Manufacturers deepen local raw materials sourcing, up 11% in 3yrs
By Yinka Kolawole Nigeria’s manufacturing sector recorded a steady increase in the use of locally sourced raw materials between 2021 and 2024, with the share rising from 51.5 per cent in 2021 to 57.1 per cent in 2024, as foreign exchange pressures, naira depreciation and rising import costs pushed manufacturers towards domestic alternatives. Data from […]
CBN releases 2013 controversial report
The Central Bank of Nigeria (CBN) weekend released the 2013 annual report that led to suspension of former governor, Sanusi Lamido Sanusi. The Financial Reporting Council of Nigeria had raised issues with the accounts, saying it needed some detailed explanation as required in the International Financial Reporting Standards.
Nigeria’s real estate outgrows GDP at 8.7% —PwC
The Nigerian real estate sector is growing at a rate of 8.7 percent, which is faster than the average GDP growth rate of 7.4 percent, according to a new report by accounting and auditing firm PricewaterhouseCoopers (PwC). In the report titled, “Real Estate: Building the future of Africa”, PwC also projected the country’s real estate investment to rise by about 49 percent, from $9.16 billion currently to $13.65 billion in 2016. It attributed the expected increase to a number of factors.
O3 Capital, Game Stores boost cashless policy to unveil credit card
As part of their support for the Central Bank of Nigeria, CBN’s Cashless initiative, O3 Capital Nigeria Limited and Game Stores have partnered to introduce the first consumer credit card in Nigeria. Mr. Abimbola Pinheiro, CEO, O3 Capital Nigeria Limited sated this during the launch of Game Credit that the card is the first white label credit card in Nigeria that can be used only in Game Stores all across Nigeria.
Nigeria leads online auto inquiries in emerging markets with 89% growth
Nigeria secured the highest year on year growth when it came to motor vehicle related online search inquiries in emerging markets, with 89 per cent growth rate, according to a white paper released by Nigeria’s online car marketplace, Carmudi.com. Titled ‘The booming automotive industry in emerging markets’ the white paper highlighted among other things, the purchasing behaviours in Nigeria, the internet’s role in car sales and trends between GDP per capita and car ownership in Nigeria and other emerging markets.
AfDB expresses concern over Africa’s energy shortage
African Development Bank (AfDB) has expressed concern that the continent’s energy deficit remains large in spite of remarkable achievements in continental development. The view is contained in the fifth edition of the bank’s Annual Development Effectiveness Review (ADER) issued at its 50th Anniversary and Annual General Meeting in Abidjan on Wednesday.
