Wednesday, January 27African Business News
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Economy

Nigeria loses N270 billion to palm oil import in three years

Nigeria loses N270 billion to palm oil import in three years

Economy
• It will take 10 years to close gap, says NIFOR • ‘We will export palm oil in four years’ Nigeria loses over N90 billion yearly, and in the next three years will lose not less than N270 billion to deficit and importation of palm oil, The Guardian investigation has revealed. Based on the December 2019 World Bank price index for crude palm oil at $769.93, Nigeria lost N90, 081,810,000 to importation of what it could produce last year and may lose about N270,245,430,000 from 2020 to 2022. On closing the deficit, experts said it would take 10 years, depending on whether or not new investments are made in plantation expansion and rejuvenation of old farms with improved varieties of palm seedlings.The gestation period for improved varieties of palm planting materials is a minimum of ...
FG Urges NCC to Develop New Regulatory Strategies

FG Urges NCC to Develop New Regulatory Strategies

Economy, Politics
The Minister of Communications and Digital Economy, Dr. Isa Pantami has called on the Nigerian Communications Commission (NCC) to develop new regulatory strategies, especially in the area of SIM card registration, that will enhance effective regulation of the telecoms industry. Pantami gave the charge recently, during the swearing-in ceremony of the Chairman of NCC Board of Commissioners, Prof. Adeolu Akande, who is representing the South West zone. He was sworn in alongside the Commissioner representing the South-east zone, Chief Uche Onwude. At the event, which took place in Abuja, Pantami said the NCC Board must “hit the ground running.” The minister, who said, “there is no time for celebrations now and no time for honeymoon,” declared that “we would congratulate the NCC Board...
Nnamani Backs NCC’s Digital Economy Initiatives

Nnamani Backs NCC’s Digital Economy Initiatives

Economy
The President of Medallion Communications Limited, Mr. Ikechukwu Nnamani, has commended the Minister of Communications and Digital Economy, Dr. Isa Pantami, the Nigerian Communications Commission (NCC) and the National Information Technology Development Agency (NITDA) for their efforts in building a digital economy in the country. Nnamani, who is also the First Vice President of the Association of Telecommunications Companies of Nigeria (ATCON) said the Ministry and the telecoms regulator were on the path to driving economic growth through their initiatives aimed at digital transformation. Specifically, he said the federal government’s commitment to the implementation of the national digital economy strategy would help the country achieve growth and development. According to him, wi...
Joe-Ezigbo: FG Must Incentivise Gas Investors

Joe-Ezigbo: FG Must Incentivise Gas Investors

Economy
The President of the Nigerian Gas Association (NGA) and Co-Founder/Executive Director of Falcon Corporation, Mrs Audrey Joe-Ezigbo, in this interview, speaks on factors stifling growth and investment in the gas sector, despite Nigeria’s natural endowed with abundant hydrocarbon. Peter Uzoho brings the excerpts: With Nigeria’s proven gas reserves of over 600TCF and daily production of over 200 billion cubic feet, do you see the National Gas Policy being able to harness the potential of this huge resource for national economic development? Let me first say that the decisive action by the Nigerian Government to approve the National Gas Policy (NGP) was certainly a significant move in the right direction, establishing the recognition of the gas industry as a stand-alone Industry with vi...
FCTA targets N3 billion advert revenues in 2020

FCTA targets N3 billion advert revenues in 2020

Economy, Uncategorized
The Federal Capital Territory (FCT) Administration, said it is targeting over N3billion from outdoor advertisement in the second quarter of 2020, as part of its internally generated revenue drive, the Director FCT Department of Outdoor Advertisement and Signage, Dr. Babagana Adams, has said. He said the Department is optimistic about achieving the target, as efforts have been put in place to rid it of unlawful and greedy agents that have continued to defraud the system, stressing that 2020 revenue generation must  be higher than the N500million realised last year. Adams disclosed this Sunday, in Abuja, during an interaction with journalists on plans by the Department to increase its Internally Generated Revenue (IGR). He said the Department ...
Selloffs persist as stock investors lose N154b in one day

