2020 Archives - Inside Business Africa

Apr232021 by Joshua OlotuNo Comments

African trade finance sees $5 bn in portfolio outflows in Q1 2020 due to Covid-19, but opportunities exist – report

Economy

Constrained global financial conditions caused by Covid-19 have led to massive portfolio outflows from Africa, exceeding $5 billion in the first quarter of 2020, a new continent-wide survey on trade finance has shown. About $3.1 billion left the South African market alone, the report found. Launched on 15 April 2021, the African Trade Finance Survey Report (https://bit.ly/3v9JTD2) examines how trade finance has evolved during the Covid-19 pandemic and highlights the role it can play in overcoming the social and economic fallout of the disease. The survey was conducted by African Export-Import Bank (Afreximbank) (Afreximbank.com), jointly with the UN Economic Commission for Africa and the African Development Bank-hosted Making Finance Work for Africa (https://bi...

Dec102020 by Joshua OlotuNo Comments

ICAN develops accountability index on public finance for govts

Finance

The Institute of Chartered Accountants of Nigeria on Wednesday unveiled its latest Accountability Index, which assesses the level of public finance accountability of federal, states and local governments. The launch of the index was witnessed by stakeholders including the civil society organisations and the World Bank during a virtual presentation. The President, ICAN, Mrs Onome Adewuyi, in her keynote address at the public presentation of the 2019 ICAN Accountability Index Report, said the index would make the Federal Government, states and Local Government Areas more accountable to Nigerians. She recalled that the institute had in 2017 launched the ICAN-AI for assessing the level of accountability and quality of public finance management practices across the three tiers of gover...

Oct152020 by Joshua OlotuNo Comments

Harnessing the ground breaking poultry business

Agriculture

AGRITED - Unveiling world-class-agribusiness innovative technology in Nigeria While we at AGRITED congratulate Nigeria @ 60, we are committed to making the needed contributions to the country’s success story. - Chaim Zach, Founder/CEO Expanding its operation in Nigeria with the construction of its latest large-scale breeding farm, AGRITED has consolidated and confirmed its role as a major player in Nigeria’s poultry industry and the country’s drive for self-sufficiency. Established in 1991, becoming the most integrated and highly market-driven agribusiness concern, Agric International Technology and Trade (AGRITED) Limited is Nigeria's largest, leading and people friendly supplier of poultry products. Armed with a strong vision and focusing mainly on the poultry breeding, producing...

Oct62020 by Joshua OlotuNo Comments

F.G considers tax holiday for maritime to cushion COVID-19 effect

Maritime

Poised to stimulate investment and boost activities amid the downturn induced by COVID-19, the Federal Ministry of Transportation is seeking a package of tax incentives for the in the maritime sector. The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Bashir Jamoh, told the Minister of Finance, Zainab Ahmed, in Abuja, that the move will further support the growth of the sector. He said many governments around the globe have introduced massive tax reduction or elimination to spur activities in key sectors, and rev up their economies during the coronavirus pandemic. “The maritime sector is critical in the growth and development of transportation and, by extension, international trade in the country. Thus, the need for Federal Government-oriented p...

Sep292020 by Joshua OlotuNo Comments

Shareholders urge government to improve downstream oil sector efficiency

Business

Shareholders of Total Plc have stressed the need for the government to improve the efficiency of the downstream oil sector by reviewing its policies and regulations to grow the companies and attract more investment. The shareholders, who spoke at the company’s 42nd Annual General Meeting (AGM), held in Lagos, said despite the claims that deregulation has commenced, the sector has not recorded any significant improvement as regards Premium Motor Spirit (PMS), also known as petrol importation. Besides, the shareholders at the meeting approved the payment of N2.278 billion as a total dividend for the 2019 financial year. The shareholders commended the company’s board and management for being resilient in the face of the challenging operating environment and appreciated the dividend p...

