Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Naira sinks to 375/dollar, economists seek policy change
Economists on Wednesday advised the Federal Government and the Central Bank of Nigeria to review their policies and introduce measures that would turn around the dwindling fortunes of the nation’s economy.......Read more>>
‘State of emergency’ declared in Nigeria’s tomato sector
The Tomato Leaf Miner pest has reportedly wiped out tomato farms in Nigeria’s northern states while prices are skyrocketing
“state of emergency” has been declared in Nigeria’s tomato sector after crops were wiped out by the Tomato Leaf Miner moth, theBBC has reported.
Also known as Tuta Absoluta, the pest has decimated tomato farms in the northern state of Kaduna, according to the BBC, with prices rocketing and one tomato processor suspending operations due to lack of supply.
CBN fails to clarify new exchange rate policy
A meeting between the CBN Governor, Godwin Emefiele, and local currency traders under the aegis of the Financial Market Dealers Association on Wednesday to discuss the policy did not yield the desired result, according to a report by Reuters.
Ecobank fires 1,000 staff weeks after sack of 50 senior managers
Ecobank Nigeria Limited on Wednesday sacked some of its staff just as the it announced the conversion of over 200 outsourced personnel to permanent employees.The bank in a statement issued and obtained by the News Agency of Nigeria (NAN) in Lagos said it was part of “its renewed drive for optimal performance”.
Mr Charles Kie, the bank’s Managing Director, was quoted by the statement as saying that the bank realigned certain roles to ensure improved efficiency.
Business News: Ekiti seals GTB, Ecobank over tax default
Ekiti State Government on Wednesday sealed off the premises of the Guaranty Trust Bank (GTB) and Ecobank in the State for non-remittance of withholding tax.
Armed with the court order to shut the premises of the banks located at Secretariat Road, Ado-Ekiti, men of the Board of Internal Revenue (BIR) stormed the banks around 7.45am and prevented staff and customers from entering the premises.
The closure which caught the bank staff and customers unawares saw the customers agonising over the failure of the banks to remit the tax to the government’s coffer.
Business:Orange Targets Expanding Nigerian Companies Adopting More IT
Orange SA’s business-services unit has opened its first sales office in Nigeria as local companies seek to expand outside their domestic market and cut technology costs amid an economic slowdown fueled by the fall in crude-oil prices.
Orange Business Services is aiming for annual double-digit sales growth from its office in Lagos, Nigeria’s commercial capital, Giorgio Heiman, vice president in charge of Africa, told reporters in the city on Tuesday.
First Bank to fire 1,000 workers
FBN Holdings Plc, the parent company of First Bank Nigeria Limited, is planning to cut about 1000 jobs and focus less on providing loans to the oil industry in a bid to reverse the 2015 financial year’s 82 per cent slump in profit.
Business: Nigeria, Kenya and Ethiopia could rival SA’s motor industry
HARMONISED regional trade policies and comprehensive national investment strategies could create at least three rivals to SA’s domination of the vehicle-manufacturing industry in sub-Saharan Africa, says a new report.
The report, Navigating The African Automotive Sector, published on Thursday by Deloitte, says Nigeria, Kenya and Ethiopia have the potential to take advantage of a new-vehicle market that some analysts think could grow by nearly 550% in the next 15 years.
Nigeria: National Assembly Reads Riot Act to Oil Companies Over Funding of NDDC
By Adam Abuh and Segun Olaniyi
Abuja — The National Assembly yesterday, read the riot act to no fewer than 20 oil and gas firms for failing to live up to their responsibilities in contributing to the funding of the Niger Delta Development Commission (NDDC).........Read more>>
GTBank launches innovative service delivery channel
Over the last few weeks, Nigerians all over the country have been faced with the question; Whatisthe737? From billboards to hash tags and radio hypes.
