Seplat Energy Announces Retirement of 2 Directors, Appoints 2 New Directors

Esan Bolaji
-
0
Seplat Energy Announces Retirement of 2 Directors, Appoints 2 New Directors

9th July 2021: The Board of Directors and Management of Seplat Energy Plc today announces that Mr. Damian Dodo, SAN, and Lord Mark Malloch-Brown, both Independent Non-Executive Directors (INED), retired from the Board of the Company.

Mr. Dodo, SAN was appointed to the Board in March 2014 while Lord Malloch-Brown was appointed in February 2014. For the past seven years, both Directors diligently served the Board and made significant contributions towards the growth of the Company during their tenure.

Commenting on the retirement of the Directors, the Chairman of the Board remarked as follows:

“Seplat Energy was very privileged to have had such seasoned intellectuals who made significant contributions to the growth of the Company. We remain grateful to Mr. Dodo, SAN and Lord Malloch-Brown for sharing their wealth of knowledge and vast experiences with the Board and the Company and we wish them the best in their future endeavours”.

Additionally, the Board of Directors and Management of Seplat Energy Plc is delighted to announce the appointment of Prof. Fabian Ajogwu and Mr. Bello Rabiu as Independent Non-Executive Directors of the Company, joining the Seplat Board with effect from today.

Seplat Energy

Prof. Fabian Ajogwu is a Senior Advocate of Nigeria and Lagos Business School Professor of Corporate Governance. He is an Alumnus of the Said Business School of Oxford University, and an Alumnus of the Lagos Business School. Professor Ajogwu holds a doctorate in Law from the University of Aberdeen, Scotland; an MBA from the IESE Business School, University of Navarra, Barcelona; and Law degrees from the University of Nigeria, and the University of Lagos.

Professor Ajogwu is a Fellow and Director of the Society for Corporate Governance Nigeria; a Fellow of the Nigerian Institute of Chartered Arbitrators, Fellow of the African Leadership Initiative West Africa, Henry Crown Global Leadership of the Aspen Institute (2009 Class set), Fellow of the AIFA Reading Society, Fellow of the Society for Art Collection, a member of the Oxford Philosophical Society, and a member of the Royal Institute of Philosophy,
London Professor Ajogwu assisted the Securities and Exchange Commission in drafting Nigeria’s pioneer Code of Corporate Governance from 2001 to 2003.

He chaired the Nigerian Communications Commission Committee on Corporate Governance between 2013 and 2014 that produced the pioneer NCC Code of Corporate Governance for the Telecommunication sector. He served on the Financial Reporting Council of Nigeria Committee on the 2018 National Code of Corporate Governance. He chairs the Body of Senior Advocates of Nigeria Committee on Continuing Legal Education.

Mr. Bello Rabiu holds a Bachelor’s and Master’s Degrees in Mathematical Statistics from Ahmadu Bello University Zaria, Nigeria and another Master’s Degree in Petroleum Engineering from The Imperial College, London, United Kingdom.

He attended many career advancements courses in Nigeria and abroad including the prestigious Wharton Executive Development Program from the University of Pennsylvania in Philadelphia, USA and the Leading Global Business Program from Harvard Business School, Boston, USA.

Before his new role at Dankiri Farms, Mr. Rabiu retired from the services of Nigerian National Petroleum Corporation (NNPC) in July 2019 after 28 years of service. He retired from NNPC as the Chief Operating Officer/Group Executive Director, Upstream Business Unit. Prior to his appointment as COO/GED Upstream, NNPC.

Mr. Rabiu held dual positions of Group General Manager, Corporate Planning & Strategy Division and Senior Technical Assistant to Group Managing Director, NNPC. He was also the General Manager, Competitive Analysis Department of the same Division from September 2010 till August 11th, 2015.

