As a result of strong business ties between Nigeria and France, French President Emmanuel Macron has reappointed Abdul Samad Rabiu, Chairman of BUA Group, as President of the France-Nigeria Business Council. The news was announced at the council’s July 2022 meeting in Paris. The council, which was established a year ago, brings together Nigeria’s and France’s top businesses in order …
Mr. Tony Okpanachi, Managing Director (MD) of the Development Bank of Nigeria Plc (DBN), has stated that providing financial access for the country’s Micro, Small, and Medium Enterprises (MSMEs) is critical for economic growth. He was quoted as saying that with approximately 17.4 million MSMEs contributing 48 percent of the nation’s GDP in the last five years, providing approximately 50 …
Despite a positive movement in its share price in the first half of 2022, Dangote Cement lost first place as the most capitalised company listed on the stock exchange to Airtel Africa. The cement giant increased its market capitalisation from N4.38 trillion in December 2021 to N4.69 trillion in June 2022, a gain of N306.7s3 billion. Airtel Africa has risen …
As part of the activities commemorating Y2022 Public Service Week, the Lagos State Government presented the Long Service Merit Award to 800 officers (LSMA). The Head of Service, Mr. Hakeem Muri-Okunola, said in his address at the 15th edition of the Merit Award held today at The Marquee, Radio Lagos/Eko FM Complex Agidingbi, Ikeja, that the Award was designed to …
Due to theft of crude oil and pipeline vandalism, among other issues, the Nigeria LNG Ltd. plant is only operating at 68% of its potential. According to statistics from the company, the plant in Bonny Island, Rivers State, is only operating at 68% of its potential because of theft of crude oil and pipeline vandalism, among other issues. The NLNG …
The Lagos Chamber of Commerce and Industry (LCCI) has advised the Central Bank of Nigeria (CBN) to implement more accommodating supply-side policies in order to boost the country’s productive sectors. LCCI President Michael Olawale-Cole stated this on Tuesday in Lagos at the chamber’s third quarterly media briefing on the state of the Nigerian economy in 2022. To combat rising inflation, …
The World Bank has criticised Nigeria’s government for its tardy response to the inflation that is currently driving many Nigerians into poverty and food insecurity. Nigeria’s inflation as of May this year has accelerated to 17.71%, which is higher than the World Bank’s projection of 15.5% for inflation in 2022. According to the World Bank, Nigeria could have one of …
According to Alhaji (Dr.) Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), the naira’s volatility is being exacerbated by rising inflation, an increase in interest rates, and sluggish economic growth, which has an impact on middle- and low-income earners. Speaking at the weekend in Lagos, Gwadabe claimed that the scenarios as they are developing …
A multibillion-naira cornflakes plant has been opened by NASCO Group Nigeria in Jos, the capital of the Plateau State. NASCO added that the new facility’s technology is state-of-the-art and among the best in the world. In Jos, the capital of Plateau State, where NASCO Foods is located, Governor Simon Lalong made the following remarks during the plant’s commissioning: “NASCO has …
Nigeria’s external reserves are expected to decline, according to the World Bank, because the Central Bank of Nigeria (CBN) is expected to clear $1.7 billion in foreign exchange backlog and forward contracts to foreigners by the end of October 2022. The World Bank revealed this in a report called “Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual.” …
Nigeria’s Finance Minister, Zainab Ahmed, has stated that the federal government will invest heavily in all aspects of the agricultural value chain in order to ensure adequate and high-quality data for effective agricultural policies. According to the News Agency of Nigeria, the Minister stated this at a Training of Trainers workshop on the National Agriculture Sample Census (NASC) held in …
To consolidate its performance, TotalEnergies Plc has assured shareholders of the company’s commitment to becoming a multi-energy company that will play a key role in the country’s energy transition, particularly in renewable energy. This was stated by the company’s chairman, Jean-Phillipe Torres, at the company’s 44th annual general meeting, which was held in Lagos over the weekend. He expressed confidence …
Only four states and the federal capital territory have started paying pensions to employees under the contributory pension scheme, according to the National Pension Commission (PenCom) (CPS). Lagos, Osun, Kaduna, Delta, and the federal capital territory are the states involved (FCT). In its most recent report, titled “Status of implementation of the CPS by states and the FCT for the …
Dr. Femi Egbesola, the National President of the Association of Small Business Owners of Nigeria, says the country’s micro, small, and medium businesses are the hardest hit by the current dollar shortage and high diesel prices. While the Central Bank of Nigeria made it easier for large businesses to obtain dollars from commercial banks, he claimed that MSMEs often struggled …
Panic has returned to Zamfara State as a result of the state government’s plan to shut down the state’s telecommunication network. Following the rising security challenges ravaging the State, the Governor announced on Wednesday through his Special Adviser on Media and Communication, Hon. Zailani Bappa, that the government may impose strict security measures. The Governor made the statement in response …
Shell Petroleum Development Company (SPDC) has challenged the Federal High Court in Yenagoa’s jurisdiction to hear a N700 billion oil spill compensation suit filed by residents of Bayelsa’s Aghoro 1 community. The residents of Aghoro 1 in Bayelsa’s Ekeremor Local Government Area sued SPDC in Federal High Court in Yenagoa over an oil leak from the company’s Trans Ramos Pipeline …
In keeping with its commitment to enlighten telecom service consumers, the Nigerian Communications Commission (NCC) has taken its consumer enlightenment programme to communities in Nasarawa State to educate them on their rights, obligations, and privileges. In addition, the engagement was organised to inform telecom consumers about the Commission’s consumer-centric initiatives, which consumers can use to improve their telecom usage experience. …
According to a study conducted by Boston Consulting Group, a global management consulting firm, Nigeria and 44 other countries around the world are severely impacted by the Ukraine war-induced food crisis. In a report titled ‘The War in Ukraine and the Rush to Feed the World,’ BCG said it looked into the multiple direct and indirect effects of Ukraine’s turmoil …
The Information and Communication sector’s contribution to GDP decreased by 9% from N3.1 trillion in the fourth quarter of 2021 to N2.81 trillion in the first quarter of 2022. The ICT sector contributed 15.21% and 16.20% to real GDP in Q4 2021 and Q1 2022, respectively, according to GDP figures released by the National Bureau of Statistics. Total real GDP …
The National Bureau of Statistics (NBS) reports that the cost of certain food items has risen in the last year. According to the NBS Selected Food Price Watch Report for April 2022, which was released in Abuja on Thursday, this is the case. According to the report, the average price of 1kg of Beans (white, black eye, sold loose) increased …
