Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,157,994 members, 7,835,333 topics. Date: Tuesday, 21 May 2024 at 08:48 AM

Postbox's Posts

Nairaland Forum / Postbox's Profile / Postbox's Posts

(1) (2) (3) (4) (5) (6) (7) (8) ... (11) (12) (13) (14) (15) (16) (17) (18) (19) (of 94 pages)

Celebrities / Davido, Okocha Beat Seedorf In The Heineken Novelty Face-off by postbox: 5:41am On Apr 13, 2022
4-time Champions League winner and iconic Dutch footballer, Clarence Seedorf, Afrobeats superstar Davido and former Super Eagles captain Jay Jay Okocha all featured in the Heineken Face-off, a novelty match that held at Landmark Beach as part of the UEFA Champions League Tour presented by Heineken.

The game which lasted about an hour saw Team Heineken take on Team Nigeria in an encounter that showcased some classy football skills from both sides. Team Heineken was captained by UCL Ambassador Clarence Seedorf and featured NB Plc Supply Chain Director, Martin Kochl and Finance Director, Rob Kleinjan. Afrobeats Superstar Davido led the line for Team Nigeria which had ex-Nigerian internationals, Jay Jay Okocha, Daniel Amokachi and Pastor Taribo West, NB Plc Marketing Director, Emmanuel Oriakhi, Rapper MI and Afro R&B singer Darey.

The game which was filled with fun moments saw the over 500 watching fans treated to an entertaining display with Okocha finding the net with almost every shot he took and Clarence Seedorf showing why he is called the Professor after hitting the woodwork twice and finding the back of the twice.

Seedorf who is en route to Abuja will embark on a city bus tour across Nigeria’s capital city, meet with fans and also watch the Liverpool vs Benfica match at the Transcorp Hilton.


Davido, Okocha beat Seedorf In The Heineken Novelty Face-Off - Brand Spur
Abuja football lovers will get a chance to meet and engage with global legend and the trophy just like the fans in Lagos did.

The UEFA Champions League Trophy Tour Presented by Heineken® is a chance for football fans around the world to get closer to the iconic UEFA Champions League Trophy. It was developed to enable fans globally to have the chance to get closer to the UEFA Champions League competition and the trophy itself. The 2021/22 Heineken®’s UEFA Champions League campaign titled, “Cheers to All Fans”, highlights that football belongs to all passionate fans and challenges the stereotype that football belongs to men. See more images from the match.



SOURCE:https://brandspurng.com/2022/04/13/davido-okocha-beat-seedorf-in-the-heineken-novelty-face-off/

TV/Movies / $43bn Discovery And Warnermedia Merger Completed by postbox: 6:36pm On Apr 12, 2022
Less than a year after Discovery and WarnerMedia announced their plans to merge, Warner Bros. Discovery (WBD) has officially arrived.

“The companies crossed the finish line Friday afternoon and completed their $43bn merger, combining the media assets of WarnerMedia and Discovery to create a new, streaming-centric media company that will once again reshape the media landscape,” states adweek.com.

WarnerMedia owns HBO, HBO Max, CNN, Warner Bros., DC Films, New Line Cinema, TBS, TNT, TruTV, Cartoon Network/Adult Swim, Turner Sports and Rooster Teeth, among other brands, and is part owner of the CW Network along with Paramount.

Discovery is the parent of Discovery Plus, Discovery Channel, HGTV, Food Network, TLC, Investigation Discovery, Travel Channel, Turbo/Velocity, Animal Planet, Science Channel and OWN (Oprah Winfrey Network).

According to variety.com “The close of the transaction births new company Warner Bros. Discovery, which will begin trading on the Nasdaq Monday under the new ticker symbol “WBD.”

Single entertainment streaming service
As it stands, states dotesports.com, WBD executives have confirmed previously discussed plans to combine HBO Max and Discovery+ into a single entertainment streaming service, headed by former Discovery Streaming president and CEO, JB Perrette. Discovery president and CEO, David Zaslav, will continue to head the company as a whole.

“Today’s announcement marks an exciting milestone not just for Warner Bros. Discovery but for our shareholders, our distributors, our advertisers, our creative partners and, most importantly, consumers globally,” said Zaslav in a statement.

“With our collective assets and diversified business model, Warner Bros. Discovery offers the most differentiated and complete portfolio of content across film, television and streaming.

“We are confident that we can bring more choice to consumers around the globe while fostering creativity and creating value for shareholders. I can’t wait for both teams to come together to make Warner Bros. Discovery the best place for impactful storytelling,” added Zaslav.

AT&T CEO, John Stankey, said in a statement, “In WarnerMedia, Discovery inherits a talented and innovative team and a dynamic growing and global company that is well positioned to lead the transformation that’s taking place across media and entertainment, direct-to-consumer distribution and technology.

“The combination of the two companies will strengthen WarnerMedia’s established and leading position in media and streaming. And our shareholders will now have a significant stake in Warner Bros. Discovery and its future successes. We look forward to seeing what the WBD team accomplishes with these industry-leading assets.”

Jon Steinlauf has been named chief US advertising sales officer for the combined company reports adweek.com.

1.7 billion shares of WBD
Warner Bros. Discovery’s Friday release announcing the closed transaction, said: “AT&T received $40.4bn in cash and WarnerMedia’s retention of certain debt. Additionally, shareholders of AT&T received 0.241917 shares of WBD for each share of AT&T common stock they held at close. As a result, AT&T shareholders received 1.7 billion shares of WBD, representing 71% of WBD shares on a fully diluted basis.”

AT&T had put in the disclaimer “$43bn (subject to adjustments)” in prior announcements.

According to WBD: “Discovery’s existing shareholders own the remainder of the new company. In addition to their new shares of WBD common stock, AT&T shareholders continue to hold the same number of shares of AT&T common stock they held immediately prior to close.”

SOURCE:https://brandspurng.com/2022/04/12/116583/

Investment / Presco Issues A Series 1 Bond Worth N34.5 Billion by postbox: 10:13pm On Apr 11, 2022
Presco Plc, the market leader in the supply of specialty fats and oils, has announced the successful issuance of N34.5 billion Series 1 seven-year Fixed Rate Bonds under its N50 billion Bond Issuance Programme.
Mr Felix Nwabuko, Managing Director of Presco Plc, praised the institutional investor community for its support of the transaction during a signing ceremony held on Tuesday at the Company’s Obaretin Estate in Benin, Edo State.

The bond issue, according to the company, was 247 percent subscribed and priced at a coupon rate of 12.85 percent.

This is Presco’s first bond issuance in Nigeria’s debt capital markets, and the Bond Issue drew interest from a diverse group of investors, including pension funds, asset managers, insurance companies, banks, and high-net-worth individuals.

Presco aimed to raise N30 billion, but the order book closed at N74 billion, so the company decided to issue an additional 15% to investors, raising a total of N34.5 billion.

Stanbic IBTC Capital Limited served as the Bond Issue’s Lead Issuing House, while CardinalStone Partners Limited and Quantum Zenith Capital and Investments Limited served as Joint Issuing Houses.

“Stanbic IBTC Capital, CardinalStone Partners, and Quantum Zenith Capital are delighted to have advised Presco on its debut issuance in the Nigerian debt capital markets,” Funso Akere, Chief Executive of Stanbic IBTC Capital, said.

“We thank the institutional investor community for its support of the Issue, as its success should encourage other companies in similar situations to access domestic debt capital markets.”

“We also thank Presco’s Board and management for allowing the Issuing Houses to guide the process.”

Quantum Zenith Capital’s Managing Director/Chief Chief Executive Officer, Kennedy Ichibor, and Cardinal Stone’s Michael Nzewi praised Presco Plc for creating a conducive environment for the transaction and for keeping the company on the path of growth over the years.



In the meantime, the Bonds will be listed on the Nigerian Exchange Limited and the FMDQ Securities Exchange.

SOURCE:https://brandspurng.com/2022/04/10/presco-issues-a-series-1-bond-worth-n34-5-billion/

Business / VFD Group Launches New Website by postbox: 3:58am On Apr 09, 2022
VFD Group, sector agnostic proprietary investment company has announced the launch of its newly designed website – www.vfdgroup.com. The new website is upgraded with information aimed at reinforcing its drive to build a diverse business ecosystem.
The website is configured with a modern interface design and improved user experience that enables first time visitors get all the information at first glance, with quick links to pages that describe the portfolios within the Group’s ecosystem.

The new website adopts a fresh, magazine-style look and feel for easy navigation to promote the access to the company’s investment ethos, prospective investors looking to obtain, share information about VFD as well as blog stories for investors, or the curious mind. This upgrade is also expected to guide members of the investment community to make well-informed decisions about business and investment needs.

Speaking on the new website, VFD Group’s GMD, Nonso Okpala said, “as one of the key touch points to existing and potential investors, the Group’s website remains a path to our business operations, supporting our unique value propositions and investment portfolios. As such, we are committed to continuously improving the overall user experience through quality content, news mentions, and easy navigation’’.

He further noted that “the Group’s website will be updated on a regular basis with exciting content that will continue to reinforce the Group’s commitment to building and promoting a diverse ecosystem.”

In conclusion, Okpala remarked that ‘’the website will also serve as an information hub that will keep investors and the public abreast of various investment commitments, offerings, and updates on how to be smart investors thereby helping them to improve their economic wellbeing’’. He encouraged everyone to explore the website and follow the Group’s social media pages for updates.

