The Nigerian Ports Authority (NPA) has commissioned an e-documents management and records solution centre at its corporate headquarters in Marina, Lagos, to improve seamless customer-based services and operations as well as data storage. The Acting Managing Director, Mohammed Bello Koko, who unveiled the centre, said it is the strategic intent of the authority to sustain competitiveness in the sub-region by giving priority to documents’ safety through automation and digitisation. Koko stated that in adherence to the authority’s plan to deploy a 360-degree document management solution, by migrating from physical archiving to digitisation via Electronic Documents Management Solution (EDMS). He said…
Author: Temitope N.
Nigeria International Air Courier Association (NIACA) and Association of Nigerian Courier Operators (ANCO) have said the proposed postal reforms bill will undermine the industry thereby leaving the logistics sector in comatose. According to the duo, the bill, which they say has not addressed their concerns, does not capture their contributions during the public hearings and meetings at different levels of government. Indeed, the postal reforms bill has reached the second reading stage at the National Assembly. The associations at a joint press briefing in Lagos yesterday, appealed to the government to rethink the bill as they believe that such will…
Unstable macroeconomic environment impacting sector’s potential •NIN-SIM forces 6.3% decline in industry’s growth in Q1 2021 Between 2015 and 2020, Nigeria’s telecommunications sector attracted $3.9 billion foreign investments (portfolio and direct). The 2021 Telecommunications Industry report released by Agusto & Co, which revealed this, observed that this accounted for an average of seven per cent of Nigeria’s total capital importation during the same period. It informed that the industry has consistently remained one of the top five ranking economic sectors for foreign investments during the period. Agusto & Co said it believes the imminent deployment of 5G technology and the…
The Nigerian Exchange Limited (NGX) reopened on a downward note yesterday, occasioned by losses incurred by most blue-chip stocks, especially by Champion Breweries and Eterna Plc, as market capitalisation depreciated by N83 billion. The All-share index slumped by 158.98 points to 39,326.67 from 39,485.65 posted on Friday. Similarly, market capitalisation of listed equities depreciated by N83 billion or 0.4 per cent from N20.572 trillion to N20.489 trillion. Vetiva Dealings and Brokerage said: “ We expect a mixed trading pattern in tomorrow’s session as investors continue to cherry pick attractive names across sectors while taking profit in others.” On the price…
The Central Bank of Nigeria (CBN) has engaged a Barbados-based digital financial technology firm, Bitt Inc, as technical partner for its e-Naira project due for unveiling before the end of the year. With operations spreading across the Caribbean, Bitt utilises blockchain and distributed ledger technology to facilitate peer-to-peer (P2P) transactions with mobile money across a suite of Bitt’s Software and mobile applications. A statement signed by the Director, Corporate Communications, Osita Nwanisobi, said the Governor of the Central Bank, Godwin Emefiele, disclosed the decision, in Abuja where he listed the benefits of the e-Naira to include increased cross-border trade and…
Only five out of 16 charges are official, says NCAA Despite efforts of the Federal Government in trade promotion, there is no ease of doing business in the export end of local aviation. This is as bureaucratic bottlenecks and multiple charges that are levied by diverse government agencies have been identified as major barriers against potential exporters and impediment to the non-oil revenue worth $250 billion a year. The apex regulatory body, Nigerian Civil Aviation Authority (NCAA), lent credence to the constraints, saying there are a total of 16 sundry charges currently tolled on exports, out of which only five…
The Bankers’ Committee Financial Literacy and Public Enlightenment Campaign for Micro, Small and Medium Enterprises (MSMEs) is equipping entrepreneurs with the right skills needed to attract funding and keep their businesses profitable. The five-week Financial Literacy and Public Enlightenment Radio Campaign for MSMEs themed – ‘Boom is Coming: Proactive Strategies for Businesses in Recovery’ – will enable panelists drawn from the Central Bank of Nigeria (CBN), financial institutions, and private sector to educate MSMEs on innovative strategies for sustainable business growth. The panelists include Assistant Director of CBN, Paul Oluikpe; Head Personal and MSME Banking of Unity Bank Plc, Opeyemi…
The Commissioner for Insurance, National Insurance Commission(NAICOM), Sunday Thomas, has tasked insurers with the development of the retail market. He said this during a courtesy visit to one of the retail outlets of Mutual Benefits Assurance Plc, in Lagos. The Commissioner, who was elated over the commitment to the retail business by the underwriter, said the firm has chosen the right path as retail remains the driver of insurance penetration. He stressed that many insurance companies, over the years, have focused on corporate businesses, thereby paying little or no attention to the retail segment. “The future is in retail business…
At the session, the Divisional Head, Trading Business, NGX, Jude Chiemeka said in its quest to be Africa’s preferred Exchange hub, the NGX recognises the importance of a well-developed derivatives market and has worked assiduously to build the regulatory, technology framework, and competence required to support the launch of a world-class ETDs market. An Exchange Traded Derivative (ETD) is merely a derivative contract that derives its value from an underlying asset that is listed on a trading exchange and guaranteed against default through a clearinghouse. Due to their presence on a trading exchange, ETDs differ from over-the-counter derivatives in terms…
The AfCFTA holds the ace for African countries to improve intra-African trade and replace activities that were hitherto dominated by third-party countries to Africans. Despite this potential, there are challenges about the ability of African countries to remove red tapes and encourage trade. Indeed, the recent African Trade Report by Afreximbank showed that despite ranking the third contributor to intra-African trade, Nigeria’s share of trade remains low considering its status as the biggest economy on the continent. This is even as raw commodities dominate items exported from the continent. The report showed that though the outlook for 2021 is positive…
