Sunday April 20th, 2014
Sunday April 20th, 2014
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Our privatisation fears, by oil sector union

  /   in Business 12:16 am   /   Comments

Comrade Oginni

Privatisation of the PHCN is a total failure because there is no constant supply of electricity after the exercise. South Africa with a population of about 40million generates about 36,000 Mega Watts (MW) of electricity, while Nigeria with over 170million people generates only 4,000MW. The investors who bought PHCN are still abroad looking for technical partners. It is quite clear that the privatization of PHCN despite the noise making has not achieved the desired result. Everyone has seen that the intended purpose has not been achieved.

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Rebasing: Truths and fallacies –2

  /   in Business   /   Comments

*Briefing on Result of GDP in Nigeria: Minister of Finance and Coordinating Minister of Economy, Dr. Ngozi Okonjo –Iweala chatting with Minister of National Planning Amb. Bashiru Yuguda  and Statistician –General of the Federation and CEO of National Bureau of Statistics Dr. Yemi Kale during presentation of Preliminary Results of the Rebased Nominal Gross Domestic Product ( GDP) Estimates from Nigeria 2010 to 2013 held in Abuja. Photo by Gbemiga Olamikan.

Like all Americans, Einstein tried his hands at other subjects, including music and economics. He gave up both for different reasons. Music he found “too simple and economics, too difficult”. I gave up Medicine because it was too difficult and took up economics because it was simple enough to enable me go through a university with the minimum of effort – while leaving me with a lot of time to read wide. What has that got to do with rebasing? Wait a few minutes and you will soon understand it.

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The Lagos tax collection model

  /   in Business   /   Comments

Governor Babatunde Fashola of Lagos state

In any language, growing the internally generated revenue of a state from N6billion to over N20billion monthly over a period of eight years must spell success. This is what the scorecard of Lagos State shows as the fruit of the re-engineering of its Board of Internal Revenue.

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Microeconomic growth, ISO certification and growth of lubricant industry

  /   in Business 12:30 am   /   Comments

*Participants at the workshop

The role of Small Medium Enterprises, SMEs, as catalyst for economic growth and development has been well documented in the economy, and recognised in most countries.

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Livestock: Potentials of Grasscutter export

  /   in Business   /   Comments

Fish farming

Nigerian non-oil exports are still significantly below potential. The gradual decline over the last 49 years is especially saddening when we look at past data for example in 1961.

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CIS to engage FG on policy formulation, implementation

  /   in Business 12:19 am   /   Comments

Unlike the Stock market, Forex trading is Online

THE Chartered Institute of Stockbrokers, CIS, has concluded plans to engage the Federal Government on policy formulation and implementation towards enhancing the Nigerian capital market and the economy in general.

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FG upgrades Olam Farms to staple crop processing zone

  /   in Business   /   Comments

Agric-date-palm

OLAM Farms located in Nasarawa State has been upgraded to a Staple Crop Processing Zone (SCPZ) bringing the number of such zones in the country to 15. The SCPZs currently being established across the country, are expected to process the raw produce produced by farmers into finished foods and other economic products.

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Government’s GES scheme gets UKAid endorsement

  /   in Business   /   Comments

Oil Palm Seedlings

THE United Kingdom Department for International Development (DFID-UKAID) has endorsed the Federal Ministry of Agriculture and Rural Development’s Growth Enhancement Support (GES) scheme.

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Seplat promises steady dividend payment

  /   in Business   /   Comments

Seplat Plc has promised a steady dividend payment policy that will see the company paying dividend twice or more in a given financial year.

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Ecowas central banks seek uniform computation of bad loans

  /   in Business   /   Comments

Banks within the West African sub-region will soon have a uniform format for computing bad loans.

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GDP rebasing’ll boost investment opportunities

  /   in Business 5:15 pm   /   Comments

economy

AfriHeritage, a think tank initiative based in Nigeria, has called on the Federal Government to put policies in place to sustain the recently released rebased Gross Domestic Product (GDP), because of its potential to create new economic opportunities, new jobs and better investment environment.

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CBN mandates branches to supply lower currency to public

  /   in Business   /   Comments

1000-naira-notes

The current shortage of lower naira denominations will soon be over as the Central Bank of Nigeria, CBN has directed all its branches across the country to deal directly with the public, including business owners, in an effort to resolve a lingering scarcity of lower denominations of the naira.

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New GDP figures’ll attract FDI, foreign portfolio investment

  /   in Business   /   Comments

Nigerian-Stock-Exchange-(NS

The new Gross Domestic Product, GDP of $510 billion will enhance inflow of Foreign Direct Investment, FDI and Foreign Portfolio Investment, FPI into the country, said the President of Chartered Institute of Stockbrokers, Mr. Ariyo Olushekun.

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PoS: Bank customers to get cash back reward — CeBIH

  /   in Business   /   Comments

Cash less economy:  It’s a threat to us

BanK customers that use their e-payment cards to pay for goods and services on PoS terminals and web platforms will now be rewarded with cash back of 50 kobo for every N100 spent.

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Clearance procedures in Nigerian ports still primitive — NSC boss

  /   in Business   /   Comments

Seaport

The Executive Secretary, Nigerian Shippers’ Council, NSC Mr. Hassan Bello has said that despite several indicators of Nigerian ports’ performance and efficiency, clearance procedures are yet to meet up with basic technological advancement.