He was at various times between 1991 and 2005 a planning officer and Pioneer Head, Material Management, Frontier Exploration Services at the National Petroleum Investment Management Services (NAPIMS) Division of NNPC.Mr. Rabiu has a balanced knowledge of the Exploration & Production industry in Nigeria. He has the unusual capability which combines commercial/fiscal knowledge with operations.

This was particularly valuable in the development of the recently approved upstream Joint Venture funding scheme which has restored the confidence of the International Oil Companies (IOCs) Partners and the implementation of the 7 Critical Gas Development Projects, an offshoot of the Nigerian Gas Master Plan aimed at using gas for Nigeria’s industrialization, economic growth and development – where significant consideration had to be given to strategic intent, fiscal rules and commerciality of supply.

Commenting on the appointments, Dr. A. B. C. Orjiako, Chairman of SEPLAT Energy stated as follows:

“The Board of SEPLAT Energy is pleased to welcome, Prof. Ajogwu and Mr. Rabiu. These two prominent intellectuals bring vast knowledge in important areas such as the energy sector, corporate and business governance, industry regulation, and capital markets. SEPLAT Energy looks forward to the immense contribution they will make towards its continuing global success.”

In line with the corporate governance principle of refreshing the Board intermittently through an appropriate balance of skills and diversity, it is hereby stated that the search for the replacement for Lord Mark Malloch-Brown is still ongoing and would be announced in due course.

This announcement is being made in accordance with Rule 4 of the Nigerian Exchange Limited Amended Listing Rules and Rule 9.6.11 of the UK Listing Rules.

Nigeria Imports 2.2 Million Tons of Fish Annually

Esan Bolaji
-
0
Nigeria Imports 2.2 Million Tons of Fish Annually

Nigeria currently imports 2.2 million tonnes of fish while it produces 1.1 million tonnes against the total demand of 3.6 million tonnes annually. This was disclosed by the Federal Ministry of Agriculture and Rural Development, Permanent Secretary, Dr Ernest Umakhihe at the Independent Dialogue on the Transformation and Future of Aquatic Food Systems in Nigeria.

Dr Umakhihe said 10 million Nigerians are actively engaged in primary and secondary fisheries operations, and the contribution of fisheries to the National Gross Domestic Product (GDP) is about 4.5 per cent.

Nigeria Imports 2.2 Million Tons of Fish Annually brandspurng
Photo by Paul Einerhand

While noting that the vision of President Muhammadu Buhari is to grow Nigeria’s agricultural sector to achieve a hunger-free nation through agriculture that drives income growth, accelerates food production to address the food and nutritional security, he said the Ministry has played a key role in addressing aquatic food systems which include “backward integration policy” of Government to encourage fish importers to go into commercial aquaculture.

He said, “Fish is one of the cheapest and predominant sources of animal protein in Nigeria. It accounts for about 50 per cent of total animal protein consumed in Nigeria with per cent consumption of 17.5 Kg per person per year,”

In this regard, the total demand for fish is 3.6 million tons annually while Nigeria is producing 1.1million tons from all sources (Aquaculture, artisanal and Industrial sectors) leaving a deficit of about 2.5 million tons to be supplemented by importation”,

Speaking, Minister of Agriculture and Rural Development, Alhaji Mohammed Sabo Nanono said despite the potential impacts of the fisheries and aquaculture resources, the sector is however confronted with numerous challenges including the high cost of inputs and the use of unimproved breeds in aquaculture.

Nanono said the ministry is willing to engage and partner with all stakeholders for the development of the sector for economic development, wealth and job creation as well as food and nutrition security.

“The aim of the dialogue is, therefore, to deepen our understanding of these challenges while also proffering noteworthy recommendations that would leverage aquatic food systems capacity to contribute to the attainment of SDGs in Nigeria in the coming years”, he said.

In his remark, Country Director, Global Alliance for Improved Nutrition (GAIN), Dr Michael Ojo said, Nigeria has seen significant growth in production over the past 18 years, but we still have a large supply deficit limiting access for consumers and potentially contributing to relatively high costs of aquatic foods.

