To overcome persisting challenges in the housing sector, the Managing Director/Chief Executive Officer, of Afriland Properties Plc, Uzo Oshogwe, has encouraged estate professionals to diversify their investment portfolios, products, and management’s framework. She tasked practitioners with considering a mix of facilities management, property rentals, property management and brokerage to get balanced. She also stressed the need to change the building construction model from the usual ‘bricks and mortar’ and ensure their business continued to be liquid. She gave this charge at the International Real Estate Federation Nigeria 2024 annual general meeting and the induction of 25 new members in Lagos…
Author: Temitope N.
Nigeria earns about $1.2bn annually through the export of hides and skin from the livestock sector, the Miyetti Allah Cattle Breeders Association of Nigeria declared on Sunday. MACBAN, an advocacy group centred on promoting the welfare of pastoralists in Nigeria, said the country’s livestock sector is currently valued at over N33tn, adding that with the envisaged new investments, it is estimated to grow to over N75tn in a few years. The association’s President, Othman Ngelzarma, who disclosed this at a press briefing in Abuja, welcomed the creation of a new Ministry of Livestock Development and refuted claims that the initiative…
Inflation poses a major challenge to businesses globally, hitting small businesses harder due to thinner margins and less flexibility to absorb cost increases, JOSEPHINE OGUNDEJI writes Each year, numerous small and medium-sized enterprises introduce new product solutions to the market, especially in developing economies like Nigeria. This economic phenomenon, characterised by rising prices and decreased purchasing power, can significantly affect a small business’s operations. According to Moniepoint, in Nigeria, small and medium enterprises contribute 48 per cent to the national gross domestic product. SMEs account for 96 per cent of businesses and 84 per cent of employment. Despite the glaring…
The Centre for the Promotion of Private Enterprise (CPPE) has asked the Central Bank of Nigeria (CBN) to put a break on interest rate hike as the apex bank’s Monetary Policy Committee (MPC) meets today. Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), emphasized the importance of this approach during an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos. Yusuf highlighted that the committee should aim to keep the increase minimal, acknowledging the Central Bank of Nigeria’s (CBN) efforts to stabilize the economy. He stated, “Knowing the disposition of…
The Central Bank of Nigeria (CBN) has reported a 39% increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024 compared to the same period in 2023. This is according to data from the quarterly statistical bulletin of the CBN for the first quarter of 2024. Recent reforms implemented by the CBN aimed at attracting more dollar supply through IMTOs seemed to have triggered the increase. What the data is saying In January 2024, inflows stood at $383.04 million, a significant rise of 30% from $295.21 million in January 2023. This upward trend continued in…
The average spot price of Nigeria reference crude oil (bonny light) stood at $85.68 in the first quarter of 2024- $7.72 above the benchmark price in the 2024 appropriation act which is $77.96. This is according to data gleaned from the Central Bank of Nigeria (CBN) statistical bulletin in the first quarter of 2024. According to the report, the average spot price of Nigerian reference crude in January 2024 stood at $82.18. In February, the spot price was $86.08 while in March it was $88.80. When compared to the preceding quarter of Q4, the average spot price of Nigeria reference…
The House of Representatives Joint Committee on Midstream and Downstream has said that the allegation of non-availability and non-supply of crude oil to domestic refineries in Nigeria raises concern about the quality of fuel in Nigerian markets. Chairman of the joint Committee of the House, Ikenga Imo Ugochinyere, disclosed this to newsmen in Abuja. The joint committee is investigating the allegation of production and importation of substandard fuel products and non-supply of crude to domestic refineries. Investigations underway The development comes days after the Chief Executive Officer, Dangote Refinery, Aliko Dangote, reacted to the allegations by the Nigerian Midstream and…
Dr. Olisa Agbakoba has explained how the federal government’s proposed 50% windfall tax will negatively impact bank operations and its customers in Nigeria. Dr. Agbakoba is the Senior Partner and Head of the Alternative Dispute Resolution (ADR) and Arbitration practice group at Olisa Agbakoba Legal (OAL), with expertise in Maritime and Blue Economy Law, Space Law, Environmental, Social and Governance (ESG) Law, Environmental Justice Law, Human Rights Law, among many others. In an exclusive interview, Agbakoba sheds light on how the proposed amendment to the Finance Act is ill-thought-out. What’s your take on the federal government’s plan to tax banks 50%…
The federal government has raised N225.714 billion in the July 2024 bond auction, which is about 75% of its target as demand for short-term bonds weakens. Last month, about N297.006 billion was raised from the June bond auction, which means that the amount raised this month has dropped slightly by 24%. While the federal government offered a total of N300 billion across the three different bond tenors in the latest auction, total subscription for the July 2024 FGN bond auction amounted to N279.664 billion, which is an undersubscription of N20.336 billion. Amid the undersubscription, the total amount allotted to successful…
The Nigeria Senate has approved the bill to increase the national minimum wage from N30,000 to N70,000, effectively making it a law. The Senate President, Godswill Akpabio, announced the approval following the third reading of the bill during a plenary session in Abuja on Tuesday. The bill, which was proposed by President Bola Tinubu after meeting with the heads of organized labour last week, also included a reduction of the review timeline of the minimum wage from 5 years to 3 years. Speaking at the plenary session on Tuesday, Akpabio read out the intent of the bill and ruled for…
Nollywood’s latest movie, “What About Us,” written and produced by Emmanuel Iren, the lead Pastor of Celebration Church Global, has risen to the top of the Nigerian box office, amassing N53.5 million in just 11 days. The film, which premiered July 12, has maintained the No.1 spot, outperforming Hollywood’s “Bad Boys: Ride or Die,” according to data from the Nigerian Box Office. “What About Us” has recorded 13,000 admissions, representing the total number of tickets sold for screenings. Over the past weekend alone, the film earned N18.6 million, reflecting a modest 29% drop from the previous weekend. In contrast, “Bad Boys:…
The Nigerian senate yesterday passed the amendment bill of the 2023 Finance Act and increased the windfall levy on banks’ foreign exchange revaluation gains from 50% as proposed by the President to 70%. The Chairman of the Senate Committee on Finance, Sen. Sani Musa read the report of the Committee on Finance before it was finally passed. Furthermore, the senate also amended the commencement date of the amended act from 1st January 2023 to the commencement of the new foreign exchange policy after Sen. Aminu Waziri Tambuwal raised objection to the retroactive nature of the amendment. Members of the red…
The Muritala Muhammed Area Command (MMAC) of the Nigeria Customs Service (NCS) generated N80.3 billion in the first half of this year. This figure, disclosed by the Customs Area Controller Michael Awe, represents more than double the N38.7 billion collected during the same period in 2023. Awe made this known at a press briefing in Lagos on Tuesday, highlighting a substantial increase of N41.6 billion, showing a 107.5% rise, compared to the previous year’s first half. He attributed this significant growth to the support from the Comptroller-General of Customs, Bashir Adeniyi, and his management team, as well as the dedication…
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…
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…