Nigeria, Brazil Forms $1.2 Billion Bilateral Alliance On Agric Mechanisation

The Nigerian government and Brazilian Government have signed a Memorandum of Understanding on a $1.2 billion loan to develop mechanized farming in the country. The credit facility that will be provided by the Development Bank of Brazil would also support the Federal government’s drive to establish agro-processing centres across the country. The Senior Special Assistant to President Muhammadu Buhari on Agriculture, Dr. Andrew Kwasari, made this known in Abuja on Thursday. He stated that the loan was a bilateral agreement between Nigeria and the Brazilian Government, and would be guaranteed…

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Financial Services 

CBN Freezes Baba Ijebu, Other Companies’ Bank Accounts As Dollar Scarcity Bites Harder In Nigeria

The Central Bank of Nigeria has frozen the bank accounts of 38 Nigerian companies. This is as scarcity of dollars at the parallel market during the week forced the naira down to N465 against a United States dollar. Nigeria is presently facing one of its biggest dollar crunch in recent years with the impact hurting critical sectors of the economy. In a circular dated September 4, Bello Hassan, CBN’s Director of Banking Supervision, asked banks to place the accounts of the 38 companies on Post-No-Debit (PND) order. “You are hereby…

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Africa Covid19 Government Healthcare 

We regret asking US billionaire for help – Nigerian government

The Nigerian Government on Thursday said it regrets demanding ventilators from a US billionaire, Elon Musk. The government has consequently withdrawn the plea made by the Ministry of Finance, Budget and National Planning to help provide treatment for the Coronavirus patients within Nigeria. On Thursday, Musk, who is the founder and Chief Engineer, SpaceX, had, via his official Twitter handle said that his firm had extra ventilators that had been approved by the Food and Drug Administration in America. He had tweeted, “We have extra FDA-approved ventilators. We will ship…

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