Foreign investment into Nigeria drops by 43% – UN report

Foreign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report. Reuters reported recently that investors were put off by a dispute between the government and South African telecom giant MTN over repatriated profits. Banks HSBC and UBS both closed representative offices there in…

Industrial zones in 10 states record impressive Q1 performance

Industrial zones in 10 states of the federation recorded impressive performance and showed strong growth potential in the first quarter of the year, according to data from the Manufacturers Association of Nigeria. The states were listed as Oyo, Ondo, Osun, Ekiti, Rivers, Kwara, Kogi, Lagos, Ogun and Kano. The zones that recorded above average performance…

Nigeria: Govt to Inaugurate Rail Cargo Delivery in Kaduna Inland Dry Port

The Federal Government has concluded plans to introduce cargo delivery by rail to the Kaduna Inland Dry Port. Mr. Tahir Idris, Director, Special Duties, Nigerian Shippers Council (NSC) said in statement in Abuja recently, that the inauguration was scheduled to hold on May 7, at the facility’s premises in Kakuri, Kaduna State. Idris said in…

Fintech: CBN to establish collateral management regime

In order to encourage more innovations in the payment system, the Central Bank of Nigeria, is putting in place a Collateral Management Regime to regulate the activities of Fintech firms and startups in the country. The Director, Payments System Management Department, Sam Okojere, who represented the Governor of the CBN, Godwin Emefiele, disclosed this in…

4th industrial revolution: Develop indigenous technology, experts tell Nigeria

Nigeria will have to spot opportunities for development in the age of technology or be left behind. This view was shared by experts in Lagos during the Nigerian-American Chamber of Commerce April Business Luncheon which held on 25th April, 2019 at the Lagos Oriental Hotel, Victoria Island, Lagos. “Since the fourth Industrial revolution builds on digital…

FG pledges to complete satellite assembly plant

The Federal Government has pledged to complete the construction of satellite Assembly, Integration and Testing (AIT) centre at the National Space Research and Development Agency. Minister of Science and Technology, Dr. Ogbonnaya Onu, made the pledge while inaugurating some projects at the campus of the satellite agency along Nnamdi Azikiwe Airport Road in Abuja recently.…

Nigeria: Bill On Modernisation of Agriculture Will Transform Nigeria – Senate

The Senate has declared that when passed into law, the Bill on Agriculture, Industry and Modernisation currently before the Senate would transform Nigeria. According to the Senate, the bill when passed into law, will give the required legal framework for mechanised farming in the country, particularly in the area of land to be used for…