Issue #231111: It’s All About Green

Nigerian green economy worths $250bn, says Providus Bank boss

2 min read

The Managing Director of Providus Bank, Mr. Walter Akpani, stated that the investment opportunities in the green economy, which focuses on achieving sustainable development and combating environmental degradation, are estimated to be worth $250bn in Nigeria. He also advised the Nigerian youth on the importance of perseverance, learning from failures, and embracing discipline to achieve success in life and entrepreneurship.

More:

  • Investment opportunities in the green economy can provide significant economic benefits and support sustainable development in Nigeria.
  • Nigerian business owners should consider exploring the green economy sector, such as transportation, energy, infrastructure, manufacturing, and agriculture, to tap into its potential growth and contribute to environmental protection.

Tinubu in Saudi Arabia, Assures Nigerians of World’s Highest Returns on Investment – Arise News

2 min read

President Bola Tinubu assures potential investors in Saudi Arabia that their investments in Nigeria are safe and offers some of the world’s highest returns on investment. Nigeria is also seeking to enhance collaboration with Saudi Arabia in combatting terrorist organizations like Boko Haram and ISWAP, diversifying its economy away from oil dependence, and addressing climate change. 

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  • This showcases the government’s commitment to attracting and assuring foreign investment, which can contribute to economic growth and development.
  • It highlights the importance of building international partnerships for combating terrorism and addressing common challenges like climate change.
  • The mention of diversifying the economy away from oil dependence underscores the need for Nigerian businesses to explore alternative sectors and opportunities for sustainable development.

Made in Nigeria: Agribusiness entrepreneurs expanding into US market

4 min read

Several food and agriculture companies in Nigeria are tapping into the massive American market by exporting products like cocoa, cashew nuts, ginger, fonio, fufu flour, ofada rice, hibiscus flowers, and cassava-derived products to the US. These companies are finding success by establishing a presence in the US, importing larger volumes, storing products locally, and promptly delivering them to clients. The substantial Nigerian diaspora in America presents a significant opportunity for Nigerian businesses to gain a foothold in the US market, but success also requires appealing to a broader American consumer base.

More:

  • Exporting products to the US can provide Nigerian businesses with access to a massive market and increased revenue streams.
  • Establishing a presence in the US, importing larger volumes, and storing products locally can help overcome hurdles and build trust with American buyers.
  • Expanding beyond the Nigerian diaspora market to appeal to a broader American consumer base can lead to greater success and sustainability in the US market.

NCC Pushes for More Data Centre Investments in Nigeria

1 min read

The Nigerian Communication Commission (NCC) is calling for further investments in the data center segment of the telecoms sector to deepen the country’s broadband agenda. The Executive Vice Chairman of NCC, Prof. Umaru Danbatta, emphasized the importance of data centers in guaranteeing national digital sovereignty and reflecting the country’s cultural values. With data being considered the new oil globally, data center services hold the keys to the future of the ICT sector and the national economy.

More:

  • Investing in data centers can help Nigeria achieve its broadband agenda and improve internet connectivity nationwide.
  • Data centers not only support the digital economy but also contribute to job creation, as seen by global big tech players like Google’s investment in subsea fiber cables in Nigeria.

Nigeria lithium deposits, is it ready for the $37bn market?

Nigeria to tap $37bn market as firm confirms lithium deposits

4 min read

Key Insights:

  • Thor Explorations Ltd has reported “significant” intersections of mineralised pegmatites during its search for lithium in Nigeria. With the global lithium market valued at over $37 billion, this presents an opportunity for Nigeria to tap into the market and reduce its dependence on petroleum production.
  • The forecasted growth in the electric vehicle market, which relies on lithium-based batteries, creates a demand for lithium. Nigeria’s lithium deposits can potentially meet this demand and contribute to the country’s economic diversification.
  • In order to fully exploit the potential of the lithium sector, Nigeria needs to address issues such as illegal mining, poor government policies, and insecurity. Formalizing the sector and promoting legal and responsible mining practices will be crucial.

Why it matters:

Tapping into the global lithium market presents a significant opportunity for Nigeria to diversify its economy, reduce its dependence on petroleum, and attract investments. Developing the lithium sector can also create job opportunities and contribute to sustainable development. However, addressing the challenges and implementing necessary reforms will be crucial to fully realize the potential of Nigeria’s lithium resources.


