CSR NEWS SUMMARY ISSUE 133

#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, 18^th 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, 18^th 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 26^th forum in Rwanda. This year’s theme at the meeting in Davos was about “Mastering the 4^th 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, 18^th 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, 18^th 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, 18^th 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, 18^th 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, 18^th 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, 18^th 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, 20^th 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, 20^th 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, 20^th 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, 20^th 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, 20^th 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, 20^th 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

CSR NEWS SUMMARY ISSUE 132

#Economy: Act of 2004 opens way for CBN to unfreeze FX markets

Nigerian businesses and manufacturers may soon get some relief as the Central bank of Nigeria (CBN) moves to reform and restore liquidity and two-way quotes to the autonomous foreign exchange (FX) markets which have been gummed up for more than a year.

Published by the Business Day on Monday 11^th April 2016

#Power: Geometric Power deal set to re-position Aba as ‘Japan of Africa’

Business watchers say Aba, the capital and manufacturing hub of Abia state, will likely see a scramble for land on the back of an expected influx of small, medium and large industries looking for cheaper and constant power supply, following the resolution of the long-drawn dispute between Geometric/Aba Power Limited and Interstate Electrics.

Published by the Business Day on Monday 11^th April 2016

#Investment: Nigeria considers Chinese bonds for 2016 budget funding

The Federal Government has expressed her determination to productive borrowing and committed to safeguarding the N1.8 trillion which the government planned to borrow to invest in priority areas that would uplift the lives of the citizens, says Kemi Adeosun, Minister of Finance.

Published by the Business Day on Monday 11^th April 2016

#Economy: Nigeria risks $500m holdings as MSCI exit looms

The decision by MSCI incorporated to consider dropping Nigeria from its Frontier Market Index has put $500 million of stock investment in Africa’s biggest economy under threat, according to Renaissance Capital Limited. The development comes amid a crumbling economy, which is struggling to survive forex, energy and most recently inflation challenges.

Published by the Business Day on Monday 11^th April 2016

#IndustryPulse: Bank staff cost per head up despite layoffs

Nigerian Banks recorded higher costs per employee in 2015 despite a reduced workforce from layoffs in the sector. Data from the eight banks which have released Full Year (FY) 2015 audited reports shows that average staff cost per head increased by 4.3% to 6.9 million, from N6.61 million in 2014.

Published by the Business Day on Monday 11^th April 2016

#Economy: Lack of infrastructure, government control, bane of Nigerian economy

Lack of infrastructure, government control and collapse in the educational system has been identified as the cankerworm that has eaten deep into the Nigerian economy. These were the unanimous views of speakers and panellists at the Nigerian Economic and social risk summit and award presentation organized by Nigerian Risks award in Lagos.

Published by the Business Day on Monday 11^th April 2016

#Innovation: New strategy will increase intra-African trade to $250 billion by 2021- Afreximbank

A new strategy aimed at driving trade and industrialisation across Africa by at least 50 per cent in the next five years has been announced by the African Export-Import Bank (Afreximbank). The Afreximbank Intra Africa Trade Strategy, approved by the Board of Directors at its quarterly meeting in Johannesburg on Saturday, will see the bank work with partners to ramp up trade among African countries to $250 billion from its current level of about $170 billion by 2021.

Published by the Business Day on Monday 11^th April 2016

#Economy: Bellaafricana.com relaunches, focuses on Afrocentric products

As part of its quest to bridge the gap between artisans, manufacturers of Afrocentric products and their consumers, Bellafricana, a company that promotes the beauty of Africa have relaunched the online platform showcasing unique businesses of products and services made in Nigeria.

Published by the Business Day on Monday 11^th April 2016

#Investment: World Bank to increase global climate investment, adopts a new action plan

The World Bank Group has announced plans to increase its climate investment through the International Finance Corporation (IFC) from the current US$2.2 billion a year to a goal of US$3.5 billion a year, this will lead on leveraging an additional US$13 billion a year in private sector financing by 2020.

