Economy

Report Ranks GTBank Among Digital Banking Leaders in Africa

Report Ranks GTBank Among Digital Banking Leaders in Africa

Business, Economy, Inside, News
Guaranty Trust Bank (GTBank) has revealed that is atop a new generation of multinationals in developing markets with the competitive strength and capacity to become a major player in the global scene. A statement from the bank quoted the Economist Intelligence Unit (EIU), the research and analysis division of The Economist, to have revealed this. The bank, which operates out of 10 African countries and the United Kingdom, was one of 12 companies, selected from four continents and spanning six industries, that the EIU believes has the strategy and potential to dominate domestic markets and expand its business outlays internationally. In its report, “Going Global: 12 Companies to Watch in Developing Markets,” the EIU said “Guaranty Trust Bank is leading the digital banking race in Sub-
SON Sustains Clamp Down On Substandard Building Materials

SON Sustains Clamp Down On Substandard Building Materials

Business, Economy, Inside, News
Standards Organisation of Nigeria (SON) says it will continue to sanitise the Abuja building markets to rid them of substandard materials. The agency sealed premises of some dealers engaged in marketing substandard aluminum roofing sheets in the Federal Capital Territory (FCT). Ganbo Dimka, FCT Coordinator, SON, said the estimated cost of affected products across the city was about N75m. According to him, the products were basically imported from China. “Many of the roofing sheets being sold in the market have thickness diameters lower than what is specified in the Nigerian standard, which is the minimum requirement for any roofing sheet in the country to withstand the peculiar weather condition and give value on investment made on them,” he said. He explained that the menace of subst
CIBN Seeks Roles For Professionals In Politics

CIBN Seeks Roles For Professionals In Politics

Business, Economy, Inside, News
The President, Chartered Institute of Bankers of Nigeria, Dr Uche Olowu, has said that professionals should be allowed to play their roles in the country’s polity. He said this during the board meeting of the Association of Professional Bodies of Nigeria in Lagos. He said, “As key stakeholders in the Nigerian project, the time has come for a strategic repositioning of the association to play a more active and relevant role in the polity. Our ultimate goal should be for the APBN to be a stronger and constructive national voice that will occupy an important place in the national polity discourse.” As professional bodies, he said members should redefine how they could work more collaboratively with themselves, and other stakeholders to build the APBN envisaged by its founding fathers. H
‘Lingering Unemployment Due To Disparity In Skills Between Real, Educational Sectors’

‘Lingering Unemployment Due To Disparity In Skills Between Real, Educational Sectors’

Business, Economy, Inside, News
The Bank of Industry Limited (BoI), has advocated alignment of town and gown, especially in the real sector, as part of measures to address lingering unemployment challenges in the country. According to the bank, the potential in the nation’s real sector remains largely untapped, thereby limiting job creation efforts. The Bank hinged underdevelopment in the sector on the harsh business environment and difficulties in doing businesses in Nigeria, thus limiting the growth capabilities of existing industries, while some have been forced to liquidate and others discouraged from commencing operations. Giving the Convocation Lecture at the 2018 Graduation Ceremony of Gateway ICT Polytechnic, Sapaade Remo, Ogun State, at the weekend, the bank’s Chief Risk Officer, Dr. Ezeikel Oseni, stresse
‘Apprenticeship Crucial To Small Businesses’ Growth’

‘Apprenticeship Crucial To Small Businesses’ Growth’

Business, Economy, Inside, News
Micro, Small and Medium Enterprises (MSMEs) in the country have been urged to leverage apprenticeship and training to upscale their businesses. Entrepreneurs who spoke at the third Fate Foundation yearly alumni conference in Lagos, opined that start-up owners need to learn as apprentices before starting to grow and scale their businesses. Founder, Cosharis Group, Cosmos Maduka, said start-ups must understand that enduring businesses are not products of chance, they are characterised by clear vision and growth strategies actualised through prepared, structured and efficient leadership. Maduka, who also doubles as the guest speaker at the conference, urged start-ups to undergo apprenticeship programmes to gain practical knowledge to build their businesses. “People will only invest in y
NAMA Calls For Local Production Of Aviation Fuel

