Nigeria, Paris Club deal in significant reversal, as debt grows 200%
As the presidency gets ready to emplace the federal cabinet to face the daunting economic challenges figures from the Debt Management Office, DMO, of the federation has indicated a massive reversal of debt relief obtained nine years ago. An official of Central Bank of Nigeria, CBN, told Vanguard last weekend that foreign debt would hover around USD10.7 billion by end 2015, showing over 200 per cent up from USD3.5 billion recorded by the debt relief deal of 2006. DMO records show USD10.3 billion as at June this year.
Cadbury Nigeria: Out of the red, into the pink
Cadbury Nigeria has moved out of a net loss of N250.7 million in the second quarter into a profit level that keeps it on the edge of slipping off again. The beverage manufacturing company suffered a big profit slash last year and this year another major profit drop is keeping it swinging between profit and loss. The company returned to profit in 2010 after many years of sustained losses. It seems to have run out of the operating steam again that empowered its turnaround five years ago.
Union Bank: Sustaining growth with refreshed Identity
Profit before tax rose to N13.17 billion as against N11.89 billion recorded in comparable period of 2014 while profit after tax increased from N11.79 billion to N13.08 billion. Other highlights of the results showed that net operating income was up two per cent to N55.5 billion from N54.5 billion in Q3 2014. Total expenses were down by two per cent to N42.3 billion from N43.1 billion in the corresponding period in 2014.
Nigeria is most expensive country to buy car in West Africa – Survey
A survey conducted by Nigeria’s online vehicle marketplace, Carmudi.com has shown that Nigeria is the most expensive country to buy a car when compared to its neighbouring West African countries. The study which focused on the used car model manufactured between 2008 and 2013 provided insights into the price difference across some of the surveyed countries in West Africa.
Consumer credit, mortgage financing can help fight corruption
Kudos to the author of this article as it really makes sense to someone like me that lived in the United States for almost three decades. Providing credit facilities will certainly discourage corruption to a large extent and stimulate the economy. However, the practical approach for actualising this strategy is still missing as banks have no way to track borrowers. The BVN that is ongoing may help in that direction, including the National ID that some selfish Nigerians have been suppressing for political reasons up till now.
Nigeria’s hospitality business hits N562bn
The hospitality business in Nigeria is now peaking at N562 billion as at last year. This was disclosed by SlimTrader, West Africa Vocation Education, WAVE, a technology/e-commerce solution provider. In a chat with Vanguard, Femi Akinde, Managing Director, SlimTrader, said: “The Hospitality industry in Nigeria is worth approximately N562 billion ($3billion) in 2014 and still growing.