Nigeria: NIDCOM, UI Sign MoU To Establish First African Diaspora Resource Centre – Heritage Times

3 min read

Key Insights:

  • The Nigerians in Diaspora Commission (NIDCOM) and the University of Ibadan (UI) have signed an MoU to establish the first African Diaspora Resource Centre, funded by TETFUND. The centre aims to bring glory and fame to Nigeria by serving as an international centre of excellence for diaspora studies and facilitating research, cooperation, and policy formulation.
  • The establishment of the Centre of Excellence is seen as a welcome development by the Vice-Chancellor of the University of Ibadan, who highlights the importance of involving the diaspora in the development of Nigeria and the potential benefits it can bring to the country.
  • The Centre will be managed by the Diaspora and Transnational Studies Unit of the Institute of African Studies and will foster international cooperation with regional and international institutions, organize research activities, and receive research funding from TETFUND for a 10-year research program on ‘Decriminalizing the Global Nigerian Diaspora’.

Why it matters:

The establishment of the African Diaspora Resource Centre is a significant step towards engaging Nigerians in the diaspora and utilizing their knowledge, resources, and expertise for the development of Nigeria. The centre’s focus on diaspora studies, research, and international cooperation can contribute to policy formulation, cultural exchange, and socio-economic development. By harnessing the potential of the diaspora, Nigeria can tap into a valuable resource and strengthen its global connections.


U.S. Consulate Grant Fosters Collaboration Between Kansas Professor and UNILAG Student

1 min read

Key Insights:

  • Oluwadamilola Sansadeen, a marine sciences student from the University of Lagos, received a U.S. Consulate Public Diplomacy grant and participated in a training program on permaculture and sustainable food systems at Kansas State University.
  • Sansadeen’s experience in the United States provided her with practical skills and knowledge in creating sustainable agricultural systems, highlighting the importance of embracing sustainable agriculture for Nigeria’s food security.
  • The collaboration between Sansadeen and Kansas State University exemplifies the U.S. government’s commitment to fostering academic and cultural exchange, promoting innovative solutions to global challenges.

Why it matters

The opportunity for Sansadeen to receive training in sustainable agriculture in the United States showcases the importance of international collaboration and knowledge sharing in addressing global challenges like food security. By supporting initiatives like these, the U.S. government and educational institutions contribute to the development of innovative solutions and the growth of young minds in their respective fields. ***

How the blue economy can boost Nigeria’s revenue

10 min read

Key Insights:

  • The prevailing harsh economic situation in Nigeria, with high inflation and struggling businesses, calls for adaptive leadership from President Bola Ahmed Tinubu and other government leaders.
  • The concept of the blue economy, which focuses on sustainable use of ocean resources for economic growth, presents a significant opportunity for Nigeria to diversify its economy and increase revenue.
  • Establishing a Ministry of Blue Economy or Ocean Affairs would consolidate and streamline the various sectors involved in the blue economy, promote transparency and accountability, and provide an alternative source of revenue away from oil.

Why it matters:

The economic challenges in Nigeria require strong and adaptive leadership to navigate through uncertainties. Embracing the potential of the blue economy can contribute to economic growth, job creation, and environmental sustainability. Establishing a dedicated ministry for the blue economy would ensure effective coordination, maximize the benefits of ocean resources, and reduce dependence on oil revenue.


The GSK Exit: The grim realities, the abundant opportunities

9 min read

Key Insights:

  • The article discusses the challenges faced by GlaxoSmithKline Consumer Nigeria Plc (GSK) and proposes potential solutions to rescue the company amidst financial losses and contract terminations.
  • The Nigerian pharmaceutical market has significant growth potential, driven by factors such as a growing population, increasing health awareness, and import restrictions fostering local industry. Expanding the market and focusing on local sourcing, exports, and cheaper production costs can contribute to the company’s revival.
  • Collaboration with herbalists, exploring renewable power solutions, and leveraging government support and bank assistance are additional avenues to consider in revitalizing GSK.

Why it matters:

The potential decline of a company like GSK in Nigeria’s pharmaceutical sector has significant implications for job security, healthcare access, and the economy. Implementing innovative solutions and exploring new avenues for growth can help rescue the company, safeguard livelihoods, and contribute to the development of the pharmaceutical industry in Nigeria. It is crucial to leverage local resources, tap into emerging markets, and seek support from various stakeholders to ensure the sustainability and success of the company.


Nigeria to join continental trade initiative — AfCFTA’s boss

2 min read

Key Insights:

  • Nigeria is ready to join the second phase of the Guided Trade Initiative (GTI) by the African Continental Free Trade Area (AfCFTA), which aims to facilitate trade between interested state parties and boost the nation’s economic growth.
  • The GTI will focus on reducing trade barriers, streamlining customs procedures, improving infrastructure, and promoting value-addition in key industries. Nigeria’s commitment to AfCFTA is crucial in achieving its economic goals and objectives.
  • Integration of Micro, Small & Medium Enterprises (MSMEs) into a larger supply chain through the GTI will enable their growth and access to bigger markets.