Ojo said the factors that constrain the supply of safe and affordable fisheries products to meet consumer demand are multiple and reside at many different points in the supply chain.

“We have seen significant growth in production (10-fold over the 18 years from 2000), but we still have a large supply deficit limiting access for consumers and potentially contributing to relatively high costs of aquatic foods.

“Deficits in the availability of feed and fingerlings, poor or inadequate cold chain, poor harvesting and handling, financing, etc. are some of the documented bottlenecks along the supply chain that can compromise food safety, increase the price, and ultimately constrain distribution to consumers, particularly those in low-income markets.

FMDQ Exchange Admits FBNQuest Merchant Bank’s ₦7.34Bn Commercial Paper

Brand Spur
-
0
FMDQ Exchange Admits FBNQuest Merchant Bank’s ₦7.34Bn Commercial Paper

FMDQ Securities Exchange Limited (FMDQ Exchange) has continued to avail its credible and efficient platform as well as tailor its Listing and Quotation services to suit the needs of issuers and its Registration Members (sponsors of issuances on FMDQ Exchange).

Following its due diligence process, the Exchange, through its Board Listings and Markets Committee, has approved the quotation of the FBNQuest Merchant Bank Limited ₦7.34bn Series 19 Commercial Paper (CP) under its ₦100.00 billion CP Programme, on its platform. The net proceeds from this CP will support the issuer’s short term funding requirements.

FMDQ Clear landmarks as Nigeria’s Premier CCP

FBNQuest Merchant Bank Limited (FBNQuest MB) is a merchant banking firm that offers an array of financial services, including Coverage & Corporate Banking, Financial Advisory, Debt Capital Markets, Equity Capital Markets, Institutional Sales, Fixed Income Currency & Treasury and Wealth Management.

The Bank is committed to finding innovative solutions for its client base of high net-worth individuals, small and medium enterprises, corporates, financial institutions and governments, whilst catering to their diverse financial needs.

The timely admission of this CP issue, and in general, all securities on the FMDQ Exchange, is reflective of the potential of the Nigerian debt capital market and the commendable level of confidence demonstrated by both issuers and investors in the market.

In line with the value proposition of FMDQ Exchange, the CP shall be availed global visibility (through the Exchange’s website and systems), governance, continuous information disclosure to protect investors’ interest and credible price formation, amongst other benefits derived from the FMDQ Exchange platform.

FMDQ Group is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing & quotation services; integrated trading, clearing & central counterparty, settlement, risk management for financial market transactions; and depository of securities; as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly-owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited.

FMDQ is committed to actualising its mandate to propel businesses, corporates, and government entities towards achieving their funding objectives, whilst ensuring prosperity within the Nigerian financial markets and the wider economy.

Nigeria: Perils of FX Liberalization

CEEMEA Views
-
0
Nigeria: Perils of FX Liberalization

  • Nigeria’s multiple exchange rate regimes continue to give reasons for concern.

  • We estimate the Naira to be overvalued by ~14% despite the recent devaluation.

  • A weaker exchange rate could pass through to already high headline inflation.

  • However, monetary policy tightening moderated the impact during past episodes.

  • Thus, the transition to a market-determined exchange rate appears manageable.

Nigeria’s multiple exchange rate regimes remain a contentious issue as it has created uncertainty for the private sector, encouraged smuggling, and created arbitrage opportunities for a small segment of the population. Last year, FX shortages had a profound effect on foreign investors in local currency debt.

Furthermore, the exchange rate issue has been a major roadblock for a possible arrangement with the IMF. In this CEEMEA Views, we undertake a detailed analysis of the potential implications of FX unification and liberalization and conclude that a significant passthrough to inflation could be moderated by tighter monetary policy conditions.