SOURCE:https://brandspurng.com/2022/04/08/vfd-group-launches-new-website/

Business / BoI Targets $10bn Foreign Investment by postbox: 3:48am On Apr 09, 2022
The Bank of Industry has stated that it intends to raise $10 billion from foreign investors in order to improve the country’s real sector.

According to the bank, it has raised approximately $4 billion in the last four years from more than 100 international banks/investors from more than 20 countries.

The funds raised, according to BOI Managing Director Olukayode Pitan, will be used to improve the bank’s capacity to support the nation’s real sector.

He was quoted in a statement as saying this while speaking at the inauguration of the bank’s second tower in Abuja. Pitan also stated that the President, Major General Muhammadu Buhari (retd. ), played a critical role in completing the funding transactions.

Some of the transactions, according to him, include a $750 million syndicated medium-term loan in 2018, which was fully paid; a €1 billion syndicated loan in March 2020; a $1 billion syndicated loan in December 2020; and a €750 million senior Eurobond in February 2022.

He went on to say that the bank’s innovative and technology-driven platform had played a critical role in the success of various Federal Government social intervention programs.

He stated that the BoI’s assets increased from N683 billion in 2016 to N1.7 trillion in 2021.

During his opening remarks, BOI Chairman of the Board of Directors, Aliyu Dikko, stated that the bank had supported over 3.2 million Micro, Small, and Medium-scale Enterprises and created over 7.1 million direct and indirect jobs.

“For decades, the Bank of Industry has delivered on its mandate of transforming Nigeria’s industrial sector by providing affordable and long-term financing across key segments and sectors of the economy,” he said.

“In the last five years alone, the bank has supported over 3.2 million Micro, Small, and Medium-sized Enterprises and created over 7.1 million direct and indirect jobs in collaboration with our strategic partners.”

“The bank’s total assets have increased from N683 billion in 2016 to N1.7 trillion in 2021.”

SOURCE:https://brandspurng.com/2022/04/07/boi-targets-10bn-foreign-investment/

Business / Imalipay Gets $3million In Funding To Provide Financial Services by postbox: 3:37am On Apr 09, 2022
In Africa, the gig economy is rapidly expanding. Despite this expansion, the status of workers who are viewed as contractors rather than employees has not changed.
Being a contractor is disadvantageous because many of them, particularly in the two-wheeler space, lack access to certain financial services. Some gig platforms have attempted to integrate financial services into their systems, but their success has been limited.

In the meantime, other fintechs are offering a broader range of financial services to these gig workers (who, according to the Mastercard Foundation, are expected to reach over 80 million by 2030). ImaliPay is one such example.

Tatenda Furusa and Oluwasanmi Akinmusire launched it in late 2020 after Furusa noticed the difficulties ride-hailing drivers faced when accessing working capital or in emergencies such as running out of fuel in Nairobi.

When asked how the company got started, CEO Furusa told TechCrunch on a call, “A couple of things connected to this point.” “Once, a Bolt driver ran out of fuel in Nairobi as I was leaving the airport and I couldn’t top off right away.” “It got me thinking about what other pains these gig workers might be going through,” he said. “We investigated the gig economy and discovered that it was underserved by some financial services.”

The company, which bills itself as a one-stop shop for financial services, has closed a $3 million seed round in debt and equity. The fintech raised $800,000 in pre-seed funding.

ImaliPay’s pilot was inspired by Furusa’s experience: a buy now, pay later (BNPL) fuel product, but for two-wheeler gig platforms, as the company collaborated with a few fuel stations in Ibadan, Nigeria, to provide this service to SafeBoda riders.

The startup then built a partner ecosystem in which some partners give it access to new users while others support its ecosystem and marketplace.

“We built other services around spare parts, smartphones, power banks, savings and investments, and insurance that came with those products,” Furusa explained. “We intertwine these products, like accident covers and income protection loss insurance, so gig workers can qualify for each product based on their transactional behavior.”

The former is primarily the responsibility of gig platforms. In this category, it has 15 partners, including Bolt, Glovo, SWVL, Amitruck, Safeboda, Gokada, and Max.ng.

However, vendors who sell fuel, spare parts, mobile phones, and other items that gig workers require make up the latter. The same is true for platforms with which ImaliPay has collaborated to provide additional financial services such as insurance (health and income protection loss) and savings in Kenya and South Africa, in collaboration with various gig platforms.

They number around 35 in total, and some of them are Lami, Cowrywise, Ola Energy, Total Energies, HiFi Corporation, and Britam. It provides these financial services to the network’s gig workers by connecting its APIs to partner companies or directly through an independent app.

ImaliPay’s user base has grown 60 times in 15 months. These “tens of thousands” of gig workers, according to the company, use its services through 4,500 vendor points. ImaliPay’s platform has handled over 200,000 transactions. Transaction and referral fees generate revenue for the pan-African embedded finance provider.

Before starting ImaliPay, COO Akinmusire and Furusa met while working at Cellulant. They received funding from Google Black Founders Fund in October of last year before closing this seed round, which included Leonnis Investments.

Following investors in the round included Ten 13, Uncovered Fund, MyAsia VC, Jedar Capital, Logos Ventures, Plug N Play Ventures, Untapped Global, Latam Ventures, Cliff Angels, Chandaria Capital, and Changecom. Angel investors such as Keisuke Honda of KSK Angels, as well as others from Serbia, Kenya, and Norway, took part.

According to the founders, the investment will be used to grow the company’s 50-person team, improve its technology, and expand into new markets such as Ghana and Egypt.


SOURCE:https://brandspurng.com/2022/04/07/imalipay-gets-3million-in-funding-to-provide-financial-services/

Business / Massive Returns For Zenith Bank Shareholders As Bank Pays Dividend Of N97.33 Bn by postbox: 6:11pm On Apr 07, 2022
Shareholders of Zenith Bank Plc, at the 31st Annual General Meeting (AGM) of the bank held on Wednesday, April 6, 2022, at the Civic Centre, Victoria Island, Lagos, unanimously approved the proposed final dividend, expressing delight at the final dividend payment of NGN2.80 per share which brings the total dividend for the 2021 financial year to NGN3.10 per share with a total value of NGN97.33 billion.


In his statement, the Founder and Chairman of Zenith Bank Plc, Mr Jim Ovia, CON, thanked the shareholders for their unflinching loyalty, which has enabled the bank to rise to the pinnacle of the nation’s financial services industry, and assured them of the bank’s commitment to consistently deliver superior value to them.

Speaking on the bank’s performance, the Group Managing Director/Chief Executive, Mr Ebenezer Onyeagwu, said: “if you look at the bank’s history over the years, Zenith Bank has always grown, and even within the pandemic, we have maintained a reasonable positive growth trajectory.

Growth is coming from the fact that we are deploying our digital capability to grow more businesses, simplify our service processes, make our processes more efficient, and deal with customers’ complaints. Apart from developing new products, we are discovering new business verticals, especially within the retail segment, which have significant revenue.” He added that: “meeting the expectation of shareholders means we have to work harder. The team is dodged, hardworking, resilient, and above all, we have a very supportive board that comes with superior guidance”.

Commenting on the dividend payout, the Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, expressed the delight of shareholders over the consistent payment of dividends by Zenith Bank, noting that the bank’s shares remain the toast of investors because the bank has never failed to pay dividends to shareholders.

Also speaking on behalf of shareholders, the President of the Association of the Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar, said: “The bank is doing very well. All the ratios and indices have gone up. And more importantly, while we were in the meeting, I got my alert of the credit of my dividend. This is very commendable.





The leadership of the bank has been very effective; we thank Jim Ovia for the leadership he has been giving, he has increased the dividend in spite of the economic hardship in the country, and I believe the GMD is doing very well. I commend the management and staff of the bank, including the board, and I am very confident that this year would also be very good for the bank.” Dr Faruk Umar also commended the Group Managing Director for the numerous awards the bank received in 2021, especially the sustainability awards.





In spite of a challenging macroeconomic environment aggravated by the COVID-19 pandemic, the Zenith Bank Group achieved year-on-year (YoY) growth in gross earnings of 10% from NGN696.5 billion reported in the previous year to N765.6billion. This was on the back of a 23% YoY growth in non-interest income from N251.7billion to N309billion and a 2% YoY growth in interest income from N420.8billion to NGN427.6billion.

Profit before tax also grew by 10%, from NGN255.9 billion to NGN280.4 billion in the current year. The increase was due to growth in the top-line and very strong management of the treasury portfolio that increased efficiency, resulting in a drop in interest expense by 12% from NGN121.1 billion in 2020 to NGN106.8 billion in the current year. This further led to a 7% increase in net interest income of NGN320.8 billion in 2021 from NGN299.7 billion in 2020.





Customer deposits increased by 21%, growing from NGN5.34 trillion in the previous year to NGN6.47 trillion in the current year. The growth in customer deposits came from both corporate and retail customers. Retail deposits grew by NGN146 billion from NGN1.72 trillion in 2020 to NGN1.87 trillion in 2021. The Group’s continuous drive for retail deposits combined with the strategic rebalancing of its funding base helped to reduce the cost of funding from 2.1% to 1.5% in the current year. Although operating expenses grew by 13% YoY, growth remains below the inflation rate, and the Group improved its Earnings per Share (EPS) which grew by 6% from NGN7.34 to NGN7.78.





Total assets increased by 11%, growing from NGN8.48 trillion in 2020 to NGN9.45 trillion in 2021, mainly driven by growth in customer deposits. With the steady recovery in economic activities, the Group prudently grew its gross loans by 20%, from NGN2.9 trillion in 2020 to NGN3.5 trillion in 2021, with moderated NPL ratio from 4.29% to 4.19% YoY. The Group recorded impressive liquidity and capital adequacy ratios of 71.6% and 21.0%, which remained above regulatory thresholds of 30% and 15%, respectively.