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Master mariners express concern over incessant boat mishaps

  /   in Business   /   Comments

Sea-port

MASTER Mariners Association of Nigeria (MMAN) has expressed concern over the incessant boat accidents in Lagos and called for more regulation on water ways transportation in the state.

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NIMASA’s technical college takes off with 35 students

  /   in Business   /   Comments

ABOUT 35 young Nigerians have been admitted as pioneer students of the Science and Technical College set up by the Nigerian Maritime Administration and Safety Agency (NIMASA).

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Airports need separate power projects, says NAHCO boss

  /   in Business 12:15 am   /   Comments

*Airport

Nigerian Aviation Handling Company Plc. capitalized recently marked 35 years in cargo, aircraft handling, passenger facilitation, crew transportation and aviation training. Part of the activities marking the Company’s 35th anniversary, saw the Managing Director, Mr Kayode Oluwasegun-Ojo, personally handling the check-in formalities of a London-bound Virgin Atlantic Airways passenger Mr. Michael Olusesi.

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FG seeks more gas production companies to boost power

  /   in Business   /   Comments

gas

In its quest to boost power supply in the country, the Federal Government is set to create better enabling environment in the oil and gas sector to attract more investors in gas production.

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GDP rebasing: Local production should determine size of economy — MSMEs

  /   in Business   /   Comments

Minister of Trade & Investment, Olusegun Aganga

Operators in the micro enterprise sector in Nigeria have said that the amount of locally manufactured goods consumed in a country should determine the real size of its economy.

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Small business owners now benefit from insurance

  /   in Insurance and You   /   Comments

insurance-pix

Artisans, petty traders and operators of small businesses can now benefit from insurance, as Mutual Benefits Insurance Plc has put various schemes in place to assist in the growth of such businesses in the country.

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NAICOM commences review of insurance accounts for last financial year

  /   in Insurance and You   /   Comments

insurance-pix

Among the seven insurance companies that have submitted their 2013 financial accounts complaint to the International Financial Reporting Standard (IFRS) to the National Insurance Commission (NAICOM), four of them are currently undergoing review.

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Group set to announce innovation prizes in Africa

  /   in Business 7:18 pm   /   Comments

Africa

As global leaders gather for the 2014 World Economic Forum on Africa in Abuja next month to discuss approaches to inclusive growth and job creation, the 2014 winners for Innovation Prize for Africa (IPA) will be announced.

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Nigeria’s refining capacity rises to 26%

  /   in Energy   /   Comments

refinery-7

The Nigerian National Petroleum Corporation, NNPC, has put the combined average capacity utilisation of Nigeria’s four refineries at 25.95 per cent for the month of December 2013.

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KEROSENE SCARCITY: NLNG to flood markets with cooking gas

  /   in Energy   /   Comments

WAITING: Queue for kerosene at a Nigerian National Petroleum Corporation, NNPC, Mega Filling Station in Yelwa, Bauchi State, yesterday. NAN PHOTO.

ABUJA: The management of Nigerian LNG Limited, NLNG, has expressed commitment to support Federal Government’sefforts to get more Nigerians to switch to cooking gas by making the product available for consumption.

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Stanbic IBTC enjoins SMEs to tap into power reforms

  /   in Energy   /   Comments

Electricity-new

Chief Executive Officer of Stanbic IBTC Holdings, a member of Standard Bank Group, Mrs. Sola David-Borha, has called on small and medium scale enterprises in the country to tap into the power sector reforms for business growth.

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Experts seek way forward for power stability

  /   in Energy   /   Comments

electricity-NIGERIA

Experts in the power industry, worried by the dwindling power situation in Nigeria, especially in Lagos, since the privatisation of the Power Holding Company of Nigeria, PHCN, assets last November, have come up with issues that should be tackled to achieve power stability.

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NERC adjourns appeal against EKEDC

  /   in Energy   /   Comments

Electricity-new

The Nigeria Electricity Regulatory Commission, NERC, last week, adjourned indefinitely the case between Mayfair Gardens and the Eko Electricity Distribution Company, EKEDC, pending a thorough inspection of the entire Mayfair Gardens electrical infrastructure by the appeal panel before making a ruling on the matter.

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Investors Speak: Causes of insurance companies’ misfortune

  /   in Investors Forum   /   Comments

insurance-pix

The global capital market melt-down of about six years ago affected every sector of the economy. While virtually all companies in the other sectors have experienced a positive turnaround, insurance companies in Nigeria have not been able to live up to the expectations of its shareholders.

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Address problem of high interest rate, LCCI tells CBN

  /   in Business   /   Comments

CBN Headquarters

The Lagos Chamber of Commerce and Industry, LCCI, has called on the Central Bank of Nigeria (CBN) to urgently and critically examine the problem of high cost of funds and Monetary Policy Tightening.

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Shell, BP sign LNG supply deals with Kuwait

  /   in Energy   /   Comments

oil-gas

Royal Dutch Shell and BP have signed deals to supply Kuwait with liquefied natural gas (LNG) over the next few years, a Kuwait Petroleum Corp. (KPC) official was quoted as saying on Sunday.

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NIA introduces measure to facilitate compensation to accident victims

  /   in Business   /   Comments

The scene of accident...more than one year ago

The Nigerian Insurance Association, NIA, has commenced efforts to ensure that vehicles on Nigerian roads carry genuine insurance documents so that there would be compensation to victims who sustain injuries or die as result of accident.

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