Wednesday, October 21, 2020
PAN’s new investor plans $150m injection in retooling, upgrading plant
Nesbitt Investment Limited, new owner and core investor in PAN Nigeria Limited, says it plans to inject $150 million into the automobile assembly plant over the next three years. This was disclosed Monday by Wadada Aliyu, the new chairman of PAN Nigeria Limited, at the handover ceremony in Kaduna. The said amount is for retooling… Read more
#EndSARS: Protesters shift focus to good governance, reforms, jobs
The ongoing nationwide protests are shifting from ending police brutality to institutionalising better governance, reforms, economic equality, equity, jobs and better infrastructure. “We want a new Nigeria where we will have the same opportunity as children of politicians and the rich,” said Ogundele Amos, who joined a horde of protesters at Ilasamaja in Lagos on… Read more
Why Nigeria must bridge infrastructural gaps to aid food production
As Nigeria makes efforts to ensure that agriculture plays a key role in its quest for revenue diversification, stakeholders in the sector have charged the Federal Government to bridge infrastructural gaps to aid agribusiness development in the country and ensure food security. Indubitably, some of the greatest problems confronting rural farmers and communities in Nigeria are the absence of critical infrastructures such as motorable roads, storage facilities, and irrigation facilities among others. Read more
Nigeria lost N700bn to #EndSARS protests – LCCI
The Lagos Chamber of Commerce and Industry says the Nigerian economy may have lost about N700bn to the #EndSARS protests in the last 12 days. The President, LCCI, Mrs Toki Mabogunje, in a statement on Monday, expressed concern over the negative impact of the #EndSARS demonstrations on business activities across the country. The statement is titled, ‘LCCI press release on the economic implications of EndSARS protest’. Read more
FG excludes foreign firms from contracts below N5bn
The Federal Government on Tuesday declared that contracts not above N5bn would no longer be awarded to any foreign firms in the country. It said the decision was part of a way of patronising the indigenous firms in line with the planned local content laws in the country. The Minister of State, Works and Housing, Abubakar Aliyu, stated this at a public hearing organised by the National Assembly joint committees on local content. Read more
Curfew: Arik, Air Peace, others cancel flights
Azman Air, Air Peace, and Arik Air have all cancelled flights for its Lagos bound passengers, due to the 24-hour curfew imposed on the state by Governor Babajide Sanwo-Olu. The three airlines made the announcement on Tuesday in separate press releases. Azman airline made this announcement via its official Twitter handle on Tuesday. The tweet read, “This is to inform all our Lagos bound passengers that all flights are hereby cancelled till further notice. Read more
221,595 register for national housing fund
A total of 221,595 individuals and organisations registered for National Housing Fund in 2019, the National Bureau of Statistics has said. Figures from the NBS on Tuesday showed that the number included 220,935 individuals and 660 organisations. The NHF scheme was established for Nigerians in all sectors of the economy, particularly those within the low and medium income levels who cannot afford commercial housing loans. Read more
‘AfCFTA an opportunity for Nigeria, others to re-configure supply chains’
With the COVID-19 pandemic creating a global crisis, cross-border trade legal observers have said the African Continental Free Trade Area (AFCFTA) deal, offers Nigeria and other countries the to strengthen and re-configure intra-African supply chains, enhance resilience, improve infrastructure and health systems while reducing reliance on non-African trading partners. Read more
Academia seeks capital market collaboration to stimulate economic growth
The Academia has called for active collaboration with capital market practitioners to stimulate in-depth discussions on issues that would spur market development. According to the President, Capital Market Academics of Nigeria, Prof. Uche Uwaleke, this would be a game-changer in efforts to develop the local bourse. Read more
NCDMB, PETAN, others oppose increment of content fund to 2% The Nigerian Content Development and Monitoring Board (NCDMB), Petroleum Technology Association of Nigeria (PETAN), Petroleum Contractors Trade Section (PCTS), Oil Producers Trade Section (OPTS), and the Nigeria LNG Ltd. have cautioned against increasing the percentage of the Nigerian Content Development Fund (NCDF) from the current one percent to two percent. Read more
