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AFAN, the All Farmers Association of Nigeria, has established four committees to tackle the issue of high fertilizer prices in Nigeria. These committees will focus on areas such as seed quality, mechanization, science and technology, and fertilizer accessibility. The goal is to empower smallholder farmers and improve food security in the country.
FCT Minister, Nyesom Wike, expresses his displeasure over the abuse of contract variation in the Federal Capital Territory (FCT), highlighting the case of the Ushafa-Bwari Road contract. He vows to overhaul the engineering services of the Federal Capital Development Authority (FCDA) and stresses the importance of judiciously utilizing the FCTA's revenue.
The Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has expressed his concerns over the increasing incidences of contract variations in FCT projects. He labeled the situation as unacceptable and vowed to modernize the system. Wike highlighted the need for proper project funding and prioritization to combat the issue of abandoned and unfinished projects.
The Nigerian Insurers Association (NIA) has introduced a quarterly platform called "NIA Chairman Time Out With CEOs" aimed at addressing the challenges faced by insurance industry leaders. The platform will provide an opportunity for CEOs to strengthen bonds, brainstorm solutions, and collectively tackle issues affecting the sector. Experts from Agusto Consulting have been engaged to analyze macroeconomic conditions and the operating environment. The resolutions reached during the meetings will be closely monitored and vigorously pursued by the NIA staff.
The Nigerian Insurers Association (NIA) has launched a quarterly platform called NIA Chairman Time Out With CEOs, aimed at strengthening bonds among Chief Executive Officers (CEOs) of insurance companies. The forum will tackle issues confronting the sector in the face of macroeconomic headwinds and diminishing consumer purchasing power due to the removal of fuel subsidies. The initiative will provide an avenue for industry leaders to collectively strategize and drive resilience in the insurance business.
VON Automobile Nigeria, a subsidiary of Stallion Group, has expressed its support for President Tinubu's investment initiative in India. The company's managing director commended Tinubu's efforts and highlighted the prospective investment in Nigeria's automotive industry resulting from his visit to India. The initiative coincides with the 2023 G20 Summit. VON Automobile is dedicated to supporting the government's push for a clean and eco-friendly environment with mass transit buses running on clean and affordable energy sources.
The Edo State government is set to tap into the vast untapped potential of solid minerals in the state. With abundant deposits of coal, lithium, and dolomite, the state can generate billions of dollars in revenue. To achieve this goal, the government has established new units in the Ministry of Mining and Energy. The commissioner for mining and energy, Hon. Enaholo Ojiefoh, shared these plans during an interactive session with the press. The government aims to create a comprehensive database of investments, opportunities, and stakeholders in the mining sector to facilitate the harnessing of these resources.
A lack of financing is hindering Africa's transition to a green and fair future. Despite being rich in natural resources and having great potential for renewable energy, the continent receives only 2% of global clean energy spending. The International Energy Agency (IEA) and the African Development Bank Group have called for a doubling of energy investment in Africa by 2030, with two-thirds of that going into the clean energy sector. It is essential to increase funding and create an investment environment that encourages private investors to participate in clean energy projects.
Anchor, a Nigerian banking-as-a-service (BaaS) provider, has secured $2.4 million in seed funding led by Goat Capital. The fintech offers APIs, dashboards, and tools to help developers embed banking solutions. Anchor aims to deliver personalized services and flexibility at a lower cost while addressing financial inclusion in Nigeria's rapidly changing digital banking landscape. With over 270 clients, the YC-backed firm has generated $550 million in annualized total transaction volume. It plans to improve compliance systems, invest in value-added products, and onboard more customers following the latest funding round.
The Enugu Electricity Distribution Company (EEDC) has attributed the current power outage in parts of its franchise to the ongoing two-day warning strike led by the organised labour, particularly the Nigeria Labour Congress (NLC). The strike has resulted in the shutdown of Transmission Company of Nigeria (TCN) stations responsible for supplying power to certain areas of the South-East. EEDC assures customers of closely monitoring the situation and providing updates while requesting patience and understanding.
Chairman of the House of Representatives Committee on China-Nigeria relations, Hon. Jaafar Yakubu, has dismissed media reports claiming that Chinese companies are involved in illegal mining activities in Nigeria. According to the lawmaker, Chinese companies are crucial to the growth of the mining industry in the country, providing capital, equipment, technology, and cooperation with local miners. Yakubu emphasized that mining owners are primarily local Nigerians, and any illegal mining activities require the cooperation of locals in host communities. This article explores the role of Chinese companies in Nigeria's mining industry and clarifies misconceptions about their involvement in illegal mining.
Asiwaju Michael Olawale-Cole, President of the Lagos Chambers of Commerce and Industry (LCCI), emphasized the importance of government policies in enhancing local production and reducing import dependency. Speaking at the 2023 LCCI Agro Fair and Symposium, Olawale-Cole highlighted the need for favorable business environments, access to funds and land titles in the agriculture sector. He also noted that the current government's promise to create an enabling environment could attract more foreign companies to invest in Nigeria's agriculture industry.
The Enugu Electricity Distribution Company (EEDC) has clarified that the current loss of power supply in certain areas is a result of the Nigerian Labour Congress (NLC) strike, which forced the shutdown of Transmission Company of Nigeria (TCN) stations supplying EEDC's injection substations. The affected TCN stations include New Haven, Ohiya, and Egbu transmission stations, leading to disrupted supply to customers in several districts. EEDC assures customers of continuous monitoring and timely updates while seeking understanding during this inconvenience.
The House of Representatives Ad-hoc Committee is taking steps to address gas flaring in Nigeria by proposing legislation to enforce uniform meters for companies and regulators in the gas industry. The committee also emphasized the need for accurate measurement and appropriate penalties for gas flaring. The investigation aims to promote synergy between regulators and oil companies in tackling the issue and ensuring transparency in reporting gas flaring volumes.
The Nigeria Academy of Pharmacy (NAPHARM) has urged the government to implement policies that support the local production of active pharmaceutical ingredients (API) and ensure access to foreign exchange (FOREX) for the sector. The Academy emphasized the need to address the heavy reliance on imported medicines, with 70 percent of the country's consumption being imported. By promoting API production and local manufacturing, Nigeria could emerge as Africa's center of indigenous medicine manufacturing, leading to improved healthcare delivery and sustainable economic development.
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