The continent of Africa loses over $50 billion dollars each year as a result of the illicit flow of funds, former president of South Africa, Thabo Mbeki told the meeting of the Group of African Governors affiliated with the World Bank and the International Monetary Fund, known as the African Caucus. “Africa faces the great challenge of large volumes of capital leaving the continent illicitly – money that our continent needs to address the challenges of development.

Nigerian cashew processors are operating below 30 per cent of their combined installed capacity of 48,000 tonnes, according to an official of the umbrella association for the crop. Mr Sotonye Anga, the National Publicity Secretary of the National Cashew Association of Nigeria (NCAN), disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos.

The National Insurance Commission, NAICOM, has charged insurance operators to ensure that only professionals are allowed to carry out the business of insurance. Commissioner for Insurance and Chief Executive of the National Insurance Commission, NAICOM, Mr. Mohammed Kari, who gave the charge, noted that the influx of non professionals into the insurance industry is denting the image of the sector. Kari who spoke in Lagos regretted that the insurance profession is the most bastardised because operators have allowed all manner of non professionals to penetrate the sector.

The volume of foreign portfolio investment (FPI) on the Nigerian Stock Exchange, NSE, rose by 54.30 per cent in the month of July as foreign portfolio investors continue to take advantage of low equities valuation to raise their stake in the market. Figures from the NSE showed that monthly FPI on the Exchange went up to N107.47 billion or 62.91 per cent of total transactions in the month of July compared to N69.65 billion recorded at the end of June 2015.

The Nigerian Sovereign Investment Authority, NSIA, manager of the Sovereign Wealth Fund, SWF, weekend, assuaged fears over the prevailing challenging global economic environment, stating that it has put in place measures to ensure that the funds under its management are not adversely affected. Chief Executive officer/ Managing Director of the NSIA, Mr. Uche Orji, who disclosed this at a briefing in Abuja, affirmed that the year 2015 had been a challenging one, both locally and globally, adding, however, despite the challenges, its structure had helped in insulating it from crisis.

The restriction by the Central Bank of Nigeria (CBN) on the sale of hard currency to importers of some 41 items seem to have taken toll on neighbouring countries’ markets as Ghanaian timber exporters risk losing N6billion ($30million) as a result of the restriction. Among the affected Nigerian importers are those that deal in timber products from Ghana which annually imports N6bn ($30m) worth of timber products. The Chief Executive Officer of Ghana Timber Millers Organisation (GTMO), Dr. Kwame Asamoah, in an interview in Ghana, stated that the Nigerian central bank’s decision could impact negatively on the fortunes of an already ailing timber industry in Ghana

Mohammed who said these at the Credit Professionals Luncheon in Lagos, said PPP is identified as the way forward because it would enable adequate funding and efficient management of the programme and also make it commercially viable with good return on investment. He added, “By 2020 $200 billion will be available for African countries to tap into and for Nigeria to tap into it, we must be able to develop our broadband satellite, a dual purpose communication satellite.”

There are indications that the organised private sector involved in the micro, small and medium scale enterprises (MSMEs) are taken bold steps to change their fortunes positively in the face of apparent lack of government commitment to promoting the sector. Chairman of Lagos chapter of the National Association of Small and Medium Enterprises (NASME), Mr. Ladi Jemi-Alade, told Vanguard last week that the association is engaging a world’s leading business management consultancy firm to design and articulate an SME policy and strategic framework for Nigerian government and other stakeholders in the sector.

The Customs are supposed to inspect all incoming cargoes. We all know the customs. Not much was expected from them. People ‘fly’ in containers daily in Lagos, so getting documents signed without verification cannot be strange. That is what clearing and forwarding agents do here.

Mr. Olu Ajakaiye is a professor of economics and former Director General, Nigeria Institute for Social and Economic Research (NISER). He speaks on the conversion of debt for 11 states into government’s bond, the current crude oil price at the international market, which is about $10 below the budget’s benchmark, the treasury single account initiative and ways through which government can tackle unemployment crisis in the country.