Investment

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General News ICT Investment

10 million sign up on Threads, Metta’s rival to Twitter, hours after launch

Lagos, July 6, 2023 – No fewer than 10 million people have signed up to Threads, Meta’s rival to Twitter, within hours of its launch, the Facebook parent’s CEO Mark Zuckerberg said Thursday. Threads has been described as the biggest challenger to Elon Musk-owned Twitter, which has seen a series of potential competitors emerge. The app went live on Apple and Android app stores in 100 countries at 2300 GMT on Wednesday, and will run with no ads for now. “10 million sign ups in seven hours,” Zuckerberg wrote on …

Investment Oil and Gas

Tinubu assures investors of improved business climate in Nigeria

Abuja, July 4, 2023 – President Bola Ahmed Tinubu has assured investors in the oil and gas sector of Federal Government’s resolve to continue with the ongoing reforms in the sector. Tinubu gave the assurance on Monday while receiving a delegation of the Shell Petroleum Development Company (SPDC) led by its Global Upstream Director, Ms Zoe Yujnovic. He said Nigeria was ready and open for businesses and assuring foreign investors of improved business climate to attract more investments. Tinubu welcomed the SPDC’s offer of more investments in the Nigerian oil …

Business Planning General News Investment

U.K now regards Nigeria a big opportunity – envoy

Abuja, June 21, 2023 – Richard Montgomery, the British High Commissioner to Nigeria, says Nigeria is now highly regarded by his country due to the recent economic reforms by President Bola Tinubu. He said his country now considered Nigeria a big opportunity going forward. Montgomery expressed these sentiments while speaking to journalists after a meeting with Vice President Kashim Shettima at the Presidential Villa on Wednesday. He said the feedback he was receiving from his government and business community showed that the first few steps of this administration were being …

Business Planning Foreign Investment

Tinubu shops for foreign investments in France

France, June 21, 2023 -President Bola Tinubu has been scheduled to meet with at least three world leaders and some global financial institutions since his arrival in France in his bid to attract more foreign exchange and investors to Nigeria. President Tinubu arrived in Paris, the capital of France, on Tuesday evening to participate in the New Global Financial Pact Summit at Palais Brongniart from June 22 to 23, 2023. Dele Alake, Tinubu’s Special Adviser on Special Duties, Communication and Strategy, disclosed these developments on Wednesday while talking to journalists …

Foreign Investment

Free trade zones attracted $346m DFI in 3 yrs

Abuja, June 20, 2023 – Free trade zones in the country attracted $346.6 million in Foreign Direct Investments (FDI) between 2020 and the first quarter of 2023. There are 55 free trade zones in the country under the management of the Nigeria Export Processing Zones Authority (NEPZA). Prof. Adesoji Adesugba, the Managing Director of NEPZA, said this at a conference of the Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja. He said the NEPZA also attracted N360.7 billion local direct investments to the Nigerian economy during the period. …

Internet Investment

Mobile phone users increase to 233.8m – NCC

Lagos, June 9, 2023 -The number of mobile phone users in Nigeria has increased to 223.8 million as at April 2023, according to the Nigerian Communication Commission (NCC). The NCC also said the number of internet subscribers had risen to 157 million, while broadband subscription stood at 92 million in the same period The NCC gave these statistics in a statement, adding that the telecommunications services sector contributed N2.508 trillion to Nigeria’s Gross Domestic Product (GDP) in the first quarter of 2023. “Telecoms contribution to GDP was calculated from 46 …

Capital market Investment Oil and Gas

BUA seals $500m loan deal with IFC

Lagos, June 6, 2023 – BUA Cement has signed a $500m loan to finance ongoing expansion of its integrated cement plants in Kalambaina, Sokoto State, Nigeria. The International Finance Corporation (IFC) is the lead manager of the loan deal. BUA’s regulatory notice to the Nigerian Exchange Limited (NGX) said the loan was secured through the IFC as lead arranger alongside other lenders like the African Development Bank (AfDB) and Africa Finance Corporation (AFC), among others. A statement by the company Secretary, Satomi Hauwa, said: “This announcement is further to our …

Investment Trade

LCCI calls for improved trade between Nigeria, Poland

Lagos, June 2, 2023 – The Lagos Chamber of Commerce and Industry (LCCI) has called for improved trade volume between Nigeria and Poland which currently stands at $800 million annually The volume of trade between Nigeria and Poland currently stands at about $800 million annually. Dr. Michael Oluwale Cole, the President of LCCI, made the call while signing a Memorandum of Understanding (MoU) with his Polish counterpart at a Polish Business Forum in Lagos. He said the MoU was to rekindle the moribund business relationship between the two countries which started …

Foreign Investment Trade

2023 Intra-African Trade Fair to gulp $43bn – Afreximbank

Cairo, May 2, 2023 – More than $43 billion is being committed to hosting the 2023 Inter-African Trade Fair in Cairo, Egypt. The African Export-Import Bank (Afreximbank) said in a statement that the fair would host more than 1,600 exhibitors and more than 35,000 visitors, buyers and conference delegates from all 55 African countries, the Diaspora and the rest of the world.   Cairo, the Egyptian capital, has been selected to host the trade fair holding from Nov. 9 to Nov.15, 2023. The IATF2023 Advisory Council said the decision to change …

Investment Lifestyle Manufacturing/Industry Street Fashion

Ecobank sets to host second edition of “Adire Lagos Experience”

Lagos, May 30, 2023 – All is now set for the second edition of Adire Lagos Experience being hosted annually by Ecobank Nigeria. The bank said it was impressed and motivated by the phenomenal success of the maiden edition held last year. The three-day exhibition with the theme “Adire Lagos Experience”, will take place at the ultra-modern Ecobank Pan African Centre (EPAC) complex on the highbrow, Victoria Island, Lagos from Friday, June 9 till Sunday, June 11, 2023, from 1200 noon daily. Announcing the second edition in Lagos, Korede Demola-Adeniyi, Head, Consumer Banking …