The United States has introduced the International Entrepreneur Rule (IER) for non-citizens who are entrepreneurs seeking to establish and grow their startups in the US. The aim of the International Entrepreneur Rule (IER) is to provide a valuable opportunity for non-citizen entrepreneurs from any country including Nigeria to contribute to the US economy by establishing and growing their startups. Applicants from outside the United States therefore need to meet the specified criteria and follow the application process in order to benefit from a temporary stay in the US, whilst fostering innovation and job creation. Here are the details of the IER, its eligibility requirements, and the application process. About the International…
Author: Temitope N.
The Nigerian box office has grossed over N5 billion within the first seven months of 2024, setting an ambitious target of N10 billion by the year’s end. This promising outlook is based on data released by the official Nigerian box office on July 20, 2024. The report highlights that cinema tickets have sold at an average price of N3,900, contributing significantly to this impressive revenue. Despite macroeconomic challenges impacting consumer purchasing power, cinema admissions have remained strong, with 1.3 million tickets sold so far. However, this figure suggests a potential plateau compared to the 2.6 million admissions recorded in 2023. …
Industry leaders within Nigeria’s vibrant Nollywood sector have called on the Federal Government to retain the National Film and Video Censors Board (NFVCB) in its current parastatal status, amidst the implementation of the Oronsaye Report. This appeal comes in response to recent directives from Mr. George Akume, Secretary to the Government of the Federation (SGF), which instructed Hannatu Musawa, Minister of Arts, Culture, and Creative Economy, to initiate the dissolution of the NFVCB. The proposed dissolution, which aims to integrate the NFVCB into the ministry, bypasses the legal process required to repeal the legislation that established the regulatory body. This…
President of the United States of America (US), Joe Biden, has announced the end of his reelection campaign after fellow Democrats questioned his mental acuity and ability to defeat Donald Trump, leaving the presidential race in an uncertain state. Biden, in a post on X on Sunday, said he will continue to serve as president and commander-in-chief until his term ends in January 2025 and will address the nation this week. “It has been the greatest honour of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in…
United States President Joe Biden has officially endorsed Vice President Kamala Harris for the position of the Democrat’s Presidential flag bearer at the forthcoming presidential poll in the US. The announcement on his X page came several minutes after his withdrawal from the forthcoming presidential election in the US. He disclosed this in a statement published on his X page on Sunday. Best Decision According to Biden, Harris remains the best candidate to face former President Donald Trump of the Republican Party. He wrote, “My fellow Democrats, I have decided not to accept the nomination and to focus all my…
African Brands, dedicated to promoting and supporting brand growth across the continent, will be recognizing the contribution of financial technology firms to financial inclusion on the continent at the fifth edition of the Africa Financial Technology Congress. The event, themed ‘Harnessing the Power of Fintech to Accelerate Financial Inclusion in Emerging Markets”, is scheduled to be held on July 31, 2024, in Lagos. The organisers of the event, in a statement, noted that the African Fintech space had recorded growth over the past decade, noting that there were currently 1400 active fintech brands across the continent. “Major drivers of the…
Graduates of the MTN-MUSON Scholarship programme have praised the sponsors of the initiative for boosting musical talent development in the country. Speaking on behalf of other graduates of the programme, Adebayo Gabriel, also known as “Lala,” credited the initiative with fundamentally transforming their musical abilities and career trajectory. This year, the MTN Foundation, in collaboration with the Musical Society of Nigeria’s School of Music, awarded scholarships to 30 talented individuals, providing them with opportunities to enhance their skills across various areas of music. According to Gabriel, the initiative has refined and improved their skills in diverse areas of music. “I…
The Chief Economic Adviser to the Imo State Government, Professor of Sustainable Finance at the European University Institute, Italy, Professor Kenneth Amaeshi, has joined the Scientific Committee of the European DIGITAL SME Alliance. A statement indicated that the European DIGITAL SME Alliance is the largest network of ICT small and medium enterprises in Europe, representing more than 45,000 companies. It noted that DIGITAL SME is the joint effort of 30 national and regional SME associations from EU member states and neighbouring countries to put digital SMEs at the centre of the EU agenda. It mentioned that the committee creates a…
The President of the Association of Outsourcing Professionals of Nigeria, Mope Abudu, has stated that outsourcing businesses have been affected by headwinds, ranging from infrastructure deficiencies, lack of policy and standards for outsourcing services, and diminishing quality and education standards of the labour force, amongst others. Abudu said this during the 11th Edition Outsourcing Expo, themed ‘Navigating Economic Volatility: Strategies for Sustainable Outsourcing in Nigeria’, held recently in Lagos. “The business and economic environment in Nigeria continues to be one of volatility and uncertainty. Yet as solution providers, outsourcing service providers must be agile and innovative in their value proposition…
The Minister of Power, Adebayo Adelabu, on Tuesday, declared that sanctions would be imposed on any agency or director that fails to meet corporate expectations in the power sector. This warning was given during a meeting where performance contracts were signed with various agencies in the sector in Abuja on Tuesday. A performance-based contract is a type of contract that ties payment to specific performance metrics or outcomes, ensuring that contractors are paid based on their actual performance. PBCs are commonly used in situations where desired outcomes are clearly defined and contractors have control over delivery. These contracts specify key…
