#Innovation: Innovation Benefits Elude Nigeria As Tech Funding Gap Widens
Lean funding options available to
tech start-ups in Africa largest economy may be making it difficult to
replicate innovation trends rapidly redefining the global economic landscape.
As the world transits to a digital economy, start-ups, which are leveraging
technology to offer innovative products and services to a wider array of
consumers, are increasingly contending with traditional businesses, which are
struggling to serve a burgeoning digital savvy populace.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Power: Singapore Billionaire Signs 250mw Power Deal Fo Nigeria
Singapore’s billionaire, Brian
Chang is placing his bet on the Nigerian power sector with an initial 250MW
barge mounted gas fired station near Port Harcourt that can be ramped up to
1000MW on the back of proven gas supply.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Industrypulse: Nigerian Ports Strain On Unclaimed Goods, Shrinking
Imports
Unclaimed goods are piling up at
the Lagos ports, following the directive to implement the new flexible foreign
exchange rate policy of the Central Bank of Nigeria (CBN) which has seen duties
and tariffs soar over 40 per cent from the application of the rate of N282 to
$1 instead of N197 on which letters of credit for the imports were opened.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Empowerment: Youth Empowerment To Unbridle Africa’s Growth Potentials,
Says Bill Gates
To exploit the potential of the
world’s second largest continent, empowering its teeming youth population must
take pre-eminence, says American philanthropist and entrepreneur, Bill Gates.
Speaking at the 2016 Nelson Mandela Annual Lecture at the University of
Pretoria, South Africa, 61-year old Gates shared his optimism about the future
of Africa and the role of its young people in moulding it.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Industrypulse: NAICOM To Roll Modalities For Municipal Insurance Pool In
8 Wks
Modalities for the establishment of
a nationwide municipal insurance pool is a key project that the National
Insurance Commission (NAICOM) will be working on in the next eight weeks,
Insurance Commissioner, Mohammed Kari has indicated.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Industrypulse: Nigeria’s Telecoms Industry Valued At Over $38bn
Nigerian telecoms industry is now
valued at over $38 billion in investment profile, Adebayo Shittu, minister of
communications, has said. Shittu attributed key driver of the evolution and
development of the industry to proactive and responsive policies and therefore
tasked stakeholders to work harder to attract more foreign direct investments.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Energy: IEA Attributes OPEC Market Share Gain to Recovering Flows In Nigeria,
Middle East
The International Energy
Association in its July Oil Market Report (OMR) has stated that record pumping
rates in middle rates in the Middle East and recovering flows in Nigeria is
helping to consolidate Organisation of Petroleum Exporting Countries (OPEC) market
share.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#CSR: Unity Bank Partners Foundation On Fertility Awareness
As part of key strategic
interventions and collaborative initiatives to demonstrate its Corporate Social
Responsibility, Unity Bank Plc is partnering Beibei Haven Foundation, a
non-governmental organization to organize a ‘Fertility Walk’ in order to raise
awareness and funds to assist families with fertility challenges.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Smes#Event: Sterling Bank, NASME Float Workshop For Members
Sterling Bank Plc, in collaboration
with Lagos Chapter of the Nigerian Association of Small and Medium Enterprises
(NASME) will from Monday July 18, 2016, flag off a 3-day Micro, Small and
Medium Enterprises (MSME) Workshop for members of the Association. The workshop
is scheduled to hold at the Federal Institute for Industrial Research (FIIRO)
Oshodi, Lagos.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Investment: Stocks Lose N17bn As Market Awaits More H1 Earnings
Week-on-week (WOW), the Nigerian
Stock Exchange (NSE) All-Share Index depreciated by 0.17% to close last week at
28,805.45 points from 28,805.98 points recorded the preceding trading weekend.
