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Business Archives - Page 77 of 79 - Inside Business Africa
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Amid reforms, concerns mount over migration, low patronage of foreigners

Business
It has been established that foreign investors account for over 50 per cent of investments in the Nigerian equities market. However, the challenges faced by the Nigerian economy in recent times, especially insecurity and policy issues, have resulted in massive selloffs and mass exodus of foreign investments from the nation’s capital market, HELEN OJI writes For a long time, the equities sector of the Nigerian capital market was driven by huge patronage from foreign investors. Like most other emerging markets in Africa, foreign investors saw the Nigerian market as a fertile ground and believed that it held a lot of promises. Indeed, this was mainly as a result of efforts put in by the capital market regulators to ensure that the Nigerian market became a world-class market. Analysts...
Nigeria, other African countries’ debts raise new fears

Nigeria, other African countries’ debts raise new fears

Business
The pace of debt accumulation by the continent’s economies, with particular reference to the sub-Saharan Africa (SSA), where Nigeria assumes the biggest economy, rose by 40 per cent.Indeed, African debt is on the rise, but the undeniably reality is that citizens, both informed and uninformed are concerned and perhaps, “causing tensions to spark in unexpected places”, according to Quartz Africa report. Going by the World Bank data, total external debt for SSA jumped nearly 150 per cent to $583 billion in 2018, from $236 billion in 2008. Many, especially, in Nigeria, now worry the debt load is becoming unsustainable as the average public debt now settles at 59% of Gross Domestic Product (GDP) for the sub-region. “It’s a problem across the low income developing world but particularl...
ECOBANK Provides Loan Facilities For Nigerian Agricultural Sector

ECOBANK Provides Loan Facilities For Nigerian Agricultural Sector

Business
ECOBANK hosted their first Agricultural Business summit in Civic Towers, Victoria Island Lagos, themed "Unlocking Productivity and Investment opportunities across Nigeria's Agribusiness value chain". The Program was featured agribusiness experts including Mr Aliyu Abdulhamneed MD/CEO of NIRSAL, Dr. Emmanuel Itoya Ijewere Vice President, Nigeria Agribusiness Group NABG, Dr Andrew S. Nevine Chief Economist, African farmer Mogaji, CEO, Farm Credit limited, Ayodeji Balogun, Country Manager, AFEX Commodities Exchange Limited, Ade Adefeko, Vice President, Corporate and Government Relations OLAM Nigeria. The Minister of State for Agriculture, Baba Mustapha stated that the ministry will continue to give support and provide jobs within the Agricultural sector to enable collaboration and diversity...
In New Policy, CBN Restricts Milk Importation to Six Firms

In New Policy, CBN Restricts Milk Importation to Six Firms

Business
Obinna Chima in Lagos and James Emejo in Abuja The Central Bank of Nigeria (CBN) has limited the number of companies involved in importation of milk, its derivatives and dairy products to six. The companies are: FrieslandCampina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria Plc and Integrated Dairies Limited. The CBN listed the companies in a circular titled: ‘Milk and Dairy Products Importation,’ dated February 11, 2020, signed by the Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, which unfolded the new policy. THISDAY yesterday obtained a copy of the circular from the CBN website. The new policy brought to an end the old regime under which the importation of milk was an all-comers’ affair. The circular expl...
Africa’s business leaders canvass ‘common good, capitalism

Africa’s business leaders canvass ‘common good, capitalism

Business
With the role of capitalism sparking intense debate around the world, the need to boost impact of African business operators for common good of the people, regional growth, and continental development has been advanced. Experts, who ahead of the Africa business leaders’ forum to be hosted in Ivory Coast, expressed concerns about growing inequality, advent of climate risk, technological revolutions and resurgent protectionism, which are the four major disruptions turning the global private sector upside down and pointing to urgency for capitalism’s fundamental transformation worldwide. Besides, they said focus must be shifted to a well-functioning market that offers lower prices and higher quality products for the people. The Executive Chairman, BUA Group, Abdul Sam...
Kari-Care opens for operation, plans to train 2000 Nigerians

Kari-Care opens for operation, plans to train 2000 Nigerians

Business
To reduce time and money wastage in procuring electrical materials for home and office use, Kari-care Technology Limited, a multi-billion naira company that deals in sales and services of quality electrical equipment, has expressed its readiness to start training technicians in the country with a view to making them render world standard services to Nigerians. The Chief executive officer of Kari-care Nigeria Limited, Eng. Daere Akobo who disclosed this during the official launch of the company at Oko-Awo, Victoria Island, Lagos on Friday, bemoaned how technicians have subjected many Nigerians to different horrors like fire outbreak, says his newly commissioned company would not just sell quality electrical products but also train millions of technicians in Electrical, mechanical and plu...
AfCFTA could boost continental trade by $35b, says AFREXIMBank

AfCFTA could boost continental trade by $35b, says AFREXIMBank

Business
The President/Chairman Board of Directors, African Export-Import Bank (AfrexinBank), Prof. Benedict Oramah, has argued that the African Continental Free Trade Agreement (AfCFTA) could catalyse trade on the continent by $35billion, an increase of more than 50 per cent from current levels. Speaking at the 17th CVL Annual leadership and International Symposium, in Lagos recently, he added that AfCFTA is the cornerstone to Africa’s economic independence. With the topic: “The Rrise of the Simbas: Intra-African Trade as a Instrument for Africa’s Economic Transformation,” he added that AfCFTA could also push regional trade levels up from 15 per cent to 25 per cent within a decade. According to him, AfCFTA will help African economies to industrialise and improve Africa’s s...
FG takeover Osubi airport over alleged debt, mismanagement

FG takeover Osubi airport over alleged debt, mismanagement

Business
• We have not been informed, says private operator The festering face-off between aviation service providers and management of Osubi Airport, in Warri, Delta State, has assumed a new dimension with the Federal Government’s approval of a takeover of the private purpose-built airstrip. The government, in a letter to all the aviation parastatals, terminated the contract of Shoreline Oil Services Limited, the operator of the airport, with immediate effect, citing incompetence. Shoreline, however, told The Guardian yesterday that they had not been formally informed, and are still running the facility as at Sunday. The facility has been a subject of controversy since it changed hands from the original owner, Shell Petroleum Development Company (SPDC), to Shoreline i...
Insurers deepen investment in workers, seek optimal productivity

Insurers deepen investment in workers, seek optimal productivity

Business
One of the keys to staying active and profitable in the insurance industry is to investing in the customer experience. Providing customers with a comprehensive, personalised experience will help them to boost their familiarity with their insurance policies and reduce the frequency of claims, and satisfied customers are more likely to continue to make use of business, even as coverage needs change. This, for the industry, has been a new strategic approach and driver of business operations by the underwriters, especially now that the recapitalisation requirements put more pressure on the sector’s workforce. SUNU Assurances Nigeria Plc said to be an insurance company recognised for excellent client services, using cutting edge technology, there has to be motivated workforce. Besides,...
Leveraging capital market potential to accelerate growth

Leveraging capital market potential to accelerate growth

Business
Capital market, globally, is one of the most important platforms for financial deals, particularly, in raising capital for economic activities in developed nations. In the United States, it is the life blood of capitalism where companies go to raise capital to finance the building of factories, airplanes, trains, ships, Communications gadgets, among other essential corporate activities, and to conduct research and development. Indeed, over a trillion dollars are invested and exchanged daily in international capital markets across the world, and it is on record that many great innovations of mankind saw the light of the day through the instrumentality of the capital market. For instance, it was through the New York Stock Exchange and collaboration with JP Morgan that Graham Bell...