Sep242020 by Joshua OlotuNo Comments

FG restates commitment to renewable energy intervention

Energy

The Minister of Power, Saleh Mamman, has re-affirmed his ministry’s commitment to driving renewable energy in Nigeria. According to the minister, renewable energy is one of the ministry’s focal points to drive power supply in the country even as it plans to integrate renewable energy through the Paris Agreement and the Vision 30:30:30 to deliver 30GW of electricity with 30 per cent renewable energy mix by 2030. The minister, represented by the Director, Renewable Energy and Rural Power Access, Faruk Yabo, at a virtual launch of Sustainable Use of Natural Resources and Energy Finance (SUNREF), explained that the lack of financing was the key challenge facing the renewable energy and energy efficiency in Nigeria. “It is quite gladdening that the private sector and our partners are ...

Sep172020 by Joshua OlotuNo Comments

Renewed profit taking drags stock market indices by N4 billion

Capital Market

Following renewed profit taking activity, transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downturn yesterday, causing market capitalisation to plunge by N4 billion. Precisely, at the close of trading yesterday, the All-Share Index (ASI) decreased by 7.63 absolute points, representing a dip of 0.03 per cent to close at 25,597.96 points. Similarly, market capitalisation fell to N13.354 trillion as investors lost N4 billion. The downturn was impacted by losses recorded in large and medium capitalised stocks, among which are: SEPLAT Petroleum Development Company (SEPLAT), Red Star Express, Dangote Sugar Refinery, Oando and NPF Microfinance Bank. Analysts at Afrinvest Limited said: “As investors trade the equities market cautiously, we expect to s...

Sep102020 by Joshua OlotuNo Comments

AIB to deploy drones at accident scenes

Aviation

Awaits NCAA’s approval The Accident Investigation Bureau (AIB) Nigeria has intensified surveillance capacity with the acquisition of drone technology for use in accident probes. The Chief Executive Officer of AIB, Akin Olateru, told journalists recently in Lagos that investigators had already been trained as part of the approval processes for the use of Unmanned Aerial Vehicle (UAV). Olateru noted that the drone technology was not deployed during the recent helicopter crash in Lagos because its operation was yet to be approved by the Nigerian Civil Aviation Authority (NCAA). He said they were putting papers together towards the submission of application at NCAA. “Be mindful, this set of AIB team will probably be the first the NCAA will be licensing. So, it’s a new thing to the NC...

Aug312020 by Joshua OlotuNo Comments

Insurers deploy premium payment channels to new work order

Insurance

To cope with the challenges posed by the outbreak of the coronavirus especially in Nigeria, operators in the insurance industry are beginning to upgrade their digital capabilities and platforms to effectively serve customers, through various payment channels. With the federal and some state governments entrenching physical and social distancing rules to limit human physical contacts to curb the spread of the virus, The Guardian gathered that insurers opted to leverage online channels to increase the sale of policies and pay claims emanating from insured risks. Speaking in an interview with The Guardian on the development in the industry, the Managing Director/Chief Executive Officer, FBNInsurance Limited, Val Ojumah, said the pandemic and subsequent lockdown have given the push t...

Aug272020 by Joshua OlotuNo Comments

Ecobank Group’s Pan-African Banking Sandbox is Live

Finance

After a successful pilot run with select Fintechs in early 2020, the Pan-African Banking Sandbox of Ecobank Group (Ecobank.com) is now live and acessible, on request, to the African Fintech community. The Sandbox allows Fintechs to access Ecobank’s Application Programming Interface (APIs) for the development of innovative solutions. The Sandbox is a major milestone for the Ecobank Group on it’s Open Banking strategy and it will accelerate partnership with Fintechs and other Partners across Africa. The Sandbox will position the annual Ecobank Fintech Challenge beyond a competition to a Developer Platform and Marketplace of fintech solutions. The Sandbox is designed to be relevant to the needs of the Ecosystem The Group Executive, Technology and Operations – Mr. Eddy Ogbogu stres...