The World Bank plans to commit $57 billion in investment in Nigeria and 52 other countries in the sub-Saharan African region for the next three years. According to the institution, $45 billion will come from the International Development Association (IDA), while an estimated $8 billion which is to injected in private sector will come from the International Finance Corporation...

At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass...

Nigeria’s real estate sector is expected to an average rate of 5.39% from 2017 to 2020, against a decline in 2016. This was revealed by Cromwell Professional Services International (PSI), in its Real Estate Industry Outlook 2017 report. According to the firm, the forecast is subject to an increase in private and public investments, agricultural revolution, favorable oil prices, increase in oil...

Nigerian Senate President, Bukola Saraki, has announced plans by the National Assembly to put a legal framework expected to actualize the bilateral agreements between Nigeria and Morocco, in place. This he assured during a meeting with the President of the Morrocan House of Councillors, Abdelhakim Benchamach, and the President of Moroccan House of Representatives, Habib El-Malki, last...

The Government of Jigawa has revealed plans to access a N5 billion ($16 million) loan facility from the Central Bank of Nigeria (CBN) to finance agricultural developments in the state. Bala Ibrahim, the State Commissioner for Information, Youth and Sports, who disclosed this during a news conference in Dutse, said the decision was taken by the state executive council. The facility is aimed at...

Nigeria has been added to the global shipping map with the berthing of the first ever 75,000 mt vessel at the MRS depot jetty, located at the Tincan terminal, Apapa, Lagos. Speaking in a statement on Thursday, the Chairman of MRS, Sayyu Dantata, said the terminal is the first of its kind in any African port and could save Nigeria $120 million annually. He explained that the company was...

Nigerian airline Aero on Friday revealed that it has slashed about 60% of its staff in an effort to remain in operation. According to its Chief Executive, Ado Sanusi, the over 400 staff dismissed are mostly support staff which consist of baggage handlers and security workers. “It is very clear that if we did not make the decision the business would die. The wage bill for an airline with...

The Kano State commissioner for agriculture and natural resources, Nasiru Gawuna, has revealed that tomato growers in the state lost over N2 billion ($6.3 million) to Tuta Absoluta in 2016. He said the incidence had led to the destruction of over 1, 480 hectares of tomato in the state. Gawuna explained that the state government was able to calculate the loss after a committee was set up to...

The Federal government has revealed plans to introduce a new tax scheme expected to generate an estimated $1 billion in the next three years. This new scheme is aimed at tackling tax evasions and illegal financial flows in the country. “The proposed Nigeria Voluntary Asset and Income Declaration Scheme (VAIDS) will capitalize on the current global movement against tax evasion and...

The Federal Government has approved the outstanding payment of N22billion ($70million) owed to agro-dealers in the country. This is aimed at ensuring the smooth distribution of fertilizers at an approved rate of N5, 500. The National Chairman, Agro-dealers Association of Nigeria, Kabiru Fara (photo), who disclosed this on Wednesday said the FG approved the payment which was owed by the...