In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom.





Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.





Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

SOURCE:https://brandspurng.com/2022/04/07/massive-returns-for-zenith-bank-shareholders-as-bank-pays-dividend-of-n97-33-billion/

Celebrities / Nomfundo Moh Named Latest Spotify EQUAL Africa Artist by postbox: 5:54pm On Apr 06, 2022
Global streaming giant Spotify today announced that Nomfundo Moh has been selected to join the EQUAL Africa programme aimed at spotlighting Africa’s female artists.


This accolade comes off the back of Nomfundo’s debut Afropop album, Amagama, released in January this year. She joins DBN Gogo as the second South African artist chosen to be part of the platform’s flagship programme that amplifies the voices of talented African women.

The 21-year-old rising star draws inspiration from the likes of Ami Faku, Amanda Black and Mthunzi – all gifted artists who have successfully injected their own creative perspectives into African music.



Nomfundo’s career journey began when she joined her church choir and subsequently started recording covers of her favourite songs. Her first single, Lilizela, was released in 2020 and was produced by award-winning producer Naxion-cross.



“Being part of Spotify’s EQUAL programme actually shows me that my talent, as a woman, is recognised and that there are people who are willing to help me. People who see my vision and ambition and people who want to put me on greater heights,” says Nomfundo, adding that women should grab opportunities and use their superpowers.

Spotify welcomes Nomfundo, who joins the EQUAL programme’s list of talented African women making waves in music, as part of its bid to foster gender equality and provide a platform to celebrate influential female artists in African music.

“We are proud to welcome a talent such as Nomfundo to the EQUAL programme,” says Spotify’s head of music for sub-Saharan Africa, Phiona Okumu.



“Our commitment to finding and amplifying the voices of female African creators on the African continent has led us to find exceptional voices like Nomfundo, and the amazing talents before her, such as Ayra Starr, Amaarae and DBN Gogo. It is our hope that other young women creators see this as proof that their talents can and will be recognised and supported,” she concludes.



Tracks from Nomfundo’s Amagama album are featured on the EQUAL Africa and EQUAL Global

playlists


SOURCE:https://brandspurng.com/2022/04/06/nomfundo-moh-named-latest-spotify-equal-africa-artist/

Business / Wema Bank Selects Union Systems For International Trade Finance Automation by postbox: 7:52pm On Apr 05, 2022
Union Systems Limited, Africa’s leading trade finance company, partners with Wema Bank Plc to automate its trade finance operations.

The bank selected Union Systems’ Kachasi trade finance software over all other international trade finance software solutions due to its ability to address both the traditional international trade finance processes and the peculiar Nigerian trade finance operations. The selection of Kachasi demonstrates Union Systems’ leadership, experience, and excellence in the provision of trade finance software solutions.

Wema Bank, the pioneer of Africa’s first fully digital bank, is no stranger to being at the forefront of introducing innovative digital solutions to its customers. Through this collaboration, the bank will join the league of banks around the world that are using technology to change the way trade financing works.

This trade finance automation project will significantly reduce trade finance processing turnaround time, improve operational efficiency, and unlock new revenue streams for the bank. It will also improve the bank’s ability to respond quickly to regulatory policies and updates.

Kachasi is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations. Union Systems brings to this partnership over 20 years of successful development and implementation of trade finance solutions across Africa. This is a significant milestone for the company and proves its expertise in the design and development of trade finance software products.

SOURCE:https://brandspurng.com/2022/04/05/wema-bank-selects-union-systems-for-international-trade-finance-automation/

Foreign Affairs / World Bank Projects Developing East Asia Pacific To Grow 5% by postbox: 7:42pm On Apr 05, 2022
The developing East Asia and Pacific countries is projected to grow by five per cent in 2022 amid resurgence of COVID-19 pandemic, tighter financial conditions and the Russia-Ukraine war.

The World Bank disclosed this in a new release for East Asia and Pacific Economic Update.

“Shocks emanating from the war in Ukraine and the sanctions on Russia are disrupting the supply of commodities, increasing financial stress and dampening global growth.

“Just as the economies of East Asia and the Pacific were recovering from the pandemic-induced shock, the war in Ukraine is weighing on growth momentum,” Manuela Ferro, World Bank Vice President for East Asia and Pacific said.

“The region’s largely strong fundamentals and sound policies should help it weather these storms.”

Surging U.S. inflation could provoke faster-than-anticipated financial tightening, perhaps timely in the United States but “too early” in many East Asia and Pacific countries where recovery is “incomplete,” according to the report.

The risk of capital outflows, which could put pressure on some countries’ currencies, could induce “premature” financial tightening.

The World Bank said overall economic growth in developing East Asia and Pacific countries is projected to grow to five per cent in 2022.

It added that if global conditions worsened and national policy responses were weak, growth in the region could slow to four per cent.


SOURCE:https://brandspurng.com/2022/04/05/world-bank-projects-developing-east-asia-pacific-to-grow-5/

Car Talk / Hyundai Nigeria Launches New Santa Fe, Elantra by postbox: 2:24pm On Apr 02, 2022
Hyundai Nigeria Limited has launched a new Santa Fe Sport Utility Vehicle and Elantra saloon into Nigeria’s market.

The company said compared with the models they replaced, the two vehicles came with improved styling, comfort, equipment, and segment-leading safety features.

Addressing newsmen at a media launch at the Hyundai showroom, Victoria Island, Lagos, the company’s Head of Sales and Marketing, Mr. Gaurav Vashisht, described the new Santa Fe as a product of continuous research into making Hyundai vehicles safer and more comfortable for customers.

Vashisht said, “Hyundai Santa Fe has made a brilliant start to the new year, gaining wide recognition by top tier global automotive awards, winning top titles in Kelley Blue Book Best Buy Award, Large SUV of the Year at 2022 What Car? Award, and United States News 2022 Best Car for the Money, affirming the Santa Fe as an innovative choice among large SUVs in combining family convenience with an adventurous unrivaled presence on the road.”

Also, he said the all-new, seventh-generation, Hyundai Elantra, had undergone significant changes, delivering the most progressive in-vehicle experience in its class.

He said “Longer, wider, and more aggressive than the sixth-generation model, the 2022 Elantra boasts a wide range of advanced technologies and features. It marks another step forward for the Elantra brand, which first hit the roads 30 years ago (1990).

“Bringing the Elantra to life is the premium finishing to both the exterior and interior, reflected through Hyundai’s ‘Sensuous Sportiness’ design identity. The Elantra is also equipped with an elaborative design chassis, allowing the driver to experience the sporty feel of the design.”

SOURCE:https://brandspurng.com/2022/04/02/hyundai-nigeria-launches-new-santa-fe-elantra/

1 Like

Phones / Samsung Teams Up With ifixit To Help You Repair Galaxy Phones At Home by postbox: 2:17pm On Apr 02, 2022
A new self-repair program from Samsung will give customers everything they need to repair Galaxy devices. In a partnership with iFixit, the phonemaker will sell official parts and help distribute repair guides for its popular products, starting with the Galaxy S20, Galaxy S21, and Galaxy Tab S7 Plus.

The self-repair program launches sometime “this summer.” According to iFixit, early customers will have the opportunity to buy official “display assemblies (with integrated batteries), back glass, and charge ports” for their Galaxy devices, though other components will go on sale at a later date.

To start, Galaxy device owners will be able to replace display assemblies, back glass, and charging ports — and return used parts to Samsung for responsible recycling. In the future, Samsung plans to expand self-repair to more devices and repairs from our extensive product portfolio.

Customers can send used parts to Samsung for recycling. Presumably, the company will offer free shipping for recyclable parts, though the company hasn’t clarified its plan just yet.

If this collaboration sounds familiar, that’s because iFixit has teamed up with a ton of tech companies over the last year. It currently sells official parts for Microsoft Surface devices, the Steam Deck, and even Motorola phones. (Additionally, Apple announced its own repair program last year, though it’s not associated with iFixit.)

As always, we’re happy to see a major tech manufacturer embrace the DIY repair scene. Providing official parts and repair guides will make it easier for customers to fix their phone at home, rather than spending hundreds at a repair shop or throwing their broken phone in the trash.
We just hope that Samsung’s engineers make repairability a priority. Even with all the necessary parts, repairing Samsung phones is a difficult task—iFixit rated the Galaxy S22 a 3/10 on the repairability scale. Clearly, Samsung needs to do more than sell replacement parts. It needs to make its phone more repairable from the start.

SOURCE:https://brandspurng.com/2022/04/02/samsung-teams-up-with-ifixit-to-repair-galaxy-phones/

1 Like

Politics / Nigeria To Build $1.3 Billion Zungeru Hydropower Plant by postbox: 8:48pm On Mar 31, 2022
The Hon. Minister of State for Power, Goddy Jeddy Agba, has stated that upon completion of the Zungeru Hydropower project, over 300 highly skilled professionals will be employed.

According to a statement signed by Odutayo Oluseyi, Assistant Director of Press in the Ministry of Power, Agba made this statement on Monday, March 28th, 2022, while witnessing the Non Load Test on Unit 1 of the 700MW Zungeru Hydropower project in Niger State.

In describing the dam’s construction, Agba stated, “the dam is built of a new engineering technology utilizing the Roller-compacted Concrete (RCC) which has ensured the completion of the core civil construction period by more than 2 years while the Electro-mechanical components, particularly the 4-units Francis turbines, are from the reputable world manufacturers.”