Also, the market capitalisation stood low at N9.910 trillion, losing N17
billion.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Health: New LASUTH Facility To Reduce Expense On Medical Tourism By $3bn
– LASG
The new Critical Care Unit (CCU)
inaugurated at the Lagos State University Teaching Hospital (LASUTH), Ikeja,
will reduce Nigeria’s expense on medical tourism abroad by $3billion, the Lagos
State government said at the weekend.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Stakeholdersaction: LCCI Canvasses Trade Integration To Enhance
Competitiveness
Nike Akande, President, Lagos
Chambers of Commerce and Industry (LCCI) has called for stronger trade
integration between African States in order to enhance competitiveness and
increase the capacity to cope with challenges of globalization.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#MSMEs: High cost of diesel frustrating SMEs
The recent increase in the price of
diesel across the federation is frustrating Micro, Small and Medium enterprises
(MSMEs), which depend on the product as an alternate power supply due to
constant power outage.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#MoU: Abuja Chamber signs MoU with NASSI to create JV
The Abuja Chamber of Commerce and
Industry (ACCI) has signed a memorandum of Understanding (MoU) with the
National Association of Small Scale Industrialists (NASSI) with a view to
creating joint venture (JV) opportunities for entrepreneurs.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Empowerment: Wema Bank Steers Entrepreneurship With Fashion, Design Week
Wema Bank Plc has announced plans
to sponsor this year’s Nigerian Student Fashion and Design Week (NSFDW 2016) as
part of its vision to boost entrepreneurship in the country. The event will
climax with grand finale scheduled for the Indoor Sports Hall, University of
Lagos on Friday August 12 and Saturday 13, 2016.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Investment: Investor Confidence To Rise As CBN Settle £697m FX Future
Obligation
Investors’ confidence in Nigerian
financial markets is expected to strengthen as $697 1-month forwards contract
sold by Central Bank of Nigeria (CBN) matures on Wednesday, analysts have said.
“The fulfilment of this commitment is expected to stoke investors’ confidence
in the operations of the interbank market going forward,” analysts at Afrinvest
Securities Limited said.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Economy#Partnership: Nigeria, Morocco Partner To Unlock economic
potentials
To unlock economic opportunities in
South-South Corporation between Nigeria and Morocco, experts and think tanks
from both economies will be in Nigeria tomorrow (Tuesday) to fashion out soft
landing platforms for trade and investment.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Philanthropy: Dangote Donates Food Items To Idps In Abuja
As part of its philanthropic
gesture, the Dangote Foundation has delivered food items to alleviate the
suffering of the vulnerable and the indigent in the Federal Capital Territory,
Abuja. The food items, worth millions of naira, was last Thursday presented to
the minister of FCT, Muhammad Musa Bello.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Event: ‘Nigeria To Accede To Budapest Convention
As Budapest Convention is geared
towards combating computer-related crimes globally, Adebayo Shittu, Minister of
Communications, says Nigeria will soon accede to the Budapest Convention on
cyber-crime, the first international treaty seeking to address internet and
computer crimes by harmonizing and improving international cooperation.
Published by the Business Day Newspaper on Monday, 18th July, 2016
#Philanthropy: Hotelier Empowers 100 Widows, Pupils
A Lagos-based hotelier and
chieftain of the All Progressive Congress (APC) in Ojokoro Local Council
Development Area of Lagos State, Prince Ademola Adunola has distributed
foodstuff and textile to over 100 widows. Stationeries were also distributed to
pupils from 10 public primary schools in the council area.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Health: Lambo Seeks Increased Health Sector Funding
A former Minister of Health Prof.
