Today at the World Chambers Congress, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), and Dele Oye, National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), will discuss Nigeria’s business opportunities with the international community. From June 12 to 23, 2023, Geneva, Switzerland will host the congress, which is the greatest economic event for chambers and enterprises in the world. The 13th edition of the Congress, with the theme “achieving peace and prosperity through multilateralism,” brings together economic actors, business leaders, and policymakers from around the world to discuss issues affecting global…
Author: Kings Nwachukwu
Oxford Business Report On Investments In Nigeria The crucial role that Nigeria’s services sector is playing in fostering non-oil growth as the nation’s efforts to diversify its economy pick up speed is examined in a new report by the international research and consultancy firm Oxford Business Group (OBG). Financial services, transportation and logistics, and telecommunications are just a few of the several economic sectors that are primed for growth, according to “The report: Nigeria 2003.” It also draws attention to the mining sector, which is gaining more government backing as a result of newly discovered mineral resources and undiscovered mineral…
Development Bank Provides N631 Billion In Support For Nigerian MSMES And 900,000 New Jobs The largest wholesale lender in the nation, Development Bank of Nigeria Plc (DBN), reported that as of the end of the previous year, it had funded MSMEs to the tune of N631 billion through financial institutions. According to the organisation, more than 313 000 MSMEs have accessed the money, which has generated more than 900,000 jobs nationwide. Dr. Tony Okpanachi, the bank’s managing director, revealed during an interactive session that women and young people receive the majority of the credit, with the latter group receiving…
Elon Musk: Music Publishers Are Suing Twitter For $250 Million Approximately 1,700 songs were allegedly subject to copyright violations, according to a lawsuit filed by 17 music companies in the US against Twitter. The National Music Publishers’ Association (NMPA) is requesting damages in excess of $250 million (£197.7 million). The National Music Publishers Association (NMPA) sued Twitter, alleging that the social media platform “permits and encourages infringement” for financial gain. It claims that after Elon Musk acquired the business, the situation has not changed. Twitter continues to “reap huge profits from the availability of unlicensed music without paying the necessary…
Investors’ confidence that new government policies would result in increased value added to the capital market triggered an unprecedented rally in the equities sector of the Nigerian Exchange Limited (NGX) yesterday, as heavy transactions in the shares of many highly-capitalised stocks, particularly Airtel Africa and Okomu Oil, increased market capitalisation by N1.2 trillion. The All Share Index (ASI), which closed at 58,163.55 points, increased by 2,232.58 points, or 3.99%. Market capitalization increased by N1.215 trillion to reach a closing value of N31.67 trillion. Gains in firms with medium and large market capitalization, including Airtel Africa, Okomuoil, Presco, MTN Nigeria, BUA…
According to Access Pensions, it would provide individualized financial planning to consumers to help them move to a pleasant retirement. Dave Uduanu, the Managing Director of Access Pensions, made this information public, stating that the company prioritized its clients’ financial futures and that they could benefit from additional service thanks to its in-house expertise. In Abuja over the weekend, he made this statement during talks with some of its high-net-worth individual clients. Uduanu announced: “Many individuals enter retirement without proper preparation. It is crucial to start planning for retirement as early as possible, ideally beginning to consider post-retirement plans around…
The ratification of six maritime agreements and protocols that support a cleaner marine environment, ship-breaking requirements, international norms for fishing crews, and reaction to oil spill casualties has been accepted by the federal government. The conventions are the Protocol Relating to Intervention on the High Seas in Cases of Oil Pollution Casualties (intervention protocol), 1973, the International Convention on Standards of Training, Certification, and Watchkeeping for Fishing Vessel Personnel (STCW-F), 2009, and the Protocol on Limitation of Liabilities for Maritime Claims, 1996. Others include the 2005 Protocol to the 1988 Protocol to the Suppression of Unlawful Acts against the Safety…
