Economy

Nigerian Firms’ll Construct $4.3bn NLNG Train 7 – NCDMB

Nigerian Firms’ll Construct $4.3bn NLNG Train 7 – NCDMB

Business, Economy, Inside, News
The engineering, procurement and construction of the planned $4.3bn Nigeria LNG Limited Train 7 plant will be done in-country by mostly indigenous companies, the Nigerian Content Development and Monitoring Board has said. According to the Executive Secretary, NCDMB, Simbi Wabote, the fabrication of pressure vessels, pipes, flare stack and other opportunities related to the Train 7 project will be domiciled in Nigeria. Wabote, who stated this at a public workshop on the Nigerian content aspect of the NLNG Train 7 in Abuja on Tuesday, warned that the era of building such projects in modules abroad to be shipped and coupled in the country was over. He said, “I know how we insist on some of these local content requirements from the international oil companies. If you leave them alone, th
Inflation Rate Rises Again, Now 11.28%

Inflation Rate Rises Again, Now 11.28%

Business, Economy, Inside, News
The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate rising from 11.23 per cent in August to 11.28 per cent in September 2018. This is the second consecutive rise in headline inflation after 18 consecutive months of decline in the rate. “The Consumer Price Index, which measures inflation, increased by 11.28 per cent year-on-year in September 2018. This is 0.05 per cent points higher than the rate recorded in August 2018 at 11.23 per cent,” the NBS said in the inflation report. It stated that on a month-on-month basis, the headline index increased by 0.84 per cent in September, down by 0.21 per cent points from the rate recorded in August, which was 1.05 per cent. The bureau said the percentage change in the average co
‘How To Curb Incidence Of Banks’ Failure In Nigeria’

‘How To Curb Incidence Of Banks’ Failure In Nigeria’

Business, Economy, Inside, News
As the nation grapples with the issue of Skye Bank takeover, the bank’s shareholders, University Dons, Professors Franklin Ngwu and Uche Uwaleke have prescribed ways to stem the prevalence cases of failed banks in Nigeria. The duo, who spoke in an interview with The Guardian, argued that urgent steps must be taken to address the anomaly to restore depositors and shareholders confidence in Nigerian banks for improved financial inclusion. Indeed, there has been increasing level of banks failure in Nigeria in recent times, which has become as source of worry and elicited reactions from various stakeholders. The occurrence has caused shareholders to lose investment worth billions of naira and subsequently subject them to untold hardship. For instance in the case of the three nationalized ba
CBN, Institute Task Risk Managers On Fintech Threats

CBN, Institute Task Risk Managers On Fintech Threats

Business, Economy, Inside, News
As fintech continues to revolutionalise financial services in Nigeria, the Central Bank of Nigeria (CBN) and the Chartered Institute of Bankers of Nigeria (CIBN) have advised risk managers to stay ahead of trends and step up their risk management mechanisms to avert imminent risks that may arise from modern technology. Speaking at the Risk Management association of Nigeria (RIMAN) mandatory seminar for certified risk managers, in Lagos at the weekend, the Deputy Governor CBN, Mrs Aishah Ahmad argued that risk functions of banks must be in line with latest information and ‘up to date’ to address new and emerging risks from technology. While delivering her paper titled ‘Regulatory perspective on the future of risk management in Nigeria’ Ahmad, who was represented by the Director, Banki
Government Affirms New Strategy For Revenue, Debt Management

Government Affirms New Strategy For Revenue, Debt Management

Business, Economy, Inside, News
The Minister of Budget and National Planning, Senator Udoma Udoma and the Director-General of Debt Management Office (DMO), Ms Patience Oniha, have told investors that there is a renewed plan and commitment to diversify the economy in efforts to raise the revenue and ensure debt sustainability. The duo, who admitted that the country’s debt-to-revenue ratio is low, said the plan to rev up the country’s earnings capacity and sources is not only the best thing to do now, but urgent, explained that the new focus is directly at the economy. Udoma, who presented Nigeria’s investment opportunities during the unveiling of the Sub-Saharan Africa’s economic outlook by the International Monetary Fund (IMF), said President Muhammadu Buhari has already advised them to pay particular attention to
Chinese Firm Targets Green Investment Opportunities In Nigeria