Eyitayo Lambo has urged the Federal Government to increase budgetary allocation
to health, if the country wanted to attain Universal Health Coverage (UHC) and
the health targets of the Sustainable Development Goals (SDGs) by 2030.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Agric: U.S. Launches $2m Agric Partnership
The United States (U.S.) Agency for
International Development (USAID) yesterday launched a $2million agricultural
partnership in a move designed to boost the sector.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Economy: Economists Urge CBN To Review Forex Policy
The Nigerian Economist Society
(NES) has urged the Central Bank of Nigeria (CBN) to review the new foreign
exchange (forex) regime, saying some form of managed pegged system is
consistent with the structure of the economy. NES also warned that the country
may slide into depression, saying the flexible forex regime could not survive
in anon-productive economy.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Industrypulse: Nigeria Set For EITI Validation
Nigeria is set for the Nigeria
Extractive Industries Transparency Initiative (NEITI) to receive a team of
independent validators from the international Secretariat of the global
Extractive Industries Transparency Initiative (EITI), Oslo, Norway. The team is
due in Nigeria to carry out a validation process on the country’s
implementation and adherence to the principles of the global extractive
industries transparency initiative in the governance of its extractive sector.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#ICT: Shittu Canvasses ICT Regulatory Convergence Framework
The Minister of Communications
Technology, Adebayo Shittu, has urged stakeholders in the information
communications technology (ICT) sector to be prepared for bold policy reforms
and industry re-invention.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Industrypulse: NCC Seeks African Leaders’ Commitment To Broadband
Infrastructure
The Nigeria Communication
Commission (NCC) has urged African leaders to focus on the development of
broadband infrastructure as a way of combating the twin-evil of poverty and
debt.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Innovation: Etisalat Unveils E-Learning App
Etisalat Nigeria has launched an
improved version of its e-learning application (app), Cliqlite world, as part
of efforts to revamp the education sector in Nigeria.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Infrastructure#Economy: Rail to Generate Huge Revenue
The ongoing rail transportation
project in the Federal Capital Territory (FCT) has the potential of fast
tracking growth in Abuja generating huge revenues for government when it
becomes operational, FCT Minister Malam Muhammed Bello has said.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Industrypulse: Zenith Bank Launches Mobile Banking Solution
Zenith Bank Plc has launched a new
mobile banking solution to make banking simpler and interesting. The bank’s
*966# Eazybanking solution, launched into the Nigerian market, will complement
the Central Bank of Nigeria’s (CBN’s) effort to build a cashless economy and
enhance financial inclusion.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Infrastructure: Abuja-Kaduna Rail Project for Launch July 26
Minister of Transportation Mr
Rotimi Amaechi has said the Abuja-Kaduna rail would be inaugurated on July 26
in Idu, Abuja.
Published by the Nation Newspaper on Tuesday, 19th July, 2016
#Economy: IMF- Nigeria Heading Towards Depression
The International Monetary fund
(IMF) and the Central Bank of Nigeria Governor Emefiele yesterday gave
conflicting prognoses of the Nigerian economy, with the fund forecasting that
the Nigeria economy was likely to contract by 1.8 per cent this year, warning
that it was heading towards recession.
Published by This Day Newspaper on Wednesday, 20th July 2016
#StakeholdersAction: UNICEF, Saraki Raise the Alarm On Acute Malnutrition
In Borno
The United Nations Children’s
Emergency Fund (UNICEF) and the Senate President Bukola Saraki have raised
alarm on the severe malnutrition afflicting one in five children in Borno
state, warning that if nothing is done to reverse the humanitarian crisis
caused by the Boko Haram insurgency 134 children could die every day from
starvation.
Published by This Day Newspaper on Wednesday, 20th July 2016
#Investment: Investor Apathy Continues to Trail Insurance Stocks
Equities listed on the insurance
sub-sector of the Nigerian Stock Exchange (NSE) have continued to perform below
expectation due to prolonged apathy on the sector.
#Business: Firms Cut Administrative Expenses to Survive Tough operating Environment
Faced the rising inflation and
other costs of operations, quoted companies have resorted to cutting
administrative and personnel costs to maintain healthy bottom line for the half
year ended June 30, 2016.
#Agric: Agric Productivity Initiative Launched
Partners For Seed in Africa (PASA)
and the Howard G. Buffett Foundation (HBGF) have formally announced an
initiative to improve seed supply in North Kivu, Democratic Republic of Congo
(DRC) to help smallholder farmers increase agricultural productivity by
improving their access to better seeds and fertiliser.
#Economy: Oando Envisages Lower Earnings on Naira Devaluation
Oando Plc has said it would record
lower earnings for the second quarter ended June 30, 2016. In a notification to
the Nigerian Stock Exchange (NSE), the oil firm said the lower earnings would
result from the impact of naira devaluation by the Central Bank of Nigeria that
is expected to amount to an unrealised foreign exchange loss arising from
United States dollars (USD) denominated
liabilities, outstanding bank trade facilities as well as vendor payables.