He stated that the project’s implementation aims to further enhance the engineering and technical knowledge acquisition of Nigerian engineers in accordance with President Muhammadu Buhari’s Presidential Order No 5, which has tremendously transformed most of the engineers on the project to world class specialists based on acquired expertise on the project.

Agba stated that the economic benefits of the project for the people of Niger State include: Water Supply Schemes for Community Use, Dry Season Farming and Irrigation, Flood Control Mechanism, Aqua-tourism opportunities, and increased economic and social well-being of the host community. He added that President Muhammadu Buhari’s leadership is committed to working together with all strategic partners to achieve the core objectives across the various energy sectors.

While thanking the Chinese government for the unique cooperation and synergy that exists between China and Nigeria, which has been critical to achieving the progress so far, the Minister also thanked the Niger State governor, the good people of the State, and the community, promising that all due compensations would be paid to affected communities through the joint efforts of the Niger State government and the Federal government.

Earlier, Project Consultant Engr. Dr. Johnson Bamidele Olorunsola Adewumi, FNSE Chairman, Decrown West Africa Company Ltd., spoke. On behalf of the Decrown – Tractebel Joint Venture, the Federal Republic of Nigeria stated that upon completion of the project, the Federal Republic of Nigeria will have delivered a world-class project by all standards.

“This project will generate 2,630GWh of clean renewable electricity per year from Nigeria’s second largest dam reservoir.”
https://brandspurng.com/2022/03/31/nigeria-to-build-1-3b-zungeru-hydropower-plant/

1 Like

Politics / Five Actions For Central Banks To Address Biodiversity Risks by postbox: 7:17pm On Mar 30, 2022
On March 26, commercial banks around the world – including E.SUN Financial Holdings, Garanti BBVA, Santander and UniCredit – turned off their lights in support of the World Wide Fund for Nature’s (WWF) “Earth Hour”.

According to WWF: “Our leaders have promised to put nature at the heart of climate action, to secure a safer future for all of us. Now we must make sure they deliver on their promise.”

This highlights the growing recognition that it is not possible to address climate without including nature and biodiversity, as managing nature-related risks will play a critical role in solving the climate crisis.

Important work has already begun, with the Taskforce on Nature-related Financial Disclosures (TNFD) recently launching a beta version of its nature risk-management and disclosure framework for nature, with plans to release the final version in 2023. In her Better Banking column for the April issue, Silvia Pavoni spoke to TNFD co-chair David Craig about why a nature-related financial disclosures framework is needed.

Of growing importance to central banks and banking supervisors is how biodiversity loss could threaten financial stability. They are now considering their role in addressing nature-related risks.

On March 24, a special study group set up by the Central Banks and Supervisors’ Network for Greening the Financial System (NGFS) and International Network for Sustainable Financial Policy Insights, Research, and Exchange, an independent research network, released a report, ‘Central banking and supervision in the biosphere: An agenda for action on biodiversity loss, financial risk and system stability’, which provides the first global assessment of why and how central banks and supervisors can respond to rising risks from biodiversity loss.

During a webinar hosted by the London School of Economics, Ma Jun, chair of the NGFS workstream on research and special advisor to the governor of the People’s Bank of China, said that one of the report’s key messages was that addressing biodiversity, in relation to financial risks, falls within central banks and financial supervisors’ mandate of maintaining financial stability.

“While the primary responsibility for confronting the biodiversity crisis rests with governments and environmental ministries, actions by central banks and supervisors can play a complementary role in protecting nature and biodiversity by reducing biodiversity-related financial risks and help guide financial resources to support nature positive activities,” he said. “Addressing financial risks falls within our mandate; biodiversity loss can lead to financial risks, including physical and transition risks.” The latter risk results from the misalignment between a firm’s impacts on biodiversity and developments aimed towards achieving a nature-positive economy.

Frank Elderson, a member of the European Central Bank’s executive board and co-chair of the Task Force on Climate-related Financial Risks of the Basel Committee on Banking Supervision, added: “We need to bring this work up to speed in line with our climate-related work. It is clear that we can no longer drag our feet – it is vitally important that we [address nature-related risks] with great urgency.”

“As we have a growing body of empirical evidence, this should be a call to action. [Nature] is not less important nor less urgent than climate. And nature is interconnected with climate,” said Sylvie Goulard, second deputy governor of the Banque de France. “The report mentions the risks of negative trade-offs if we deny this [interconnectedness], but there is also a positive side. When you fight against deforestation, you also promote the means to capture carbon dioxide.”

The report makes five recommendations for central banks and supervisors:

Recognise biodiversity loss as a potential source of economic and financial risk and commit to developing a response strategy.
Build the skills and the capacity to analyse and address biodiversity-related financial risks.
Assess the degree to which financial systems are exposed to biodiversity loss.
Explore options for supervisory actions on managing biodiversity-related risks and minimising negative impacts on ecosystems.
Devote efforts to building the necessary financial architecture for mobilising investment for a biodiversity-positive economy, including by considering how central banks’ own operations should be conducted in the context of biodiversity loss.
Brazil’s central bank has already taken steps in this direction, enacting regulation in September 2021 that includes social, environment and climate risk within its financial institution review framework. “Within the prudential framework, biodiversity degradation is explicitly mentioned as an environment risk, side by side with air and water pollution, illegal exploration of natural resource, etc,” said Otávio Damaso, deputy governor for regulation at Banco Central do Brasil. “Nevertheless, we are already considering revising this framework to improve our approach to the risk of biodiversity loss.”

NGFS, which has 108 members and 17 observers, welcomed the report and plans to create a taskforce to mainstream the consideration of nature-related financial risks across its activities, especially its workstreams.


SOURCE:https://brandspurng.com/2022/03/30/five-actions-for-central-banks-to-address-biodiversity-risks/

Politics / Adeoye Fadeyibi Takes Over As Abuja Disco After Bada’s Resignation by postbox: 7:06pm On Mar 30, 2022
Akinwumi Bada, the Interim Managing Director of Abuja Electricity Distribution Company (AEDC), has reportedly resigned, with Adeoye Fadeyibi, former Managing Director/CEO of Eko Electricity Distribution Company, taking over.
On Monday, a source in the Abuja DisCo revealed this.

According to the source, the official reason for Bada’s resignation is still unknown, but he confirmed it may be related to the company’s protracted core investor issues, which had eaten deep into the company’s fabrics.

“The appointment is a key step in positioning AEDC towards efficiency in customer service delivery and ensuring the effectiveness of the turnaround initiated by the company’s new management,” he said. We are confident that the new executives, with a combined industry experience of more than five decades, will be able to meet the aspirations of millions of our customers who seek seamless power services.”

He was also the first Managing Director of Transcorp Power Ltd in Ughelli, Delta State, where he increased the generating company’s capacity from 164MW to 634MW in just 25 months. He came to Transcorp Power from General Electric, where he held several strategic positions with responsibility for the Middle East and Africa.

Following the disengagement of the former AEDC managing Director, Ernest Mupwaya, and other top management officers, Bada was appointed in December 2021 to lead a five-member management team of the troubled AEDC for a five-month period.

SOURCE:https://brandspurng.com/2022/03/30/adeoye-fadeyibi-takes-over-as-abuja-disco-after-badas-resignation/

Health / Save Your Heart From “healthy” Vegetable Oils by postbox: 6:46pm On Mar 30, 2022
Your favourite native dish is being prepared. Now, watch as the intricate process unfolds before your eyes in slow motion.
Do you see the cooking oil hitting the saucepan in all its golden glory? The soft sizzle of the greasy liquid touching the hot metal warms your heart so much so that you are certain: it’s going to be another heavenly meal.

But right as the condiments start diving one after another into the pan, something strange happens. The combination of a heart-thumping sensation and shortness of breath that sends every thought of hunger flying out the door.

This is a moment Bayo Thompson, lead engineer at a major tech start-up in Lagos, never anticipated. Seated at his workstation, he was only a few seconds into daydreaming about the birthday feast his wife promised to prepare when his chest started throbbing. He was no stranger to panic attacks – like the one he had only a few months earlier when he accidentally disabled the company’s firewall. But this time, the situation was much worse.

Mr and Mrs Thompson’s visit to the family doctor the next morning brought with it some scary news – his cholesterol levels had gone through the roof! The physician asked what kind of cooking oil they use in preparing their meals and Bayo’s wife told her she uses a popular and powerful vegetable oil (aka Palm Olein) brand famed for its selling point that assures of ultimate protection of heart health. It is noteworthy that some brands with unhealthy saturated fat levels deceptively understate it on their product labelling in a brazen attempt that undermines the health of millions of Nigerians. The irony in it is that Nigerians who think they are paying more for healthier oils might end up with unhealthy oils.

The doctor took her time to educate the couple, that even though all edible oils get lumped together as purveyors of cardiovascular diseases, the real culprit is saturated fatty acids (or “bad” fats), which have been proved to be responsible for weight gain, clogged arteries, high cholesterol and increased risk of heart disease.

Therefore, it is important to use only cooking oils with the lowest possible saturated fat content. Palm Olein has over 50% unhealthy saturated fat and under 50% of the “good” unsaturated fats (Monounsaturated & Polyunsaturated fat). Meanwhile, Soya Bean Oil contains 15% saturated fats and 65% healthy unsaturated fats. The difference in saturated fat (Bad Fat) proportions speaks for itself.

