Sunday March 29th, 2015
Sunday March 29th, 2015
Latest

‘Technology, key to diversification of Nigerian economy’

  /   in Business 12:10 am   /   Comments

ATM

Experts have identified technology as one of the key component in the diversification of the Nigeria economy. They reached this consensus in Lagos at the Signal Alliance Customer Week Workshop organized in conjunction with Cisco.

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Non-oil export drops by 9%, says NEPC

  /   in Business   /   Comments

The Nigerian Export Promotion Council (NEPC) has said that a 9 percent decline from $2.970 billion to 2.714 billion was recorded in the country’s non-oil export between 2013 and 2014. Meanwhile, with the dwindling oil revenue coupled with the quest to increase the basket of exportable products from Nigeria, the council has concluded plans to launch the One State One Product (OSOP) initiative targeted at developing and promoting one product for export per state.

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Alleged $20B Missing Oil Money: Sanusi evasive, got his facts wrong— Allison-Madueke

  /   in Business, Interview 2:09 am   /   Comments

Nigeria's Minister of Petroleum Diezani Allison-Madueke

Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke, in this interview, speaks on issues in the oil and gas sector including the subsidy regime, local content, the alleged billions missing oil revenues, and the controversial N10billion allegedly spent by her to hire planes.

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‘The gains of 50 percent slash in electricity tariff’

  /   in Business   /   Comments

Bassey James

“Government’s decision to slash power tariff is a clear demonstration of it plan to build local capacity. This implies that government is looking inward to stimulate tangible growth in the manufacturing sector of the economy. The good thing is that government is putting measures in place to revamp manufacturing industries across the country. The policy in electricity reduction now is a deliberate attempt by government to enhance entrepreneurial development and wealth creation in the economy”.

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Falling oil price: Pathway to diversification

  /   in Business 7:56 pm   /   Comments

crude-oil-pipe-702x336-436x336

One of the key indicators for measuring overall development in the world is the Human Development Index (HDI). This is a composite index based on three indicators: longevity, as measured by life expectancy; education attainment, as measured by a combination of adult literacy and the combined gross primary, secondary and tertiary enrolment ratio; and standard of living, as measured by gross domestic product (GDP) per capita.

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Telecom: Time to declare it as Critical National Infrastructure

  /   in Business   /   Comments

Telecom-mast

Oluwakemi Babatunde is a fish trader based in Epe, a small town about 40 Kilometers from mainland Lagos. She’s been in the fish trade for ages, having learnt the ropes from her mother who was also a fish trader, with clients in diverse places that included Lekki and Ajah in Lagos. Babatunde says that today, things are radically different from what they were in the old days.

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Petroleum Minister recounts achievements in Oil and Gas sector

  /   in Business   /   Comments

Alison-Madueke-oil

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke has said that the upstream sector has recorded a renewed impetus in cost management, compressed contracting cycles and a reinvigorated pursuit of the passage of the Petroleum Industry Bill (PIB). Mrs. Alison-Madueke stated this while delivering her keynote address at the 2015 Nigeria Oil and Gas Conference and Exhibition with the title “State of Industry: Achievements and future Direction” at the International Conference Centre in Abuja.

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NNPC GMD flags off NOG 2015

  /   in Business   /   Comments

NNPC-GMD

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Joseph T. Dawha has flagged off the Nigerian Oil and Gas Conference and Exhibition, 2015 edition. Dr. Dawha while flagging off the Conference at the International Conference Centre in Abuja said the NOG is now a flagship event for the Nigeria Oil and Gas Industry.

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Nigeria gears up to become biggest, largest fertilizer exporter by 2017

  /   in Business   /   Comments

Fertilizer

The Nigerian National Petroleum Corporation (NNPC) has said plans are underway to reposition the Country to become the regional hub of gas and largest fertilizer exporter in Africa by 2017. The Group Executive Director, Gas and Power of the (NNPC) Dr. David Ige stated this during an interview in Abuja.

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The gains of Nnpc Transformation

  /   in Business   /   Comments

NNPC

When the Nigerian National Petroleum Corporation, NNPC, started its Transformation journey in 2009, the aim was for the Corporation to Realign Its Processes And Procedures To Enable It Remain As A Business Concern In The Ever Dynamic Oil And Gas Sector. Few Years Down The Line, The Nnpc Has Recorded Tremendous Gains In This Regard. Today, Nnpc Corporate-Wide Transformation Is On Course With The Change Of Behavior And Change Of Culture By All Members Of Staff.

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Credit management: ICA advocates improved legal, business framework

  /   in Business 11:59 pm   /   Comments

naira money

For effective balancing of credit management in the Nigerian economic environment, the newly elected governing council, Institute of Credit Administration (ICA) has reinstated the council resolve to push for improved legal and business framework that would encourage credit availability, repayment and timely transaction payments. The President/Chairman, Adetunji Oyebanji who made this declaration in a media chat in Lagos, assured that the move would help business entities particularly SMEs to grow.

