The Lagos State Government says it will resume the administration of the second dose of the AstraZeneca COVID-19 vaccine on Aug. 30. Mr Tunbosun Ogunbanwo, Director, Public Affairs in the state Ministry of Health, said this in a statement on Sunday in Lagos. Ogunbanwo said that administration of the second dose of the AstraZeneca vaccine would hold across the 88 vaccination sites used during the first phase of the vaccination exercise. According to him, the vaccination will be for 20 days, from Aug. 30 to Sept. 24. He said that only persons who had received the first jab of the…
Author: Temitope Nlewemchi
Nigerian Union of Allied Health Professionals (NUAHP), a body representing the largest health professionals in the country, has asked federal and state governments to address all the demands of health workers with respect to welfare. It also called for the overhaul of health infrastructure to save the nation from an imminent shortage of manpower. It stated this, recently, during its National Executive Council meeting where it appraised the state of the nation and various issues affecting its members across public health institutions. National President of the union, Comrade Martin Egbanubi, in a statement, said the union was worried about the…
The Federal government has expressed its commitment to Human Capital Development (HCD) in the health sector to improve outcomes among other deliverables. Consequently, the Medical and Dental Council of Nigeria (MDCN) has inducted 879 foreign-trained doctors into its fold. MDCN said a total of 879 doctors were successful at the June 2021 assessment examinations organised by the council at the University College Hospital (UCH), Ibadan, and out of the 879 foreign-trained doctors inducted, 862 are medical doctors, while 17 are dentists. Speaking at the induction ceremony in Abuja, Minister of Health, Dr. Osagie Ehanire, observed that government considers the health…
ActionAid Nigeria, a non-governmental organisation seeking to eradicate poverty, has urged the Nigerian Electricity Regulatory Commission (NERC) to renege on its plan to increase electricity tariff. NERC had directed the 11 Electricity Distribution Companies (DisCos) to increase their tariffs today. ActionAid Nigeria said the increase would erode the purchasing power of workers in formal and informal sectors and further impoverish the citizenry. Country Director, Ene Obi, in a statement in Abuja, said the increase is not only ill-timed but insensitive to the plight of Nigerians, whose lean disposable incomes are already decapitated. She said: “ActionAid’s position is hinged…
ActionAid Nigeria, a non-governmental organisation, has decried the alleged resolution by the Nigerian Electricity Regulatory Commission (NERC) directing the 11 Electricity Distribution Companies (DisCos) to increase their tariffs from Wednesday (today), September 1, 2021. The group stated that an increase in electricity tariff will further erode the purchasing power of Nigerian workers in formal and informal sectors and will further impoverish more Nigerians. Their position was made known in Abuja, yesterday, by its Country Director, Ms. Ene Obi. She said: “The increase in electricity tariff is not only ill-timed but insensitive to the precarious plight of Nigerians whose lean disposable…
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…
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…