News
History as FG Begins Production of Local Ventilators
Federal government said it has commenced the local production of ventilators and disinfectant spraying devices to battle the ongoing coronavirus pandemic.
A statement sent by the ministry of science and technology on Tuesday, said, Ogbonnaya Onu, minister of Science and Technology, launched the newly produced devices on behalf of the government in Abuja.
The statement signed by Olusegun Ayeoyenika, ministry’s spokesperson, said the ventilators and other devices were produced by the National Agency for Science and Engineering Infrastructure (NASENI), under the ministry.
The statement said the first consignment of the devices will “support breathing efforts of Nigerians who are already down with the pandemic”.
It said the Nigerian government was determined to contain the epidemic in the country.
NASENI is the federal government’s agency for research, development and the manufacturing of capital goods, machines and equipment.
“As its response to the COVID-19 disease, the Agency has manufactured a set of disinfectant sprayer devices to assist in sanitising Nigerian cities, streets and the environment including ventilators,” he said.
Onu, represented by Mohammed Abdullahi, minister of state, said the Buhari administration was not resting on its oars to prevent Nigerians from dying as a result of COVID-19.
Ventilators are currently scarce all over the world as countries continue to conserve the ones they have for their own citizens.
“Aside the ventilators which aid COVID-19 patients in breathing, NASENI had manufactured sprayer devices ranging from NASENI-Safety Tunnel (O shape), NASENI-Single Disinfectant Chamber, Disinfectant Delivery on KEKE NASENI (tricycle), Disinfectant delivery device on Hilux, Disinfectant delivery device on Tanker and the environmental disinfectant blower,” the statement also said.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
GCR Affirms Afreximbank’s International Scale Ratings of A, A2
SmartCash Launches ‘No Be Cho Cho Cho’ Campaign to Boost Digital Banking in Nigeria
MTN Nigeria Non-Executive Director Mazen Mroue Quits to Focus on Group Role
Google Adds Yorùbá, Hausa to AI Search, Boosting Access for Millions of Nigerians
MultiChoice Shuts Down Showmax After 11 Years Amid Streaming Wars
Dr. Cairo Ojougboh Foundation Bolsters Nigeria’s Education Drive with ₦2.7m Student Support
Kaspersky Brings more Transparency to Threat Detection with New Hunt Hub
NDPC Commits to Balancing Data Privacy, Protection Information
PwC Reveals AI Scaling Gap Slows Africa’s Digital Transformation
Firm Reviews the Evolution of Phishing Threats in 2025
E-Financial3 days agoNRS Targets N40trillion in Tax, Royalty Revenue in 2026
General News3 days agoPurple Woman 3.0 Is Back, to Empower Women in Tech this IWD 2026
E-Financial3 days agoSEC Revokes Registration of Kensington Agro Trading Limited
News3 days agoEFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud
E-Financial2 days agoNigeria’s VAT Jumps 34%, CIT Soars 48% to ₦14trn in 9M’25 – NBS
E-Business3 days agoNDPC, 60 DPAs Collaborate on Enforcing Privacy Rights in the Use of Al
Telecom2 days agoFG Approves GIS-enabled Digital Postcode to Tackle Logistics Gaps, Boost E-commerce
Telecom3 days agoKonga Launches ‘Berekete Sales’ with Up to 50% Discounts Across Major Categories