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RSSSL: Election violence threat to Nigeria’s economy

  /   in Business   /   Comments

market-2

Real Strikers Security Services Limited in conjunction with the Nigeria Security and Civil Defence Corps (NSCDC), Association of Licensed Private Security Practitioners of Nigeria (ALPSPN) had commenced nationwide security awareness on electoral violence prevention and homeland security measures, saying violence during elections will destroy Nigeria’s economic future.

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BoI charges estate valuers against placing false values on assets

  /   in Business   /   Comments

bank

The Bank of Industry(BoI) has enjoined Estate Surveyors and Valuers in the country to adhere to ethical guidelines in their profession by not placing false values on companies assets. The bank also confirmed that it has disbursed a total of N780 billion of intervention funds to industries in the real sector of the economy last year. Speaking during the yearly conference of the Nigerian Institution of Estate Surveyors and Valuers(NIESV) in Osogbo, Osun State, Rasheed Olaoluwa, Managing Director of the bank, said “As a bank, we depend on your judgment.

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Indigenous ship owners move against NIWA over double taxation

  /   in Business   /   Comments

ship

THE Nigerian Indigenous Ship owners Association of Nigeria, NISA, has concluded plans to move against the proposed re-registration of vessels by the management of the National Inland Waterways, NIWA , a development they say will lead to double taxation. Speaking at the end of its quarterly meeting, President of NISA, Captain Niyi Labinjo said that the Nigerian Maritime Administration and Safety Agency, NIMASA, is the only agency empowered by law to register vessels in Nigeria.

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Access Bank to build capacity in oil & gas sector

  /   in Business   /   Comments

Aigboje Aig-Imoukhude, MD Access Bank

As part of its continued drive to improve local content in the nation’s oil and gas industry, Access Bank Plc has thrown its weight behind the 2015 Nigeria Oil and Gas Conference which is scheduled to hold in Abuja between March 16 and 19, 2015. The conference is the largest business network platform for players in Nigeria’s oil and gas sector. The Executive Director, Corporate and Investment Banking Division, Access Bank Plc, Elias Igbinakenzua said that the Bank is delighted to be a part of the Oil and Gas Conference , adding that its involvement in the sector was in line with the commitment to contribute to the economic growth of the country.

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Pearl awards: SEC wants corporate governance included in selection process

  /   in Business   /   Comments

NIJ-AWARDS

The Securities and Exchange Commission (SEC) has advised the board of governors of the Performance, Earnings and Returns Leadership (Pearl) Awards Nigeria to include good corporate governance in its criteria to reward quoted companies in Nigeria. The commission also assured of its readiness to collaborate with the Pearl Awards in encouraging companies for high performance.

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Dangote calls for investments in real sector to save economy

  /   in Business   /   Comments

Aliko Dangote

DANGOTE Group has called on private investors to invest their money in the real sector of the economy, especially in manufacturing and agriculture. Devakumar Edwin, the Executive Director of Dangote Group, who made the call in Lagos, noted that while government has a big role to play in formation of the right policy to encourage investors; the business community has a bigger role to play by moving away from importation to production.

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Vitafoam to expand product line

  /   in Business   /   Comments

bed1

As part of its corporate strategy to support sound health for mankind, Vitafoam Nigeria Plc, a quoted company on the Nigerian Stock Exchange, NSE has pledged to expand its production of modern sleep products. Addressing journalists at a ceremony marking the 2015 World Sleep Day, the company’s Group Managing Director, Mr. Joel Ajiga explained that Vitafoam Nigeria had ventured into production and supply of flexible, semi-rigid and rigid polyurethane foam products leading to incorporation of more subsidiaries.

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UNIDO to assist Nigeria’s diversification to non-oil sector

  /   in Business   /   Comments

oil

The United Nations Industrial Development Organisation (UNIDO) said the National Quality Infrastructure Project (NQIP) will assist Nigeria to diversify its economy to non-oil sector. UNIDO’s Project Coordinator, Mr. Charles Malata said the project will be useful to Nigeria as it spreads across several commodities in the country. He said the four years NQIP signed in 2013 has taken effect since May 2014 and is sponsored by EU with 12 million Euros already committed to cover its five components.

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Is your organization’s strategic planning a waste of time and resources? (3)

  /   in Business 12:48 am   /   Comments

money-waste

This week’s insight will be the part three of the series. By now, the part one and two of this insight will definitely guide every CEO or business leader in answering the above question. But the truth of the matter is that most of organizations strategic plans are being hit by SPOTS Syndrome (Strategic Plans On Top Shelf). SPOTS Syndrome is big evidence that an organization’s strategic plan has been a waste of time and resources. Whenever a strategic plan is not agreed upon, acted upon and implemented, it is a mere waste of time and resources.