FX Liberalization debt Naira Further Depreciates against the USD at the BDC, Parallel Markets Market reacts to monetary policy action
Afolabi Sotunde Illustration Naira

However, this would likely result in weaker economic activity—a serious issue considering Nigeria’s already sluggish growth.

As part of our analysis, we

  1. take a closer look at the spread between the official exchange rate and the parallel market rate to assess the Naira’s current overvaluation;
  2. document recent inflation dynamics in Nigeria which have been used to justify the continuation of the current multiple exchange rate regime;
  3. attempt to quantify the potential FX passthrough based on estimated passthrough coefficients for peer countries and on a study of past devaluation events; and
  4. demonstrate how prudent monetary policy can be used to soften the effect of a substantial and sudden Naira devaluation.

FX Liberalization

On May 21, 2021, the Central Bank of Nigeria (CBN) adopted the somewhat more flexible Autonomous Foreign Exchange Spot Rate (NAFEX) as its official exchange rate. This represented a roughly 8% depreciation of the Naira.

Since 2014, the CBN has devalued the currency six times—from 155 NGN/$ to 410 NGN/$ (Exhibit 1). The spread between the parallel market exchange rate and the official rate has fluctuated between NGN75-100 (or 20-26%) since early 2020 (Exhibit 2).

In previous research, we have shown that parallel exchange rates are not always an accurate predictor of the official rate’s future path and, thus, do not necessarily represent a correct estimate of the official rate’s over-or undervaluation. The IMF estimated in early February of this year that the Naira was overvalued by 18.5%.

Since then, Nigeria’s real effective exchange rate has depreciated by 4.1% as detrimental inflation dynamics partially offset the 8% devaluation of the official exchange rate. Based on this information, we can conclude the Naira likely remains overvalued by more than 14%. This is, however, substantially lower than the current premium in the parallel market (22%).

For Nigerian authorities, the primary concern with a market-determined exchange rate has been the potential impact on inflation, which has risen substantially since late 2019 and stood at 18% y/y in May—significantly above the CBN’s target range of 7%±1 (Exhibit 3).

During the same time period, the central bank cut its key interest by 200bps to support economic activity during the COVID-19 shock. However, broad money growth has slowed in recent months and inflation declined marginally in April-May.

FX Liberalization

We attempt to gauge the possible implications for inflation dynamics by estimating FX passthrough coefficients for 30 emerging markets and 25 Sub-Saharan African (SSA) countries (Exhibit 4).

Our results show that half of the SSA sample experiences an increase in inflation of more than 0.25pp from a 1% depreciation after eight months while the median for the EM sample stabilizes at around 0.1pp. A passthrough coefficient of 0.25 would mean that a 12% depreciation of the Naira would result in a 3% increase in inflation.

However, the estimated coefficients for SSA countries vary significantly and, consequentially, do not allow for a sufficiently precise estimate. Thus, a closer look at the country’s own past devaluation episodes appears necessary.

The CBN devalued the Naira six times since 2014: in Nov.-2014 (by 27.2%, which includes the Feb.-15 devaluation), in Jun.-16 (by 55.2%), in Mar.-20 (by 17.6%), in Aug.-20 (by 5.3%), and in May-21 (by 8.2%). As the first two episodes overlap and no CPI data is available yet to gauge the impact of the most recent case, we shot annualized m/m (sa) headline inflation for four episodes (Exhibit 5).

While headline inflation indeed increased following the two devaluations in 2020, no such dynamics can be observed for the other two episodes. In late 2014-early 2015, inflation remained broadly stable, and in the aftermath of the substantial 2016 devaluation actually fell sharply.

A look at monetary policy conditions provides important context (Exhibit 6). Broad money growth slowed significantly in both late-2014 as well as mid-to-late 2016, helping to keep inflation under control. In contrast, the 2020 devaluations occurred during a period of high, and rising, broad money growth.

