GLOBAL economic stakeholders have pledged their support for Ecofairs 2024 as part of efforts aimed at enhancing the goals of Intra-African trade under the Africa Continental Free Trade Area (AfCFTA). The News Agency of Nigeria (NAN) reports that Ecofairs is a business initiative of the Economic Community of West African States (ECOWAS) and Friendly Countries […]
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The International Air Transport Association, the Geneva-based trade association representing world airlines, has expressed fears that foreign airlines operating in Nigeria, may lose about $200m to exchange rate depreciation. IATA Regional Vice-President for Africa and the Middle East, Kamil Al Awadhi, said the issue of trapped funds was being exacerbated by the depreciation of the […]
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Festus Keyamo, the Minister of Aviation and Aerospace Development, had a meeting with Ambassador H.E Wendell V.C De Landro, the High Commissioner of the Republic of Trinidad and Tobago to Nigeria and his delegation in Abuja today. The meeting is part of the strategy aimed bolstering bilateral relations and enhancing air travel connectivity between […]
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Governor, Mr Babajide Sanwo-Olu of Lagos State said that his recent trip to China was to finalise plans on the state’s rail projects, adding that he also discussed “the Fourth Mainland Bridge” project, “which will begin shortly.” In a statement he signed, Sanwo-Olu expressed excitement that the Red Line Rail project covering Agbado to Otto […]
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The United States Department of Defense has confirmed a significant arms sale to Nigeria, involving 12 AH-1Z Viper attack helicopters, to bolster the West African nation’s military capabilities. The contract, valued at $1 billion, includes not only the state-of-the-art helicopters but also 32 mission computers provided by Northrop Grumman, with a separate contract valued at […]
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Nigeria has topped countries with significant power shortages in 2023, alongside emerging economies like Pakistan and Kenya, a new report by the International Energy Agency (IEA) has shown. According to the 2024 IEA report, insufficient power capacity, fuel supply challenges, and grid-related technical issues continued to cause significant power shortages in many regions across […]
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The United States of America has committed a new grant of $9.5 million to support the Africa Development Bank’s (AfDB’s) Technologies for African Agricultural Transformation (TAAT) initiative (TAAT). According to a statement from AfDB, the grant is a part of the larger US Government’s “Feed the Future” global hunger initiative that would be used for […]
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The International Monetary Fund (IMF) in its January edition of World Economic Outlook (WEO) slightly lowered its growth projections for the country for 2024 to three percent, from the 3.1 percent earlier projected in its WEO released last October. The IMF growth projection was lower than the 3.76 percent projection in Nigeria’s 2024 budget. The […]
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The Belt and Road initiative is a strategy initiated by China that seeks to connect Asia with Africa and Europe via land and maritime networks, with the aim of improving regional integration, increasing trade and stimulating economic growth. Nigeria and China have expressed the desire to expand trade and economic cooperation, as Nigeria […]
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“Companies, such as Bharti Airtel, Tata, Stallion Motors, Churchgate, and Indorama. I have even noticed that Nigerian-based Indian companies are some of the biggest ambassadors for doing business in our market, this is a testament to the conducive business environment that Nigeria provides for Indian companies to thrive.” The Nigerian government has stated that […]
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