Published by the Business Day on Monday 11^th April 2016

#Agric: $30m pledged for Oyo Agric Initiative

The new agriculture initiative of the Governor of Oyo state, Senator Abiola Ajimobi, aimed at rejuvenating the economy of the state has received a major boost following the pledge of initial investment of $30 million by an agriculture entrepreneur.

Published by the Business Day on Monday 11^th April 2016

#Economy: Cuban Embassy partners Abuja Chamber to increase $2m trade volume with Nigeria

Carlos Trejo Sosa, the Cuban Ambassador to Nigeriahas called on the President of Abuja Chamber of Commerce and Industry (ACCI) Tony Ejinkeonye to assist hios country in increasing their trade volume with Nigeria, which currently stands at $2 million.

Published by the Business Day on Monday 11^th April 2016

#Economy: World Bank seeks Nigeria’s ratification of TFA

The World Bank has advised the Nigerian government to ratify the Trade Facilitation Agreement (TFA) put together by 162 member- nations of World Trade Organisation (WTO) as part of measures to enhance its proposed economic diversification agenda.

Published by the Guardian Newspaper on Tuesday, 12^th April 2016

#Health: Senate decries absence of comprehensive data on cancer

The Senate Committee on Health, yesterday, decried the absence of national data to determine the number of people affected by cancer for effective treatment, stressing that the global information available show that cancer disease is rapidly on the increase in Nigeria. The committee also stated that Nigeria has recorded more than two million cases of cancer yearly, stating that between 100,000 and 500,000 cases were being registered every year.

Published by the Guardian Newspaper on Tuesday, 12^th April 2016

#Economy: Nigeria to lead sub-Sahara’s economic rebound, says World Bank

The World Bank Group yesterday lowered its 2016 sub-Saharan African growth forecast to 3.3 per cent from a previous forecast of 4.4 per cent in October, citing plunging global commodity prices.

Published by the Guardian Newspaper on Tuesday, 12^th April 2016

#Investment: Dangote invests $20b in pipeline infrastructure, fertilizer, petrochemicals

Dangote Group is investing about $20 billion into gas pipeline infrastructure, power generation, petrochemical, fertilizer, sugar refinery and petroleum refinery in the country. The Executive Director, Dangote Group, Devakumar Edwin, in a chat with The Guardian, disclosed that Dangote’s fertilizer plant which will be operational next year and the petrochemical plant and refinery, is expected to meet local consumption of petroleum and chemical products in the country.

Published by the Guardian Newspaper on Tuesday, 12^th April 2016

#Empowerment: Lagos woos fresh graduates to entrepreneurship, N25b soft loan scheme

Lagos State Government has charged fresh graduates in the state on the imperatives of looking inwards for self-employment, coupled with the benefits of getting soft loans from the State Government. State Deputy Governor, Idiat Adebule, at the 24^th convocation ceremony of the Lagos state Polytechnic, Ikorodu, held at the weekend, said that the charge was in line with current economic realities “which require innovations and entrepreneurial skills that would make people contribute to the growth of the economy rather than relying on paid employment that may never come.

Published by the Guardian Newspaper on Tuesday, 12^th April 2016

##Empowerment: SIIFZ revamps training programme, creates 6,000 jobs

The development and expansion at Snake Island Integrated Free Zone (SIIFZ) has generated not less than 6,000 direct jobs, Chairman, Anwar Jarmakani has said. According to Jarmakani, the direct jobs also support over 100,000 families through indirect job opportunities.

Published by the Guardian Newspaper on Tuesday, 12^th April 2016

#Economy: Buhari seeks reduction in Nigeria, China trade imbalance

President Muhammadu Buhari yesterday in Beijing urged the Nigerian and Chinese business communities to work harder to reduce the trade imbalance between both countries which is currently in China’s favour.

Published by the Nation Newspaper on Wednesday, 13^th April 2016

#Power: DISCOs, Egbin power plant sign agreement to supply 220mw

The Nigerian Electricity Regulation Commission (NERC) has informed the Federal Government of the activation of the agreement between Paras Energy and Eko DISCOs to provide 40 megawatts to Lagos as well as the agreement between Ikeja and Eko DISCOs with Egbin power plant for dedicated supply totalling 220 megawatts.

