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Mercedes-Benz Offers Support with Production of Medical Equipment

Mercedes-Benz Offers Support with Production of Medical Equipment

Growth & Insight
The Mercedes-Benz Group has offered its support efforts to curb the COVID-19 pandemic with the production of medical equipment. The automaker’s statement on this initiative said, “Mercedes-Benz is ready: The COVID-19 pandemic is affecting everyone. Especially in times like these, it is important for Mercedes-Benz to meet its social responsibilities.” The statement said with the aid of 3D printers, individual components could be produced that are urgently needed in medical technology as a result of the current COVID-19 pandemic. “With our highly competent team and years of experience in 3D printing technology, we are ready to make our contribution to the production of medical devices,” says Jörg Burzer, Member of the Board of Management of Mercedes-Benz AG, Production and Supply C...
Employers seek buffer for businesses to avert job losses

Employers seek buffer for businesses to avert job losses

Business
While the coronavirus pandemic lingers, employers under the auspices of the Nigeria Employers’ Consultative Association (NECA), have called on President Muhammadu Buhari to take more specific steps in providing palliatives and support to organised businesses to avert massive job loss and loss of revenue to government. The group, which commended the Federal Government and the Central Bank of Nigeria (CBN) for various interventions and palliatives aimed at ensuring business continuity, however, argued that the implications of the pandemic on businesses could lead to closure of companies, massive job loss and loss of revenue to government. Noting that Nigeria was not in isolation, they advocated the same measures and a host of others that are being implemented globally by governments t...
‘Efficient air cargo supplies central to coronavirus fight, control’

‘Efficient air cargo supplies central to coronavirus fight, control’

Growth & Insight
The International Air Transport Association (IATA) and its members yesterday renewed their call on governments to take urgent measures to ensure that vital air cargo supply lines remain open, efficient and effective.  Though the Federal Government has exempted medical supplies and other cargoes from the closure of all international airports in Nigeria, IATA said more needed to be done, especially in the area of support for efficient freight services. IATA’s Director General and Chief Executive Officer (CEO), Alexandre de Juniac, said air cargo is a vital partner in the global fight against covid-19, but “we are still seeing examples of cargo flights filled with life-saving medical supplies and equipment grounded due to cumbersome and bureaucratic processes to secure slots a...
IFRS 17 to boost insurance sector’s global competitiveness

IFRS 17 to boost insurance sector’s global competitiveness

Business
The insurance sector in Nigeria has the opportunity to compete with the peers around the globe once the much anticipated IFRS 17 is integrated, effective January 1, 2022. This was disclosed by experts and industry regulators at the Deloitte IFRS 17 Breakfast Meeting, held in Lagos. The IFRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. It replaces the IFRS 4 Insurance Contracts and related interpretations and is effective for periods beginning on or after 1 January 2022 (It was previously set for 1 January 2021), with either adoption permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial instruments have also been applied. “It is going to have huge impact in the sens...
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...
Selloffs persist as stock investors lose N154b in one day

Selloffs persist as stock investors lose N154b in one day

Economy
Following massive selloffs in most bellwethers, the Nigerian equities market yesterday, reopened on a downturn, causing market capitalisation to slump further by N154billion. Specifically, at the close of trading, the All-Share Index fell by 294.90 absolute points, or 1.05 per cent to close at 27,772.19 points. Similarly, the market capitalisation lost N154billion to close at N14.464trillion. The downtrend was impacted by losses recorded in large and medium value stocks, amongst which were; Nestle Nigeria, MTN Nigeria, Lafarge Africa, Guaranty Trust Bank, and FBN Holdings. Reacting to market performance, analysts at Afrinvest Limited, said: “We believe earnings releases will dictate performance this week, however, we are not optimistic about the market.” United Capital Plc, how...
Nigeria’s e-payment transactions exceed N590tr

Nigeria’s e-payment transactions exceed N590tr

Economy, Technology
The nation’s electronic payment (e-payment) system landscape has risen to a new height of about N592 trillion worth of transactions in 2019, a data from the Central Bank of Nigeria (CBN), obtained by The Guardian, yesterday, showed. The e-payment’s value was recorded in about 93.84 billion different transactions across the country, through various electronic channels. These electronic channels include cheque truncations, ACH/Nigerian Inter Bank Settlement System (NIBSS) Automated Payment Services (NAPS)/PMS, Automated Teller Machine (ATM), Point of Sale (PoS), Internet (Web), Mobile Money, NIBSS Instant Transfer (NIP), m-Cash, E-BillsPay, Central Pay, and Inter-Bank transactions. The new record also contrasts with the e-payment’s activity in 2018, which though was estimate...
Buhari to commission three new factories in Cross River

Buhari to commission three new factories in Cross River

Politics
President Muhammadu Buhari will later this month visit Cross River State to commission three new industries built by the state government.The factories are the Cross River noodles factory, the fertiliser factory, and the chicken processing plant. Buhari will be visiting the state for the third time since taking office in 2015 in connection with the governor’s projects. A press statement by the Special Adviser to the Governor Ben Ayade on Media and Publicity, Christian Ita, yesterday noted that the governor had maintained that the thrust of his administration was rapid industrialisation of the state and building of socio-economic infrastructure. Ayade revealed that “the president will commission the Cala Chika, a frozen chicken factory that processes 24,000 bird...
CBN targets $12 billion in export trade by 2024

CBN targets $12 billion in export trade by 2024

Economy
The Central Bank of Nigeria (CBN) has disclosed plans to improve its agenda to diversify the nation’s economy from the oil sector to the non-oil sector, through the launch of a set of policies, noting that it targets to achieve $12 billion in export trade by 2024. The apex bank said it was putting everything in place, including the entire chain of export, to make sure it intervenes and gives all the necessary support from the beginning to the end of export to achieve its target. Specifically, the Principal Manager, Trade and Exchange Department, CBN, Richard Maikai, said 30 containers of cassava were recently rejected in China, which signified that our laboratories are not testing the goods properly. According to him, CBN is already working with the Nigeria National Ac...
‘Why U.S. attached conditions to return of $308m Abacha loot’

‘Why U.S. attached conditions to return of $308m Abacha loot’

Corporate Stories
              In spite of President Muhammadu Buhari winning the 2018 African Union (AU) Anti-Corruption Champion Award, the United States seems not to trust the Nigerian government to properly utilise the $308 million Gen. Sanni Abacha’s loot stashed away in Jersey for which return agreement was signed recently. Specifically, the agreement which the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, signed on behalf of Nigeria, tied the return of the looted $308 million to three major projects spread across Nigeria’s three recognised regions after independence. The projects are the Lagos-Ibadan Expressway (Western Region), Abuja-Kano Road (Northern Region), and Second Niger Bridge (Eastern Regi...