#Economy: Infrastructure, Education,
Health Keys to unlocking Nigeria’s Potential, says report
A new report by the Boston Consulting Group (BCG ) has
posited that for Nigeria to unlock its potential and achieve sustainable
improvement in well-being of its citizens, the country must take concrete steps
to optimise five key sectors namely, infrastructure, education, health
governance and civil society. The report acknowledged vast human resources and
mineral wealth and growing political stability as important in the pursuit of
well-being of the people.
Published
by the ThisDay Newspaper on Sunday 17th April, 2016
#Economy: CBN to raise lending rates Again
The Central Bank of Nigeria (CBN) Governor, Mr Godwin
Emefiele, has indicated plans by the apex bank indicated interest rates in the
country, following the recent spike in inflationary trends. Emefiele revealed
this in Washington after attending the International Monetary and Financial
Control (IMFC) of the International Monetary Fund at the ongoing Spring Meeting
of the IMF/World Bank Meetings.
Published
by the Guardian Newspaper on Sunday, 17th April, 2016
#IndustryPulse: Finally, Africa gets
another Chair in IMF
The G24, a group of advanced economies in America, Europe and
Asia, has finally given vent to the recommendation for another chair for Africa
at the International Monetary Fund (IMF) to grant he continent more voice in
decision-making and access to the global multilateral lending institutions.
Published
by the Guardian Newspaper on Sunday, 17th April, 2016
#Agric: AfDB launches TAAT, seeks
$40bn to execute agriculture agenda
In a fresh and bold initiative, the African Development Bank,
under the leadership of its President and former Nigeria’s Agriculture Minister,
Dr Akinwumi Adesina, is taking Agricultural Transformation Agenda (ATA) to the
continental pedestal.
Published
by the Guardian Newspaper on Sunday, 17th April, 2016
#Technology: UNIDO to position FIIRO
for Superior Technology Impact
The United Nations Industrial Development Organisation
(UNIDO) has strengthened its partnership with the Federal Institute of
Industrial Research Oshodi (FIIRO) to foster better technology development in
Nigeria.
Published
by the Guardian Newspaper on Sunday, 17th April, 2016
#Economy: CBN approves N26 bn ai for
sugar mill in Niger
The Central Bank of Nigeria has approved a N26 billion
intervention fund to reactivate Sunti Golden Sugar Mill in Mokwa, Niger State.
The CBN Governor, Mr Godwin Emefiele, who disclosed this to SUNDAY PUNCH, said
the apex bank was ready to partner with investors and industrialists committed
to the backward integration programme of the Federal Government.
Published
by the Punch Newspaper on Sunday, 17th April, 2016
#Oil: Oil sector regulation crimps
marketers’ revenue
Government’s
stranglehold on the oil and gas sector is taking a continuing toll on the
economy, with companies in the downstream sector seeing a hit to their
revenues. The major players which include Total Nigeria Plc, Mobil Nigeria Plc,
MRS Nigeria Plc and Forte Oil Nigeria Plc had their cumulative revenue falling
by 19.16 per cent to N608.58 billion, according to data compiled by Business
Day from their latest 2015 financials.
Published by the Business day
Newspaper on Monday, 18th April 2016
#Economy: Nigeria, China currency
swap won’t fix FX demand backlog
Last week’s
signing of Yuan swap agreement between Nigeria’s Central Bank (CBN) and the
Industrial and Commercial Bank of China (ICBC) – the world’s biggest lender,
may not ease the currency backlog of unmet dollar demand and attendant pressure
on the naira. This is because of the structural problems in the foreign
exchange market, occasioned by unpaid backlog of outstanding Letters of Credit
(LCs) and heavy trade imbalance between the two countries, particularly
Nigeria, being a monocultural economy.
Published by the Business day
Newspaper on Monday, 18th April 2016
#Technology: WEF pushing for digital
transformation in Africa
Carrying on
from the theme discussed at the World Economic Forum (WEF) in Davos, leveraging
digital transformation takes centre stage as the WEF on Africa holds its 26th
forum in Rwanda. This year’s theme at the meeting in Davos was about “Mastering
the 4th industrial Revolution” and what that really means is trying
to make sense of the implication of the digital transformation the world is
going through right now, and making sure we can collectively ensure that it
serves Humanity and doesn’t threaten it. Vanessa Moungar, Community Lead,
regional strategies Africa for WEF, tells Business Day, in her first interview
with a Nigerian Newspaper.
