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Nigeria’s agro allied industry: A starting point for the entrepreneurial revolution

As part of former President Umaru Yar’Adua’s Seven Point Agenda for economic revival and accelerated growth, the commercial Agriculture Credit Scheme (CACS) was launched. It was designed to provide concessionary funding to small farmers through credit guarantees and interest draw back support. Initial outlay for the scheme stands at a respectable $1.4 billion, to be disbursed through participating commercial banks.

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Standard Chartered set to enhance investment for economic growth in Africa

Standard Chartered Bank Nigeria Limited has disclosed plans of the group to enhance investments and leverage its unique footprint and international banking expertise to drive growth in Nigeria and other African countries. Through a new brand campaign, ‘Here for Africa’, the bank has stated its commitment to investing in Africa’s future, and continuing to support key growth sectors across local economies, including infrastructure, telecommunications, transport, retail and trade.

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NAICOM suspends bancassurance partnerships in Nigeria

The National Insurance Commission (NAICOM) has suspended bancassurance partnership deals between insurance companies and banks indefinitely, following a dispute with the Central Bank of Nigeria. Commissioner for Insurance, Alhaji Mohammed Kari made this known at the investiture of Mr. Eddie Efekoha, Managing Director of Consolidated Hallmark Insurance, as the 20th Chairman of the Nigerian Insurers Association.

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MEETING: Minister of State for Petroleum Resources, Dr Ibe Kachikwu (right) and Group Executive Director, Nigerian National Petroleum Corporation Ventures, Babatunde Adeniran,  during a meeting with Senate Committee on Petroleum Downstream on the lingering fuel scarcity in the country, at the National Assembly, Abuja, yesterday. Photo: Gbemiga Olamikan.

FOREX: Nigerians will continue to suffer, pending massive refining – Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday, blamed the continued fall in the value of the naira against other major currencies on the huge demand for foreign exchange (FOREX) necessitated by the importation of petroleum product into the country. According to the Minister, the sector accounts for between 30 and 40 per cent of foreign exchange demand, adding that the failure of the nation’s refineries to work optimally has led to shortfall in the availability of FOREX in the open market.

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