Eugene Nwosu, a consultant cardiologist at United Heart Hospital Victoria Island, Lagos, said that high blood pressure is a top trigger of heart attack and stroke, and many move about without a clue that they live with the silent killer. On top of that woe, many Nigerians have unfettered availability of unhealthy oils in their food supply.

“The culprit is mainly oils that are rich in saturated fat. They should be minimized. People need to understand how to properly read labelling when shopping. The type of oil you eat can affect your cholesterol level, which increases build-up of clogs in the blood vessels. The oil that is good for cooking is the oil that is high in both polyunsaturated fat and monounsaturated fat,” Eugene stated.

Soya bean oil mostly consists of polyunsaturated fatty acids, which are a heart-healthy type of fat that is associated with several benefits. Trading high saturated fats for higher polyunsaturated fats may also reduce levels of Low-Density Lipoprotein (bad) cholesterol, which is a major risk factor for heart disease.

Simply put, choosing soya bean oil over palm olein products is choosing a stronger, healthier heart. As you make the switch from Palm Olein to Soya Oil, trust Golden Terra Soya Oil to help you maintain heart health. If the saying is true that out of the heart flows the wellspring of life, then it is essential for you and your family to feed your hearts with only what will keep them beating safe, sound and strong.

Golden Terra Soya Oil is the leading soya bean oil in the Nigerian market with its increasing presence across the country. It is 100% pure Soya Bean Oil, totally sourced and manufactured in Nigeria, available in sachet, 5liters, 10liters and 25liters. It should be adopted by every Nigerian for a healthy heart.

SOURCE:https://brandspurng.com/2022/03/30/save-your-heart-from-healthy-vegetable-oils/

Education / Nile University Abuja Becomes Beneficiary Of Mouka Award Of Excellence by postbox: 9:36pm On Mar 29, 2022
As part of the company’s 5th CSR pillar called “Skills For Life”, Mouka birthed this initiative three years ago to recognise and promote academic excellence while advocating the role of quality sleep in the equation.


Okano and Colleagues (2019) showed that longer sleep duration, better sleep quality and greater sleep consistency improved academic performance. This study also revealed that students who deprive themselves of sleep while preparing for exams suffer blackouts while writing the examination itself. Another research also shows that students who sleep well are more ‘likely to develop innovative ways of solving complex issues mathematically than those with sleep deprivation’. Based on these research works and many more, the Nigeria Society of Physiotherapy encourages students to prioritise quality sleep.

To this end, Mouka has recognised and rewarded the best graduating students from all faculties of the Nile University of Nigeria, Abuja, with cash grants at the school’s convocation ceremony held recently.

Commenting on the Mouka Award for Excellence initiative, the Company’s Brand Manager, Yemisi Obadina, stated that the scheme, which was flagged off in 2020, is intended to encourage students to strive for academic distinction while also prioritising quality sleep on their Mouka.

Speaking on the initiative, Mouka’s Head of Sales, Oladimeji Alabi, called on other institutions to enrol in the Mouka Award for Excellence program by contacting the company through their customer care lines or Regional Sales Managers.

The beneficiaries include Aisha Adebayo from the Department of Economics; Faruk Ladan, from Petroleum and Gas Engineering; Nana Aisha Alhassan Sule, from Public and International Relations; Chidinma Vivan Odoh, Public Administration; and Israel Ayomide Anjorin, from Computer Science

In his commendation speech, the Vice-Chancellor of the Institution, Professor Osman Nuri Aras, said through their goodwill, Mouka has demonstrated that it cares about the students’ efforts in their quest for a better future and that the grants would support them in achieving their future goals.

On their part, the beneficiaries applauded the socially responsible company for rewarding intelligence.

SOURCE:https://brandspurng.com/2022/03/29/nile-university-abuja-becomes-beneficiary-of-mouka-award-of-excellence-3rd-edition/

Agriculture / Tomato Processing Firm Begins Production by postbox: 7:43pm On Mar 28, 2022
Tomato Jos Farming and Processing Limited has begun manufacturing tomato paste variants for the Nigerian and West African markets.

The new tomato paste variant, which comes in a 65-gram sachet, is made from fresh tomatoes grown in Kaduna State and other parts of Nigeria

Unveiling the products, which are intended to circulate in the Nigerian market, the Executive Secretary of the Kaduna Investment Promotion Agency, Khalil Nur Khalil, stated that the state would continue to entice foreign investors despite significant security challenges.

Khalil also praised the company for its faith in the state, stating that the state government would continue to assist Tomato Jos Company whenever the need arose.

Mira Mehta, Founder and CEO of Tomato Jos, said at the event that the investment in the factory has attracted an initial capital outlay of $30 million and an additional N1 billion, and that she was proud to see the dream come true.

“It’s a dream come true,” the American-born entrepreneur said. Though entrepreneurship has its ups and downs, I am encouraged when I see my colleagues’ passion for this business ignite.”

“It is the company’s first consumer product since operations began last year at its multibillion-naira factory in Kaduna state.”

“I am incredibly proud of the Tomato Jos team for their hard work and belief that we could achieve something of this magnitude,” Mehta said.

The facility is Nigeria’s only one of its kind, capable of producing sachet tomato products directly from fresh tomatoes. The product is currently available in Kaduna State, and we plan to expand to other states by the end of 2022.”

Mrs. Yemisi Edun, Managing Director of FCMB, also commented on the development, describing the bank’s funding of the factory as another landmark intervention to boost agribusiness, food security, and food sufficiency in Nigeria.

SOURCE:https://brandspurng.com/2022/03/28/tomato-processing-firm-begins-production/

Agriculture / CBN Disburses ₦42 Billion To 15 States To Support Wheat Cultivation by postbox: 6:21am On Mar 28, 2022
According to the Central Bank of Nigeria, it has allocated N42 billion to accelerate wheat cultivation on 132,799 hectares spread across 15 states in the country.
Godwin Emefiele, Governor of the Central Bank of Nigeria, stated this at the inauguration of the 2021/2022 Brown Revolution Field Day/Harvest in Gabarin village, Ringim Local Government Area, Jigawa State.

Emefiele, represented by Hajiya Sa’adatu Ibrahim, CBN Controller, Dutse Branch, stated that the facility was provided to address challenges in the wheat value chain during the 2021/2022 dry season activities.

He stated that the strategy was based on making high yield seed varieties available through the implementation of a local seed multiplication program, as well as expanding wheat cultivation land through collaboration with state and federal agencies.

According to him, the apex bank seeks to increase the annual cycle for wheat cultivation during wet season activities through international collaboration and to promote Good Agronomic Practices.

“In Nigeria, wheat remains one of the commodities with the highest demand, and despite this high demand, Nigeria produces less than 2% of its annual wheat consumption needs,” Emefiele said.

“In light of the circumstances confronting wheat cultivation in Nigeria, the bank launched a strategic approach in 2020 through its flagship Anchor Borrower Programme aimed at facilitating import substitution by promoting self-sufficiency in the wheat value chain.”

This, he said, encouraged wheat farmers’ income to rise, allowing for more job creation and a ready supply for millers.

He also stated that the bank trained over 250 extension workers with a total reach of over 120,000 farmers in order to cascade learning to farmers in their respective locations via the GAP.

According to him, the apex bank identified, validated, and cultivated demonstration farms in collaboration with the Flour Milling Association of Nigeria to holistically showcase the improved protocol for wheat farming in Nigeria and the impact of GAP on high yields to farmers.

“Four seed companies have been commissioned to process 25,000 metric tonnes for the next planting season,” Emefiele added.

“This strategy aims to reduce wheat imports by 60% in two years and eliminate wheat imports in the long run.”

According to him, the aim is to reduce the gap by a minimum of 15% during the 2021/2022 planting season

Emefiele stated that the bank distributed N975.61 billion to over 4.52 million smallholder farmers cultivating 21 agricultural commodities, among other interventions aimed at addressing financing needs to improve the agricultural value chain.

In his remarks, FMAN Chairman John Coumantaros stated that the organization was dedicated to providing a market for the country’s wheat farmers.

Coumantaros, represented by Segun Flade, stated that the organization was expanding its procurement across the wheat-producing states by adding aggregation, staff, and warehouses.

“Specifically, under the CBN-ABP scheme, we’re establishing procurement centers across 15 northern states to offtake all wheat grain from up to 150,000 farmers,” he said.

Kano, Kaduna, Jigawa, Kebbi, Sokoto, Bauchi, Adamawa, Katsina, Gombe, Plateau, Taraba, Zamfara, Niger, and Yobe were among the states he mentioned.

The Chairman also stated that the association would cultivate 504 demonstration farms in the states in order to provide GAP training to 250,000 farmers under the ABP, as well as loans to over 2,000 outgrowers farmers in Kano, Jigawa, Sokoto, Kebbi, Kaduna, Bauchi, and Gombe States.

“Seed production expansion with six certified seed companies, including both dry and wet season seed production to produce enough seed for 5,000 outgrowers next season,” he said.

“Research and trials on FMAN’s 10-hectare research farm in Jigawa to test new seed varieties and improve agronomic practices, including collaboration with the Lake Chad Research Institute, among others.”

“A portion of it also includes grant funding for the National Agricultural Seed Council to expand their capabilities to test seed quality, certify seed production, and train farmers to distinguish high-quality seed from others on the market.”

In separate remarks, farmers Dauda Ali, Alkasim Aliyu, and Muhammad Ado praised the CBN and FMAN for their efforts to increase wheat production in the country.

Ali stated that the new farming techniques introduced had helped them achieve higher harvest yields.

