Thursday August 28th, 2014
Thursday August 28th, 2014
Latest

Growth in non-oil export hits US$2.970bn — NEPC

  /   in Business 12:49 am   /   Comments

refinery-7

The Nigerian Export Promotion Council, NEPC, has disclosed that, Nigeria realised $2.970 billion from non-oil export, in 2013 a 15.9 per cent increase over $2.561 in 2012.

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Nigeria, UK trade to hit 20bn pounds by 2020

  /   in Business   /   Comments

naira-Dollar

There are indications that trade between Nigeria and Britain has potential to hit 20 billion pounds by year 2020 if government remains proactive and encourage business to strive.

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Sourcing raw materials locally ’ll create market for farmers — FG

  /   in Business 12:35 am   /   Comments

Agric Minister, Akinwumi-Adesina

The Federal Government has called on companies to source their raw materials locally as this will create markets for farmers, boost their income and employment.
Dr. Akinwunmi Adesina, the Minister of Agriculture and Rural Development (FMARD) made the call while commending Nestle Nigeria Plc for buying raw materials for its seasoning, cereal and beverage product from local farmers

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‘Insurers, intermediaries should adopt creative approach to employment’

  /   in Insurance and You   /   Comments

insurance-pix

Insurers and intermediaries struggling to attract suitable personnel may find the situation growing even tougher unless they become more creative in their approach to employment

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FG boosts mechanised farming with N50bn

  /   in Business   /   Comments

Oil Palm Seedlings

THE Federal Government has approved N50 billion to boost mechanised farming.

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FG to phase-out heavy energy consuming devices

  /   in Energy 9:15 am   /   Comments

File photo

ABUJA: The National Council on Power, NCoP, has mandated the Ministry of Power to collaborate with relevant agencies to develop a national policy on energy efficiency and conservation.

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Poor petroleum contributions may threaten general election

  /   in Energy   /   Comments

A refinery

Analysts at FBN Capital Limited have bemoaned the negative correlation between Nigeria’s oil output and economic development, saying the oil sector has contributed negatively to the growth of the Nigerian economy.

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Elumelu back as UBA chairman

  /   in Business, News   /   Comments

uba

The Board of United Bank for Africa Plc, UBA, yesterday named Mr. Tony O. Elumelu, CON, as Chairman to succeed Ambassador Joe Keshi. Mr. Elumelu until this new appointment is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, founded by him in 2010.

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Nigeria not ready for bilateral trade in electricity — MAN

  /   in Energy   /   Comments

naira-Dollar

By Nkiruka Nnorom The Nigerian Bulk Electricity Trader, NBET, has not demonstrated the readiness to midwife bilateral trading in electricity, said the Chairman, Manufacturers Association of Nigeria, MAN Apapa branch, Mr Babatunde Odunayo. This is even as some private sector companies are already developing the interest and capacity to sell power to the distribution companies,

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Mining: Use of explosives under control — FG

  /   in Energy   /   Comments

File Photo

ABUJA- THE Minister of Mines and Steel Development, Mr. Musa Sada, has reassured that explosives used by operators in the mining sector are under control and close watch.

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Cement coy decries shortage of power supply

  /   in Energy   /   Comments

Cement

By Chris Ochayi The Chairman of the Cement Company of Northern Nigeria Plc, Alhaji Abdulsamad Rabiu, has decried the high cost of electricity to power production equipment in his factory. Rabiu, who spoke with newsmen on the sideline of the company’s 35th Annual General Meeting, AGM, in Abuja, regretted that despite the high cost, the

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Nigerian banks invested N750bn in power sector since privatisation — Adeleye

  /   in Business   /   Comments

electricity

As Nigerian banks invested about N750 billion in the power sector since its privatisation, it’s imperative that the security of this huge exposure rests squarely on every efforts to ensure the success of the privatization process, Mr. Segun Adeleye, President/CEO, World Stage Limited has said.

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Latest

NAPTIN, NERC differ on embedded power

  /   in Energy   /   Comments

Electricity-new

Federal Government’s quest to tackle the perennial power shortages in the country may not be achieved soon, as two key organs of the government differ on embedded generation.

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Latest

Chevron identifies successes of community interventions

  /   in Energy   /   Comments

File photo: A rally to mark HIV/Aids Day.

The local unit of US oil major, Chevron Nigeria Limited, CNL, has said that its relationship and intervention with communities in its areas of operations are based on a tripod.

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Nigerian ad industry recovers, spent N103bn in 2013

  /   in Business   /   Comments

naira money

Nigeria’s advertising industry recovered in 2013 from the slide it recorded in 2012, as the media spend by advertisers across the country amounted to N103.8 billion, representing an increase of N12.95 billion over the N91.9 billion recorded in the previous year.

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Vocation and Technical Education – Key to improving Nigeria’s development. Part 4

  /   in Business 12:52 am   /   Comments

*Some of the items donated to graduates of the centres.

The focus is on the roles of technology and vocational education in enhancing entrepreneurial skills that will equip students for entrepreneurship education in Information and Communication Technology (ICT)-driven technological environment.

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AMCON offloads shares as stock market recovers N8.5trn in 5 yrs

  /   in Business   /   Comments

File photo: The  floor of Stock exchange

The Asset Management Corporation of Nigeria, AMCON may have begun to offload some of the shares it acquired from the non-performing loans of banks and other companies as the value of shares listed on the Nigerian stock market have rebounded to the level of 160.2 per cent or N8.5 trillion in five years.

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Nigerian Economy: Driving furiously into sunset

  /   in Business   /   Comments

Africa

The NATION’s second editorial for that day focused on the stagnation in oil exploration as a result of which Nigeria is now lagging behind Angola in sub-Saharan Africa.