Mitchell Elegbe, Group Managing Director and Chief Executive Officer of Interswitch, will begin competing for this year’s EY World Entrepreneur of the Year award tomorrow together with 48 other remarkable businesspeople from 49 other nations. The annual event, which is being held in Monaco, France, through June 9, is an occasion for Ernst & Young (EY) to honor and recognize prominent international business figures whose vision and creativity are reshaping the commercial landscape through their motivational entrepreneurial success tales. Elegbe, who won the 2023 EY Entrepreneur Of The Year award in West Africa, along with other country winners, will be…
Internet Connectivity Gap In Africa Numerous initiatives to advance technology development in the continent have been hampered by the 300 million+ unconnected people in Africa. Therefore, leaders and decision-makers have been urged to identify ways to close the gap as soon as possible. One of the main topics of discussion yesterday at the GITEX Africa Digital Summit 2023, which is now taking place in Marrakesh, Morocco, was closing the gap. It was stated that having affordable high-speed Internet connection is a vital factor in driving innovation and economic growth. Thus, it was revealed that more than 300 million Africans reside…
Black Market Naira/Dollar Exchange Rate Drops to N740/$1 : The Naira considerably increased versus the Dollar on Wednesday, indicating that President Bola Tinubu’s move to combine all exchange rate channels into one is clearly having a positive impact on the illicit market. As foreign money starts to come into the market due to concerns that the local currency may strengthen, Business Post writes that the Nigerian Naira increased by N19, or 2.50 percent, during the session to trade at N740 to $1, down from N759 to $1 on Tuesday. Similar circumstances occurred in the Peer-2-Peer (P2P) window of the foreign…
To promote the use of solar energy in Nigeria, Chapel Hill Denham, an independent investment banking and securities trading organization, has partnered with the Rural Electrification Agency (REA). A memorandum of understanding (MoU) was signed between Chapel Hill Denham and REA at an investor matchmaking event hosted in collaboration with the Power Africa Nigeria Power Sector Programme of the United States Agency for International Development (PA-NPSP, USAID). This agreement formalized the partnership. Its goal is to make it easier to finance off-grid electricity projects. The investor matchmaking event gave potential investors a stage on which to present to developers their…
The Lagos Chamber of Commerce and Industry (LCCI) has urged the incoming administration, which will be led by President-elect Asiwaju Bola Ahmed Tinubu, to concentrate on issues of immediate and critical importance to the business environment and the overall economy. There are only 24 hours until the inauguration of a new government. In a statement, the director-general of LCCI, Chinyere Aloma, said that the ineffective and poorly executed policies and initiatives responsible for the current precarious and unstable economic environment. “There are fiscal policy gaps, unsuitable monetary policies, and administrative inefficiencies which are inimical to the proper functioning of the…
According to the Managing Director of Tolaram, the zone’s owners, Dinesh Rathi, the Lagos Free Zone Aims To Contribute $12 Billion To Nigeria’s Gross Domestic Product (GDP) during the following ten years. Rathi predicted that the forecast would become a reality thanks to rising economic activity in the area, particularly activities at the ultra-modern Lekki Deep Seaport. According to him, the Lagos Free Zone has attracted around $2.5 billion in investments and infrastructure improvement to date. He claims that on the vast free zone, 24 warehouses have been finished, and that there has been rapid progress in finding possible off-takers…
At the Amphitheatre, UBA House, Lagos, where participants gathered for the African Conversation yesterday, innovation, resilience, enterprise, can-do spirit, and, of course, limitless potential of Africa, seized unusual attention. Africans had the opportunity to discuss pan-African issues at the event organized by United Bank for Africa Plc as part of their celebration of Africa Day. Additionally, it was a rare chance for women to talk openly about the difficulties faced by women, their accomplishments, and their strength in guiding the much-desired growth of the continent. Additionally, the panelists, who were all accomplished female CEOs and business owners, each had their…