NAMA Calls For Local Production Of Aviation Fuel

Business, Economy, Inside, News
The Managing Director of the Nigerian Airspace Management Agency, Capt. Fola Akinkuotu, has asked stakeholders in the oil and gas industry to begin local production of aviation fuel in line with the Nigerian content development initiative of the Federal Government. According to Akinkuotu, due to the high cost of aviation fuel, it accounts for over 30 per cent of the operational costs of domestic carriers. “Apart from cost, the supply of the product is sometimes epileptic, resulting in flight disruptions. The production of aviation fuel, otherwise known as Jet A1, in Nigeria will regularise supply, bring about reduced cost, which will also translate to lower air fares by airlines,” he said. The NAMA MD was quoted to have stated this at the annual Health, Safety, Security and Environme
AU, UNIDO, Others Seek Implementation Of Continental Trade Deal

AU, UNIDO, Others Seek Implementation Of Continental Trade Deal

Business, Economy, Inside, News
Worried that job creation in the continent is not keeping pace with the growing workforce, thus leaving many unemployed and economy less inclusive, the African Union, United Nations Industrial Development Organisation (UNIDO), and other development agencies are pushing for the implementation of African Continental Free Trade Area (AfCFTA) agreement. According to the multilateral agencies and high-level representatives of governments, continent’s economies need to undertake a systematic structural transformation from resource-based economies to more diversified economies, specifically by increasing the shares of manufacturing and agro-related industry in national investment, output, and trade. Indeed, the agencies noted that the AfCFTA provides a chance for African countries to move a
World Bank Approves $60m For Ogun Rural Projects

World Bank Approves $60m For Ogun Rural Projects

Business, Economy, Inside, News
The World Bank Group, through the International Bank for Reconstruction and Development, has approved $60m grant for the implementation of rural and marketing projects in Ogun State. It was learnt that the approval was for the World-Bank assisted Rural Access and Agricultural Marketing Project in the state, which is being done in conjunction with the state government through its counterpart funding. The Project Coordinator, Samuel Onabanjo, who confirmed the approval to newsmen in Abuja on Thursday on the sidelines of the World Bank Appraisal Mission on Project Appraisal Document, said the Ogun State Government had released the sum of N713m as counterpart funds for the implementation of the project. Onabanjo stated that the Federal Government was also included in the financing of the...
NNPC Records N17.16bn Trading Surplus

NNPC Records N17.16bn Trading Surplus

Business, Economy, Inside, News
The Nigerian National Petroleum Corporation has said that it recorded a trading surplus of N17.16bn in April. The Group General Manager, Public Affairs, NNPC, Mr Ndu Ughamadu, said this in a statement made available to our correspondent in Abuja on Thursday. According to him, the surplus is part of the highlights of the corporation’s Monthly Financial and Operations Report for April 2018. The report, the 33rd edition since the national oil firm commenced the publication of its financial and operations reports on a monthly basis, indicated a N5.43bn improvement or 46.29 per cent on the trading surplus recorded in March, he added. Ughamadu said the trading surplus was achieved through a combined higher performance by the upstream, midstream (refineries) and downstream sectors as well a
Lagos Leads As Nigeria’s Foreign Debt Hits $22bn

Lagos Leads As Nigeria’s Foreign Debt Hits $22bn

Business, Economy, Inside, News
The country’s foreign and domestic debts stood at $22.08bn and N15.63tn, respectively at the end of the second quarter of this year, according to figures released by the National Bureau of Statistics. Figures from the NBS obtained by our correspondent on Thursday revealed that Lagos State had the largest share of the foreign and local debts among the 36 states of the federation and the Federal Capital Territory. The NBS stated, “The Nigerian states and federal debt stock data as of 30th of June, 2018 reflected that the country’s foreign and domestic debts stood at $22.08bn and N15.63tn, respectively. Further disaggregation of Nigeria’s foreign debt showed that $10.88bn of the debt was multilateral; $274.98m was bilateral (AFD) and another $2.12bn bilateral from the Exim Bank of China