Published by the Business day
Newspaper on Monday, 18th April 2016
#Oil: OPEC meeting on production
freeze in deadlock
The meeting
between OPEC and non-OPEC oil producers and Quatari emir, Sheikh Tamim bin
Hamad al-Thani, ended on shaky grounds as Saudi Arabia’s deputy crown prince
said the kingdom would not agree to restrain its production unless other
producers, including Iran, agree to the freeze. It was the first significant
attempt at coordinating oil output between members and nations outside the
group in 15 years.
Published by the Business day
Newspaper on Monday, 18th April 2016
#Event:
Technical skills will create jobs, sustain growth
Effective
technical and vocational education and training is the transformation of every
society for sustainable growth and improvement in the quality of life. This is
the view of Dickson Onuoha, acting director general, Industrial Training Fund (ITF),
at the graduation of trainees sponsored by ITF and Nigeria’s Employers Consultative
Association (NECA) to undergo training in fashion designing at Ruff N Tumble, a
fashion outfit in Lagos.
Published by the Business day
Newspaper on Monday, 18th April 2016
#Energy: FG
assures of enabling environment for renewable energy projects
The Federal Government said it is providing an enabling
environment for the development of solar projects both at utility scale and
small solar to home solutions in order to address the shortfall in electricity
generation in the country.
Published by the Business day
Newspaper on Monday, 18th April 2016
#Oil:
Global Oil demand growth falls to 1.2 million bpd in mew IEA report
A new oil market report released by the International Energy
Agency on Thursday forecasts that growth bin global oil demand will ease to
around 1.2 million barrels per day in 2016 below the 1.8 million barrels per
day expansion last year due largely to fallen production in Nigeria, United
Arab Emirates and Iraq.
Published by the Business day
Newspaper on Monday, 18th April 2016
#SME: SMEs
unable to reach potential as multiple taxation remains
Nigerian small businesses are incapable of reaching their
potential as governments at various levels continue to impose similar taxes on
them. Business operators say the indiscriminate imposition of the same type of
taxes by the three tiers of government and other agencies are consistently
preventing the micro, small and medium enterprises (MSMEs) from creating
sufficient jobs and expanding the economy.
Published by the Business day
Newspaper on Monday, 18th April 2016
#Partnership:
Nigeria, Singapore seal partnership
The Nigerian Maritime Administration and Safety Agency
(NIMASA) and Maritime and Ports Authority (MPA) of Singapore are seeking areas
of collaboration at the side-lines of the Maritime Regulators Forum in
Singapore. NIMASA’s Director-General Dr Dakuku Peterside met with his MPA
counterpart, Mr Andrew Tan, pledging to collaborate.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#Oil: Oil
prices tumble after Doha talks collapse
Oil price tumbled yesterday after a meeting of major
exporters in Qatar collapsed without an agreement to freeze output. Brent crude
futures fell almost seven per cent in early trading yesterday before recovering
to $40.97 per barrel, still down 2.15 per cent since their last settlement.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#Oil: Shell
remits $42b to Fed Govt as revenue
Shell Petroleum Development Company (SPDC) and the Joint
Venture (JV) partners remitted $42 billion to the Federal Government between
2011 and 2015, The Nation has
learned. This is contained in Royal Dutch Shell’s 2015 Sustainability report
released yesterday. The oil giant said it also paid royalties and corporate
taxes worth $1.1 billion to the governmet last year. Of the amount, SPDC paid
$0.6 billion. Shell Nigeria Exploration and Production Company (SNEPCo) paid
$0.5 billion.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#Techonology:
Cloud ‘transforming businesses’
Oracle Corporation has said cloud based technologies are
changing the business dynamics in Africa. Its Country Managing Director, Mr
Adebayo Sanni, who spoke at this year’s Oracle Day in Lagos, said the switch to
cloud based technology has become the game changer for businesses.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#Employment#ICT:
Fed Govt to create 2 million ICT jobs
The Federal government has expressed its determination to
create two million jobs from the Information Communication technology (ICT)
industry over the next six months. It has, therefore directed the umbrella body
of the telecommunications companies in Nigeria, the Association of
Telecommunications Companies of Nigeria (ATCON) to come out with implementable
frameworks to achieve this.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#Economy:
Bar leaders seek reforms to boost Africa’s economy
Bar leaders have called for fundamental reforms of archaic
laws in Africa as a way of promoting sustainable economic growth and political
stability. They met in Lagos last week during the First African Bar Leaders’
Conference organized by the Nigerian Bar Association in collaboration with Bar
Associations and Law Societies in Africa, with the theme: Reducing poverty and promoting sustainable economic growth in Africa
through reforms i9n administration of justice.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#CSR#Philanthropy:
Foundation, Unilever help students with disability
An Ilorin, Kwara State-based non-governmental organization
(NGO), the Survivors Foundation has partnered Unilever Nigeria Plc to bring
succour to students with special needs as well as internally displaced persons
(IDPs) in the country. Unilever donated relief materials worth about N45
million to the foundation for onward delivery to students and orphanage homes.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#Education:
Rural school gets library
As big as the Federal Capital Territory (FCT) might look with
all the infrastructures scattered everywhere, one of the greatest challenges
facing residents is the nonexistence of a standard library.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#Health#Stakeholders:
Health workers protest privatization
Members of the Nigeria Union of Allied Health Professionals
(NUAHP), University of Ilorin Teaching Hospital (UITH) branch, yesterday , protested
the management’s plans to privatise and commercialise the diagnostic section.