He also urged the Jigawa State Government to build an access road to facilitate the movement of produce to markets.
https://brandspurng.com/2022/03/26/emefiele-cbn-disburses-n42b-to-15-states-to-support-wheat-cultivation/

3 Likes

Religion / AFDB Signs Mou With ECOWAS To Develop West Africa Pharmaceutical Industry by postbox: 6:12am On Mar 28, 2022
The African Development Bank and the Commission of the Economic Community of West African States (ECOWAS) have signed a memorandum of understanding for $3.56 million in grant funding to support the development of pharmaceutical industries in West Africa.

Lamin Barrow, Managing Director of the Bank for Nigeria and Mamadou Traoré, ECOWAS Commissioner in charge of Industry and the Private Sector, signed the agreement for the Pharmaceutical Industry Development Support Project in West Africa on Wednesday.

The project’s total cost is $3.77 million, to which the ECOWAS Commission will provide $200,000 in cash and $400,000 in-kind.

The funds will support the implementation of regulations to allow duty-free access to pharmaceutical raw materials, packaging, and finished products under the ECOWAS Common External Tariff. It will also help establish an effective regional pharmaceutical regulatory ecosystem by providing technical assistance programs for regional regulatory authorities.

Commissioner Traoré said: “Local production of pharmaceuticals and biologicals has become an imperative and a regional priority, as is the provision of healthcare delivery services. The African Development Bank’s support of these priorities will help ECOWAS achieve its development objectives.”

During the signing ceremony held in Abuja, the African Development Bank’s Director General for Nigeria, Lamin Barrow said: “The COVID-19 crisis has further exposed the fragility of our national healthcare systems and posed significant disruptions to the global health and pharmaceutical supply chains. This underscores the urgency of accelerating efforts to ensure a minimum level of supply of health products.”

The project will enhance the pharmaceutical industry’s competitiveness through improved quality and product standards and help ensure that the region complies with best practices in manufacturing pharmaceutical products and supplies. It will strengthen regional training institutions and laboratories to ensure that the required skills are available to support the industry’s regional growth in a gender-sensitive and environmentally friendly manner.

In response to calls from the African Union and the pharmaceutical industry, the African Development Bank has taken a leadership role in developing and driving a continental Vision and Action Plan for a new African Pharmaceutical order. Bank Group President Dr. Akinwumi A. Adesina announced last year that the institution would mobilize up to $3 billion to support this development.

The project will also advance the Bank’s efforts to support the harmonization of the regulatory environment for pharmaceuticals across Africa at the regional and continental levels. This, in tandem with the operationalization of the African Continental Free Trade Area, will deepen intra-African integration and trade, boosting regional markets.

The Bank’s Vice President for Private Sector, Infrastructure and Industrialisation, Solomon Quaynor, said: “To develop the pharmaceutical industry, the African Development Bank will help to develop local production capacities to increase the market share of African (local and regional) pharmaceutical production value to 45-55% by 2030.”

The project aligns with three of the African Development Bank’s High Five strategic priorities: Industrialize Africa, Integrate Africa, and Improve the quality of life for the people of Africa. It also advances the Bank’s Regional Integration Strategy for West Africa, and is in line with the Bank’s gender strategy, and its strategic response to the Covid-19 pandemic.

The ECOWAS Commission will be the executing agency for this project, which will run for two years, starting from 2022. The West African Health Organisation will be the implementing agency.

SOURCE:https://brandspurng.com/2022/03/28/afdb-signs-mou-with-ecowas-to-develop-west-africa-pharmaceutical-industry/

Celebrities / Rema Has Joined OPPO Nigeria As A Brand Ambassador by postbox: 8:16am On Mar 26, 2022
OPPO Nigeria, one of the leading smart mobile device brands, has today unveiled Rema, one of Nigeria’s biggest musical exports as Divine Ikubor known professionally as Rema, responsible for hit singles such as Calm Down, Dumebi, Bounce, Ginger Me, Iron Man and a host of other afro beat inspired songs has caught the attention of not only Nigerians but also an appreciable number of international audience, as its first A Series Brand Ambassador.


Speaking to his fans about the new partnership with OPPO Nigeria, Rema stated that he had made A Perfect Choice, stating that OPPO, as an innovative and fourth-largest smartphone company in the world, is the perfect fit for him.

“This is the start of an exciting journey because the OPPO Nigeria brand aligns with my personal values.” They are dedicated to innovating technology for humanity and producing premium yet affordable devices that everyone can enjoy, which aligns with my desire to create quality musical experiences for everyone,” he added.

Jennifer Okorhi, OPPO Nigeria Marketing Manager, said at the unveiling that Rema’s inspirational career with a unique sound that everyone has come to love has proven his tenacity and can-do spirit – qualities the brand would love to instill in their customers.
“The brand’s decision to work with Rema was simple because he represents many of our customers who are brave enough to pursue their dreams.” We, like Rema, are constantly striving for perfection, and we can now confidently say that the A96 is the ideal choice for affordable luxury. We are overjoyed to have such an inspiring young man join the OPPO team.” She continued.

OPPO Nigeria has been at the forefront of introducing affordable but high-quality mobile devices in Nigeria. Their newest entrant into the Nigerian market, the A96, is regarded as the fastest charging device due to its signature SUPERVOOC charge, strong battery, large storage, and long–lasting features such as anti–scratch, daily water splash resistance, and dust resistance.

The A96 is the only device in its category that possesses these characteristics, and the brand will officially unveil it today at the official launch event.

SOURCE:https://brandspurng.com/2022/03/25/rema-has-joined-oppo-nigeria-as-a-brand-ambassador/

Politics / DAWN Commission, AACC Sign MOU On Bilateral Trade And Investment by postbox: 7:48pm On Mar 23, 2022
Development Agency of Western Nigeria (DAWN Commission) and Asia Africa Chamber of Commerce (AACC ) has, on Wednesday 15 March 2022, signed a Memorandum of Understanding on bilateral trade and investment development between Asian countries and Southwest Nigeria, at the DAWN Commission’s Ibadan Office.

Present at the signing ceremony were Mr. Seye Oyeleye, Director General of the DAWN Commission; Prince Olawale S. Ayinla, AACC Vice Chairman and President of AACC Africa; Mr. Temitope Daramola, AACC Nigeria Vice President, Finance and Investment Development; Mr. Olufemi Ajibade Daramola, AACC Nigeria Vice President, Pharmaceutical Industry; and Erelu Funmi Rotiba, AACC Nigeria Director of Tourism.

Speaking at the event, Prince Ayinla said the partnership between AACC and the DAWN Commission marks the beginning of various initiatives that will boost Africa’s economic renewal as AACC is planning intervention packages that will act as catalysts to accelerate social economic growth in Africa using Nigeria as a takeoff point and Southwest Nigeria as a pilot project.

“This approach will assist in fostering continental economic development from a fourth industrial revolution perspective and help to bridge the gaps of infrastructural deficit in Africa, with a view to making the continent more Industry 4.0 complaint,” he said.

On the pan-Nigeria outlook, Prince Ayinla said AACC is focused on end to end investment from raw materials production to secondary and tertiary production of raw materials to retain as much of the product value chain within Nigeria and the host communities as possible. AACC intends to work with all tiers of government, within the region, through DAWN to ensure the most suitable development structures and relevant infrastructure are employed through the region.

AACC is committed to promoting contemporary manufacturing in all six geopolitical zones, towards making Nigeria an export-oriented country. “That is why this MOU is very strategic for the partnership of AACC and DAWN Commission”, he said, adding that AACC will,in the vein, connect with the other five zones in Nigeria.
Commenting on the development, Mr. Oyeleye expressed excitement about the partnership as both organisations will be working together along the lines of commerce and investment. “The DAWN Commission is excited about the prospects of this partnership and the immense potentials for attracting businesses and investments to the Southwest region, which will create more jobs, increase internally-generated revenue, and contribute to human capacity development.

Against the backdrop of global economic challenges, AACC strongly believes the best time for Africa’s economic renewal is now, especially as the pandemic, Russia-Ukraine turmoil, and other areas of global economic meltdown serve as eye openers for a more robust and forward-looking approach to business in Africa.


“Going forward, we will be taking more pragmatic steps and approach to make sure that we achieve all our set goals and objectives to drive a healthy social economy sustainable development in the Nigeria market,” Prince Ayinla said.
AACC has its global headquarter in Malaysia, with the main goal of being a world class economic reference point and an organisation that promotes as well as facilitates trade and investment opportunities between Asia and Africa.

SOURCE:https://brandspurng.com/2022/03/23/dawn-commission-aacc-sign-mou-on-bilateral-trade-and-investment/

Agriculture / Jos Farming And Processing Ltd Launches Tomato Paste Into The Market by postbox: 6:07pm On Mar 22, 2022
Tomato Jos Farming and Processing Limited launched its much-anticipated Tomato Jos paste variant into the Nigerian market over the weekend in Kaduna.
Speaking at the event, which took place over the weekend in Kaduna, the company’s Managing Director, Mira Mehta, described the product’s introduction into the Nigerian market as “a dream come true.”

Despite the ups and downs of entrepreneurship, she says, “I feel encouraged whenever I see my colleagues’ passion for this business ignite.”

“I am incredibly proud of the Tomato Jos team for their hard work and belief that we could accomplish something on this scale,” she said.

The facility, according to Mehta, is “the only one of its kind in Nigeria that can produce sachet tomato products directly from fresh tomatoes.”

“The product is currently available throughout Kaduna State,” she said, adding that “we intend to expand to more states by the end of 2022.”

“The theme of our company for 2021 was ‘Let’s Do This!’ and, well, we did it!” Tomato Jos’s future appears to be bright.

