Monday, March 1African Business News
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Author: Joshua Olotu

NANNM partners JIK, grants exclusive right to use official logo

NANNM partners JIK, grants exclusive right to use official logo

Business
The National Association of Nigeria Nurses and Midwives (NANNM) has endorsed the leading hygiene and household disinfectant brand, JIK, to promote better hygiene practices in Nigeria. The partnership is in line with JIK’s long-term vision to realise a world where families are safe from illness-causing germs and viruses.   NANNM is a professional and trade union organisation of all professional nurses and midwives trained, registered, and licensed to practise nursing at all levels of the nation’s healthcare delivery system. According to the brand, the strategic endorsement deal will enable them to encourage good hygiene practices in communities and the public through several far-reaching bouquets of programmes.    It will also help create public awareness messages, campaigns and sponsor...
Mobilise domestic revenue, reshape values for Africa, says WAUTI president

Mobilise domestic revenue, reshape values for Africa, says WAUTI president

Business
For Africa to develop without aids, there is the need to mobilise domestic revenue, reshape mindsets and values as well as take advantage of natural resources on the continent.  President of the West African Union of Tax Institutes (WAUTI), Gladys Simplice, stated this, saying there was a need to develop Africa for Africans. Speaking during a press briefing on a two-day 7th WAUTI conference in Lagos, themed, ‘Designing and implementing Tax Measures for the COVID-19 Era and Beyond’, Simplice said the international conference aims to deepen an understanding of the consequences on taxpayers and tax administrators while contributing to the recovery of the economies of the West African countries.  She maintained that the conference, which plans to arm affected people and firms with appropri...
PwC recommends NEXTGEN for family business sustainability

PwC recommends NEXTGEN for family business sustainability

Business
To protect the family business legacies, PwC has recommended the adoption of the next generation (NEXTGEN), saying families are upskilling the younger generation to institutionalise their organisations. This was contained in PwC’s 10th global bi-annual survey of family businesses, which revealed the current thinking and outlook of 2801 family business leaders across 87 territories including Nigeria. PwC noted that the NextGen are the ones to bring in a more evidence-based approach both for the business and philanthropy as well as leverage technology and digital trends, saying the time to act is now if family businesses would keep their legacy for future generations.  It noted that family businesses were essential to the success of the global economy, responsible for half of the glo...
FG to expand national grid size, leverage hubs for gas pricing

FG to expand national grid size, leverage hubs for gas pricing

Oil & Gas
• Over 30km of welding completed on AKK project, says NNPC The Federal Government, through the Nigerian National Petroleum Corporation (NNPC), has announced plans to increase the size of the national grid by leveraging the country’s 203.16tcf gas potential in order to resolve lingering power sector issues nationwide.  Similarly, the oil company hopes to address pricing issues in the gas value-chain to increase adoption and utilisation in the industrial sector.   Gas pricing and dollarisation have remained a challenge among gas providers and industrial users.   Besides, the NNPC noted that the AKK project is well on course, stressing that over 30 kilometers of welding have been achieved. “We do not see anything that will stop the project. We are hoping to cross the River ...
Glo claims biggest Internet subscriber growth in 2020

Glo claims biggest Internet subscriber growth in 2020

Growth & Insight
Telecommunications Company, Globacom, has recorded a major leap in its Internet subscriber base with a 39 per cent growth in 2020.   Nigerian Communications Commission (NCC), on its website, showed that the telecommunications sector grew by 22 per cent with 28,145,458 new Internet users from 125,728,328 at the end of December 2019 to 153,873,786 in December 2020. The NCC statistics indicated that the telecoms sector was pivotal to the early escape of the country from its recent economic recession with a contribution of 12.45 per cent to its Gross Domestic Product (GDP).Globacom recorded the highest subscriber growth from 28,934,439 data users at the end of 2019 to 40,106,659 at the end of 2020, an addition of 11,172,220 new data subscribers or 39 per cent growth. This is more than ...
Total bank credits rose to N25 trillion in December

