Category: Nigeria

Nigeria Accedes to the Establishment Agreement for Afreximbank’s Fund for Export Development in Africa (FEDA)

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Nigeria Accedes to the Establishment Agreement for Afreximbank’s FEDA

The signing of the FEDA Establishment Agreement is expected to pave the way for the ratification of the Agreement in due course The Federal Republic of Nigeria has acceded to the Establishment Agreement for the Fund for Export Development in Africa (FEDA), the development impact investment platform of the African Export-Import Bank (Afreximbank). Nigeria joins the ranks of countries acceding to the Establishment Agreement of FEDA, becoming the 16th nation to do so. This underscores the increasing backing the Fund enjoys among African nations. We extend our sincere appreciation to the Federal…

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Lagos Hosts the Second General Assembly of the African Association of Urban Mobility Authorities

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LAGOS, NIGERIA – November 6, 2023 – The bustling city of Lagos, renowned for its vibrant and dynamic urban ecosystem, is hosting the Second General Assembly of the newly established African Association of Urban Mobility Authorities (AUMA) from November 6-7, 2023. Co-organized by the Lagos Metropolitan Area Transport Authority (LAMATA) in collaboration with the Africa Transport Policy Program (SSATP), the gathering of urban mobility leaders aims to build the foundation for sustainable urban transit systems in Africa. Now more than ever, African cities are facing escalating challenges related to urban mobility, rooted in…

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Trade : The Arab-Africa Trade Bridges Program Announces the Membership of the Federal Republic of Nigeria

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Impactful Interventions to Strengthen Economic Ties Offer Compelling Incentives to Join the AATB Program LAGOS, Nigeria, November 2, 2023 The General Secretariat of The Arab-Africa Trade Bridges (AATB) Program, a multi-donor, Inter-regional program, announces the Federal Republic of Nigeria’s official membership in the AATB Program. This pivotal development marks a significant step towards advancing trade and to strengthen economic ties among Arab and African countries.   An essential element of the AATB Program is to connect key stakeholders with companies and investors in Arab and African countries.  The aim is…

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Nigeria: African Development Bank approves $115m loan to Abia State for road rehabilitation, erosion control and solid waste management

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The project will build resilience by providing the towns access to urban infrastructure services, including economic and social amenities The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan of $115 million to support a major road rehabilitation project in Nigeria’s Abia State. The project will see the rehabilitation of roads, erosion control infrastructure and preparation of solid waste management facilities in the state capital, Umuahia, and the commercial hub, Aba.   Financing for the project, estimated at a total cost of $263.80 million, will…

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Fez Delivery, a techstars-backed logistics startup announces Seed raise of $1 million led by Ventures Platform

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LAGOS, Nigeria, March 28, 2023/APO Group/ — Fez Delivery (https://FezDelivery.co/), a leading logistics and delivery company, announced its $1 million seed round today. Ventures Platform led the funding round, with participation from Voltron Capital, Acasia Ventures (formerly Cairo Angels), and other angel investors. This funding announcement follows Fez Delivery’s acceptance as one of the only two logistics companies in Nigeria to have received investment from Techstars Toronto, an elite global tech accelerator. Fez Delivery was founded in 2020 by Seun Alley, as a pivot from her previous company which offered janitorial…

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Yamaha Partners MAX – Africa’s Largest, Low-to-Zero Emission Vehicle Platform

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To Provide Vehicle Subscriptions, Electric Vehicles and Service Centres to 50,000 GIG Drivers in Nigeria Moto Business Service Nigeria (MBSN), a subsidiary of Japan’s Yamaha Motor Corporation,  has announced a strategic partnership with Metro Africa Xpress Inc. (MAX) – Africa’s first mobility technology platform,  to finance and maintain over 50,000 vehicles over the next two years. The partnership will expand Max’s operations in Nigeria, Ghana and Cameroon and fast track their goal to serve 100,000 independent commercial drivers by the end of 2023. MBSN provides services for tech startup companies…

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IMPERIAL ACQUIRES CONTROLLING STAKE IN ‘AFRICA FMCG DISTRIBUTION LTD’ IN NIGERIA

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Imperial, owned by DP World, has announced its Market Access business has completed the strategic acquisition of a controlling stake in Africa FMCG Distribution Ltd (AFMCG), which is part of the Chanrai Group of Companies. AFMCG is a multi-faceted business, distributing products that positively impact the lives of consumers in Africa every day. The business offers a nationwide and best-in-class route-to-market solution across multiple channels in Nigeria. Its services also extend to co-manufacturing, co-packing, sourcing and value-added services in the fast-moving consumer goods (FMCG) sector. Representing some of the world’s…

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First Vessel berths as Lekki Port takes delivery of STS Cranes and RTG Equipment

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In what could best be described as a major milestone and a significant boost ahead of the commencement of port operations, Lekki Deep Sea Port, on Friday, 1st July 2022, took delivery of 3 Super Post Panamax Ships to Shore (STS) Cranes and 10 Rubber Tyred Gantries (RTGs) and also witnessed the arrival of the first vessel to berth at the port. The cranes and the RTG equipment will be used in the container terminal, which will be operated by Lekki Freeport Terminal, a subsidiary of CMA CGM Group. The…

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