Fitch Ratings has declared that Nigerian banks are operating in increasingly difficult conditions as this may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios. Fitch in its report released weekend said “The sector outlook is negative in December. Gross Domestic Product, GDP figures for second quarter show weaker year-on-year growth of 2.4 per cent , down from 4 per cent in the previous quarter, the slowest quarterly growth rate for over 10 years.”

Nigerian entrepreneurs should prepare to explore the immense opportunities provided by the imminent total lifting of international trade restrictions placed on the Islamic Republic of Iran, to boost local export and drive economic growth in the country. Pioneer member of Nigerian-Iran Business Council, Mr. Prince Hassan Momoh stated this during a workshop organised by the Council on the business opportunities in Iran in Lagos.

As crude oil prices dived lower threatening to dip below $40 a barrel for the first time since the financial crisis of 2008 and notching their longest losing streak since 1986, economies around the world are catching cold. Investors across the world are losing their investment in stock and property owners are also suffering losses as a result of depreciation in currencies. With deepening gloom over demand growth from the world’s second-biggest oil user, and expectations for a significant build-up in surplus oil stocks this year, most oil traders are unwilling to stabilize crude oil prices. The market seems to be stuck in a relentless downward trend.

Director General and Chief Executive, Standards Organisation of Nigeria (SON), Dr. Joseph Odumodu, has re-iterated the agency’s readiness to reduce sub-standard products to 10 per cent by the end of 2015, noting that the days of manipulation of the system will no longer be permissible Speaking at an expanded stakeholders’ seminar in Lagos entitled, “Trade Facilitation via Automation of SON’s Services” in Lagos.

Shell’s Nigerian unit, Shell Petroleum Development Company (SPDC), declared force majeure on Bonny Light crude oil exports after shutting down two key pipelines in the country due to a leak and theft. The Trans Niger Pipeline and the Nembe Creek Trunkline are two of the biggest onshore pipelines in Nigeria, and carry Bonny Light crude oil to vessels for export worldwide.

Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.

There might be one way to enter the Nigerian mobile market, but nothing makes a signature entrant than coming in with a phone with plethora of uniqueness to attract consumer attention. In the last few weeks, the Nigerian mobile device market has witnessed entrant of various phone brands, with the latest Huawei P8.

The principal reason in the heedless pursuit of a cashless society is the belief that this will stop corruption. This is a Western notion which we have embraced fully – bringing lots of jobs to the West – the computers, the dispensing machines, the chips, pin, cards, etc. In the process it has changed banking beyond recognition. The bankers no longer want to see their clients: Their attitude is this: bring your money to the bank, but speak to the ATM. The rationale is fundamentally flawed in a developing economy.

An attempt to increase the value added tax by 10 per cent as announced by the Federal Inland Revenue Service, FIRS recently will lead to high inflation, further currency devaluation and eventual serious economic losses, said some technology operators who spoke to Vanguard on the matter. According to them, the increase will not only hurt the economy but result to higher cost of living and more revenue losses for government. They argued that the best option would be to expand the tax net and increase revenue generation instead of compelling some honest enterprises that are already paying to pay more.

National Pension Commission (PenCom) has issued draft guidelines on withdrawals from Retirement Saving Accounts (RSA) for equity payment of residential mortgage. This is contained in a document released by the commission on its website last week, the guidelines help to determine the eligibility requirements, procedures and documentation required to enable RSA contributors to access and utilise part of their RSA balances.