The difficult patch that Nigeria, the largest economy in Africa, is going through does not seem to be abating.
According to a new Nielsen report (pdf) which provides a ranking of business prospects for leading markets in Sub Saharan Africa, Nigeria is no longer the top investor destination on the continent. In its place, Cote d’Ivoire has risen to the top of the rankings.
Buoyed by a fast growing economy and a lengthy period of political stability highlighted by successful elections last year, Cote d’Ivoire is now regarded as a prime destination for investment in Africa. Although, that status could now be affected following a recent attack by Al Qaeda in the Islamic Mahgreb (AQIM).
Having been ranked as the top investor destination at the start of 2015, Nigeria has now fallen to fourth on the rankings. The ominous slide fits the narrative of Nigeria’s slowing economic growth amid a global slump in commodity prices. Oil in particular, Nigeria’s main export and revenue source, has been badly hit.
According to the research firm, Nigeria’s slide was “driven primarily by deteriorating macro-economic indicators”. It also adds that “consumer indicators and overall confidence levels” have also dipped. A recent Capital Importation report (pdf) by the Nigeria Bureau of Statistics confirms this. Last year, Nigeria’s recorded total inflow of capital into the economy stood at $9.6 billion —a 53% drop from the previous year and the lowest recorded total since 2011.
While incidental economic factors have largely contributed to Nigeria’s floundering economy, the country’s government has also come in for criticism for not managing the crisis effectively. President Buhari’s handling of the economy has been questioned with the Central Bank of Nigeria instituting strict monetary controls in response to commodity prices and a currency slide. These controls, which inevitably strained citizens and hardly had the desired effect, have been described as unorthodox.
As Buhari closes in on his first year in office, many Nigerians will be hoping that in his second year, the focus will be on triggering an economic rebound in Africa’s biggest economy following slowed growth.
Quartz
Thursday, March 17, 2016
Nigeria plans to generate 4,000MW of electricity from nuclear energy
The Federal Government is currently working towards generating 4,000MW of electricity using nuclear energy.
The plan is to start a programme in the coming years that will give the country 1,000MW in the first instance, to be increased to 4,000MW thereafter.
A statement on Wednesday by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this was disclosed during a meeting President Muhammadu Buhari had with the Director-General of of International Atomic Energy Agency, Mr. Yukiya Amano, at the Presidential Villa, Abuja.
Shehu said the ministers who spoke at the meeting gave updates on the country’s presentation for the utilisation of nuclear energy.
Shehu said, “The Ministers of Power, Solid Minerals, Health, Science and Technology who briefed the meeting said preparatory steps taken so far included the training of doctors and other medical specialists to prepare for unforeseen circumstances, the establishment of specialist medical centres and the procurement of necessary equipment aimed at protecting the health of the citizens.
“Nigeria, said the Ministers, is aspiring to start a programme in the coming years that will give this country 1,000MW of electricity in the first instance, to be increased to 4,000 megawatts thereafter.”
He quoted the President as welcoming the support IAEA for Nigeria’s aspiration to generate electricity using nuclear energy.
Speaking in company with Vice President Yemi Osinbajo, and a number of ministers, Buhari said he was happy that the organisation was developing a programme from which Nigeria would benefit.
He urged the IAEA to do more to support Nigeria in view of the long years of its association and support for the nuclear regulatory agency.
In his address, Amano said he was pleased to see that Nigeria was taking the correct steps, so far, toward a safe usage of nuclear energy for peaceful purposes.
PUNCH
The plan is to start a programme in the coming years that will give the country 1,000MW in the first instance, to be increased to 4,000MW thereafter.
A statement on Wednesday by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this was disclosed during a meeting President Muhammadu Buhari had with the Director-General of of International Atomic Energy Agency, Mr. Yukiya Amano, at the Presidential Villa, Abuja.
Shehu said the ministers who spoke at the meeting gave updates on the country’s presentation for the utilisation of nuclear energy.
Shehu said, “The Ministers of Power, Solid Minerals, Health, Science and Technology who briefed the meeting said preparatory steps taken so far included the training of doctors and other medical specialists to prepare for unforeseen circumstances, the establishment of specialist medical centres and the procurement of necessary equipment aimed at protecting the health of the citizens.
“Nigeria, said the Ministers, is aspiring to start a programme in the coming years that will give this country 1,000MW of electricity in the first instance, to be increased to 4,000 megawatts thereafter.”
He quoted the President as welcoming the support IAEA for Nigeria’s aspiration to generate electricity using nuclear energy.
Speaking in company with Vice President Yemi Osinbajo, and a number of ministers, Buhari said he was happy that the organisation was developing a programme from which Nigeria would benefit.
