The National Agency for Science Engineering and Infrastructure (NASENI) has signed a Memorandum of Understanding (MoU) with Israeli and Japanese companies to commence the manufacturing of electric motorcycles in Nigeria per NASENI’s directive to pilot Nigeria’s industrialization process.
The MoU was signed on Thursday in Abuja. According to the partners, the project will be fully operational in the first quarter of 2023.
The project is expected to deepen Nigeria’s capacity building, create job opportunities and also speed up Nigeria’s industrialization agenda.
Micheal Freeman, Israeli Ambassador to Nigeria, said the partnership of Israeli, Japanese, and Nigerian technologies would address diverse issues affecting transportation and environmental division in Nigeria.
Micheal said “It is a project that is a partnership with Israeli, Japanese, and Nigerian companies taking place in Nigeria.
“What is special about this project is that it is a timely project that combines Israeli technologies, Japanese technologies, Nigerian entrepreneurship, and innovation to create a project that is going to work fabulously.
“We are talking about bringing electronic Motorcycles into Nigeria which will be a program that is green, environmentally friendly.
“It offers people a cheap way and safe way of transport and even has a technology to ensure that the motorcycles are only used for legal and appropriate purposes.
“When we look at what the problems are in the world and also in Africa and Nigeria, we are talking about issues of fuel scarcity, we are talking about green technology, we are talking about the need to provide cleaner, cheaper, easier transport.
“And here we are, having Israeli and Japanese companies coming together with Nigerian partners to provide cleaner, greener, newer, exciting technology that is expected to move people, the population across the country.
“I believe that a program that is going to start in Nigeria will be successful and will go across Africa,” Freeman stated.
Takeshi Isaku, chief innovation officer, Musahi of Japan, said his company was eager to aid the Nigeria and African continent in establishing safe, secure, and clean technologies.
Hon. Wadada Aliyu, the chairman, of PAN Nigeria Limited, said the project was the beginning of technological evolution in Nigeria.
Nigeria’s Untapped Coffee Sector Holds the Key to $2 Billion Annual Revenue
Amidst declining foreign reserves and the need for alternative revenue streams, Nigeria’s overlooked coffee industry emerges as a potential powerhouse capable of contributing over $2 billion annually to foreign exchange earnings.
Industry experts emphasize the necessity for strategic investments and modernized farming practices to unlock the full economic potential of the coffee sector.
While Nigeria is not among the top 10 coffee producers in Africa, the country’s untapped coffee industry holds the promise of significant financial gains, job creation, and sustainable agricultural development.
The urgency for revitalization comes as Nigeria grapples with a decline in foreign reserves, dropping from $38.25 billion in September 2022 to $33.23 billion in the third quarter of 2023.
Salihu Imam, Chairman of the National Coffee and Tea Association of Nigeria, Oyo State, highlighted the global significance of coffee, stating, “Coffee is the second most traded/valuable of all commodities and first in Agricultural commodities in the world.”
The potential economic impact extends beyond immediate financial gains, with Nigeria positioning itself as a key player in the global coffee trade.
Despite its potential, Nigeria’s coffee exports remain modest, producing less than one million bags annually.
In contrast, Ethiopia, the largest coffee exporter in Africa, is projected to produce 8.25 million bags. Experts suggest that Nigeria, with its unique coffee varieties, could generate $2 billion annually.
Segun Lary-Lean, President of the West Africa Specialty Coffee Association, emphasized the robust global demand for coffee, comparing it to water in Western countries.
He noted the significant earnings of coffee-producing nations like Brazil, Colombia, Vietnam, and Kenya, which experienced a 17% increase in coffee earnings.
In a call to action, industry players urge the Federal Government to prioritize strategic investments, modernized farming practices, and value-added processing to harness the coffee sector’s full economic benefits.
Unlocking the potential of Nigeria’s coffee industry stands not only as a financial opportunity but as a catalyst for broader economic growth and diversification.
Nigeria’s Q3 Foreign Trade Skyrockets: Crude Oil Revenue Surges by 83.23% to N8.54tn
Federal Government to Earn Over $500 Million in INTELS Deal
Nigerian Exchange Rebounds with N166bn Gain, Led by Key Banking and Tech Stocks
Nigeria’s Commercial Papers Surge to Over N1 Trillion
Nigeria’s FX Reserves Dwindle by $1.6 Billion Amid Unification Efforts, Straining Naira
Business3 weeks ago
Nigeria’s Logistics Sector Holds Untapped N3tn Potential, Says Courier and Logistics Management Institute
Black Market Rate3 weeks ago
Black Market Exchange Rate Today 14th November 2023
News3 weeks ago
Millionaire Powerplay Limited Unveils Unprecedented Odds in American Lotto’s Instant Cashless Payout
News4 weeks ago
N-Power Batch C1 Programme Successfully Concluded, Investigation Ensures Eligible Beneficiaries Receive Payments
Black Market Rate4 weeks ago
Black Market Exchange Rate Today 9th November 2023
Forex3 weeks ago
Black Market Exchange Rate Today 16th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 10th November 2023
Forex4 weeks ago
Black Market Exchange Rate Today 8th November 2023