Published by the Nation Newspaper on Wednesday, 13^th April 2016

#IndustryPulse: CBN to refund N2tr CRR to banks

The Central Bank of Nigeria (CBN) is working out modalities for disbursing the about N2 trillion refund expected from the five percent cut in Cash Reserve Ratio (CRR) to banks.

Published by the Nation Newspaper on Wednesday, 13^th April 2016

#IndustryPulse#Technology: Ecobank to drive efficiency, financial inclusion with technology

Ecobank Nigeria will adopt the best technology to push its market penetration to become one of the top three banks in the country in three years, its Managing Director, Charles Kie has said.

Published by the Nation Newspaper on Wednesday, 13^th April 2016

#CSR#SMEs: MasterCard inaugurates startups agenda for Africa and Middle East

This year’s MasterCard Start Path Global Programme has been launched across the globe. The product Start Path has been successful across the Middle East Region (MEA). It is intensifying its search as a reminder of the innovation of startups.

Published by the Nation Newspaper on Wednesday, 13^th April 2016

#Agric: Firm revamps Oyo community’s cassava processing cottage

In continuation of its policy of investing in communities to positively impact the lives of smallholder farmers across Nigeria, British American Tobacco Nigeria Foundation (BATNF) has rehabilitated the Cassava Processing Cottage at Ago-Are, in Atisbo Local Government Area of Oyo State. The facility was originally inaugurated  and handed over to the community in December 2004.

Published by the Nation Newspaper on Wednesday, 13^th April 2016

#SMEs: GTBank strengthens support for women entrepreneurs

Guaranty trust Bank (GTBank) in partnership with ‘She Leads Africa’ (SLA) Accelerator’ has set aside N6 million as grand prize to support business of three potential winners of this year’s ‘African Women Entrepreneurship talent Hunt.’ Each of the winners will get N2 million.

Published by the Punch Newspaper on Friday April 15, 2016

#Investment: Fashola, Ugwuanyi seek inclusive economic growth

The Minister of Power, Works and Housing, Mr Babatunde Fashola, and Governor Ifeanyi Ugwuanyi of Enugu State have called for inclusive economic growth as the federal and state governments step up efforts to attract foreign investors into the country.

Published by the Punch Newspaper on Friday April 15, 2016

CSR NEWS SUMMARY ISSUE 131

#Economy: FG unveils plan to promote Nigerian cuisine abroad

The Federal Government has unveiled plan to generate more revenue for the country by promoting patronage of Nigerian cuisine and menus in foreign country. The plan is part of the Nigeria Diaspora Export Programme, which was developed by the Nigerian Export Promotion Council.

Published by the Punch Newspaper on Sunday, 27^th March 2016

#Power: Power generation drops further to 2,035.20MW

Despite getting 66.53 per cent of the total amount of domestic gas supply for one year, Nigeria’s electricity generation has remained low. Figures obtained on Friday (5:21pm) by our correspondent from the country’s Power System Operators indicated electricity generation had dropped further to 2,035.20 mega watts

Published by the Punch Newspaper on Sunday 27^th March 2016

#Oil: High oil cost raises fear of petrol price hike

A fresh increase in the pump price of Premium Motor Spirit (petrol) may be imminent following the latest rise in the global oil prices, which has pushed the cost of petroleum products up. And should the Federal Government retain the current prices of fuel, the nation may witness the return of subsidy on the products.

Published by the Punch Newspaper on Sunday 27^th March 2016

#Oil: Oil price slump reduces sector’s output by N3.6tn

The massive drop in oil prices impacted negatively on the performance of the Nigerian oil and gas sector, which recorded a decline of N3.6tn in output in the 2015 fiscal period. A report showing the performance of the sector which was obtained by our correspondent from the National Bureau of Statistics, revealed that in monetary terms, the sector recorded a huge decline of 37.5 per cent from N9.61tn in 2014 to N5.99tn at the end of last year.

