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Japanese Companies In Nigeria Double In 4 Years

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  • Japanese Companies In Nigeria Double In 4 Years

Japan’s trade relation with Nigeria continues to grow as it’s affiliated companies in the country doubled in the last four years from 21 in 2014 to 42 in 2018.

Likewise, Japan’s exports into Nigeria in 2018 rose by 2.3 percent to $328 million compared to $321 million in 2017.

Japan exported vehicles, which constituted 20.7 percent of the total export in 2018, steel products of 16.7 percent, and chemical products of 11.3 percent within the period under review.

On the other hand, Nigeria’s trade export to Japan in 2018 rose to $992 million, indicating an increase of 17.7 percent compared with $783 million in  2017.

Nigeria exported oil and gas, which shared 77.6 percent of total export in 2018, and non-ferrous metals of 15.4 percent.

This was disclosed by the Trade Commissioner/managing director of Japan External Trade Organisation (JETRO), Lagos, Mr Shigeyo Nishizawa.

“The rejuvenation of the economy of the African giant could not have been possible without the Government intervention as well as increase in foreign investments,” he noted.

“By this development of economic recovery, Japanese companies, as a result, have taken huge advantage to invest by expanding their businesses in the biggest African market in Nigeria.

Nishizawa further revealed that JETRO, a Japanese non-governmental organisation “works to promote mutual trade and investment between Japan and the rest of the world.”

JETRO in collaboration with the Embassy of Japan would be hosting a pavilion for products at the Lagos International Trade Fair which will begin in the first week of November 2019.

The Organisation would be showcasing 37 Japanese brands, technologies as well as their agents and local distributors to their Nigerian counterparts.

“One of the captivating moments in Japan Pavilion this year is the “Made in Japan, Made for Women” Corner.

“JETRO is setting up a special zone at the Japan Pavilion featuring a collection of products for women in Nigeria. There is a common slogan in Nigeria that says “looking good is good business.

“This zone will introduce Japanese products and services helping to enrich women’s lives with more fashionable and convenient items.

“Series of products like Cosmetics, Hair wigs, Shampoo, Sewing Machines, Headphones, Foods and Beverages, Seasonings, etc., will be exhibiting, including live performance on stage,” he added.

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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