The union declared a three-day sit-down strike to force management to rescind
its decision.
Published
by the Nation Newspaper on Tuesday, April 19, 2016
#Infrastructure:
FG urged to develop Infrastructure Bonds for Pension Funds
The Federal Government has been urged to develop attractive
infrastructure bonds that will guarantee the safety of pension funds which
investment experts and government have been eyeing for infrastructural
development.
Published
by the This Day Newspaper on Wednesday, 20th April, 2016
#Partnership:
Nigeria, France to sign agreement on N11.15bn Power training facility
Nigeria and the government of France will in May sign a €50
million (N11.15 billion) loan for the development and upgrade of power training
facilities in the country, the Director-General of National Power Training
Institute of Nigeria (NAPTIN), Mr Reuben Okeke has disclosed.
Published
by the This Day Newspaper on Wednesday, 20th April, 2016
#Agric:
Enugu partner NIPC on Agribusiness
Enugu state has expressed its preparedness to partner the
Nigerian Investment promotion Council (NIPC) in the area of agribusiness. This,
according to the state, has huge potential to generate employment, create
wealth and provide food security.
Published
by the This Day Newspaper on Wednesday, 20th April, 2016
#MoU:
Delta, Chinese Company sign MoU on Infrastructure Development
The Delta State Governor, Dr Ifeanyi Okowa, has expressed the
willingness of his administration to partner credible investors and firm with
technical expertise and proven record of performance in order to boost
infrastructural development in the state.
Published
by the This Day Newspaper on Wednesday, 20th April, 2016
#Economy:
Nigeria, Others urged to tackle non-inclusive growth
A former Deputy Governor of the Central Bank of Nigeria
(CBN), Proffessor Kingsley Chiedu Moghalu has warned that if Nigeria and other
developing countries failed to achieve inclusive economic growth, they would
have missed the path to true development and run the risk of continued
instability.
Published
by the This Day Newspaper on Wednesday, 20th April, 2016
#Oil:
Nigeria risks shaky returns as Africa’s top oil Producer
Nigeria may have to remain second largest oil producer for
now until it is able to find solutions to emerging security challenges
threatening the industry in the Niger Delta.
Published
by the This Day Newspaper on Wednesday, 20th April, 2016
#Oil:
Nigeria loses N7.1tn oil revenue to illegal withdrawals, others
Poor record keeping, illicit payments and withdrawals,
absence of coordination by government agencies, outdated laws, among others,
have resulted in oil revenue loss of N7.1tn by Nigeria.
Published
by the Punch Newspaper on Thursday, 21st April, 2016
#Economy:
Third Development plan can still be implemented
Former Head of State, General Yakubu Gowon, says Nigeria’s
third national development plan, which was launched 1975, can still be
implemented with modifications in line with current economic realities.
Published
by the Punch Newspaper on Thursday, 21st April, 2016
#IndustryPulse:
FSDH Merchant Bank grows PAT by 34.98%
The FSDH Group has declared a profit after tax of N4.09bn for
2015 financial year from N3.03bn for the previous year. This represents an
increase of 34.98 per cent. This was revealed at the pre-Annual General Meeting
briefing of the company in Lagos.