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‘Internet fraud plagues online business in Nigeria’

  /   in Business   /   Comments

The Wired World: A graphic representation of the Internet

Co-Founder of Nigeria’s online letting agency, Tolet.com.ng, Mr. Suleiman Balogun has said that online related fraud that has come to be associated with Nigeria over time, has continued to threaten the growth of online business in the country. Tolet.com.ng, an online letting agency based in Lagos, helps people find apartment houses to rent.

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Nigeria’s economy strong amidst security concerns — NIPC

  /   in Business   /   Comments

Boko-Economy

Despite the security problem facing the country, the Nigerian Investment Promotion Commission, NIPC has said the nation’s economy still thrives after all.

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Nigeria waiting for G-20 deal on ‘bail-in’ bond for banks

  /   in Business   /   Comments

economy

The Federal Government and the Financial Regulatory Authority may tap into the G-20 proposal that will require the top banks in the country to issue special bonds as capital that can assist them in times of crises. Sources close to the Presidency disclosed that if the G-20 proposal scales through, Nigeria will take a cue from it.

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We must create models that touch lives positively  — Lai Labode, CEO, Salt & Einstein

  /   in Business   /   Comments

Lai Labode, CEO, Salt & Einstein

Lai Labode is CEO of Salt & Einstein MTS, a mobile transaction switch and business aggregator representing a single mobile financial platform that facilitates businesses of all sorts. Educated in various parts of the country, Labode, an accounting graduate of the University of Abuja with higher degrees from the University of Liverpool and Harvard Business School, had worked with Banking Limited, MoneyBox Africa, before going into private consulting. Salt & Einstein parades giants on its board, including Engr. Ernest Ndukwe, former EVC of NCC who is the company’s chairman. In the interview below, Labode defines what an aggregator is, and enunciates what his company is about in the Nigerian business firmament

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Stakeholders commend FG’s use MFBs to disburse N220bn MSME fund

  /   in Business   /   Comments

BANK

Some stakeholders in the finance industry have commended the Federal Government for its decision to use Micro-Finance Banks (MFBs) in distributing the N220 billion Micro, Small and Medium Enterprise (MSME) development fund.

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How hospitality business can shore-up Nigeria’s image

  /   in Business   /   Comments

Woodridge Hotel:  One of the bars in the  97  room  hotel  located in the reception. The reception is tastefully furnished with eyes appealing  furniture. Woodridge hotel, Lagos is a full service hotel  made up of standard, diplomatic rooms as well as  junior and woodridge club suits.

Before now, Nigeria had made few attempts at nation branding, with not so discernible achievements. This started with the ‘Heart of Africa’ project, to the ‘Good people, Great Nation’ concept, the search for a strong national branding platform that could greatly resonate with Nigeria’s internal and external public cut the picture of a twisted journey.

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NSE to revoke licences of inactive stockbroking firms

  /   in Business   /   Comments

Nigerian-Stock-Exchange-(NS

The Nigerian Stock Exchange, NSE, has announced plans to revoke licences of Stockbroking/Dealing member firms that are inactive for six consecutive months in the capital market transactions.

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High homeownership cost: Nigerians resort to rented accommodation

  /   in Business   /   Comments

Gooluck Jonathan Estate in Abuja. (Credit Channels)

A report by Residential Auctions Company (RAC) has revealed that 60-65 percent of business professionals in Lagos live in rented accommodation due to the high cost of home ownership and the unavailability of suitable mortgage products. The rental market is highly cyclical, like the buying market.

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Latest

Inevitability of the return of ATM service charge, by Prof Ekpo

  /   in Business 12:21 pm   /   Comments

Ekpo-prof

The West African Institute for Financial and Economic Management (WAIFEM) has gained international recognition for capacity building targeted at economic growth and development within and outside the West African sub-region. WAIFEM is currently in the news for strategic capacity building programmes designed to foster growth and regional integration among member-countries.

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Stallion rolls out vehicles built for Nigerian roads’

  /   in Business   /   Comments

stalliion2

Multinational conglomerate Stallion group has rolled out light commercial vehicles and buses at its new state-of-the-art assembly plant in Lagos State.
The Stallion vehicles were built from completely-knocked-down components and designed for Nigerian roads. They will be available soon in their dealerships nationwide, Stallion Group Chairman, Mr. Suril Vaswani, said, yesterday.

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Latest

Nigeria, Indonesia trade hits $588 million

  /   in Business 12:12 am   /   Comments

naira-Dollar

Director, Indonesian Trade Promotion Centre (ITPC), Mr. Pontas Tobing has disclosed that the total trade volume between Nigeria and Indonesia on non oil and gas transaction amounts $588 million US dollars, with 26.8 per cent growth trend.

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Glo boosts cashless policy, financial inclusion with Glo Xchange

  /   in Business   /   Comments

Point of Sales, POS, facilities

Globacom, Nigeria’s national telecommunications carrier is boosting cashless policy and financial inclusion with the launch of Glo Xchange, a Mobile Money Agent Network that is aimed at accelerating mobile money revolution and financial inclusion in the country.

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Govts, companies raise N53.48bn from NSE bonds market

  /   in Business 1:04 am   /   Comments

File photo: The  floor of Stock exchange

Some state governments and quoted companies raised N53.48 billion from the bonds market of the Nigerian capital market in the first seven months of 2014.

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Custom intercepts 15 bags of ammunition in Ogun

  /   in Business   /   Comments

Arms-n-Ammunition-uche

The Ogun State Command of the Nigeria Customs Service (NCS) has intercepted 1,480 cartridges of live ammunition concealed in 15 bags of rice from smugglers along the Abeokuta-Igboora bush path.

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