Selloffs persist as stock investors lose N154b in one day

Economy
Following massive selloffs in most bellwethers, the Nigerian equities market yesterday, reopened on a downturn, causing market capitalisation to slump further by N154billion. Specifically, at the close of trading, the All-Share Index fell by 294.90 absolute points, or 1.05 per cent to close at 27,772.19 points. Similarly, the market capitalisation lost N154billion to close at N14.464trillion. The downtrend was impacted by losses recorded in large and medium value stocks, amongst which were; Nestle Nigeria, MTN Nigeria, Lafarge Africa, Guaranty Trust Bank, and FBN Holdings. Reacting to market performance, analysts at Afrinvest Limited, said: “We believe earnings releases will dictate performance this week, however, we are not optimistic about the market.” United Capital Plc, how...
South West governors to sign Amotekun bill to law on Feb 14

South West governors to sign Amotekun bill to law on Feb 14

Economy
Outfit to protect residents regardless of tribe, says Fayemi Governor Kayode Fayemi of Ekiti State yesterday said that the bill for the establishment of the Western Nigeria security network codenamed Amotekun would be signed into law simultaneously by the South west governors on February 14. Receiving the draft from the State Attorney-General and Commissioner for Justice, Mr. Wale Fapohunda, in his office in Ado Ekiti, Fayemi reiterated that the security network was designed to protect both indigenes and other residents in the six states of the south west zone. According to the governor, the vision of anybody who is a patriot and a democract should be to guarantee the safety, security and well being of Nigerians, wondering why a lot of people still misconceive the motive behind Amot...
Nigeria’s e-payment transactions exceed N590tr

Nigeria’s e-payment transactions exceed N590tr

Economy, Technology
The nation’s electronic payment (e-payment) system landscape has risen to a new height of about N592 trillion worth of transactions in 2019, a data from the Central Bank of Nigeria (CBN), obtained by The Guardian, yesterday, showed. The e-payment’s value was recorded in about 93.84 billion different transactions across the country, through various electronic channels. These electronic channels include cheque truncations, ACH/Nigerian Inter Bank Settlement System (NIBSS) Automated Payment Services (NAPS)/PMS, Automated Teller Machine (ATM), Point of Sale (PoS), Internet (Web), Mobile Money, NIBSS Instant Transfer (NIP), m-Cash, E-BillsPay, Central Pay, and Inter-Bank transactions. The new record also contrasts with the e-payment’s activity in 2018, which though was estimate...
Pressure on equities defy earning season, index slumps by 2.69 per cent

Pressure on equities defy earning season, index slumps by 2.69 per cent

Economy
Despite improved numbers in 2019 full year result churned out by quoted companies, sentiments remained weak in the equities market, causing the All-Share Index (ASI) to shed 2.69 percent. Specifically, the index and market capitalisation depreciated by 2.69 percent and 1.61 percent to close the week at 28,067.09 points and N14.618 trillion respectively. All other indices finished lower with the exception of NSE Insurance index, which appreciated by 0.23 percent while NSE ASeM Index closed flat. Analysts said there would be sustained reversal amid the heightening insecurity witnessed in the country, in addition to the emergence of Coronavirus, which has continued to threaten the Chinese economy Specifically, the Chief Research Officer of Investdata Consulting Limited, ...
How N7.5 billion GPW will boost policyholders’ confidence

How N7.5 billion GPW will boost policyholders’ confidence

Economy, Politics
As insurers express commitment to the ongoing industry recapitalisation exercise, they have explained that a process is a form of a corporate reorganisation, which involves making substantial changes to a company’s capital structure. It is one of the strategies companies use to improve their financial stability. Currently, the insurance industry, post recapitalisation, is expected to be robust and capable of taking big risks, as well as contribute meaningfully to the nation’s Gross Domestic Product. Presently, some insurers are recording improved performances, which is boosting their chances to scale through the December 2020 deadline for the sector’s recapitalisation. African Alliance Insurance Plc recorded a 45 percent jump in its Gross Premium Written (GPW),...