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Italy to invest in Nigeria’s agric sector

The Italian Government has disclosed plans to invest in the Nigerian agricultural sector.  

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Nigeria's Agricultural sector records highest growth in Q1 2019, Central Bank disbursed N299 billion

The Italian Government has disclosed plans to invest in the Nigerian agricultural sector.  This was revealed by the Trade Commissioner of the Italian Trade Agency (ITA), Alessandro Gerbino at an event in Abuja. 

Gerbino explained that Italy’s interest to invest in Nigeria’s agricultural sector is part of its effort to strengthen trade relations with Nigeria. 

He also said that it was because Italy is already known for the way it transforms raw materials that the agency plans to channel into producing high-quality products for the sector. 

According to the Commissioner, Nigeria has many raw materials that could be processed with the technologies and machinery that Italy would bring as partners. 

[READ MORE: Dangote Fertilizer signs major gas deal with NNPC and Chevron]

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Gerbino’s words: “Italy is famous for being able to certify a perfect combination of technology that goes from the source to the consumer at the highest performance. Italy is a country that made its fortune on its ability to transform raw materials. 

“Italy does not have its own raw materials but is one of the big economies in the world. We have achieved and transformed raw materials that we sourced because we develop the technology and also sell the technology abroad to our competitors in some areas. 

“Nigeria has raw materials and wants to diversify its economy, and the thing that comes to my mind is that Italy has high performing machinery to produce high-quality products. 

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”The products that can be used or exported to rich markets overseas,’’ he said, as reported by NAN. 

Why this matters: Unlike Nigeria, Italy is known for not having raw materials but instead known for having technologies or machines to process, package and store these goods into being fit and attractive enough to sell massively when exported. The partnership would therefore be a boost to not only Nigeria’s agricultural sector but also the Italian Trade Agency. 

What you should know: The Italian Trade Agency (ITA) is the governmental agency that supports the business development of the nation’s companies abroad and promotes the attraction of foreign investments in Italy. 

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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ENDSARS

South-West Governors say attacks in Lagos were attempts to weaken the region’s economy

South West governors have they described the coordinated attacks in the state as an attempt to weaken the region’s economy.

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South-West Governors say attacks in Lagos were attempts to weaken the region's economy

Governors of the South-West states have pledged their supports to their Lagos State counterpart, as they described the coordinated attacks in the state as an attempt to weaken the region’s economy.

This was disclosed by the Chief Press Secretary of the state, Gboyega Akosile, during the visits of the Governors and the Federal Executive Council members from SouthWest to the public assets and private properties destroyed in last Wednesday’s arson in the state.

READ: How to access new N75 billion Nigerian Youth Investment Fund

He tweeted, “Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday’s coordinated arson in Lagos State.

“The delegation of Governors and Ministers was personally received by Sanwo-Olu at the State House in Marina, where the Lagos helmsman showed them the pictorial evidence of the violence before visiting some of the torched assets.”

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READ: President Buhari approves N13.3 billion for Community Policing in Nigeria

At a joint press conference held after the tour, Chairman of Southwest Governors’ Forum and Ondo State Governor, Arakunrin Rotimi Akeredolu, SAN, compared the scenes to a war zone, given the extent of the destruction.

According to him, the violence that resulted from the EndSARS protest left much to be desired, stressing that there was an agenda beyond the youth demonstration against police brutality.

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READ: FEC approves $40 oil benchmark for 2021 budget

He said, “We are deeply concerned with the ease with which public buildings, utilities, police stations, and investment of our people have been burnt despite the proximity of security agencies in those areas.

READ: FG suit may lead to delay in Shell’s Bonga project

What this means: From all indications, it is obvious that the South-West Governors believed that the said attack, which were rumoured to have been carried out by suspected hoodlums, were sponsored by some people to deliberately disorganize the region’s economy.

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#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums – LASG 

The Lagos State Government disclosed that the 84 BRT vehicles destroyed by the hoodlums cost a total of about N3.9 billion.

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#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums - LASG 

The Lagos State Government has revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, all totaling about N3.9 billion.

This statement was made by the Lagos State Government on Friday, after evaluating the extent of damage made to the Bus Rapid Transit (BRT) vehicles.

READ: Arik, Dana Airlines to resume flight operations after curfew

What you should know

Few days ago, hoodlums hiding under the cover of #EndSARS protests allegedly attacked and razed the Oyingbo BRT terminal, with several buses burnt. Nairametrics reported that Primero Transport Services Ltd (PRT), the owners of BRT buses said they have lost over N100 million in 6 days due to the #EndSARS protests.

READ: Lagos Bus Service records 10 million passengers in 10 months

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The State’s Commissioner for Information, Mr. Gbenga Omotosho, in an exclusive interview with Punch, disclosed that:

  • 23 big BRT buses were razed down, while 57 medium-size BRT buses were affected by the violence, which brings the total of the BRT vehicles destroyed to 80. 
  • 23 of the 80 BRT buses burnt by the hoodlums were at Ojodu, while the remaining  57 were at the Oyingbo area.  
  • The big buses cost around $200,000 each, while the medium-size ones cost around $100,000 each.

READ: #EndSARS: Lagos orders investigation of Lekki Toll Plaza shooting

What they are saying 

Mr. Omotosho said, “As I speak, the Governor and some of us are going around the state from one facility to the other. We are also visiting private facilities. Some of the places were the Oregun Vehicle Inspection Service office, the BRT park at Oyingbo, and the terminus at Ojodu Berger. 

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“I don’t know how they planned it; the hoodlums left the old buses and went for the new ones. The new ones were worth billions of naira. 

READ: Operators of BRT suspend operations on Ikorodu-TBS route

“However, the cumulative losses incurred by the state are not ready yet. But it will be mind-boggling. It came on a scale beyond belief. We know that the police have apprehended suspects.”

What this means

The vehicles were purchased in dollars; So, the consistent decrease in the value of Naira is expected to edge the cost of these buses up, when denominated in Naira. 

The Lagos State Commissioner for Information, Mr Gbenga Omotosho explained that with the current foreign exchange rate, the 80 destroyed BRT buses are now valued at N3.929 billion.

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BREAKING: Lagos State reviews curfew again, now from 8pm to 6am

Governor Babjide Sanwo-Olu has once again reviewed the curfew in the state to now commence between 8 pm to 6 am.

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4 key points in the new Lagos 2020 Land Use Charge, Lagos offers tech founders N250 million seed fund, cuts stringent access , Governor Sanwo-olu launches 14 ferries to tackle gridlock, says Okada ban irreversible, ride-hailing

The Lagos State Governor, Babajide Sanwo-Olu, has further reviewed the curfew earlier imposed on the state to help contain the large scale violence following the hijacked #EndSARS protests against police brutality and extra-judicial killings. The curfew now starts at 8 pm and ends at 6 am daily.

This is coming 2 days after the Governor had eased the 24-hour curfew to start from 6 pm to 8 am daily.

This disclosure was made by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, on Sunday, October 25, 2020.

The Commissioner in his statement said, “The curfew in Lagos State has been reviewed. Restriction time is now 8 pm to 6 am. Lagosians are enjoined to plan their journey times as they go about their lawful businesses. Public schools remain shut till further notice.”

What this means

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This new review gives Lagosians an extra 4 hours to go about their daily activities.

What to expect

The Lagos State government will keep on reviewing and relaxing the curfew, as long as the security situation does not spike again.

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Details later…

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