeria’s neigbhour to the north. The Chairman of the Group, Alhaji, Aliko Dangote announced this, after he met with Niger’s President Issoufou Mahamadou in the past week. Dangote

We Spend $700 Million on Water Annually in Nigeria – AfDB

African Development Bank (AfDB) has disclosed that the bank spends around $700 million on water every in Nigeria, totaling $2.4 billion in the last few years. “In water management, the AfDB investment runs into about $700 million per annum in

OANDO Completes Alausa Power Plant; Dumps Generators

OANDO Gas and Power (OGP), with the support of the Lagos State government, has completed a 10.34 Megawatt Independent Power Plant Project designed to provide electricity for the State Secretariat in Alausa. Currently, the secretariat houses the Governor and the

MARKET UPDATE: QE In The US Comes To A Standstill As Janet Yellen Gets In Line To Fill Bernanke’s Shoes

The result of last week’s FOMC Minutes in the US was largely centered on Janet Yellen’s nomination as the next Chairwoman of the Federal Reserve. Whilst estimates foretold that QE tapering was in the cards to be announced at last

Total Gets $7.5 Billion Syndicate Loan from Nigerian Banks

Eight Nigerian banks have agreed to fund Total’s contractor initiative with $7.5 billion. The Banks – Access Bank, Diamond Bank, Ecobank Nigeria, Fidelity Bank, Guaranty Trust Bank, Standard Chartered Bank, United Bank for Africa (UBA) and Zenith Bank – signed

Lagos to Generate Electricity from Refuse Dumps

Over the years, heaps of trash in Lagos constituted environmental threats. That may soon turn to be a blessing as the state plans to turn the heaps of rubbish around the metropolis into electricity which the city desperately lacks. Lagos

JUMIA Shines at World Retail Congress; Wins ‘Best Retail Launch of the Year’

JUMIA, one of the leading e-commerce retailers in Nigeria, on October 10, 2013, won the award for “The Best Retail Launch of the Year” at the World Retail Congress in Paris, France. The recognition confers on JUMIA the first African

Nigeria and Stag Engineering to Power Prosperity

Industrial activity is imperative to Nigeria’s development, with the engineering sector in particular boosting financial growth and providing a solid plateau for investment “There are a lot of business opportunities in Nigeria,” claims Alfred Ayotunde Jagun, CEO of Nigerian-owned Stag

Nigeria Records N6.85 Trillion e-Transfers in Nine Months

A document made available by the Nigeria Inter-Bank Settlement System (NIBSS), yesterday, has shown that the country registered a total of N6.849 trillion in electronic fund transfers between January and September, 2013. The document revealed that the NIBBS Instant Pay

Nissan to Start Producing Cars in Nigeria

Nissan and Stallion Group have announced intention to jointly launch vehicle assembly in Nigeria. This will make Nissan the first major international manufacturer to launch vehicle assembly under the Automobile Industrial Policy of the Federal Government. Stallion Group, the exclusive

Nigeria’s Agricultural Sector Gets Boost from Local Investors – Minister

Nigeria’s Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has said that local investors are investing more into Nigeria’s Agricultural Sector, under the Agricultural Transformation Agenda. He made this known while speaking at the Agribusiness Forum 2013 in Brussels,

Made-in-Nigeria Cell Phones to Launch in November

A team of investors have announced plans to launch two Made-in-Nigeria mobile phones in November 2013. The investors, numbering about 20, comprise the top players at the computer and mobile phones market in Lagos, Nigeria known as the Computer Village.

UBA to Deploy 450 ATMs Across Nigeria

The United Bank for Africa Plc (UBA), has signed an agreement with Computer Warehouse Group Plc (CWG) for the deployment of 450 units of the CINEO series of Wincor Nixdorf brand of Automated Teller Machines (ATMs) in Nigeria. Mr. Eckard

Nigeria to Issue 5 to 10-year Visas to Foreign Investors – Culture Minister

The Federal Government has disclosed plans to issue five to 10-year visas to foreign investors seeking to do business in Nigeria. Mr. Edem Duke, Minister of Tourism, Culture and National Orientation, made this disclosure recently in Lagos. The minister explained

IFC to Invest $1 Billion in Nigeria’s Power Sector

The International Finance Corporation, a member of the World Bank Group that finances and provides advice for private sector ventures and projects in developing countries has said it would invest $1 billion in Nigeria’s power sector. The funds will be

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