We conclude that Naira devaluation, even of a significant order, can be undertaken without detrimental effects on inflation if it is accompanied by tightening of monetary conditions in the economy. It is also important to note that current inflation dynamics may already partially reflect the parallel exchange rate. However, tighter monetary policy will come at the price of lower economic activity.

FX Liberalization

Confirmed Case of Delta Variant Detected in Nigeria – NCDC

Esan Bolaji
-
0
Confirmed Case of Delta Variant Detected in Nigeria – NCDC

The Nigeria Centre for Disease Control (NCDC) has detected a confirmed case with the SARS-CoV-2 Delta variant, also known as lineage B.1.617.2. The variant was detected in a traveler to Nigeria, following the routine travel test required of all international travelers and genomic sequencing at the NCDC National Reference Laboratory, Abuja.

The Delta variant is recognised by the World Health Organization (WHO) as a variant of concern, given its increased transmissibility. The variant has been detected in over 90 countries and is expected to spread to more countries.

COVID-19 delta variant
Photo of a person washing hands as a precaution against the Coronavirus. | Photo by Omotayo Tajudeen

The variant has also been linked to a surge in cases in countries where it is the dominant strain in circulation. There are ongoing studies to understand the impact of the variant on existing vaccines and therapeutics.

As part of Nigeria’s COVID-19 response, NCDC has been working with the Nigerian Institute of Medical Research (NIMR), the African Centre for Genomics of Infectious Diseases (ACEGID), and other laboratories within the national network, to carry out genomic sequencing.

This is to enable the detection of variants of concern and initiate response activities. All data on variants from Nigeria have been published on GISAID, a global mechanism for sharing sequencing data. Given the global risk of spread of the Delta variant, positive samples from international travellers to Nigeria are sequenced regularly.

The Government of Nigeria through the Presidential Steering Committee (PSC) has initiated several measures to reduce the risk of the spread of COVID-19. This includes the introduction of travel restrictions from countries where there is a surge in cases associated with the widespread prevalence of variants of concern.

The national travel protocol which includes compulsory seven-day self-isolation and repeat test on the seventh day after arrival, are in place to reduce the risk of spread of the virus. It is very important that this is strictly adhered to, to prevent a surge in COVID-19 cases in Nigeria.

Given the high transmissibility of the Delta variant and following its detection in Nigeria, NCDC urges all Nigerians to ensure strict adherence to public health and social measures in place. Proven public health and social measures such as physical distancing, frequent handwashing, and proper use of face masks, prevent infections and save lives. The COVID-19 vaccine is safe and effective and offers protection against the disease.

Additionally, states are urged to ensure sample collection and testing for COVID-19 is accessible to the public. Public settings such as schools with accommodation facilities, workplaces and camps should utilise the approved Antigen-based Rapid Diagnostic Test (RDT) for rapid testing of their population.

According to the Director-General of NCDC, Dr. Chikwe Ihekweazu,

“Although we have seen a low number of COVID-19 cases in Nigeria in the last eight weeks, it is incredibly important that we do not forget to be careful. The surge in cases in countries across the world and Africa is an important reminder of the risk we face. Please protect yourselves and the people you love by adhering to the known public health and social measures, getting vaccinated if you are eligible and getting tested if you have symptoms”.

The recommended control measures to limit the spread of the Delta variant continue to be testing, following the existing public health guidance and abiding by the current travel and public restrictions.

TD Africa Dangles Free Smart Watch For Smart Tv Purchase

Brand Spur
-
0
TD Africa Dangles Free Smart Watch For Smart Tv Purchase

TD Africa, Sub-Saharan Africa’s leading tech, lifestyle and distribution giant, has rolled out a mouthwatering offer to reward shoppers with a smart watch for every purchase of the 55-inch Infinix Smart TV.

The offer is available to shoppers via e-commerce giant, Konga while bulk buyers can take advantage of the offer by purchasing direct from TD Africa.