Oil and gas industry stakeholders have cautioned that the sudden removal of fuel subsidy will cause great hardship for the already impoverished Nigerian population. At a roundtable discussion with industry stakeholders on “the impact of deregulation on the Nigerian Downstream Petroleum Sector: Analysing perceptions and realities of gains and expectations of full PMS subsidy removal,” participants argued that while eliminating fuel subsidies is a good idea, it should be done gradually. Peter Esele, a former president of the Trade Union Congress (TUC), explained why Nigeria wasn’t ready for immediate subsidy removal in a speech on the sidelines of the roundtable.…
Users of WhatsApp can now edit messages that have previously been sent thanks to a new feature. The Chief Executive Officer of Meta, Mark Zuckerberg, said this on Monday. Users of the instant messaging service will be able to edit messages even 15 minutes after sending them with the new feature. “For the moments when you make a mistake or simply change your mind, you can now edit your sent messages on WhatsApp. “We’re excited that you’ll now have more control over your chats, such as correcting misspellings or adding more context to a message. “For this, within 15 minutes…
Insurance professionals have encouraged Lagos State employees to make proper retirement plans in advance to prevent needless financial hardship after leaving a paid job. At the Retirement Readiness Workshop, which was held in Lagos and was organized by the Nigerian Insurers Association (NIA) in partnership with the Lagos State Ministry of Finance, the insurance industry participants urged the workers to accept annuities as their retirement plans. A pension-regulated option that provides a source of consistent income during retirement is an annuity plan. A life insurance plan known as an annuity is made to give people a reliable income stream during…
The International Telecommunication Union (ITU), an organization that advocates for the industry, has made a global appeal to increase pledges for the digitalization of the world from the current $30 billion to $100 billion by 2026. The UN body with special responsibility for information and communication technologies calls for increased funding for widespread and meaningful connectivity as well as digital transformation in the world’s least developed (LDC) nations. On World Telecommunication and Information Society Day, which commemorates the signing of the first International Telegraph Convention and the foundation of the ITU in 1865, the aim was revealed. Doreen Bogdan-Martin, the…
The deployment of the Fifth Generation (5G) network is accelerating as MTN revealed that since its launch in August 2021, it has activated over 700 sites across 13 cities. Lagos, Abuja, Port Harcourt, Kano, Owerri, Ibadan, Maiduguri, Abeokuta, Ife, Warri, Enugu, Ife, and Ifo are among the connected cities listed by MTN. Nigerians are now taking advantage of 5G, according to Mohammed Rufai, chief technical officer of MTN Nigeria, who yesterday spoke with journalists about the trip so far. Rufai provided evidence to support his claim that Nigeria was prepared for the technology by pointing out that the market, technical…
As the report of the Bayelsa State Oil and Environmental Commission (BSOEC) was presented at the House of Lords in London, United Kingdom (UK), oil companies pollution in Bayelsa State came into the spotlight yesterday. An Environmental Genocide: Counting the Human Cost of Oil in Bayelsa, Nigeria is a 211-page paper that provides a detailed account of more than 60 years of oil exploration and pollution in the state, where Shell made the first commercially significant oil discovery in Nigeria. Honorary commissioners of BSOEC include Dr. John Sentamu, a former Anglican Archbishop of York and member of the House of…
Financial results for the first quarter of 2023 have been released by FCMB Group Plc, FCMB gain N10 Billon. Illustrating the ongoing success of its digital banking activities across multiple business divisions. The success of FCMB’s digital banking initiatives has significantly improved the company’s performance as a whole. 12 percent, or N10 billion, of gross revenues for the first quarter came from digital sources. According to a statement from the bank, the significant rise demonstrates the Group’s dedication to use digital solutions to improve client experiences and promote financial inclusion. Across all of the business lines within FCMB Group, the…
The clearing of overtime cargoes, according to the Permanent Secretary, should apply to all domestic ports and terminals, not just the Ikorodu Lighter Terminal, Lagos Port Complex, and TinCan Island Port Complex.
