EU Grants €300,000 to Boost Nigeria-Europe Trade
The European Union has awarded Eurocham Nigeria a €300,000 grant to strengthen trade ties. Ambassador Gautier Mignot announced the funding, which will support Eurocham’s advocacy and operations, improving Nigeria’s business environment and promoting EU-Nigeria trade and investment under the EU’s Global Gateway Strategy.
Association of Raw Gin Producers of Nigeria (ARGPON) Standardizes Ogogoro Production
The Association of Raw Gin Producers of Nigeria (ARGPON) is regulating local gin (ogogoro) production to improve quality and safety. The initiative includes registration of producers, promotion of better technology, and alignment with government policy.
Coleman CEO: Fix Power Grid with Local Solutions
George Onafowokan (Coleman Wires) urges Nigeria to prioritize local manufacturing and materials to solve its power grid problems. He calls for deregulation and support for local industries, saying money alone won’t fix the generation-transmission gap.
Nigerian Institute of Quantity Surveyors (NIQS) and Julius Berger Partner on Infrastructure Excellence
The Nigerian Institute of Quantity Surveyors (NIQS) Foundation and Julius Berger have partnered to boost infrastructure development in Nigeria. The collaboration will focus on professional development and improved project delivery.
Caverton’s N50.53bn Loss Blamed on Forex, CEO Remains Optimistic
Caverton, led by CEO Bode Makanjuola, reported a N50.53bn loss, mainly due to forex losses. Despite this, the CEO expressed optimism, citing revenue growth and the company’s resilience amidst economic challenges.
Nikon’s Z50II: AI-Powered and Affordable
Nikon launched its AI-powered Z50II mirrorless camera, targeting photographers and videographers. Nikon MD Narendra Menon touted its affordability and unique features. Content creators praised its performance. Financing options are planned.
Vandalism Slashes Nigeria’s Gas Exports
Pipeline vandalism has cut Nigeria’s gas exports by 20%, disrupting LNG supplies and potentially impacting government revenue. The NLNG cited the damage’s effect on deliveries. The incident highlights ongoing security issues hindering Nigeria’s energy sector.
CBN Chief: Policies Averted 42.81% Inflation
CBN Governor Cardoso said policy interventions kept 2024 inflation below a projected 42.81%. He pledged orthodox measures for 2025, citing MPR hikes and FX reforms. He emphasized policy coordination and expressed optimism for disinflation.
NNPCL Launches Five Mini LNG Plants in Kogi
The Nigerian National Petroleum Company Limited (NNPCL) has begun construction of five mini LNG plants in Ajaokuta. CEO Mele Kyari highlighted the project’s importance to Nigeria’s gas revolution, citing its strategic location and NNPCL’s commitment. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) CEO, Farouk Ahmed, noted Ajaokuta’s growing gas infrastructure hub and the project’s role in energy transition.
Nigeria Unveils $23bn Power Plan
Nigeria launched a $23.2bn energy program, seeking $15.5bn in private investment, to boost electricity access and renewables. The government aims to tackle power deficits and vandalism.
150 CNG Stations Planned for 2025
The government plans at least 150 CNG stations by end of 2025, says Presidential CNG Initiative Director Michael Oluwagbemi. He cited progress toward one million CNG vehicles by 2027 and expects investment to double in 2025. The move aims to address the current CNG station shortage.
Fuel Imports Continue Despite Refinery Resumption
NNPC and marketers imported over 633 million litres of fuel in January despite the restart of two refineries. NNPC’s share was 212.87 million litres of petrol and 120.1 million litres of diesel. IPMAN says refinery output is still low, explaining the continued imports.
BUA Foods Posts Strong Profit Despite N188.7bn FX Loss
BUA Foods reported a N188.7bn foreign exchange loss for 2024, but still achieved a N274.9bn net profit after tax. Operating profit rose significantly, and earnings per share also increased.