The Infinix Smart TV comes with an exciting range of features, including hotspot screen mirroring which allows viewers the freedom to mirror their mobile device to the TV screen, using mobile hotspot without consuming mobile data. The device also comes with air mouse technology, availing users the opportunity to deploy their smartphone as air cursor pointer to connect their TV device via Wi-Fi/hotspot.

Interested shoppers can get the device with the offer of swift delivery on Konga by using the link: https://www.konga.com/product/infinix-55-smart-tv-free-smartwatch-5291492 with the free smart watch accompanying the order. On the other hand, consumers looking for bulk purchases can reach out to TD Africa on 09029174191.

Executive Director, Sales, TD Africa, David Okunola Akindele, says the offer is a great one for shoppers looking for a bargain.

TD Africa Dangles Free Smart Watch For Smart Tv Purchase-Brand Spur Nigeria
TD Africa Dangles Free Smart Watch For Smart Tv Purchase-Brand Spur Nigeria

“We are very excited to offer our numerous customers the opportunity to get a free smart watch, once they purchase the strong and beautifully designed 55-inch Infinix Smart TV on Konga or from TD Africa directly, for bulk purchases. The Infinix Smart TV is designed with every sense of duty and responsibility to enable intelligent interactions between the TV and smartphone for the enjoyment of smart TV lovers.

“There is no better way to have a smart TV experience at a price that makes sense in the light of current realities. Then when you throw in the offer of a free smartwatch, you will agree with me that this is a win-win situation for consumers,’’ he disclosed.

Further highlighting the features of the Infinix Smart TV, Akindele, who described the device as cutting-edge, urged consumers to take advantage of the deal on offer.

“The Infinix Smart TV comes with an e-remote feature, which means that when remote control is not readily accessible, you can control the TV with just a smartphone via Infinix Life App either to adjust volume or seamlessly operate many other functions available on the device.

“The Infinix TV device also comes with exquisite craftsmanship, elegant and frameless design, which allows immersive wide viewing experience of TV anyone can think of. It also boasts of super-rich colours and deep contrasts opportunities, promoting a breathtaking viewing experience one can never forget.  The Infinix Smart TV comes with 20watts full range speakers to promote best and safe sound experience.

“There is also a Bluetooth feature, which is compatible with a variety of entertainment upgrades designed in such a way to enable consumers connects their TV device with Bluetooth speaker, earphones and game controllers without hassles. When it comes to storage, this device also beats expectations. The electronic device has Read-Only Memory (ROM) 8G and 1.5G random-access memory (RAM) storage capacity. Therefore, the Infinix Smart TV is a new seamless way to enjoy media without stress.

‘‘Savvy shoppers are encouraged to seize this opportunity to grab the existing offer which is only valid as long as stock remains available,’’ he concluded.

Spotify EQUAL Music Program Continues To Grow Its Roster Of African Female Creators

Brand Spur
-
0
Spotify EQUAL Music Program Continues To Grow Its Roster Of African Female Creators

Spotify recently launched its global initiative, the EQUAL Music Program, to cultivate gender equality in music and support female creators.

Since then, Spotify has gradually grown its roster of African female creators to join the program across the continent.

Today, Spotify announced the addition of RHITA NATTAH to the program. RHITA is a Moroccan singer, songwriter and composer who made her debut with the track ‘Not The Same’ in 2019. The self-taught, independent artist is currently working with producer Samir El Bousaadi on building her music catalogue and is dedicating her time to fulfilling her passion for music.

Inspired by Moroccan traditional music as well as the Reggae and Jazz genres, RHITA lists Amy Winehouse and Queen Omega as some of the voices she fell in love with. She describes her music as a new sound of traditional Moroccan music.

RHITA has been vocal about the challenges she has faced as a creator determined to pursue her music career in a market where the music Industry is almost non-existent. Having always wanted to study music but faced with limited opportunities, her passion and dedication were her driving force to learn more. She taught herself English, how to play the guitar, composing, singing and songwriting.