Chinese Firm Targets Green Investment Opportunities In Nigeria

Business, Economy, Inside, News
Elion Resources Group, a Chinese green industry company, has signed a Memorandum of Understanding (MoU) in Owerri, Imo State as part of its exploration of investment opportunities in Nigeria. The company’s planned projects, facilitated by Converge Business Limited, are in the areas of desertification control, agriculture and development of new energy resources, a statement from the firm indicated. President, Wang Wenbiao, who led the company’s delegation to Nigeria, signed the MoU with Imo State State Government in Owerri at the weekend. Both parties expressed their readiness to unlock and harness the potential of natural gas resources to increase domestic and industrial power supply, raise people’s living standard and support sustainable economic growth and diversification. Wang sai
Labour Tasks Employers On Tenets Of Decent Work

Labour Tasks Employers On Tenets Of Decent Work

Business, Economy, Inside, News
Organised Labour has demanded an immediate end to all forms of employment that offend human dignity, deny workers access to living wage and social protection. They also urged the Federal Ministry of Labour to step up and renew its commitment to further enhance its monitoring duties, ensuring that every employer complies with the provisions of the labour laws. They said where the law is breached; the Ministry of Labour and other agencies of government should enforce the laws. They agreed that work could only be decent when it has a fairly reasonable income that enhances their standard of living, with social protection for the family. Addressing affiliates of Industrial Global Union, Nigeria, in commemoration of the 2018 World Day for Decent Work (WDDW), tagged ‘Change the Rules’ yest
Again, MTN Group’s Shares Slide as Officials Meet with CBN

Again, MTN Group’s Shares Slide as Officials Meet with CBN

Business, Economy, Inside, News
Shares in MTN Group, Africa’s biggest telecoms company, have dropped more than four per cent over the uncertainty about the outcome of yesterday’s meeting between the Central Bank of Nigeria (CBN), officials of CBN, and the four banks involved in the alleged MTN’s illegal repatriation of $8.134 funds from Nigeria. According to report, the shares further droppeåd yesterday by 2.21 per cent at 84.10 rand over uncertainty about the outcome of the meeting. The MTN Group shares had on Monday rose by 2.55 per cent, following the announcement on Sunday by the CBN Governor, Mr. Godwin Emefiele, of the plans by the apex bank to reduce the $8.134 billion fines. But the shares, it was gathered, plunged again, as a result of the uncertainty about the outcome of the meeting which held yesterday in Ab
300,000 Persons Get N15.183bn Interest-Free Loans, Says Osinbajo

300,000 Persons Get N15.183bn Interest-Free Loans, Says Osinbajo

Business, Economy, Inside, News
Vice-President Yemi Osinbajo on Monday said the present administration had so far provided interest-free loans totalling N15.183bn to over 300,000 beneficiaries across the country. He said the beneficiaries included traders, artisans and farmers. Osinbajo spoke at the 9th Presidential Quarterly Business Forum held at the old Banquet Hall of the Presidential Villa, Abuja. He said each of the beneficiaries got between N50,000 and N350,000 under the scheme. Osinbajo expressed the belief that the present administration would make a massive difference if N1tn was spent on the poor yearly. He stated, “A total of N15.183bn in interest-free loans ranging from N50,000 to N350,000 has been disbursed to more than 300,000 market women, traders, artisans and farmers across all 36 states of the co
Sterling Bank Intensifies Debt Recovery Drive

Sterling Bank Intensifies Debt Recovery Drive

Business, Economy, Inside, News
Sterling Bank Plc has said it will always adopt amicable resolution or when necessary, drastic legal actions to achieve debt recovery outcomes. Such strategies include restructuring for accelerated payoffs and possible foreclosure or disposal of pledged assets of defaulting debtors. This is expected to ensure a progressive drop in the bank’s non-performing loan (NPL) ratio which has decreased significantly year on year since 2016. Commenting on the intensified debt recovery drive, the bank’s Group Head, Credit Collection and Recovery, Abiodun Aderoju, said: “Sterling Bank witnessed a 383 per cent increase in recoveries between 2016 and 2017. This resulted in a significant improvement in asset quality as reflected in the reduction in non-performing loan ratio by 370 basis points to 6.2 p