Why it matters:

Joining the second phase of the Guided Trade Initiative within the African Continental Free Trade Area is a significant step for Nigeria towards enhancing trade relations, reducing barriers, and promoting economic growth. By participating in the initiative, Nigeria can attract more funds, strengthen its industries, and create opportunities for the growth of MSMEs. This aligns with the country’s goal of achieving economic advancement and industrialization, contributing to overall socio-economic development.


FG to partner Nasarawa State on local processing of lithium

2 min read

Key Insights:

  • The Federal Government plans to partner with Nasarawa State to implement a lithium processing policy that will encourage local processing of lithium instead of exporting it raw. This initiative aims to promote the production of batteries for electric vehicles and energy storage applications within Nigeria.
  • Nasarawa State is known to have significant lithium deposits, and companies from China and other countries have expressed interest in investing in lithium processing in the state. The governor of Nasarawa State envisions Nigeria becoming one of the largest lithium producers in the world.
  • The collaboration between the Federal Government, Nasarawa State, and NASENI (National Agency for Science and Engineering Infrastructure) is crucial for coordinating efforts, attracting investments, and establishing a lithium processing and battery production plant in the state.

Why it matters:

The partnership between the Federal Government and Nasarawa State in implementing a lithium processing policy has the potential to transform Nigeria into a major player in the lithium industry. By processing lithium locally, Nigeria can create employment opportunities, attract investments, and develop a domestic battery production industry. This initiative aligns with the global shift towards renewable energy and electric vehicles, positioning Nigeria to benefit from the growing demand for lithium-based technologies. It is a significant step towards diversifying Nigeria’s economy and reducing dependence on oil.


BRICS De-dollarization for Nigeria, So What?

Here are the stories for this issue:

11 min read

The BRICS nations are working towards de-dollarization as a way to break away from US and Western hegemony, while also working towards a fairer, more equitable global trade. This shift away from the US dollar has been gaining momentum since the US imposed financial sanctions on Russia in 2020, and it is an important step towards a more balanced and democratic world order.


Nigeria rated 7th on global mobile phone usage — NCC

2 min read

You should be impressed by Nigeria’s seventh place ranking in global mobile phone usage, as well as its eleventh place ranking in internet penetration. It shows that Nigeria has the potential to further develop its telecommunications industry and bridge the digital divide, which would create a prosperous and inclusive digital future.


Nigeria Ranked 11th In Internet Penetration Globally

2 min read

According to the Executive Vice-chairman of the Nigerian Communications Commission, Nigeria is rated 11th in terms of internet penetration and 7th in terms of mobile phone usage globally. Network Readiness Index (NRI) is a metric to measure the role and impact of Information and Communication Technology which can help you maximize the social and economic effects of the digital era. It’s time to harness the potential of emerging technologies to unlock new opportunities and bridge the digital divide.


Nigeria set to overtake Ivory Coast, Ghana on cocoa sustainability

2 min read

Nigeria now joins the ranks of Ivory Coast and Ghana in cocoa sustainability with the help of the Nigerian government and the US Traceability and Resilience in Agriculture and Cocoa Ecosystems of Nigeria (TRACE) project! This is not only a huge accomplishment, but it also means that Nigeria will be better able to compete in the international cocoa market, providing better economic opportunities for the country.


Nigeria considers G20 membership, Tinubu to attend summit in India

2 min read

Nigeria has the opportunity to join the G20 bloc of major economies as it’s assessing the risks and benefits of joining. This could provide Nigeria with greater economic power, socio-economic opportunity, geo-political stability and access to global capital, with the aim of diversifying its economy and creating jobs. It could also help the country to monetize its resources and expand its revenue.


Virgin Music Group expands operations in Nigeria, led by Olukorede ‘Kay’ Ikazoboh

2 min read

You can now access the creative hub of Nigeria through Universal Music Group’s Virgin Music Group, which has expanded its operations in the region and appointed a respected music executive to lead the charge. This matters as Nigeria has become a major source of popular music genres globally and this move helps to ensure independent labels and artists have the resources to expand their reach.


FG, others endorse national plastic waste control regulations

2 min read

This regulation will help reduce global warming and greenhouse effects associated with plastic production, generate a database to partner with manufacturers, recyclers and investors, and create community-based waste collection facilities. This matters as plastic pollution is a global challenge to humanity and impacts public health and the environment.


That’s all for this issue.

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