Nigeria’s rice revolution
As part of President Muhammadu Buhari’s agricultural revolution plan aimed at localizing rice production and achieving food security in Nigeria, a 32-metric tonne per hour rice mill was commissioned in Lagos state on Monday.
Situated on 22 hectares of land in Imota, Ikorodu, the rice mill occupies 8.5 hectares, and the rest of the land is for an industrial park. It is the largest mill in Africa and the third-largest mill in the world
The newly inaugurated rice mill has a capacity of 2.8 million bags of 50kg bags annually and creates 1,500 direct jobs and 254,000 indirect jobs for citizens. We hope the project help curb food inflation, especially with rice, a staple food in Nigeria.
A union’s ride
Drivers of e-hailing taxis (Uber and Bolt) in Nigeria recently formed the Amalgamated Union of App-Based Transport Workers of Nigeria (AUATWON), a trade union which has been approved by the Nigerian Government.
The union members comprise app-based transport workers, online transport services, and e-hailing drivers and operators in Nigeria. The approval of the union was regarded as a major step to formalise Nigeria’s informal sector.
Through it, the government would monitor the security component of transportation systems in Nigeria, which has been threatened by a lack of policy in the industry. We hope to see fewer strikes with the union, improved responsibility of app-based unions, and the overall protection of workers.
Lekki Deep Seaport
The long-awaited $1.5 billion Lekki Deep Seaport project at Ibeju-Lekki, Lagos State, has finally been unveiled last week. The Deep seaport is one of the best ports in West Africa, and incoming vessels will be four times bigger than the size of the vessels coming into older ports like the TinCan and Apapa ports.
Asides from the creation of about 170,000 jobs, the project would bring $201 billion in revenues to federal and state governments through taxes, royalties, and duties, as well as an aggregate impact of $361 billion in 45 years upon the commencement of operations.
It is one of the major projects aimed at transforming the maritime industry in the country. But there are also concerns if the new port is not another Apapa in the making, with regards to congestion. Time will tell.
ICYMI: Market roundup
- The NGX All-Share Index appreciated by 0.12% to close the week at 52,657.88 points on January 27, 2023.
- The top gainers were Tripple Gee and Company Plc (+31.25%), International Energy Insurance Company (+28.57%), Chellarams (+23.97%), Mutual Benefits Assurance (+23.33%) and Associated Bus Company PLC (+17.24%). The top decliners were CWG Plc (-13.46%), Nigerian Breweries (-9.69%), Thomas Wyatt Nigeria Plc (- 9.66%), Courteville Business Solutions Plc (-6.00%), and industrial & Medical Gases Nigeria (-5.41%).
- The naira closed the week at 460.28 NGN compared to the N455.06/1$ recorded last week.
- Brent crude closed the week at $86.21, while US West Texas Intermediate (WTI) crude closed at $79.38.
- The global cryptocurrency market cap stood at $1.06 trillion, as of 4:59 am Sunday, the 29th of January 2023. Bitcoin stood at
- $23,202.91, a 1.93% increase in 7 days, Ethereum stood at $1,595.24, a 1.67% decrease in 7 days, and Binance coin stood at $307.88, a 2.52% increase in 7 days.
- Cathedis, a Moroccan startup specializing in delivery and e-logistics, just raised $735,000 to scale its operations.