Published by the Punch Newspaper on Tuesday, 29th March 2016

 #Power: Shell increases gas production to boost power generation

The Shell Petroleum Development Company of Nigeria Limited Joint Venture on Monday announced an increase in its gas production from the Agbada field in the eastern Niger Delta. The Company, in a statement signed by its Corporate Media Relations Manager, Precious Okolobo, said the increased production was in support of the Federal Government’s aspiration of raising domestic gas production for manufacturing and power generation.

Published by the Punch Newspaper on Tuesday, 29th March 2016

#MSMEs: MSMEs have lost N30bn to fuel scarcity-ACCI

About N30bn has been lost by Micro, Small and Medium-scale Enterprises in the last 30 days owing to the persistent fuel scarcity being experienced across the country. The President, Abuja Chamber of Commerce and Industry, Mr Tony Ejinkeoye, gave the figure in a statement issued in Abuja on Monday.

Published by the Punch Newspaper on Tuesday, 29th March 2016

#Infrastructure: FG should consider private equity for infrastructural development

The managing director, Cowry Asset Management Limited, Mr Johnson Chukwu, has said the Federal Government should look at using private equity funds to drive infrastructural advancement especially in the power sector.

Published by the Punch Newspaper on Tuesday, 29th March 2016

#Economy: Forex scarcity may cause massive unemployment

The Federal Government has been advised to urgently address the lingering foreign exchange scarcity problem in the country to forestall massive job losses. While a long term plan of developing alternative forex sources is required, a short to medium-term plan targeted at tackling the existing dollar shortage is inevitable.

Published by the Punch Newspaper on Tuesday, 29th March 2016

#Empowerment: Stanbic IBTC boosts savings culture with Contract Save

Stanbic IBTC has reiterated the need for a strong savings and investment culture among Nigerians. The bank said it has developed a bouquet of products to strengthen the savings and investment culture in the country.

Published by the Daily Sun Newspaper on Tuesday, 29^th March 2016

#Empowerment: 6.17m jobs created by N1.5trn CBN intervention fund

Recent data from the Central Bank of Nigeria (CBN) has shown that it created about 6.17 million jobs through the various intervention funds to different sectors of the economy. According to the data, the combined impact of the Agricultural Credit Guarantee Scheme Fund (ACGSF) flagged-off in April 1978 and the Commercial Agriculture Credit Scheme (CACS) established in 2009, have led to the creation of 6,178, 132 in the Nigerian economy.

Published by the Daily Sun Newspaper on Tuesday, 29^th March 2016

#Power: Operators seek govt’s guarantee for $40b facility to stabilise electricity

Players in the Nigerian power sector yesterday said $40 billion (about N90 trillion) was required to guarantee a 20,000 megawatt (MW) electricity supply in parts of the country. According to them, the sum was to boost sectoral investment and strengthen the networks across the three-level value chain of generation, transmission and distribution in the medium term.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Health: NSE, CECP plan to set up cancer centre in Nigeria

The Nigerian Stock Exchange (NSE), in collaboration with the Committee Encouraging Corporate Philanthropy in Nigeria (CECP), has concluded plan to acquire Mobile Cancer Centre (MCC) in the country.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Empowerment: Rotary Club of Ikeja trains youths on vocations

In line with its mission to reduce poverty by empowering its immediate community, the Rotary Club of Ikeja has sponsored five youths from Agidingbi, Ipodo market and Olusosun communities for a six-week vocational training programme.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Business: Nigerian firms acquires Mart Resources of U.K. in $89.2m deal

Nigerian-based Mid-western Oil and Gas Company has sealed an agreement to acquire Mart Resources Incorporation of the United Kingdom (U.K.) in what analysts described as a veritable bailout option for the financially distressed British firm.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Industry: Forum raises concern over porous online culture in Nigeria

