Nigeria to begin rice export in 2 years – Minister

The Minister of Agriculture and Rural Development, Mr Sabo Nanono, said on Tuesday in Abuja that Nigeria would hopefully begin exporting rice to other countries in the next two years. Nanono hinted this in a statement issued on his behalf by Mr Theodore Ogaziechi, the Director of Information in the ministry. The statement quoted the minister as saying that the border closure by the federal government had resulted in increased output of local rice by...

MTN budgets $1.6bn for investment in Nigeria

The Minister of Communications and Digital Economy, Dr Isa Pantami, has expressed delight as the Mobile Telephone Network (MTN) budgeted 1.6 billion dollars to invest in the Nigerian market within the next three years. Pantami disclosed this in a statement signed by Mrs Phil Oshodin, Director Press and Public Relations, on Tuesday in Abuja, when MTN paid him a courtesy visit in the ministry ‘s headquarters. He pointed out that Federal Government was committed to...

Lagos bans commercial motorcyclists, tricycles

Lagos State Government has announced the restriction and ban of commercial motorcycles (Okada) and tricycles (Keke) in six local government areas of the state with effect from Feb. 1. The Commissioner for Information and Strategy, Mr Gbenga Omotoso, made this known in Ikeja while addressing newsmen after the State Security Council Meeting. ”The extant Transport Sector Reform Law 2018 bans the operation of Motorcycles (Okada) and Tricycles (Keke) in some local governments  areas and Local...

CBN committed to addressing 1.2m tonnes tomato shortfall – Emefiele

The Central Bank of Nigeria (CBN) is committed to promoting tomato value chain to meet the need of Nigerians and address the shortfall of about 1.2 million tonnes valued at about 2.5billion dollars annually. The CBN Governor, Mr Godwin Emefiele, disclosed this at the Ground-Breaking ceremony of Tomato Jos at Kangimi community in Kaduna on Monday. Tomato Jos is an American owned company aimed to transform smallholder farmer from subsistence growers into commercial producers. The...

Industrial Internet of Things with Oil, Gas, and Energy (OGE) in mind

By way of definition, Industrial Internet of Things (IIoT) is an extension of the internet and other connection protocols to devices or “things” while affording them a higher degree of computing and analytical capabilities. The Internet of Things (IoT), artificial intelligence and big data will make people more aware of their world. As a direct consequence, the Industrial Internet of Things (IIoT) will begin to see widespread adoption in the services sectors of the Oil...

African Development Bank approves $20 million investment in renewable energy fund for Sub-Saharan Africa

The Board of Directors of the African Development Bank has approved a $20 million investment in the Metier Sustainable Capital International Fund II, which channels funds to renewable energy and resource-efficient infrastructure projects across Sub-Saharan Africa. The Bank’s funding will contribute to production of an additional 178.5 megawatts of renewable power for commercial and residential use. It will also create opportunities for industrial waste water treatment and waste-to-energy generation. The Fund will meet the Bank’s strict environment...

PEG Africa raises $5 million for expansion in West Africa

PEG Africa, a pay-as-you-go solar company based in West Africa, has recently raised $5 million from ElectriFI in order to continue its expansion in existing markets. PEG Africa finances and deploys solar energy to SMEs and households in West Africa. PEG Africa, via its PAYG financial model, allows customers to replace their spending on substandard-quality polluting fuels like kerosene and diesel with solar energy. PEG Africa currently serves 400,000 daily users in Côte d’Ivoire, Senegal and...

How to leverage the Africa-China relationship for growth

Africa is the world’s youngest continent. That’s a double-edged sword. Though a young population is the backbone of the economy, without education and jobs, it inevitably leads to instability. As our relationship with China deepens, we can draw some lessons from that country’s experience of educating its young people. One of China’s great success stories is poverty alleviation. A staggering 850 million people have been lifted out of extreme poverty, a feat never before seen...

Nigeria: how fake representatives of a Qatari sovereign wealth fund fooled oil explorer Lekoil

A fraudulent loan and a bogus consultancy firm have put a damper on Nigerian oil producer Lekoil which, since it discovered and announced the fraudulent nature of an $184m loan arrangement with the Qatar Investment Authority, has suffered heavy losses on the London Stock Exchange, where its market cap fell £35m ($45.6m) in less than a week. Lekoil Limited shares plummeted more than 70% on 14 January on London’s Alternative Investment Market (AIM), with shares...

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