Total bank credits rose to N25 trillion in December

Finance
• As non-performing loan stood at 6.01 per cent The total banking sector’s credits rose by N774.28 billion in December, hitting N25.02 trillion at the end of the year. The non-performing loans (NPL) ratio also increased to 6.01 per cent the same month from 5.88 per cent it was in November. The NPL ratio was above the five per cent prudential maximum threshold in December.  These were contained in the communiqué of the first meeting of the Monetary Policy Committee (MPC) held from January 25 to 26, 2021. The communiqué was released yesterday.  The statement noted that “banking sector gross credit as of end-December 2020 stood at N25.02 trillion compared with N24.25 trillion at the end of November 2020, representing an increase of N774.28 billion.”  The aggregate domestic credit, t...
Stock market reverses gains amid profit-taking

Stock market reverses gains amid profit-taking

Capital Market
After days of an upward trend, the bears seized control of the Nigerian Stock Exchange (NSE) yesterday leading to price losses suffered by some blue-chip stocks. This resulted in the market capitalisation depreciating by N65 billion.  Total capitalisation plunged by N65 billion to close at N20.978 trillion from N21.043 trillion traded the previous day. The All-Share Index (ASI) also depreciated by 0.31 per cent or 125.81 points to close at 40095.49 points, from 40221.30 points reported on Wednesday.  Analysts attributed the drop in the indices to profit-taking by investors, saying the trend would be sustained as investors move to leverage the moderate appreciation recorded in the last few days.  Investors traded 326.042 million shares valued at N3.713 billion in 4567 deals against ...
Nigeria engages other countries as OPEC moves to ease production cut

Nigeria engages other countries as OPEC moves to ease production cut

Oil & Gas
As Nigeria engages key African countries ahead of the Organisation of Oil Exporting Countries and allies ((OPEC+) meeting due next week, indications emerged yesterday that the cartel may consider a reduction of the over seven million barrels per day suppressed crude to stabilise the price of crude oil.   Minister of Petroleum Resources, Timipre Sylva has been on OPEC diplomatic mission Equatorial Guinea, Gabon, Congo Brazeville and South Sudan on consultations over OPEC production cut. The consultation was said to be mandated by the Joint Ministerial Monitoring Committee (JMMC) of OPEC over the production cuts.While OPEC and its allies are meeting on March 4, 2021, the possibility of increasing crude oil production levels is in focus after crude oil price rebalances to a peak of $67 per b...
Metro fibre networks account for 25% of sector’s infrastructure

Metro fibre networks account for 25% of sector’s infrastructure

Technology
• Concentrated majorly in Lagos, Abuja, PH• Operators spend N24.3b on diesel yearly Metro fibre concentrations networks in Nigeria account for less than 25 per cent of the total fibre distances in the country, a report has revealed. The networks are concentrated in major cities such as Lagos, Abuja, Port Harcourt, and within Edo and Ogun states while other locations remain unserved or underserved. The report by the Nigerian Communications Commission (NCC) reveals that access of fibre networks within 5 kilometers of the population currently stands at an average of approximately 39 per cent reach with a high of 85 per cent in Lagos State and a low of 12 per cent in Jigawa State. With a focus on the need to improve infrastructure in the telecoms industry, NCC observed that in...
Nigeria losing jobs to China over moribund facilities, says DPR

Nigeria losing jobs to China over moribund facilities, says DPR

Economy
The Department of Petroleum Resources (DPR), yesterday, raised concerns over moribund oil and gas facilities across the country.    Speaking during a visit to one of such facilities, a fabrication yard located at Ilase Village, Snake Island, Lagos State, Director of DPR, Sarki Auwalu, said the development would limit domestic refining capacity and hinder projected benefits.He insisted that the Federal Government was, however, committed to reactivating the moribund oil and gas support facilities across the country.   He added that the move was part of the government’s effort to increase domestic refining capacity and gas utilisation to curb unemployment and poverty in Nigeria.   Auwalu expressed dissatisfaction that the facility which was licensed to...