After a three-day rise, oil prices dropped more than 1% per barrel on Wednesday as economic data indicated that the US Federal Reserve would raise interest rates further. Yesterday, Brent crude slid $1.03 or 1.3% to close at $76.41 a barrel, while West Texas Intermediate crude (WTI) in the US fell $1.15 or 1.6% to $72.56 per barrel. US consumer prices increased in April, which could increase the possibility that the Fed will keep interest rates higher. The world’s largest economy’s consumer price index for April increased by 4.9% from a year earlier, which was less than the economists’ predicted…
At the conclusion of yesterday’s trading on the stocks market of the Nigeria Exchange Limited (NGX), shares of TransNational Corporation of Nigeria (Transcorp), which had been declining for days, closed higher. The stock’s price increased by 9.5% from yesterday’s opening price of N1.88 kobo to the closing price of N1.96 kobo. Remember that the stock headed the losers’ chart at the conclusion of last week’s trading, falling 30.96% to settle at N1.94 kobo from N2.81 kobo, where it had been listed when trading began on Tuesday. However, media reports on what led billionaire businessman Femi Otedola to purchase around 6%…
Niyi Toluwalope, the managing director of eTranzact International Plc, has argued for closer cooperation between the country’s payment system’s providers, claiming that infrastructure sharing is one of the least expensive tactical solutions for filling in the infrastructure gaps. Toluwalope presented the idea at a workshop for financial correspondents and business editors hosted by the Central Bank of Nigeria (CBN) last week in Calabar, the capital of Cross River State. The eTranzact CEO stated that while competition is the lifeblood of the modern payment business, the much-needed efficiency cannot be achieved by “repetitive investments” and urged operators to work more cooperatively…
Plane crash Panic in Nnamdi Azikwe Airport, The Max Air aircraft experienced a significant mishap on landing and abruptly cordoned off the busy runway at the Nnamdi Azikiwe International Airport (NAIA), Abuja, yesterday. All passengers flying out of or into Abuja were upset by the emergency event, which happened at about 2:58 p.m., and were consequently grounded for more than seven hours. The Boeing 737 Max Air aircraft, bearing the registration 5N-MBD and carrying 149 passengers, was discovered to have lost one of its left rear tires as it took off from Yola Airport at 2:03 p.m. According to a…
On Thursday, May 4, the Naira strengthened against the US dollar in the Peer-to-Peer (P2P), Investors and Exporters (I&E), and black market windows of the foreign exchange window. When compared to the previous session’s exchange rate of N751/$1, it increased N5 on the dollar in the P2P wing during the session to settle at N746/$1. In the black market, the value of the Nigerian Naira increased relative to the US dollar by N2, selling for N735 to $1 as opposed to N737 to $1 on Wednesday. In a similar vein, on Thursday, the local currency gained 12 Kobo, or 0.03…
According to the Ministry of Communications and Digital Economy, the Federal Government’s projected 5% excise levy will not apply to the digital economy. In response to the Ministry of Finance, Budget, and National Planning’s recent issuance of its approval for the execution of the 2023 Fiscal Policy Measures and Tariff Amendments, the ministry argued that President Muhammadu Buhari had exempted it from the proposed tax. Clarification of the situation was provided to journalists yesterday in a statement made accessible and signed by Mrs. Uwa Suleiman, the minister of communications and digital economy. “President Muhammadu Buhari had on March 21, 2023,…
Wema Bank Plc’s Managing Director and CEO, Moruf Oseni, stated Tuesday that the financial institution is on track to become a tier one with practical development. Speaking at the bank’s 78th and Alat at Six anniversaries, Oseni stated that the first-quarter 2023 financial term gross earnings of N39.35 billion are a testament to what the bank is aiming to accomplish. Oseni pointed out that this accomplishment is the bank’s best in 13 years and warned the investment and international communities to keep an eye out for bigger things to come. According to him, the bank’s Q1 2023 results demonstrate the…
The Debt Management Office (DMO) has opened the window to investors, so those who are interested in purchasing the FGN savings bond should get in touch with their brokerage companies. Low-income individuals can invest in the fixed-income market and make money while helping the government generate money to cover budget shortfalls thanks to the retail government debt instrument, which is made for them. Since the FGN savings bond qualifies as a government security under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA), among other tax laws, it is not subject to taxes. It also meets the…
