Business Planning

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Business Planning Investment Money market

Avoid investment offers with quick, high returns – NDIC boss

Enugu, March 30, 2023 – Mr Bello Hassan, the Managing Director of the NDIC, has advised Nigerians to avoid investment offers with quick and arbitrarily high returns. Hassan, gave the advice in Enugu on Thursday while speaking at the NDIC Day at the Enugu International Trade Fair. He said that the safest, smartest and most prudent place to deposit money is in the formal banking system because of the protection of such deposits by the NDIC. “Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities, …

Business Planning General News

BudgiT calls for breakdown of N869bn census budget

Abuja, March 28, 2023 – BudgIT, a civic organisation on budget and public data transparency, has urged the National Population Commission (NPC) to publish the breakdown of the N869 billion budget for 2023 National Population Census. BudgiT made the call in a statement signed by Nancy Odimegwu, its communications associate. It said that the 2023 elections had just ended and Nigeria could draw some wisdom from it to help save costs during this critical period. BudgiT said Nigerian government should work on reducing the multidimensional poverty of over 133 million …

Business Planning Foreign

AfCFTA, Afreximbank sign agreement on AfCFTA fund

Kigali (Rwanda), March 14, 2023 -The AfCFTA Secretariat and African Export-Import Bank (Afreximbank) have signed the Host Country Agreement for the AfCFTA Adjustment Fund with the Republic of Rwanda. The agreement, signed by H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat; Mrs Kanayo Awani, Executive Vice President, Intra-African Trade Bank at Afreximbank; and Dr Vincent Biruta, Minister of Foreign Affairs, and International Cooperation of the Republic of Rwanda, is to pave way for the operationalisation of the AfCFTA Adjustment Fund. The US$10 billion Fund, headquartered in Kigali, Rwanda, is a critical …

Business Planning

Inflation rate inches up to 21.82%

Abuja, Feb. 15, 2023 – Nigeria’s inflation rate stood at 21.82 per cent in January 2023, a 0.47 per cent increase over the 21.34 per cent recorded in December 2022. The National Bureau of Statistics (NBS) reported this in its latest statistics for January 2023. The food inflation surged to 24.32% in January from 23.75% recorded in December 2022, while core inflation, which excludes the prices of volatile agricultural produce, stood at 19.16% in the review month. The highest increases were recorded in the prices of Gas, Liquid Fuel, Passenger Transport …

Business Planning Money market

5,000 companies, individuals owe FG N5.2tn

Abuja, Feb. 14, 2023 – About 5,000 companies and individuals across 10 ministries, departments and agencies are owing the Federal Government over N5.2 trillion. Mr Victor Omata, the Director, Special Projects in the Ministry of Finance, Budget and National Planning, said this at the just concluded Zonal Sensitisation Workshop in Kano State. The workshop was on government’s debt recovery drive through Project Lighthouse Programme. He said that the lighthouse initiative was initiated by the ministry to put an end to revenue leakages in the country. Omata said that data from the initiative revealed …

Business Planning Politics

Nigerian economy suffered 5 self-inflicted crises in 2023 – Proshares

Lagos, Feb. 9, 2023 – The Nigerian economy has suffered at least five self-inflicted crises this new year due to wrong policy ‘mis-steps”. This is the agreement of experts whose views were expressed in the latest edition of Proshares’ “Analysts Note”. Proshares is a research and market information service company in Lagos. The experts listed these crises as fuel scarcity as reflected by petrol distribution glitches and the unprecedented creation of a local black market for the purchase and sale of the local currency, the naira, following the central bank’s (CBN’s) currency redesign …

Business Planning

Cash-Swap: Supreme Court’s order will restore normalcy to economy – expert

Lagos, Feb. 9, 2023 – Dr. Muda Yusuf, the Chief Executive of the Centre for the Promotion of Private Enterprise (CPPE) in Lagos, says Supreme Court’s order will restore normalcy to economic activities. The apex court had on Wednesday granted an interim injunction restraining the Central Bank of Nigeria (CBN) from enforcing its Feb. 10, 2023 deadline on currency swap. Yusuf said this in a statement in Lagos on Thursday. He said the order would also douse current social tension and the risk of social unrest in the country. Yusuf …

Business Planning

Sanwo-Olu signs N1.768trn Lagos budget into law

Lagos, Jan. 28, 2023 – Gov. Babatunde Sanwo-Olu of Lagos State has signed the state’s N1.768 trillion 2023 Budget into law. He said the budget tagged, “Budget of Continuity”, was signed into law on Friday evening. Sanwo-Olu, in a statement on Friday, said the budget would focus on completing ongoing infrastructure projects. He described it as a consolidation of development strides in Nigeria’s commercial capital. The governor said that the funding for the second phase of the Blue Line rail project from Mile 2 to Okokomaiko had been approved in …

Business Planning Capital market

Access Holdings to raise capital for its 2023-2027 growth plan

Lagos, Jan. 19, 2023 – Access Holdings is to raise more capital outside of its internally generated capital to fund its strategic five-year (2023-2027) growth plan.  Mr Roosevelt Ogbonna, the Chief Executive of Access Bank, said this during the presentation of the Access Corporation’s corporate strategy 2023-2027.  He said that the corporation needed to work with its DFI partners and international financial markets to achieve the capital raise. Ogbonna said that the capital plan had been done and shared the plan with the central bank, “but we cannot share it …

Business Planning Foreign

Africa50 invests in Scanning Systems to boost regional trade

Casablanca/Abidjan, Jan. 18, 2023 – Africa50, the pan-African infrastructure investment platform and Tassec Investment Holdings Africa have announced the completion of Africa50’s equity investment in Scanning Systems. Scanning Systems is a company specialised in the design, financing, and implementation of One-Stop Joint Border Posts (JBPs) in Africa. Africa50 said in a statement on Wednesday that the investment would support Scanning Systems to develop JBPs and deliver efficient border management with modern facilities and tools, facilitate transit and increase traffic across the borders of Africa. “This is expected to significantly reduce transit …