Phiona Okumu, Spotify’s Head of Music, Sub Saharan Africa adds, “Working with an artist like RHITA NATTAH, truly embodies what EQUAL is about. Presenting the diverse array of brilliant artists from every corner of the continent and the world! We remain committed to levelling the playing field for female creators by giving emerging and established artists equal opportunities on our platform.”

“Women in the music field are generally overlooked and under-appreciated, streaming platforms like Spotify make it easier for us to create freely and be recognised for the art we make as producers, singers, songwriters and sometimes our own managers as well. I can’t thank EQUAL Africa enough for being a big part of this development and for celebrating female musicians in Africa,” says RHITA.

The EQUAL Music Program is also supported through the EQUAL Hub, a dedicated space to celebrate women creators around the world and help increase awareness of their work among fans. The Hub features a dedicated EQUAL Africa, EQUAL Global and other market-specific EQUAL playlists.

Download the Spotify app via the Android or iOS app store or by heading to www.spotify.com – to embed Spotify into a website – right click on any playlist, go to ‘share’ and copy embed code.

Hapag-Lloyd Acquires Africa Carrier NileDutch

Brand Spur
-
0
Hapag-Lloyd Acquires Africa Carrier NileDutch

Deal approved by worldwide antitrust authorities and completed between the parties; Acquisition supports Hapag-Lloyd’s strategy to grow in Africa.

Today, Hapag-Lloyd successfully closed the acquisition of the Dutch container shipping company Nile Dutch Investments B.V. (NileDutch).

After signing a sales and purchase agreement in March, Hapag-Lloyd has now formally acquired all shares of the company after all responsible antitrust authorities had approved the transaction.

“We are very excited about closing the deal and look forward to working with our new colleagues to unlock the enormous potential that Africa has to offer”, explains Rolf Habben Jansen, CEO of Hapag-Lloyd. “With the people from NileDutch joining our company, Hapag-Lloyd is noticeably increasing the number of employees on the ground in Africa. We are happy and excited to welcome NileDutch’s roughly 350 employees to the Hapag-Lloyd family.”

Depending on market conditions, Hapag-Lloyd and NileDutch are aiming to integrate major parts of their businesses already in the later part of 2021 to be able to offer the full benefits of the combined network to their customers as soon as possible.

With 40 years of experience in the market, NileDutch is one of the leading shipping companies along the West African coast. Headquartered in Rotterdam, NileDutch is present in 85 locations across the world and has 16 offices in the Netherlands, Belgium, France, Singapore, China, Angola, Congo and Cameroon. The company also brings with it 10 liner services, around 35,000 TEU of transport capacity, and a container fleet with a capacity of around 80,000 TEU.

The integration will be moving at a swift pace and full commercial integration is expected to be completed by the end of 2021.

One-Quarter Of US Crypto Investors Choose Dogecoin, Compared To 15% in the UK

Brand Spur
-
0
One-Quarter Of US Crypto Investors Choose Dogecoin, Compared To 15% in the UK

Cryptocurrency adoption continues to grow in 2021, with more than 300 million crypto users worldwide and 18,000 businesses already accepting crypto payments.

Although Bitcoin and Ethereum, as the world’s largest digital coins, still hold the biggest ownership rates in the crypto space, Dogecoin climbed high on the list of the most popular crypto investments.

According to data presented by Trading Platforms, one-quarter of the US crypto investors have chosen Dogecoin in 2021, compared to 15% of them in the United Kingdom.

The Original Meme Coin Became the World’s Sixth Largest Cryptocurrency

Dogecoin started back in 2013 as a joke between two engineers but gained popularity quickly. IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer successfully combined two of 2013’s greatest phenomena: Bitcoin and “doge,” to create a new crypto coin people started using as soon as it was released. More than a million unique visitors went to dogecoin.com within the website’s first month.