Published by This Day Newspaper on Wednesday, 20th July 2016
#Economy: FG Directs Extension of Anchor Borrower Programmes to 14 States
President Muhammadu Buhari has
directed the Central Bank of Nigeria (CBN) and its development partners, such
as the Bank of Industry (BoI) to extend the Anchor Borrowers’ Programme (ABP)
to other 14 states in the country.
Published by This Day Newspaper on Wednesday, 20th July 2016
#MoU: Ecobank, BoI Sign Deal on Financial Inclusion
Ecobank Transnational Incorporated
(ETI), its Nigerian subsidiary Ecobank Nigeria and the Bank of Industry (BoI)
have signed a Memorandum of Understanding to cooperate in deepening financial
services delivery to micro, small and medium enterprises in Nigeria.
Published by This Day Newspaper on Wednesday, 20th July 2016
#Power: Discos- Nigerians Would Have to Choose Between Darkness and Light
Electricity distributing companies
in Nigeria (Discos) has said Nigerians would have to choose between working
with them to improve the country’s electricity system for their benefit and
going back to darkness which they said had been the situation long before they
took over from the government. The y insisted the decision of a Lagos Federal
High Court to outlaw the 2015 electricity tariff used by electricity
distribution companies (Discos) to supply power to electricity consumers across
the country was not in the interest of the power sector.
Published by This Day Newspaper on Wednesday, 20th July 2016
#MoU: BoI, NCDMB Launch $100m Intervention Fund to Boost Local content
The Bank of Industry (BoI) has
partnered the Nigerian Content Development and Monitoring Board (NCDMB) to
launch a $100 million fund aimed at boosting local content in Nigeria.
Published by This Day Newspaper on Wednesday, 20th July 2016
#Philanthropy: Access Bank Makes Extra Donation to UNICEF, Takes Charity
Shield to Guards Polo UK
As part of its continued support of
UNICEF, Access Bank Group, along with 5th Chukker, hosted the ‘Access Bank Polo
Day’ at the Guards Polo Club, Windsor, United Kingdom last Saturday. The annual
event is the climax to the high-profile Access Bank/UNICEF Charity Shield Polo
tournament, which is in its ninth year and is aimed at reaching out to and
highlighting the plight of vulnerable children and orphans and internationally
displaced persons.
Published by This Day Newspaper on Wednesday, 20th July 2016
#Education: Lagos Digital Library’ll Promote Culture, Education
The Lagos State Government says its
digital library project will promote Yoruba history and cultural heritage. It
added that the library would offer stakeholders, comprising pupils, teachers
and publishers, among others, unlimited access to education materials.
Published by the Punch Newspaper on Thursday, 21st July, 2016
#IndustryPulse: Airlines may scale down operations over fuel scarcity
As the scarcity of aviation fuel
persists, domestic airlines in the country have said that they may be forced to
scale down their operations if nothing is done to ameliorate the situation.
Published by the Punch Newspaper on Thursday, 21st July, 2016
#IndustryPulse: Chinese firm to assemble tractors in eight states
The Federal government on Wednesday
entered into a partnership with the China-Africa Machinery Corporation to
commence the assemblage of tractors in eight states in Nigeria.
Published by the Punch Newspaper on Thursday, 21st July, 2016
#StakeholdersActions: CBN must protect new forex policy –CBN
The President/Chairman of Council,
Chartered Institute of Bankers of Nigeria , prof Segun Ajibola, says the
Central Bank of Nigeria must work to protect the new flexible exchange rate
regime against sharp practices.
Published by the Punch Newspaper on Thursday, 21st July, 2016
#Infrastructure: Russian firm to build refinery in Calabar
A Russian firm, Safinet Group, has
expressed interest in establishing a 7000-barrels-per-day capacity refinery in
Calabar with a plan to increase its capacity to 65,000bpd in the near future.
Published by the Punch Newspaper on Thursday, 21st July, 2016
#Empowerment: Sahara Group to empower 12 million youths
The Executive Director and
Co-founder, Sahara Group, Mr Tonye Cole, has said the company will empower 12
million youths through skill acquisitions in various sectors of the Nigerian
economy.
Published by the Punch Newspaper on Thursday, 21st July, 2016
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