National economies run on power and it is no longer news that low power output has been the major constraint militating against Nigeria achieving double-digit gross domestic productivity, GDP, growth. For a country whose publicly generated power had been less than 5,000 MW for decades, it is a minor miracle that we have consistently achieved close to 7 per cent GDP growth for about five years in a row.
The Supreme Court on Thursday ordered the Federal Government and 36 state governors to still explore out-of-court settlement on the controversy over the one billion dollars Sovereign Wealth Fund (SWF). The governors had approached the court over alleged illegal diversion of funds meant for the federation to maintain Excess Crude Account (ECA) and SWF.
Concerted effort by all stakeholders is needed to spark a housing revolution which is necessary to adequately address the huge housing deficit in Nigeria, estimated to be 16 million units.
The Federal Government has assured that the disbursement of the Cabotage Vessel Financing Funds (CVFF) will commence before the end of July.
Ashaka Cement Plc (Ashakacem) has announced profit after tax of N3.124 billion for the year ended 31stDecember, 2013, 8.3 percent improvement over N2.885 billion recorded in the previous year
… As analysts caution investors on profit taking
Total market capitalisation of equities listed on the Nigerian Stock Exchange, NSE appreciated by N288.1 billion last week occasioned by sustained investors’ confidence.
The volume of trade between Nigeria and Turkey has risen to more than one billion dollars annually, an official of NACCIMA has said.
Reactions has continued to trail the new economic rating of Nigeria by the World Bank, which moved the country from a low income nation to a medium income one. The bank had hinged Nigeria’s new rating on the reduction of poverty rate per capita in the country from 64.2 per cent to 62.6 per cent, as well as improvement in revenue accretion.
Nigerian National Identity Management Commission, NIMC, has announced partnership with MasterCard on the roll of 13 million MasterCard-branded National Identity Smart Cards with electronic payment capability as a pilot program.
Manchester United shares sank four percent in opening US trade Wednesday after the football club’s legendary manager Alex Ferguson announced his retirement.
Managing Director of Federal Airport Authority of Nigeria, FAAN, Mr. George Uresi, has disclosed that most of the concession agreements entered into by the agency and its concessionaires in the aviation industry were imposed on FAAN.
The World Bank has said that it would commit one billion dollars to support Nigeria’s agricultural sector in the next five years. Ms Marie-Francoise Marie- Nelly, its Country Director, said this at a workshop on Gender and Agriculture Technical Dialogue in Abuja.
On the 16th of April, Diamond Bank hosted investors at the Famous Merchant Taylor’s Hall in London. It was a gathering of prominent investors, friends and well wishers of the bank to celebrate its presence in the financial hub of London. The Managing Director Mr. Alex Otti, had a brief session with Nigerian journalists who were there. Exerpts:
The Trade Union Congress of Nigeria (TUC) has said that the organised labour would sponsor a bill to establish the principles of local content in the construction industry.
A total of N195.36 billion was raised from new issues on the Nigerian Stock Exchange, NSE during the year ended 31st December, 2012, translating into a two-year total of N2 trillion in the value of capital raised on the Exchange.
The Bank of Agriculture has set aside N25 billion to fund farmers and other operators in the agri-business sub-sector in the next two years.
Shareholders of Sterling Bank Plc, at the 51 annual general meeting in Lagos, authorised the Board and management of the bank to raise fresh capital amounting to N56.2 billion from the capital market.
Experts in the nation’s housing sector have called on the Federal Government to channel the huge funds lying in bank vaults, in the form of unclaimed dividends, dormant accounts, and accumulated premiums from pension schemes, among others, to the development of mass housing schemes across the country.
About 1.5 million vehicle insurance policies have been uploaded to the Nigerian Insurance Industry Database, NIID, the Director General of the Nigerian Insurers Association, NIA, Sunday Thomas, has said.
With the introduction of “SME Online” by global payment solutions company, Small and Medium Enterprises (SMEs) in the country will now enjoy Internet payment solution.
The U.S. Foreign Direct Investment flow into Nigeria has increased from $5.2 billion in 2000 to $8 billion dollars in 2012. The Nigeria Ambassador to the U.S, Prof. Ade Adefuye, made this known during a presentation on investment promotion strategies at the regional seminar for Heads of Missions in the Americas held in New York.
The Federal Government is yet to pay up the balance of N2 billion Group Life premium it is owing insurers for last year, according to the Nigerian Council of Registered Insurance Brokers, NCRIB.
Nigeria must address security issues to enhance its chance to grow trade volume as the wide range of reforms across the economy is prompting investors to take a fresh look at the country.
The need to adopt the principles of microfinance has been advocated in the quest by government to provide affordable housing for low-income earners in the country.
The value of equities listed on the Nigerian Stock Exchange, NSE, recorded an appreciable increase last week, occasioning the market capitalisation to rise by N623 billion.
Ladi Bakindi is a middle-aged woman farmer in the Bakolori Irrigation project in Zamfara state. She is one of the 33,550 farmers on 11,000 hectares of land.
The Central Bank of Nigeria (CBN)’s move to reduce the settlement cycle of a cheque in Nigeria to one day, also known as cheque truncation system, has now taken off across the country.
If it is business, good, if it’s ambushing, not palatable, but if it is on the monetary side, good business for Saka, but yet questions would be asked why Hafiz Oyetoro otherwise known as ‘Saka’ dumped Etisalat for MTN.? What was the contractual agreement with Etisalat.? Or could it be the portability switch that prompted the move, what lesson?.
The Federal Government on Friday in Abuja called for transparency in the process of selecting a new Director-General for the World Trade Organisation (WTO) on May 31. Mr Samuel Ortom, Minister of State for Industry, Trade and Investment, expressed government’s position when Mr Roberto Zapata, a special envoy of Mexican President Pena Nieto, visited him. Ortom said credibility in the selection process would usher in a competent leadership that would take the 159-member global trade body to the next level.