However, in 2021, Dogecoin’s popularity exploded. In February, the digital currency captured public attention as Tesla CEO Elon Musk and rapper Snoop Dogg sent out a flurry of tweets about the coin, driving up its price. The price continued growing in the following months, reaching an all-time high of $0.7 on May 8. Although this figure slipped to $0.24 last week, it still represents a remarkable 2400% increase since the beginning of the year.

The Measure Protocol data showed Dogecoin ranked as the third most popular cryptocurrency to own both in the United States and the United Kingdom. However, Bitcoin still convincingly tops this list in the two countries, with an 80.7% and 70% ownership rate, respectively.

Ethereum holds the high second place with a 35.7% share among the US investors and a 37.3% ownership rate in the United Kingdom. Litecoin and Bitcoin Cash round the top five list.

Dogecoin’s Market Cap Soared by 2,700% in 2021

Over the last six months, Dogecoin come to be one of the top ten cryptocurrencies by market cap. In January, the combined value of all Dogecoins in circulation amounted to around $1.1bn. After the tweets from Elon Musk and Snoop Dogg about the coin, this figure surged to $6.5bn the next month.

In April, Dogecoin’s market cap hit $50.5bn, a staggering 4500% increase in four months, and continued rising.

On May 8, it hit an all-time high of $93.5bn, and then stumbled significantly after the recent crypto price crash. Last week, it stood as $31.5bn, still a massive 2,700% increase since the beginning of the year.

Global 3D Printing Revenues To Double And Hit $25B By 2024

Brand Spur
-
0
Global 3D Printing Revenues To Double And Hit $25B By 2024

Constantly evolving value chains, market innovations, and cutting-edge technology developments have pushed 3D printing into the mainstream market.

This type of production has surged in recent years, and a growing number of businesses use 3D printing solutions, allowing speed and flexibility while reducing costs.

However, in the heat of the COVID-19 pandemic, 3D printing has also become a vital technology to support improved healthcare and general response to the emergency. Moreover, the crisis has highlighted how 3D printing can be the basis of a greener and more environmentally friendly future.

According to data presented by Stock Apps, global 3D printing revenues are expected to double in the following years, hitting a $25bn value by 2024.

Research and End-Use Parts Main Reasons for Using 3D Printers

3D printing enables the production of complex shapes using less material than traditional manufacturing methods, which is why it is widely used for small production runs, prototyping, small business, and educational use. Thanks to the possibility to produce parts on demand, it can significantly reduce waste and inventory.

In 2020, the global 3D printing industry hit $12.6bn value, revealed Additive Manufacturing Trend Report 2021. Over the next twelve months, 3D printing revenues are expected to jump by nearly 40% to $17.6bn. Statistics indicate the strong upward trend is set to continue in the following years, with revenues rising by 43% by 2024. By 2026, the entire sector is forecast to hit a $37.2bn value.

The State of 3D Printing Report by Sculpteo also revealed that in 2021, the most popular use case of 3D printing was research among 60% of those asked. Another 52% of companies and businesses used the technology for end-use mechanical parts and end-use consumer goods. Statistics show 32% of companies used 3D printing for tooling, while 27% of respondents used it for replacement parts.

The survey also showed that 36% of those asked said that speeding up product development is one of the main reasons they use 3D. Offering customized products and limited series ranked as the second most important reason for using the process. Increasing production flexibility was third among 12% of respondents.

61% of Companies to Increase 3D Printing Investments

The Sculpteo data also revealed that in 2020, 67% of respondents spent between $1,000 and $50,000 on 3D printing. A further 10% claimed they had spent between $50,000 and $100,000 on the technology, while another 23% spent more than $100,000.

However, 61% of users said they would increase their 3D printing investment even more in 2021, showing the confidence of businesses in this technology. Statistics show 29% of companies plan to increase their investments up to 50% this year, while another 32% will boost their 3D printing budgets by 50%-100% or even more.

1...1,8841,8851,886...3,978Page 1,885 of 3,978