Published
by the Punch Newspaper on Thursday, 21st April, 2016
#Investment:
Footprint to unveil investments opprotunities in Nigeria, others
Footprint to Africa, a business and financial news outfit,
says it is set to unveil business and investment opportunities in Nigeria and
across Africa. The firm said this would be done through its business news
resources, namely Africa in 10 minutes and The MarketPlace Africa, due to be
launched next week.
Published
by the Punch Newspaper on Thursday, 21st April, 2016
#Oil:
150,000 jobs lost in Nigeria’s oil industry-PENGASSAN
The Nigerian Oil and Gas industry recorded a loss of about
150,000 jobs in 26 months to February 2016, the Petroleum and Natural Gas
Senior Staff Association of Nigeria has said. The National President,
PENGASSAN, Mr Francis Johnson, noted that there had been massive and unprecedented
loss of jobs in the oil and gas industry globally and in Nigeria.
Published
by the Punch Newspaper on Thursday, 21st April, 2016
#IndustryPulse:
Firm promotes local production of pipeline pigs
The Managing Director and Chief Executive Officer of Pipeline
Pigs and Accessories Limited, Mr Geoff Onuoha, has described the domestication
of pigging manufacturing in Nigeria as an affirmation of the benefits of the
Nigerian Content Act.
Published
by the Punch Newspaper on Thursday, 21st April, 2016
#Power:
Asteven Solar plans to generate 50MW
Asteven Solar Nigeria has said it plans to generate about 50
megawatts of electricity over the next 24 months. The Managing Director and
Chief Executive Officer, Asteven Solar Nigeria, Dr Sunny Akpoyibo, said the
company would be partnering Green Energy Finance limited and other key Nigerian
financial institutions to provide affordable financing mechanisms to fast-track
an accelerated access to power to those who find initial investment cost too
prohibitive.
Published
by the Punch Newspaper on Thursday, 21st April, 2016
#MoU:
China, SON prepare MoU on substandard products imports
the Chinese government is expected to sign a Memorandum of
Understanding with the Standards Organization of Nigeria concerning the
importation o0f substandard products into the country. The Acting
Director-General of SON, Paul Angya, made this known at an interactive session
in Lagos, while responding to questions from stakeholders in the maritime
sector concerning the influx of substandard goods from China.
Published
by the Punch Newspaper on Thursday, 21st April, 2016
#Oil: Crude
prices hit $46 a barrel recorh-year high
Crude prices hit a year-record high of $46 a barrel
yesterday, giving Nigeria a buffer of $8 over its $38 a barrel 2016 budget
benchmark, a feat which it has not attained since January.
Published
in the Guardian Newspaper on Friday, 22nd April, 2016
#Technology:
World Forum IoTs inaugurates Africa Work Group
World Forum on Internet of Things (IoTs) has established the
Africa IoT Work Group as a strategic platform to ensure that Africa’s
technology position is registered and her voice is heard with constructive
participation and objective contribution.
Published
in the Guardian Newspaper on Friday, 22nd April, 2016
#IndustryPulse:
Nestle launches R1.2 billion Expansion in S.A. Coffee plant
Nestle launched its R1.2 billion ($83 million) investment to
its South African coffee producing factory in Estcourt, Kwa-Zulu Natal on
Tuesday. This is part of the R2.9 billion ($200 million) the company has
invested to the coffee factory over tha last five years.
Published
in the Guardian Newspaper on Friday, 22nd April, 2016
#Economy:
Diversification to promote local production, reduce food import bill
Worried by the nation’s continued dependence on importation
of raw materials that can be locally sourced and other commodities, a former
Managing Director of the United African Company of Nigeria (UACN), Joshua Ajayi
has called on the federal government and state government to explore
opportunities in diversifying the economy.
Published
in the Guardian Newspaper on Friday, 22nd April, 2016
#Economy:
NSE’s indices rises further by N43b
Price gains have continued to outweigh losses on the equity
sector of the Nigerian Stock Exchange (NSE), as more blue chip companies join
the league of gainers, causing market capitalisation to rise further by N43
billion.
Published
in the Guardian Newspaper on Friday, 22nd April, 2016
#StakeholdersAction:
Shareholders laud Sterling Bank’s corporate governance principle
Shareholders of Sterling Bank has lauded the bank for its
strict adherence to corporate governance principles, even as they approve the
bank’s 9 kobo dividend due to every investor for the 2015 operations.
Published
in the Guardian Newspaper on Friday, 22nd April, 2016
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