The Manufacturers Association of Nigeria (MAN) has decried the 10 per cent contribution of the manufacturing sector to the Gross Domestic Product (GDP), attributing the trend to low industrialization of the country. President of MAN, Ahmed Mansur, disclosed this at the 33rd yearly general meeting of the Anambra, Ebonyi and Enugu chapters of the association, held in Enugu at the weekend. He said the development was undesirable considering that manufacturing is the bedrock of any thriving economy and major provider of employment and economic growth. He appealed to the governments of Anambra, Ebonyi and Enugu states to support manufacturers by…
Notwithstanding the need to ensure that markets remain open and predictable, the World Trade Organisation (WTO) has warned that failure to ensure wider access to COVID-19 vaccines could undermine the global economic and trade recovery. The WTO in its mid-year report on trade-related developments presented to members noted that despite strong monetary and fiscal policy support from governments, and the arrival of effective vaccines against COVID-19, which have been important factors in the rebound, COVID-19 continues to pose a threat to the global economy and to public health, as vaccine production remains insufficient, contributing to significant disparities in access across…
Nigeria is a highly business-oriented economy with an estimated 37 million micro, small and medium-sized companies (MSMEs). The entrepreneurial economy contributes roughly 48% of the country’s gross domestic product and employs over 60 million people, making Nigeria the largest economy in sub-Saharan Africa. Meanwhile, financial risk is one of the major risks facing owners of business. Although these numbers look promising, few businesses are successful in obtaining loans from financial institutions. According to keen watchers, of the 840 MSMEs surveyed in Nigeria, only31% successfully obtained a loan from a bank or microfinance institution. MSMEs are often burdened by a myriad…
The Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA) has urged the Federal Government to be wary of its tolling policy, especially as it relates to the re-introduction of toll gates and the impact it might have on consumers’ disposable incomes. According to the chamber, there are many pertinent issues surrounding the return of tolling on our expressways and bridges that require immediate consideration before the implementation of that policy. The chamber stated that the re-introduction of toll gates on federal highways nationwide has spread palpable fear especially among the commuting public, given the realisation that the result is…
Professionals in the supply chain industry have expressed concerns about the poor state of Nigeria’s infrastructure, noting that many manufacturing concerns are relocating, while some have remained idle due to delays from port congestion. The Supply Chain Director, Kimberly-Clark Nigeria, Mrs. Azukaego Chukwuelue, at a webinar on managing supply chain challenges in Nigeria, explained that manufacturers are losing sleep over the challenge, as factories are lying idle waiting for raw materials to arrive for production, while also pointing out that scarcity of forex and inadequate shipping lines and absence of skilled labour are major issues impacting supply chain management in…
Nigeria’s Gross Domestic Product grew by 5.01 per cent, year-on-year, in the second quarter according to the National Bureau of Statistics. NBS disclosed this in its GDP Report for Q2 released on Thursday. According to the report, the 5.01 per cent marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. The Q2 2021 growth rate was higher than the -6.10 per cent growth rate recorded in Q2 2020 and the 0.51 per cent recorded in Q1 2021. This is an indication of the return of business and economic activity…
Executive Secretary, National Agricultural Land Development Authority, Paul Ikonne The Federal Government has said the 700-hectare integrated farm estate being developed in Okwuha Obayin Village in Ajaokuta Local Government Area of Kogi State will curb clashes between herders and farmers within and outside the state. It said the major reason for developing the facility was to improve the country’s livestock sector, reduce conflict in the North-Central region and create job opportunities for about 3,000 youths. The Executive Secretary, National Agricultural Land Development Authority, Paul Ikonne, said in a statement on Friday that the farm would focus on livestock rearing…
Zenith Bank Plc has reported profit before tax of N117.06bn for the first half of 2021, rising by 2.67 per cent year on year. According to its audited interim report for the six months ended June 2021, the bank’s net interest income increased by 1.61 per cent to N159.94bn in H1 2021 from N157.41bn in the same period of last year. Zenith saw its earnings per share rise to N3.38 from N3.30 in the corresponding period of 2020. The bank’s gross earnings, however, dropped to N345.56bn in H1 2021 from NN346.09bn in the same period the previous year. “An interim…
The Federal Airports Authority of Nigeria (FAAN) says if the federal government continues with its concession policy, it will place the union at a disadvantage of bearing a $1 billion repayment loan. The union disclosed this in a press conference on Tuesday while addressing journalists in Lagos. In June, the federal government announced plans to concession four airports for a period of 20-30 years. The airports include Murtala Muhammed Airport (MMA), Lagos; the Nnamdi Azikiwe International Airport, Abuja; Mallam Aminu Kano Airport, Kano and Port Harcourt International Airport, Rivers state. The union through its representatives which includes the National Union…
The Securities and Exchange Commission (SEC) has charged three former Netflix engineers with being part of a “long-running” insider trading scheme, the agency announced. The engineers and two close associates allegedly traded on confidential information about Netflix’s subscriber growth, generating more than $3 million in total profit. According to the SEC complaint, while employed at Netflix in 2016 and 2017, Sung Mo “Jay” Jun tipped information about the streaming giant’s subscribers to his brother Joon Mo Jun and friend Junwoo Chon, who used the info to trade ahead of Netflix earnings announcements. After Sung Mo Jun left Netflix in 2017,…