Porous online culture in Nigeria has become a source worry to stakeholders in the Nigeria’s Information and Communication Technology sector. Gathered at the Signal Alliance IT Security Roundtable in Lagos, the stakeholders advocated for a national consciousness that will ensure Nigerian businesses, institutions and individuals going online to enjoy the great benefits of a truly online nation.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Innovation: Intel drives new computer, Internet adoption

To further drive the adoption of Information and Communication Technology in Nigeria, Intel Corporation has announced an initiative that will see it educate and provide more accessible and affordable technological solutions to Nigerians.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Economy: EU, OPEC worry as low oil prices crash investments

The European Union (EU) and the Organization of the Petroleum Exporting Countries (OPEC) were apparently, uncomfortable with the current trends of crude oil prices which has significantly crashed major investments in the sector.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Economy: NNPC’s fuel import reform scheme reduces U.S. petrol export to Nigeria by 10,000bpd

The United States (U.S.) exports of gasoline to Africa decreased by 28,000 barrels per day (bpd) in 2015, compared with 2014 due to lower exports to Nigeria, one of Africa’s largest fuel importers.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#IndustryPulse: PwC canvasses review of transportation logistics

Transportation and logistics sectors are due for ‘disruption’, Pricewaterhouse Coopers has said in its new report. Meanwhile, the International Maritime Organization (IMO) in partnership with the International Oil Pollution Compensation Funds (IOPC Funds) and the International Tanker Owners pollution Federation (ITOPF) is urging its member states to ratify and implement a key compensation treaty covering the transport of hazardous and noxious substances (HNS) by ship.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#IndustryPulse: BoI stakes N24.8b on 54 enterprises in Q1 2016

To further deepen its intervention to enterprises in the real sector, the Bank of Industry has approved N24.8 billion worth of loans to 54 enterprises across six sectors within the first quarter of 2016. Besides, the bank has also launched a N10 billion facility for lending under its Youth Entrepreneurship Support (YES) programme to intensify its youth empowerment effort and improve small businesses’ access to its facilities.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Oil #Investment: NLNG’s FID taken on $20/b oil price –Omotowa

Managing Director of Nigeria LNG Limited, NLNG, Mr Babs Omotowa, says the rapid oil price decline should not deter strategic multi-billion dollar investments in oil and gas projects in Nigeria and Africa, maintaining that there could be no better time for such investments. Citing the example of the NLNG, he said final investment decision for the project was taken on an oil price level of $20.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Power: Govt sets new target of 25,000MW of electricity by 2020

In line with a culture from the past governments, the federal government has announced a new power generation target of 25,000 megawatts (MW) by the year 2020. This, however, is despite the fact that power firms in the country are struggling to generate and sustain 4000MW of electricity after the sector was privatised in November 2013.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#IndustryPulse: PETAN elects new officers

The Petroleum Technology Association of Nigeria, PETAN- the Nigerian oil industry’s oldest association has elected new officers to pilot the affairs of the association in the next four years. The new officers elected at the association’s recent annual general meeting of the association in Port-Harcourt include the chairman, Mr Bank-Anthony Okoroafor.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Oil: Oil prices, drop in royalty force govts revenue down N20bn

Nigeria recorded a shortfall of N20.47 billion in gross statutory revenue, from N290.96 billion in January to N270.49 billion in February due to oil prices decline and drops in income from oil and gas royalty, companies’ income tax and import duties.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Environment: NLNG reiterates commitment to clean environment in Niger Delta

The Nigeria LNG Limited, NLNG, says it remains committed to its operational standard of a clean and safer environment in the Niger Delta region. The company said in a statement that rather than pollute the environment of its operational area as alleged in a recent report, it adheres to strict standards of cleanliness in the oil-rich region.

Published by the Guardian Newspaper on Wednesday, 30^th March, 2016

#Agric: Fed Govt plans self-sufficiency in rice production for 2018

The federal government plans self-sufficiency in rice production for 2018, Minister for Agriculture, Audu Ogbeh said yesterday. Speaking at the Eighth Tinubu Colloquium in Abuja, he said: “We intend to achieve self-sufficiency in tomato paste by the end of this year and in rice, maize and soya beans by the end of 2018 as well as wheat by 2019.

