Category Archives: Nigeria

Nigeria to improve wheat production with locally modified seeds

Nigeria, Africa’s largest buyer of wheat, is partnering with food company Olam International Ltd. to develop seed varieties of the grain that are suitable for its climate, which will boost local output and cut dependence on imports.

Olam unit Crown Flour Mill Ltd., has produced so-called nucleus seeds suitable for the West African nation’s topography and climate, Ashish Pande, the country head for Olam Agri Nigeria, said at a virtual media briefing on Friday.

Africa’s most populous country placed restrictions on wheat imports before Russia’s invasion of Ukraine disrupted supply. But it harvested less than 1% of the 4.7 million tons of the grain it consumed in 2021, according to the US Department of Agriculture. The surge in the price of the cereal crop helped fuel the inflation rate for food, which rose to 22% in July from a year earlier.

Domestic wheat production has been hampered by lack of appropriate seed varieties that can be grown in local whether conditions, high fertilizer costs and the lack of irrigation facilities.

The new seeds “gives some assurance that the investment of Olam will accelerate production” in Nigeria across the wheat-farming belt, Kachalla Mala, the principal research officer at Lake Chad Research Institute, said at the briefing.

Source: furtherafrica.com/

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Nigeria, strongest economy besides South Africa

Nigeria is the most important economic power in Africa besides South Africa. Nigeria has been producing oil for more than 50 years, yet a large part of the population lives in oppressive poverty. The consequences of oil production for the environment are catastrophic in the Niger Delta. Africa’s most populous country is dynamic, diverse, but also rich in conflict. These are often carried out along ethnic and religious dividing lines. Current articles on Nigeria can be found here.

Source: www.tagesspiegel.de, 2019

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Nigeria outlook

On Monday, the 14th of January, the Nigeria Outlook event is held annually at the offices of Standard Chartered Bank in London. The event will provide an overview of Nigeria’s current macroeconomic position and discuss the political, economic and commercial prospects for the country in the year ahead. The keynote speaker will be Razia Khan, Chief Economist for East Africa and the Middle East at Standard Chartered Bank. Other speakers will be confirmed soon. Invest Africa members can register interest to Philippa Jalland.

Razia Khan – Chief Economist for Africa and the Middle East, Standard Chartered Bank

With over 20 years of experience covering emerging and frontier markets, Razia Khan is a well-known commentator on the region. She has provided regular updates to Central Banks, finance ministries and sovereign wealth funds. She currently serves on the WEF’s Global Future Council on Migration and on the Advisory Board of the Royal African Society. She was named one of the ‘100 Most Influential Africans’ in 2015 by New African Magazine and the ‘100 Africa Economics Leaders’ by Institut Choiseul (2017). Razia holds BSc and MSc (Econ) degrees from the London School of Economics.

Source: Invest Africa

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Africa’s direct investment rebound

The number of foreign direct investment (FDI) projects in Africa increased by 6 % in 2017, despite the continent experiencing sluggish growth, according to a report by EY. The top five FDI destinations – which accounted for over half of total investment – were South Africa, Morocco, Kenya, Nigeria and Ethiopia. The uptick in projects came as economic growth in Africa recovered following the lowest growth in over 20 years in 2016.

Source: African Business, Dec/jan 2ß10

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