He urged the IAEA to do more to support Nigeria in view of the long years of its association and support for the nuclear regulatory agency.
In his address, Amano said he was pleased to see that Nigeria was taking the correct steps, so far, toward a safe usage of nuclear energy for peaceful purposes.
PUNCH
Wednesday, March 16, 2016
Gender equality bill rejected in Nigeria
Nigeria's Senate has been condemned for rejecting a proposed bill aimed at eliminating "all forms of discrimination" against women.
Rights activists say the bill would promote women's equality in marriage, inheritance and education.
But some lawmakers voiced opposition, saying the Gender and Equal Opportunity Bill is not compatible with Nigerian culture and religious beliefs.
Others said the constitution already recognises the rights of everyone.
In Islam, women get half of men's share in inheritance and it is unacceptable for anyone to change that, a Muslim senator told the BBC.
One Christian lawmaker also quoted some sections of the bible to condemn the bill.
But the Senate's decision to throw out the bill has been widely condemned.
Human rights activist Bukky Shonibare says it was a sad day for Nigerian women.
"It shows how backward we are and how much we want to hold on to our lopsided religious and cultural beliefs," she told the BBC's Focus on Africa radio programme.
It is unfortunate that some men who see the emancipation of women as a threat are the ones being trusted with making laws and order, she added.
"Every Senator that voted against the bill should hide in shame," said prominent actress Uche Jombo.
Some activists have started circulating a petition urging the Senators to reconsider.
BBC
Rights activists say the bill would promote women's equality in marriage, inheritance and education.
But some lawmakers voiced opposition, saying the Gender and Equal Opportunity Bill is not compatible with Nigerian culture and religious beliefs.
Others said the constitution already recognises the rights of everyone.
In Islam, women get half of men's share in inheritance and it is unacceptable for anyone to change that, a Muslim senator told the BBC.
One Christian lawmaker also quoted some sections of the bible to condemn the bill.
But the Senate's decision to throw out the bill has been widely condemned.
Human rights activist Bukky Shonibare says it was a sad day for Nigerian women.
"It shows how backward we are and how much we want to hold on to our lopsided religious and cultural beliefs," she told the BBC's Focus on Africa radio programme.
It is unfortunate that some men who see the emancipation of women as a threat are the ones being trusted with making laws and order, she added.
"Every Senator that voted against the bill should hide in shame," said prominent actress Uche Jombo.
Some activists have started circulating a petition urging the Senators to reconsider.
BBC
Video - President Muhammadu Buhari discusses oil theft with Equatorial Guinea's president
Nigerian President Muhammadu Buhari is back in Nigeria after a two day tour of Malabo, the capital of Equatorial Guinea. Together with host President Obiang Nguema Mbasogo, the leaders discussed piracy along the Atlantic ocean and oil theft among other issues.
Africa's richest man Aliko Dangote launches tomato paste factory in Nigeria
The highly anticipated Dangote tomato paste factory, located in Kano, northern Nigeria, has commenced operations in an attempt to curb the import of tomato pastes into the Nigerian market. The $20 million facility, which is the size of 10 football pitches set within 17,000 hectares of irrigated fields, will directly employ 120 people. It is also expected to produce about 430,000 tons of tomato pastes annually, which is a significant ingredient in most local Nigerian dishes such as Jollof rice, stew and many soups.This plant will help save tons of tomatoes from rotting away in the Nigerian market. According to the country’s Ministry of Agriculture, Nigeria produces about 1.5 million tons of tomatoes a year, but over 900,000 tons is lost to rot. This is obviously a huge sigh of relief for farmers in Northern Nigeria where this crop is grown the most. However, the Dangote Group, owned by Africa’s richest man, has said that the company will buy tomatoes from farmers who grow this crop in large quantities. This is because the factory requires a huge supply of tomatoes to be functional.
Still, the start of Dangote’s tomato paste factory raises several questions like whether commencing operations will beat imported pastes out of the market or if Dangote will be able to slash the cost of his tomatoes looking at how he slashed the price of cement across Nigeria?
Quick facts about the tomatoes industry in Nigeria
Nigeria is the 14th largest producer of tomatoes in the world.
It is the largest producer of tomatoes in sub-Saharan Africa
It is the eighth largest importer of tomato paste in the world after Iraq and Japan.
The country has a significant demand for processed tomatoes but almost half of the tomato pastes found in its markets have been imported from China and Italy.
Last year, the Director General and CEO of the Raw Material and Research and Development Council (RMRDC), Dr. Hussaini Ibrahim, revealed that Nigeria spends about $1.5 billion annually on tomato product-importation from China and other parts of the world.
Erisco tomato paste known as Nagiko is the first tomato paste to be made in Nigeria.
Ventures Africa
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