Published by the Nations Newspaper on Wednesday, 30^th March 2016

#Awards: Student wins global entrepreneur award

A 300 level Computer Science student of Michael Okpara University of Agriculture, Abia State and founder of Hoursspent.com, Miss Blessing Ijoma, 24, has emerged winner of the Global Student Entrepreneurs Award (GSEA) competition.

Published by the Nations Newspaper on Wednesday, 30^th March 2016

#Empowerment: Lagos train youths on employment

The Lagos State Ministry of Wealth Creation and Employment has commenced its training programme for the unemployed youths. The programme is meant to develop employability skills and job opportunities among youths.

Published by the Nations Newspaper on Wednesday, 30^th March 2016

#MSMEs: Fidelity Bank votes N30bn for export financing

Fidelity Bank Plc has set aside N30 billion to promote Small and Medium Enterprises (SMEs) and their value-chains involved in export financing, its Managing Director/CEO Nnamdi Okonkwo, has said.

Published by the Nations Newspaper on Wednesday, 30^th March 2016

#Health: WHO downgrades Ebola health risk

Ebola is no longer an “extraordinary health event” and the risk of the virus spreading is low, the World Health Organization says. It means the disease is not thought to be a significant public health threat to countries outside of those affected in West Africa.

Published by the Nations Newspaper on Wednesday, 30^th March 2016

#Economy: Nigeria, China, to enhance relations under new plan

China says it will develop modalities to enhance bilateral relations with Nigeria under the new cooperation plan of the 2015 Forum of the China Africa Cooperation (FOCAC) Summit. Chinese Ambassador to Nigeria, Mr Gu Xiaojie, said this at the 2016 China Nigeria Trade and Economic Forum in Abuja yesterday.

Published by the Daily Trust Newspaper on Thursday 31^st March 2016

#Stakeholdersaction#Health: Health workers split ahead of planned strike

A splinter group has dissociated itself from the 14-day strike ultimatum given to the Adamawa State Government by the Medical and Health Workers Union of Nigeria (MHWUN).

Published by the Daily Trust Newspaper on Thursday 31^st March 2016

#Industry: GM cotton to provide 500,000 jobs- Textile manufacturers

More than 500,000 Nigerians would be employed in the textile industry when the Genetically Modified cotton is finally released into the market, Nigerian Textile Manufacturers Association has said.

Published by the Daily Trust Newspaper on Thursday 31^st March 2016

#Agric: Nigeria can save N127bn from cassava- Bakers

Nigeria can save N127 billion annually if it sustains the inclusion of 20 per cent of cassava flour in bread production, chairman of the Borno chapter of the Association of Master Bakers and Confectioners of Nigeria, Mr Dominic Daniel has said.

Published by the Daily Trust Newspaper on Thursday 31^st March 2016

#Education: UNESCO distributes e-books to teachers

The United Nations Educational Scientific and Organization (UNESCO) has distributed teaching and learning materials including e-books to students and teachers in the FCT.

Published by the Daily Trust Newspaper on Thursday 31^st March 2016

#Oil: OPL 245: Italian police raid Shell Headquaters

Royal Dutch Shell has finally been put under formal investigation by the Milan Public Prosecutor’s office for alleged corruption offences relating to Nigeria’s offshore block, Oil Prospecting Licence (OPL) 245 deal.

Published by the Leadership Newspaper on Thursday 31^st March 2016

#Energy#Empowerment: NGO trains rural women in production of Energy Saving Stoves

A non-governmental organization (NGO) known as Foundation for Economic Empowerment and Educational Development (FEED) has trained women in Chukuku community of Kuje Area Council in Abuja on the production of energy saving cooking stoves.

Published by the Leadership Newspaper on Thursday 31^st March 2016

#Investment: FG seeks Chinese investment in Communication

The Minister of Budget and National Planning, Udo Udoma has called on China to invest more in the Nigeria’s Communication industry so as to ensure continued partnership between both nations.

