News

Capital Market Holds Good Prospects For Investors ― ASHON

Capital Market Holds Good Prospects For Investors ― ASHON

Business, Capital Market, Inside, News
The Chairman, Association of Stockbroking Houses of Nigeria, Chief Patrick Ezeagu, says the nation’s capital market holds good prospects for investors, despite the downturn being experienced. Ezeagu, while speaking at the association’s 9th Annual General Meeting in Lagos, expressed optimism that the fundamentals of the market remained strong with good prospects for investors, even though the operating environment was tough. He said he was convinced that there was a positive outlook for the market in the near term given the sustained rise in oil prices, stable foreign exchange rate and availability of forex. He stated that the association had come of age and that some initiatives had been put in place to strengthen the advocacy functions in line with the operational philosophy. Accord
Multinationals, Others Owe Nigerian Media N8bn –Report

Multinationals, Others Owe Nigerian Media N8bn –Report

Business, Capital Market, Inside, News
A new industry survey has revealed that over N8bn in unpaid fees by advertisers, many of whom are multinational companies, are currently hampering smooth operations of some media outfits and advertising agencies. According to the survey and economic intelligence research conducted by Marketing Edge, the huge media debt profile of the client companies has been creating some operational challenges for the media, especially those in the out-of-home advertising, electronic and print media. The report noted that relevant stakeholders promised last year to address the challenge of media debt in brand management and management of brand business in Nigeria. It stated that while the advertising agencies and media outfits had fulfilled their own part of the contractual agreements by executing ...
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
The Pension Conundrum And The Enugu Model

The Pension Conundrum And The Enugu Model

Business, Capital Market, Inside, News
Statistics are seldom ever both cheery and grim. But the National Bureau of Statistics’ (NBS) recent report that Nigeria’s Pension Fund Asset in the second quarter currently stands at N8.232 trillion – up from the N7.943 trillion recorded in the first quarter – is one such. It was cheery as it offers a strong hint of just how successful the contributory pension scheme has been. But its grimness is not immediately deducible. It lies rather in our collective bitter reckoning as we ponder what might have been had states in the federation fully embraced the scheme since its launch in 2004. The result is that pension bills continue to rise annually in every state as more civil servants join the rank of retirees, putting an extra burden on their resources and, indeed, causing many states (
NHIS: Delivering Healthcare To Nigerians

NHIS: Delivering Healthcare To Nigerians

Health, Inside, News
When Prof. Usman Yusuf was invited from the United States and appointed as the Executive Secretary of the National Health Insurance Scheme in 2016, he must have congratulated himself and saw an opportunity to help his country. The scheme is aimed at providing easy access to healthcare for all Nigerians at an affordable cost through various prepayment systems. Established under the National Health Insurance Scheme Act, Cap N42, Laws of the Federation of Nigeria, 2004, the NHIS had been struggling to realise its mandate and the federal government must have thought that Yusuf was the right man to put it on track. An academic with industry experience in the United States from where the scheme was borrowed, is no doubt an asset for an organization that envisions progress that would make univ...
Obaseki Launches Agric Cluster To Boost Food Sufficiency

Obaseki Launches Agric Cluster To Boost Food Sufficiency

Agriculture, Business, Inside, News
The Edo State Governor, Mr. Godwin Obaseki, has launched the Edo Food and Agriculture Cluster, Ehor, (Edo-FAC), kick-starting a knowledge-driven food sufficiency plan, targeting over 3,000 farmers in Ehor, Uhunmwode Local Government Area of the state, with the full complement of an agricultural training center in the area. Speaking at the launch of Edo-FAC, in Ehor, the governor, who was represented by his Special Adviser on Political Matters, Chief Osaro Idah, said the cluster will address the challenges faced by farmers in the area, noting that the state government is committed to exploiting agriculture and providing avenues to train farmers to boost their knowledge, improve their farm yields and enhance their livelihood. He added that Edo-FAC will employ 200 people, and is targeted a...
CBN Disburses N615bn To Farmers

CBN Disburses N615bn To Farmers

Agriculture, Business, Inside, News
The Central Bank of Nigeria (CBN) has disclosed that as at August 20 2018, the total amount released under the Commercial Agriculture Credit Scheme (CACS) to participating banks for disbursement since the inception of the scheme is N615.43 billion. The fund was for a total 568 projects. In addition, a total of N499.22 million was guaranteed to 4,172 farmers under the Agricultural Credit Guarantee Scheme (ACGS) in August 2018. The amount represented a respective increase of 32.9 per cent and 7.8 per cent above the levels at the end of July, 2018 and the corresponding period of 2017. The CBN disclosed this in its monthly report for August 2018. Sub-sectoral analysis showed that food crop obtained the largest share of N318.50 million (63.8 per cent), guaranteed to 3,345 beneficiaries; l...
W’Bank Donates $1bn To Indonesia

W’Bank Donates $1bn To Indonesia

Business, Inside, Money Market, News
The World Bank has announced funding of up to $1 billion for the Government of Indonesia to supplement relief and reconstruction efforts in the disaster-affected areas of Lombok and Sulawesi, and to bolster long-term resilience. The funding would be available on request by the government. It would be guided by a US$5 million grant for technical assistance for detailed planning to ensure reconstruction is resilient and community-led. “On Friday I visited the city of Palu in Sulawesi with His Excellency Vice President Kalla. It is humbling to see the devastation and hear the stories of those who have been affected,”,World Bank Chief Executive Officer, Kristalina Georgieva said. “The government’s immediate relief efforts are robust and impressive. As we enter the reconstruction phase w
Nigeria’s Internet Exchange Point Grows Local Traffic By 10,000% In Five Years

Nigeria’s Internet Exchange Point Grows Local Traffic By 10,000% In Five Years

Business, Inside, News, TECHNOLOGY
The Internet Exchange Point of Nigeria (IXPN), has grown traffic on its network by over 10,000 per cent in the last five years, and currently exchanges over 110 gigabits per second of traffic. The Chief Executive Officer of IXPN, Muhammed Rudman, who disclosed this in Lagos, explained that the measurement of this growth in traffic was from 2013 to 2018. He largely attributed the connection of some international content service providers to the exchange point as one of the reasons for the growth. An Internet exchange point (IXP) is a physical infrastructure that allows several Internet Service Providers (ISPs) and network operators to exchange traffic between their networks, generally referred to as autonomous systems.The Guardian gathered that Nigeria has about five spread across the re...