“We will keep growing until we become a household name throughout Nigeria.”

According to her, the tomato paste is the company’s first consumer product since its multibillion-naira factory in Kangimi, Kaduna state, began operations in 2021.

The processing plant is built on 500 hectares of land leased from the Kaduna State Government.

Mehta went on to say, “In January 2020, we broke ground on our tomato paste processing plant, and the factory was operational by March 2021.”

“The company has over 200 full/contract workers, as well as a network of over 3,000 smallholder farmers who partner with the company to grow year-round at yields well above the national average,” she said.

 

“Tomato Jos has received investment support from the Central Bank of Nigeria through FCMB, Goodwell Investments B.V. through Alitheia IDF, VestedWorld, the Acumen Resilient Agriculture Fund, The Morning Star Company, and other private investors,” Mehta explained.


SOURCE:https://brandspurng.com/2022/03/22/jos-farming-and-processing-ltd-launches-tomato-paste-into-the-market/

TV/Movies / FCCPC Has Ordered Multichoice To Allow Subscriptions To Last A Year by postbox: 10:27pm On Mar 21, 2022
The Federal Competition and Consumer Protection Commission (FCCPC) has ordered MultiChoice Nigeria Limited (MCN), the owner of GOtv and DStv, to develop a feature that allows customers to lock their subscription for at least a year.
The FCCPC stated that this was part of a resolution reached following an investigation it launched on the company in 2020 over complaints of abuse of dominant position in the pay-per-view subscription market.

In a statement signed by its director of legal services, Tam Tamunokonbia, the FCCPC also directed MCN to allow subscribers to suspend their subscription four times per year, as opposed to the current two-year period of seven to 14 days.

“It should guarantee a price lock option that allows subscribers to maintain the same subscription fee for a minimum of one year subject to a contractual agreement that clearly specifies the applicable terms,” the statement says.

The commission also urged MCN to communicate with each subscriber about all channels available within their bouquet option and to have completely toll-free customer service lines available 24 hours a day, seven days a week.

The commission also urged MCN to provide it with a report on challenges in implementing the new guidelines, as well as submit a compliance report demonstrating full compliance with the order, warning that violation of a commission order would result in a N5m fine.

SOURCE:https://brandspurng.com/2022/03/21/fccpc-has-ordered-multichoice-to-allow-subscriptions-to-last-a-year/

Politics / US Set To Collaborate With Nigeria On Gas Flaring And Ammonia Conversion by postbox: 10:17pm On Mar 21, 2022
Nigeria’s energy transition agenda received a boost on Thursday at the CERAWeek energy conference in Houston, Texas, as the US Government expressed interest in a bi-lateral partnership that would see the conversion of vast gas resources currently flared to ammonia.
Ammonia has the potential to be a huge revenue earner for the country, especially now that the European Union has unveiled its long-awaited plans to make importers and non-EU manufacturers pay for the carbon emissions associated with the goods and materials they sell in the EU, thereby affecting vessels powered by fossil fuels entering EU territory.

Because operating such vessels during that tax regime will be economically unviable, there is a need to redesign their engines; and attention is already being focused on ammonia as an alternative fuel source, to replace heating oil and other fossil fuels. Ammonia is being used because it is not only cleaner, but also a less expensive source of energy.

It invariably means that there will be no easy and appealing market for heating oil, which is one of the most highly sought-after products in the configuration of Nigeria’s refineries.

The EU’s adoption of the Carbon Border Tax has the potential to harm Nigeria’s economy, which is largely supported by proceeds from its hydrocarbon potential.

This would exacerbate the challenge already posed by developed countries’ zealous pursuit of a zero-emissions plan, as a result of lower earnings from Nigeria’s refinery-configured products such as heating oil (i.e. LPFO, HPFO).

The Paris Agreement and the United Nations Framework Convention on Climate Change seek to limit the development of oil and gas projects in the next two decades in order to pursue more environmentally friendly energy options – from fossil fuels to green and renewable energy.

This poses a significant threat to the country’s major revenue stream, which is why Nigeria’s main focus at the conference was on sustaining current revenue drivers while also considering other viable options.

The Nigerian delegation was led by the Minister of State for Petroleum Resources, Chief Timipre Silva, and included the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe, and the Board Secretary and Legal Adviser to the NUPRC, Barrister Olayemi Anyanechi.

At various meetings with top officials from the global energy circuit, the team continued to drive conversations about energy transition in a multi-track approach.

It argued that rather than abandoning further hydrocarbon infrastructure development and phasing out fossil fuel use within the specified time frame, a multi-track approach with gas as a transition energy source would be fair and just to pursue.

According to Chief Silva, Nigeria already has a transition plan in place that is based on a multi-track approach to developing energy resources. One of these is a focused development of the country’s gas resources, during which time a diversified economy based on technology and other energy sources would be built.

This, he emphasized, would go a long way toward increasing the country’s revenue and sustaining its economy.



Discussions on the subject were conducted from various angles, including focusing on gas potentials and the implications of continued gas flaring and reinjection.



The impact of flaring on the environment and the health of people in oil-producing communities was specifically highlighted as the team investigated concrete solutions to the problem.

The American counterparts agreed on the responsible monetization of Nigeria’s gas resources as a point of convergence. The US team praised the Nigerian government’s multifaceted approach to reducing emissions and made suggestions on innovative ways to develop stranded gas resources in a more responsible manner, including the use of Blue Hydrogen, which is produced when natural gas is split into hydrogen and carbon dioxide using either Steam Methane Reforming (SMR) or Auto Thermal Reforming (ATR) (ATR).

However, carbon dioxide is captured and stored, which reduces the negative impact on the environment.

This, according to the US team, would be a good way for Nigeria to utilize its abundant natural gas resources of over 200 trillion cubic meters.

During one of several meetings attended by US Secretary of State for Energy, Jennifer M. Granholm, and another attended by Honourable Harry Kamian, Assistant Secretary of State for the US Department of State Bureau of Energy Resources, the US Government expressed interest in collaborating with the Nigerian government to develop the country’s gas resources, acknowledging that Africa may indeed require separate recognition, as long as development continues.

Besides that, the US Department of Energy promised to assist Nigeria in establishing a framework for the development of its gas resources in collaboration with development partners.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) team met with Brendan Kelly of the US Department of Commerce and Puneet Sharma of CyanNH3 to discuss extensive methane abatement opportunities in Nigeria, in partnership with the US government, particularly in the area of conversion of gas to ammonia for use as fertiliser or export.

The team emphasized that the proposed EU Carbon Border Tax would put severe financial pressure on the use of LPFO and HPFO by vessels and provide a renewed impetus for producers around the world to accelerate efforts to reduce their carbon footprints, creating a massive opportunity for the use of ammonia as the preferred fuel.

In response, the US team promised to collaborate with the Nigerian government by funding a study to assess the viability of making Nigeria an Ammonia net export nation from the 218 sites that flare an average of 0.7 BCF of gas daily, with skid mounted innovative ammonia production equipment and other virtual pipeline development devices.

Besides that, the US Departments of State and Trade agreed to collaborate with Nigeria by funding a study to mature these initiatives into full gas commercialization and convert waste into a source of federation revenue generation while eliminating environmental degradation.

Finally, the successful launch of the project would not only provide the country with another massive revenue stream, but would also address the issues of environmental pollution and the resulting health challenges faced by residents of oil-producing communities as a result of gas flaring.

In essence, the success of ongoing discussions with the U.S. government and proposed development partners will not only arrest environmental degradation and guarantee the health of the people, it also has the potential to generate much needed foreign exchange for the country.

In essence, the success of ongoing discussions with the US government and potential development partners will not only halt environmental degradation and ensure people’s health, but it also has the potential to generate much-needed foreign exchange for the country.

SOURCE:https://brandspurng.com/2022/03/19/us-set-to-collaborate-with-nigeria-on-gas-flaring-and-ammonia-conversion/

4 Likes 1 Share

Politics / WTO Will Collaborate With NEPZA To Establish International Free Trade Zones by postbox: 10:07pm On Mar 21, 2022
Dr. Adamu Abdulhamid, Nigeria’s Ambassador to the World Trade Organization (WTO), has sought collaboration with the Nigeria Export Processing Zones Authority, NEPZA, to establish more international free zones for investment. During a courtesy visit to NEPA’s Managing Director, Prof Adesoji Adesugba, in Abuja, Abdulhamid stated that if international free zones are established, foreign direct investment, or FDI, into Nigeria will increase.


He also congratulated NEPZA’s MD on his accomplishments thus far, while reiterating partnership plans to establish coordinating investment centers in Europe and other countries that lacked coordinating investment centers.

“The purpose of my courtesy call to you is actually to seek collaboration with the agency under your leadership so that we can deliver on the mandate given to me as Nigeria ambassador to the World Trade Organization,” he said. When we said we wanted your help, you might be surprised because most people think Geneva officials only meet and negotiate on traditions.



However, during my tenure, the scope of responsibilities was broadened. We’ve noticed that there isn’t a coordinating center for investment in Europe. All they do is request that some debt officers from the Ministry of Foreign Affairs be sent to Nigerian missions. I believe what we saw was not so much because of anything.

“So, fortunately, Mr. President has approved that expansion, and we are working to ensure that we have a framework within which we can work with all of the European countries to see how we can mobilize more, even though we know they have invested in the country, but we need to mobilize more of them coming into the country to invest, particularly at our resort.”

