Monday, March 1African Business News
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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...
Senate says deregulation inevitable, reiterates plans to pass PIB by Q1

Senate says deregulation inevitable, reiterates plans to pass PIB by Q1

Business
As the dilemma on fuel pricing and subsidy lingers, the National Assembly has stated that full deregulation of the oil and gas industry is inevitable going by events in the global economy as well as the need to make the sector competitive. The Chairman, the Senate Committee on Petroleum Downstream, Senator, Sabo Nakuru, said deregulation is inevitable and that it could happen immediately or take a natural course. Meanwhile, the senator stated that the National Assembly is working to pass the Petroleum Industry Bill (PIB), targeting this quarter. He noted that with the new PIB coming up, NASS would visit all the refineries to have a feel of what the industry entails and what needs to be done. Nakuru stated this during a facility tour of Dangote Refinery and Petrochemical pl...
‘Infrastructure, forex undermining real sector interventions’

‘Infrastructure, forex undermining real sector interventions’

Business
Improvement in local manufacturers’ confidence in the economy as well as sectoral recovery, remains challenged by parlous state of infrastructure and poor implementation of policies, especially those related to the palliative given to the manufacturing sector in the form of reduced interest rate, operators have said. With the manufacturing sector’s contributions to the latest Gross Domestic Product (GDP) remaining very low, despite acclaimed interventions from the Central Bank of Nigeria (CBN), local producers noted that the inability to control input costs and poor infrastructure affect productive output as well as confidence in the economy. The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, noted that while manufacturers are optimistic t...
Rising yields in money market dampen appetite for stocks

Rising yields in money market dampen appetite for stocks

Business
The upward retracement in yields in the fixed income market has continued to dampen investors’ interest inequities as the bearish performance in the Nigerian Stock Exchange (NSE) extended to a third consecutive week. Consequently, the NSE All-Share Index (ASI) and market capitalisation depreciated by 0.63 per cent to close last week at 40,186.70 and N21.026 trillion respectively. Similarly, all other indices finished lower except NSE Banking, NSE AFR Div Yield, NSE MERI Value, NSE Oil/Gas and NSE Growth Indices, which rose by 0.54 per cent, 1.20 per cent, 0.27 per cent, 4.60 per cent and 5.43 per cent respectively just as the NSE ASeM and NSE Sovereign Bond Indices closed flat. Analysts argued that the bond auction results, wherein stop rates rose by an average of 254 basis p...
Underwriter gets stable outlook rating for performance

Underwriter gets stable outlook rating for performance

Business
The plan to recapitalise the insurance industry in the country may be getting the required boost as insurers record improved rating outlook by global agencies. A global credit rating agency, AM Best, spotted improved performance of Nigerian insurers. It revised an outlook to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “BBB-” of AXA Mansard Insurance Plc. The ratings reflect AXA Mansard’s balance sheet strength, which AM Best categorises as strong, as well as its adequate operating performance, business profile and appropriate enterprise risk management. The agency noted that AXA Mansard Insurance remains an outstanding firm with strong financial strength and excellent underwriting capabilities. In recog...
AU council honours Gulf Treasures boss, seeks partnership on Africa challenges

AU council honours Gulf Treasures boss, seeks partnership on Africa challenges

Business
The African Union (AU) Economic, Social and Cultural Council (ECOSOCC) has called for partnership among key stakeholders to address insecurity, poverty, illiteracy and other development challenges undermining the regional economy. It made the call at the inaugural ceremony of a two-day stakeholders’ consultative meeting on ‘Enhancing Efficiency, Growth and Sustainability towards Implementation of African Union Vision in Nigeria held in Abuja. At the forum held in collaboration with the Office of the Secretary to the Federal Government, ECOSOCC also honoured the Managing Director of Gulf Treasures Limited/Danco Investment and founder of Anamero Idofe Anamero Foundation, Anamero Dekeri, as the Role Model and Ambassador for the Implementation of African Union’s Agenda 2063. The ...
Stakeholders charge FG on ‘walking the talk’ on decade of gas

Stakeholders charge FG on ‘walking the talk’ on decade of gas

Business
The Minister of State for Petroleum Resources, Timipre Sylva, has said the Federal Government is strategising to ensure an efficient oil and gas sector in the post-COVID-19 era, declaring 2021 to 2030, the decade of gas in Nigeria. According to him, FG’s strategy to strengthen the Nigerian oil and gas industry in a post-COVID-19 world is to transform the national oil company into a diversified energy holding company. “This will enable us to respond swiftly to the twin challenges of a future crash in crude oil prices and decarbonisation, by moving rapidly to becoming an energy holding company with more diverse interests. “Consequently, we have strategically focused on our vast natural gas resources, as a critical transition fuel to help battle global warming and function as a ...
‘How SMEs can access funding opportunities, list on Nigerian Stock Exchange’

‘How SMEs can access funding opportunities, list on Nigerian Stock Exchange’

Business
Experts have stressed the need for Small and Medium Enterprises (SMEs) under the agro-allied sector to form cooperatives where smallholders farmers will be aggregated for easy accessibility of funds and subsequent listing on the Nigerian Stock Exchange (NSE). Speaking at a webinar organised by the NSE, themed: “Capital Raising for SMEs through the Stock Exchange,” the experts said such cooperatives would help reduce the relatively high transaction cost small holders face, overcome access barriers to production resources and ultimately create a robust platform for them to list on the exchange. They bemoaned the challenges confronting the SMEs sector in Nigeria, despite that it potentially constitutes the most dynamic firms in emerging economies, limit their expansion capacity and...