| Wednesday, February 19, 2020 |
$750m oil stolen in 2019, says NNPC The Nigerian National Petroleum Corporation has said the nation lost about $750m to crude oil theft in 2019. The Group Managing Director, NNPC, Mallam Mele Kyari, who disclosed this on Tuesday, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the corporation….read more.
Continued border closure not sustainable – MAN The Manufacturers Association of Nigeria has said that the continued closure of the country’s land borders is unsustainable as many genuine businesses are suffering, and some are at the verge of shutting down. The Director- General, MAN, Segun Ajayi-Kadir, said this on Tuesday at a ‘Stakeholders forum on impact of border closure on Nigeria’s economy’ organised by the Lagos Chamber of Commerce and Industry in partnership with the Centre for International Private Enterprise…..read more.
SIFAX, SAHCO plan expansion across Africa SIFAX Group, the parent company of Skyway Aviation Handling Company Plc has said it plans to expand its operations into five African countries in the next five years. The group with diversity in aviation, haulage and logistics, maritime, and oil and gas among others, made this known at SAHCO’s customer appreciation dinner in Lagos where it also unveiled its latest venture, SIFAX SAHCO Travels….read more.
Economic experts have agree with some of the observations by the International Monetary Fund (IMF), leading to its downgrade of earlier forecast of 2.5 percent gross domestic product (GDP) growth to 2.0 percent in 2020, while also faulting some prescriptions that tend to keep Nigeria under perpetual importation….read more.
The Standards Organisation of Nigeria (SON) has stated that it will come harder on life-endangering products in the country.Indeed, the standards body noted that the move was as a result of the numerous complaints received by the agency, maintaining that it will stop at nothing to prosecute dealers in substandard goods both collectively or individually to serve as a deterrent to other criminally-minded persons….read more.
|Nigeria, AFDB earmark $500m for agricultural processing zones |
The Federal Government in partnership with the African Development Bank (AfDB), has earmarked about $500million for the establishment of Special Agricultural Processing Zones (SAPZ), across the six geopolitical zones of the country….read more.
Nigeria sustains border closure amid inflation, diverse sentiments Neighbouring countries yet to comply with trade protocols Expectations that the land borders may be reopened anytime soon should be shelved, as Federal Government, through the Nigeria Customs Service (NCS), has said it will sustain the ongoing drill till the desired goals are achieved, despite prayers by some manufacturers and businesses for concessions over goods stuck at the borders….read more.
Bank Arranges $1.46bn Financing for SGR The Government of Tanzania Ministry of Finance, has signed a facility agreement with Standard Chartered (SC.com) Tanzania for a US$ 1.46 billion term loan financing to fund the construction of the Standard Gauge Railway (SGR) project from Dar es Salaam to Makutupora…..read more.
Grand Parade to sell Burger King franchise to one of Africa’s largest private equity firms, here’s why… (Reuters) – Grand Parade Investments (GPI) Ltd, which holds the Burger King franchise in South Africa, said on Wednesday it will sell its 95.36% stake in the business to ECP Africa Fund, in an attempt to close a valuation discount to its net asset value. The sale also includes all shares it holds in Grand Foods Meat Plant, it said in a statement…read more
IMF Chief Economist on Africa’s economic outlook CNBC Africa is joined by the International Monetary Fund Chief Economist, Gita Gopinath on her global economic outlook and the trends that she sees weaving into Sub- Saharan African markets….read more
What you need to know about Africa’s growing lead battery industry causing extensive contamination Africa is facing a serious lead poisoning problem. In Senegal, for example, researchers linked the deaths of children from processing lead waste to supply a lead battery recycling plant in a poor suburb of Dakar…read more.