One of my colleagues in the mission will be liaising with, so that if there is anything we can do, we will have direct access, because long bureaucracy can sometimes delay achieving some objectives. So, of course, we know that whenever we write to the country, we usually write to the Federal Ministry of Industry and Investment, which is the Federal Ministry of Industry and Investment.

And, of course, we can achieve our goal without delay. So that’s why I came to the country and met with some ministers and CEOs in order to establish this collaboration with the approval of higher authorities. So far, I can see that it is producing results. So, we must continue to collaborate and ensure that we assist our country in achieving the desired global goal.

As a Nigerian ambassador to the World Trade Organization, I represent Nigeria. Not only does it affect some activities within the World Trade Organization, but it also affects the International Trade Centre, which has a number of packages aimed at small and medium-sized businesses. And they have a lot of technical support.



On his part, Adesugba expressed excitement about the new task ahead, stating that it was an extension of his mandate that is in line with his passion and duty, which are: continuous promotion of Nigeria; developing strategies to improve the economic climate and investment climate.



He went on to say that he would work hard to ensure that Nigeria is regarded as one of the most attractive investment destinations in Africa. “For most of us, this should be the way we look at things through the lens of Nigeria’s continuous proportion, developing strategies to improve the economic climate, investment climate, and making Nigeria the preferred destination for investment in this part of the world,” he said.



“WTO and what you do are very important, and I have always wondered, like you, that leaving investment promotion in the hands of untrained people can sometimes be counterproductive because when you don’t view the prospective investor as other countries do, you lose the competitive edge that you should have first meetings, prospecting, and all that you won’t understand.”



But when it comes to professionals, we’ve always pleaded with our bosses to understand that we need professionals in the countries and climates where we should be prospective, where we should be promoting the country. As a professional in this field, I had advocated for the creation of investment promotion agencies, or IPAs, in countries other than the United States.

SOURCE:https://brandspurng.com/2022/03/19/wto-will-collaborate-with-nepza-to-establish-international-free-trade-zones/

Business / Eko Disco Has Appointed Its First Female Deputy CEO by postbox: 7:20am On Mar 19, 2022
THE Eko Electricity Distribution Company’s Board of Directors has approved the appointment of Dr Tinuade Sanda as the company’s deputy managing director.


Sanda was the chief accounting officer prior to her appointment, a position she had held since 2013.

Godwin Idemudia, EKEDC General Manager, Corporate Communications, confirmed this in a statement made available to journalists.



‘We are pleased to announce that the Board of Eko DisCo has approved the appointment of Dr. Tinuade Sanda as the company’s new deputy CEO, in accordance with the company’s strategies and procedures,’ he said. The Board and Management are confident in Sanda’s expertise and capacity to help lead the company toward its vision of becoming Africa’s leading and customer-centric electricity distribution company.’

Mr. Oritsedere Otubu, Board Chairman of EKEDC, was quoted as saying, “We are proud to announce Tinuade Sanda as our first female deputy CEO.” Her appointment demonstrates the tenacity of our succession planning mechanisms as well as the importance we place on corporate governance practices, which underpin our philosophy of developing and recognizing home-grown talent.”

Sanda is an accomplished senior executive with extensive experience in financial reporting, treasury management, taxation, mergers and acquisitions, finance regulation, risk management, and financial modeling.

Tinuade was the Head of Finance and Administration at Vanguard Energy Resources, a leading oil and gas trading services company, before joining EKEDC in 2013.

SOURCE:https://brandspurng.com/2022/03/18/eko-disco-has-appointed-its-first-female-deputy-ceo/

Phones / Huawei Leads $100 Billion Telecom Equipment Market by postbox: 7:20pm On Mar 17, 2022
Huawei is continuing to lead the $100 billion telecom equipment market worldwide in 2021, according to a report released by Dell’Oro Group.

 

Telecommunications infrastructure market includes Broadband Access, Microwave & Optical Transport, Mobile Core Network (MCN), Radio Access Network (RAN), and SP Router & Switch.


Huawei Leads $100 Billion Telecom Equipment Market - Brand Spur
Huawei, Ericsson, Nokia, ZTE, Cisco, Samsung and Ciena are the top vendors in the telecom network market — based on their revenue share.

The telecom statistics chart indicates that Huawei, Nokia, Cisco, and Ciena were under pressure in 2021.

The global telecom equipment market increased 2 percent in the fourth quarter and advanced 7 percent in 2021, recording a fourth consecutive year of growth, powered by surging wireless revenues and healthy demand for wireline-related equipment.

There was double-digit growth both in RAN and Broadband Access. Total worldwide telecom equipment revenues approached $100 billion, up more than 20 percent since 2017.

Efforts by the US government to curb the use of Huawei’s telecom network equipment are impacting the company’s position outside of China. Huawei led the global telecom network market, underscoring its grip on the Chinese market, depth of its telecom portfolio, and resiliency with existing footprints.
Outside of China, Ericsson and Nokia essentially tied at 20 percent and Huawei accounted for around 18 percent of the market.

The global telecom equipment growth is expected to moderate from 7 percent in 2021 to 4 percent in 2022 reflecting new supply chain and Capex data.

SOURCE:https://brandspurng.com/2022/03/17/huawei-leads-100-billion-telecom-equipment-market/

1 Like

Gaming / Verizon Announces ‘augmented Reality Adventure Thriller’ Game For 5G by postbox: 6:20pm On Mar 17, 2022
Verizon and Doug Liman’s 30 Ninjas, in association with France-based immersive studio Novelab, announced at SXSW that they are working together on an Augmented Reality (AR) Adventure Thriller that will take full advantage of the power of 5G Ultra Wideband for an unbelievable immersive experience.

The result of this collaboration is Helios (which translates to Sun in Greek), a narrative mobile AR adventure that uses volumetric video (a fancy word for modern 3D holograms) to give you a new perspective on mobile entertainment. As you play, a thriller unfolds of a missing sister, a coverup, a hacktivist who has double crossed the wrong bad guy and a young woman named Petra Barnes. You must navigate the story by piecing clues together to gain information and uncover the mystery. But let’s not spoil too much.

“I started 30 Ninjas with Julina Tatlock and Jed Weintrob for precisely this type of project and partnership with Verizon,” said Doug Liman, co-founder and partner of 30 Ninjas. “We’re drawing on everything we know about making great entertainment and applying it to an entirely new medium. One with that you carry with you everywhere. Given the chance to build new worlds on the most powerful phones, untethered from home internet: The Mobile Metaverse has limitless potential.”

Your 5G phone is the portal to the metaverse. Players move around an augmented version of their personal physical space (home, apartment, office, street corner) to hack “glitches” in their space. As the player hacks their way through the first level of information they unravel more clues (audio, visual, and text) and discover the conspiracy goes even deeper. Once the glitches are hacked they will unlock more narrative.

“Verizon and 30 Ninjas’ 5G content collaboration blends industry-leading storytelling with next-gen technology,” said Erin McPherson, chief content officer at Verizon. “We’re thrilled to work together to create a captivating interactive thriller that showcases the evolution of mobile entertainment and the capabilities that we can unlock in our smartphones on Verizon’s 5G network.”

Helios will deliver high-octane cinematic video content, augmented-reality puzzle-solving and game mechanics, and lifelike 3D AR characters that users can virtually interact with. The low latency and high-capacity of Verizon’s 5G Ultra Wideband network will enable seamless interactivity, fast download speeds, and high-quality visuals to invite the user into a truly immersive narrative that expertly blends cinematic storytelling with interactive gamification.

Helios will launch for Android and iOS 5G-capable smartphones this fall.

SOURCE:https://brandspurng.com/2022/03/17/verizon-announces-augmented-reality-adventure-thriller-game-for-5g/

Politics / OPEC: Production Of Crude In Nigeria Has Dropped To 1.417mbpd In February by postbox: 7:52pm On Mar 16, 2022
According to the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil output will fall to an average of 1.417 million barrels per day in February 2022.
This was revealed by OPEC in its Oil Market Report for March 2022, obtained by the News Agency of Nigeria (NAN) on Tuesday in Lagos.

According to the report, the figure represents a decrease of 10,000 barrels per day when compared to the 1.427mb/d produced on average in January 2021.

“According to secondary sources, total OPEC-13 crude oil production averaged 28.47 million barrels per day in February 2022, up 0.44 million barrels per day month on month.”

“Crude oil output increased primarily in Saudi Arabia and Libya, while output in Nigeria and Equatorial Guinea decreased,” according to the report.
According to the report, Nigeria’s GDP increased by about 4.0 percent in the fourth quarter of 2021, marking the fifth consecutive quarter of economic expansion.

It stated that this was in the midst of the ongoing recovery from the pandemic effects that slowed the country’s main economic activities.

According to the report, “the annual inflation rate stood at 15.6% in January 2022, nearly unchanged from the previous month.”

“Consumer prices rose 1.47 percent on a monthly basis, following a 1.82 percent increase the previous month.”

Higher food prices as a result of geopolitical tensions could fuel inflation even further.

“The Purchasing Managers’ Index at Stanbic IBTC Bank Nigeria increased to 57.3 in February from 53.7 the previous month, as the non-oil private sector expanded the most since November 2019.”

It stated that while rising oil prices may provide ample support for the Nigerian economy, disruptions in global trade flows and supply shortages may offset this positive impact.

SOURCE:https://brandspurng.com/2022/03/16/opec-production-of-crude-in-nigeria-has-dropped-to-1-417mbpd-in-february/

(1) (2) (3) (4) (5) (6) (7) (8) ... (11) (12) (13) (14) (15) (16) (17) (18) (19) (of 94 pages)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 221
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.