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Avoiding small-business financing mistakes

  /   in Business   /   Comments

market-money

When taking on financing as a small business, the correct course of action always hinges on answering this question: what am I trying to accomplish? The thing is, financing decisions don’t exist in a vacuum. Small businesses often miss the vital details when assessing whether to borrow or not, such as the full financing cost, the drain on their time, the opportunity costs and baked-in fees.

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Analyze your start-up before take-off

  /   in Business   /   Comments

1000-naira-notes

Building a startup is like falling in love. You find the “perfect one”, lose all sense of reason, judgment flies out the door. You’re head over heels, and you’re likely to make mistakes. The problem with the startup culture is this irrational blindness, which leaves a trail of wrecked startups. Everyone knows that building a startup is tough, but many entrepreneurs are not analyzing their own startups with enough objectivity. If you don’t want to waste your money on a failed startup idea, then there are some pertinent issues to consider.

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DPR lists threats to gas network code

  /   in Business   /   Comments

Fuel Scarcity

THE Department of Petroleum Resources, DPR, has said that lack of funding, infrastructure, transitioning of legacy agreements and commercial framework are major obstacles to the implementation of the Nigeria Gas Transportation Network Code, NGTNC.

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Vandalism: Why NNPC, NLNG adopt community-based strategies

  /   in Business, Energy 5:25 pm   /   Comments

NNPC Towers, Abuja

In a bid to nip the growing scourge of pipeline vandalism in the bud, the Nigerian National Petroleum Corporation, NNPC, and Nigerian LNG Limited, NLNG, have resolved to involve the various communities in their areas of operation to provide security for their infrastructure.

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World coal demand to reach 9bn tonnes annually – Report

  /   in Business, Energy   /   Comments

File Photo

World demand for coal over the next five years is expected to increase exponentially breaking the 9-billion-tonne level by 2019, the International Energy Agency, IEA, said in its report.

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Construction sector to grow by 11% despite crude price decline

  /   in Business   /   Comments

Analysts have predicted a positive long-term high reward market growth of 9.80 per cent and 11.04 per cent in the Nigerian construction sector for 2015 and 2016 respectively, despite the current decline in major oil projects and continuous fall of oil prices.

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NSE places Union Homes’ shares on full suspension

  /   in Business   /   Comments

Nigeria-economy

The Nigerian Stock Exchange, NSE, has placed the shares of Union Homes and Savings Plc on full suspension. By full suspension, stockbrokers are not permitted to execute any transaction on the shares of the company within the stipulated period. This, according to a regulatory filing obtained by Vanguard, is pursuant to a March 10 2015 directive of the Securities and Exchange Commission, SEC and will enable Union Homes and the holders of its fully paid ordinary shares conclude the Scheme of Reorganization of Capital between them.

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Coping in times of uncertainty (2)

  /   in Business   /   Comments

economy

The Nigerian economy is in recession. Looking back, there was a recession starting in 1981 which was also influenced by a significant drop in crude oil prices in 1986. The Federal Government, FGN, introduced economic policies described as a Structural Adjustment Programme, SAP, and a Second-Tier Foreign Exchange Market, SFEM. From that time, the value of the naira against the United States dollar has moved from N3 to N200 to the dollar. Whoever emerges as President from the forthcoming national elections would have to take measures that would improve our economy.

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SEC records N549.53bn new issues in Q4, 2014

  /   in Business   /   Comments

Unlike the Stock market, Forex trading is Online

The Securities and Exchange Commission, SEC, has said that a total of 22 new issues worth N549.53 billion were recorded in the capital market in the last quarter, Q4 of 2014. This, according to the commission’s fourth quarter report and review of activities in the nation’s capital market from October to December, 2014, comprised equity and debt instruments.

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Nigeria to undergo GIABA mutual evaluation in 2016

  /   in Business   /   Comments

money

Nigeria, Ghana and Senegal will in January, 2016 be subjected to the Intergovernmental Action Group against Money Laundering in West Africa, GIABA’s mutual evaluation to ensure that they have a robust anti-money laundering mechanism in accordance with Financial Action Task Force, FATF recommendations.

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GTBank gets N34bn IFC loan for onward lending to critical sectors

  /   in Business   /   Comments

bank

Guaranty Trust Bank Plc has secured a $175 million (about N34 billion) loan from the IFC to expand its lending to sectors that drive economic growth and job creation in Nigeria. This is even as the bank’s Training Academy for pre-entry level staff has been accredited by the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN).

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Transfer the cost of a potential loss to insurance

  /   in Insurance and You   /   Comments

insurance-pix

Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium.

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