Following the lifting of the visa ban on Nigeria, the United Arab Emirates Government has increased its visa fee by over 300 per cent, which has been condemned by air travellers in the country. Expressing anger over the development, a traveller at the international wing of the Murtala Muhammed International Airport, Lagos, Rose Aikigbe, said “This is a clear indication that the UAE government doesn’t want Nigeria in their domain. How much is the United Kingdom taking? Why is the amount so out of reach? “I think the Nigerian government needs to do more engagement with the government of the…
TotalEnergies has disclosed that it has sold its participation stake in three additional licenses primarily generating gas, which presently contributes 40% of Nigeria’s LNG production, to a Mauritian company. Despite the divestment, TotalEnergies will retain ownership of the production share, ensuring access to associated infrastructure and pipelines essential for supplying gas to the Nigeria LNG plant. “This divestment…allows us to concentrate our onshore Nigeria operations solely on the integrated gas value chain and is intended to ensure uninterrupted feed gas supply to Nigeria LNG in the future,” said Nicolas Terraz, President of Exploration & Production at TotalEnergies. Since February, the…
Dangote Industries Ltd. has commended the Nigerian Upstream Petroleum Regulatory Commission for its various interventions in the oil company’s crude supply requests from International Oil Companies. The Vice President of Dangote Industries, Mr Devakumar Edwin, commended the commission in a statement on Wednesday in Lagos. Edwin said that NUPRC should also be commended for publishing the Domestic Crude Supply Obligation (DCSO) guidelines to enshrine transparency in the oil industry. He said: “If the Domestic Crude Supply Obligation (DCSO) guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated…
United Capital grew post-tax profit by 65 per cent to N7.74bn in the first half of 2024, from N4.69bn recorded in the same period in 2023. This was disclosed in its half-year 2024 financial statement filed with the Nigeria Exchange Limited on Wednesday. The company’s gross earnings rose by 37.5 per cent to N15.15bn compared to N11.01bn in the first half of 2023. However, investment income declined by 5.4 per cent, falling from N4.96bn in H1 2023 to N4.69bn, while fee and commission income was up by 71.8 per cent to N6.31bn. Net trading income jumped from N622.6m in 2023…
The Federal Government has obtained $751.88m out of the recently approved $1.5bn loan by the World Bank. The loan under the Nigeria Reforms for Economic Stabilisation to Enable Transformation, Development Policy Financing Programme project was disbursed on June 28, 2024, documents from the global financial institution seen by The PUNCH indicated on Wednesday. This loan project is a part of the broader $2.25bn approved by the World Bank for Nigeria on June 13, 2024, to bolster Nigeria’s economic stability and support its vulnerable populations. The $1.5bn loan comprises two separate agreements between Nigeria and the World Bank: An International Development Association credit…
MTN Nigeria recorded a 1.99% gain, representing an equity gain of N81.9 billion on the final trading day of the week. The gains posted by the stock were the major factor in the 0.04% marginal gain posted by the NGX during the day. The NGX posted an All-Share Index of 100,539.4 points, from yesterday’s 100,503.21. There was also a marginal N30 billion rise in the overall market capitalization to N56.93 trillion from yesterday’s N56.90 trillion. Although the market continued its bullish run, the market breadth was negative, as there were 28 losers in contrast with 17 gainers. Market activities today…
The bullish dollar index and summer vacation have led to a considerable increase in demand for foreign currencies, putting significant pressure on the naira. The naira hit a four-month low on Wednesday, trading at N1,612.50/$ in the official market. However, recent price action in the black market indicated that the naira appreciated against the U.S. dollar below the N1600 band. On the official market, it fell to N1596.92 per dollar on Friday. The CBN increased FX sales to accredited dealers at a market discount, allowing them to sell U.S. cash to curb the increasing values in both the official and…
Financial analysts at United Capital Plc have forecasted that the exchange rate will stabilize, trending between N1,423.26/$ and N1,550/$ by the end of 2024. This projection was stated in their HY-2024 Economic Outlook Report, titled “Balancing Act: Nigeria’s Path to Economic Stability.” The analysts noted that the outlook for Nigeria’s exchange rates in the second half of 2024 appears favorable, with the naira expected to stabilize and appreciate due to several positive economic developments. The report highlights two critical factors contributing to this projected stability: the commencement of local petrol supply from the Dangote refinery in July, which will reduce…
Total trading volume on centralized exchanges declined by 21.8% in June, marking a third consecutive month of declining trading activity since March. A report from CC Data revealed that the combined spot and derivatives trading volumes across centralized exchanges was $4.2 trillion a far cry for when it hit its peak in March with a total of $9 trillion in trading volume. The report highlighted reasons for this noticeable decline in trading volume pointing at a sharp decline in open interest in derivatives exchange. In June, open interest on derivatives exchange fell 9.67% to $47.11 billion. The trend persisted into July with Top centralized…
Bitcoin price has seriously recovered from weeks of facing selling pressure which saw its price drop to as low as $53, 500 on July 5 to hit the $66,000 mark at the time of writing this report. Bitcoin resurgence continues unabated as major institutions worldwide battle with a major Information Technology (IT) downtime affecting Microsoft’s cloud computing service. Bitcoin price was unaffected by the Global IT outage which left major airlines, medical facilities, corporations, and police forces stranded as their daily operations were hindered by the global IT outage. George Kutrz, the CEO of Crowdstrike, a Cybersecurity firm gave its two cents…