Published by the Leadership Newspaper on Thursday 31^st March 2016

#StakeholdersAction: Chevron’s GMoU has benefitted Niger Delta region

The Global Memorandum of Understanding (GMoU) pioneered by the NNPC/Chevron Joint Venture has been described as a unique collaborative initiative that has contributed to the development of the Niger Delta Region.

Published by the Leadership Newspaper on Thursday 31^st March 2016

#Empowerment: NCWD’s ‘Nigerian Women in Politics’ Project takes off

The National Centre for Women Development in collaboration with the National Bureau of Statistics is set to dispatch field research officers on the collation of sex-disaggregated data on the involvement and participation of the Nigerian Women in politics, from 1999 to date project. At the end of the 2-day training exercise for the field officers, in Abuja yesterday, the acting director general of NCWD, Mallam Abdulmalik Dawuda clarified that the exercise, which will provide a baseline for the implementation of Goal 5 of the sustainable development goals will cut across 36 states of the federation and the Federal Capital Territory and will provide quantitative as well qualitative data that will serve as advocacy tool for the pursuit of 35 per cent affirmative action for women in decision making positions in Nigeria, among other paybacks.

Published by the Leadership Newspaper on Thursday 31^st March 2016

#Energy: Bida Poly Rector promises revival of Solar Energy Research Centre

The Rector, Federal Polytechnic Bida, Dr Abubakar Dzukogi has pledged reviving the solar energy research centre of the institution. He made the pledge while on an inspection tour of the centre recently.

Published by the Leadership Newspaper on Thursday 31^st March 2016

#Oil: Chevron, BP Plc cancels $100bn oil investment

The International Energy Agency (IEA) has expressed fear that the crashing oil price could possibly lead to oil security surprises in the future. The agency said already, Chevron Corporation and BP Plc are cancelling more than $100 billion in investments.

Published by the Leadership Newspaper on Thursday 31^st March 2016

#Economy: Nigeria to comtribute over 25% to Africa’s GDP by 2020

Africa’s biggest economy, Nigeria, is to contribute 25 per cent to the continent’s economic growth in the next four years. According to new report, the country’s contribution is benchmarked at an average rate of 4.8 per cent yearly leading to year 2020

Published by the Guardian Newspaper on Friday 1^st April, 2016

#Industry: Operators bemoan low contribution of 22 airports to economy

Some operators in the aviation industry have expressed worries over the poor contribution of the country’s 22 airports to the Gross Domestic Product (GDP). The contribution of the airports has been put at a mere 2 per cent, a development that has made stakeholders in the sector to call privatization of the entire 22 airports to make them perform optimally and also contribute maximally to the GDP.

Published by the Guardian Newspaper on Friday 1^st April, 2016

#Oil: NEPC, PHCCMA partner on non-oil export promotion

The Nigerian Export Promotion Council (NEPC) has expressed commitments towards advocating better policies on promotion of exports while improving measures in creating an enabling business environment for the private sector to thrive.

Published by the Guardian Newspaper on Friday 1^st April, 2016

#Oil: NNPC targets 650,000bpd refining capacity, opens bids for co-location of plants

In its bid to reduce fuel importation in the foreseeable future, the Nigerian National Petroleum Corporation (NNPC) has said that nine companies have submitted bids for the co-location of new refineries within the complexes of its three existing refineries in Kaduna, Warri and Port Harcourt.

Published by the Guardian Newspaper on Friday 1^st April, 2016

#Investment: World Bank to spend $800m in rebuilding N’East

The World Bank is setting aside $800 million in support of the rebuilding of infrastructure devastated by years of Boko Haram insurgency in the North East. The United Nations (UN) Resident and Humanitarian Coordinator, Fatma Samoura, who disclosed this yesterday, stated that the globam body was increasing its presence in Borno and other Northeastern States devastated by insurgency.

Published by the Guardian Newspaper on Friday 1^st April, 2016