Introduced by Guaranty Trust Bank plc, Bank 737 is more than just well rhyming numbers; it’s a simple, smart, and safe way to bank anytime, anywhere and on any device. Imagine if opening an account was as simple as dialing a number from your mobile phone or transferring funds was as easy as sending a text message, or paying bills could be done at any time of the day, even long after banking hours. Imagine if you need to make an urgent transfer online and your data just ran out and you don’t have your hardware token to complete the transaction. Truth is, at some point or the other we have all experienced those moments when we wished banking could be as simple as ABC’s and 123’s. Well, in this case, GTBank has made it as simple as 737.....Read more>>
NNPC says fuel scarcity to end soon, decries misinterpretation of Kachikwu’s statement
The Nigerian National Petroleum Corporation, NNPC, has decried what it termed “misinterpretation” of an otherwise benign and sincere assessment of the fuel supply situation in the country made by its Group Managing Director, Dr. Ibe Kachikwu during a brief chat with State House Correspondents at the Presidential Villa yesterday.
Kachikwu was reported to have said, after leading members of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN and National Union of Petroleum and Natural Gas Workers, NUPENG, to a meeting with President Buhari, that the fuel queues will last till two months............READ MORE>>
Nigeria: Oil Prices Rise By Almost Six Percent As Producers Agree to Cooperate
By Ejiofor Alike with Agency Reports
Oil prices jumped by almost six per cent on Thursday thus erasing losses of the past two days, after major producers firmed up plans to meet in Qatar to discuss an output freeze.
United States crude settled up $2.12, or 5.8 per cent, at $38.46 a barrel, after falling by five per cent in the past two sessions.
Brent crude finished up $1.59, at $40.33 a barrel, after falling below $40 in previous sessions...................Read more>>
Lagos:Mile 12 market reopens after clashes
The Lagos State government has announced the immediate re-opening of Mile 12 Market, a major foodstuff market in the state, following its closure after ethnic clashes.
In a statement by Steve Ayorinde, commissioner for Information and Strategy, on Thursday, Governor Akinwunmi Ambode said the decision to re-open the market followed satisfactory meeting and agreement reached with all the stakeholders involved in the operation of the market...........Read more
OIL: Crude oil rises as producers announce meeting on output freeze
(Reuters/NAN) Oil prices rose on Wednesday following announcement that producers will meet next month in Qatar to discuss a proposal to freeze output as U.S. crude production declines. Producers both from and outside the Organization of the Petroleum Exporting Countries will hold talks in the capital Doha on April 17, Qatari oil minister Mohammed Bin Saleh Al-Sada said.
Nigeria: Dangote Opens Tomato Factory to Vie With Chinese Imports
The Dangote Group, owned by Africa's richest man, Aliko Dangote, has opened a tomato-processing factory near Nigeria's northern city of Kano aimed at vying for the local market with imports from China....... READ MORE>>
Ghana: Govt to Restrict Cement Imports From Nigeria, China
By Kate DA Costa
Accra — Africa's leading cement manufacturer, Dangote Company and other cement importers are in for tougher times in Ghana, following plans by government to restrict cement imports into the country.
To this end, the Minister of Trade and Industry, Dr. Ekwow Spio-Garbrah, has proposed to the parliament, the enactment of an Act "to propose a ceiling on the annual importation of cement into Ghana.".......READ MORE>>
Economic Crisis: 14 things Nigerian governors fail to do to cut waste
The current decline in global crude oil prices is a wake-up call for Nigerian states to rise to the realities of looking inwards to survive through the difficult times.
Most states of the federation apparently live from hand to mouth, severely feeling the impact of plunging oil prices.... READ MORE>>
Embracing “Made in Nigeria”
Following the deep slide of crude oil prices from $140 per barrel in 2013 to the current trading just below $40 per barrel the Central Bank of Nigeria (CBN) made bold, proactive moves to protect the economy from spiralling into chaos. First of all, the CBN sought to preserve our foreign reserves and steady the value of the Naira by prohibiting the sale of foreign exchange for the importation of items that can be produced in Nigeria. It also strove to make foreign exchange available to manufacturers to import machineries and other intermediate goods to keep their production lines running.
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GT Bank declares N301.9bn gross earnings
Guaranty Trust Bank Plc has declared gross earnings of N301.9 billion for the financial year ended Dec. 31, 2015.
The News Agency of Nigeria (NAN) reports that this was against the N278.5 billion reported in 2014.
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