Business Planning

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Business Planning General News

Nigeria’s reforms better for modern economies, standards for good fortunes

Abuja, March 5, 2024 – The current economic reforms in Nigeria are where the fortunes of the Africa’s largest economy will be unlocked, a Think Tank group, the Independent Media and Policy Initiative (IMPI), concludes after analysing the rudiments of the policies.  A policy analysis released on Tuesday in Abuja by the Chairman of IMPI, Mr Niyi Akinsiju, said it was crucial to keep eyes on the bright “spots in Nigeria’s economy’’ even as the reforms bite harder for now.  As one of the nation’s global economic entrepreneurs puts it, …

Business Planning Business Solutions

Nigeria’s GDP grew by 2.74% in 2023

Abuja, Feb. 22, 2024 – Nigeria’s Gross Domestic Product (GDP) grew by 2.74% in 2023, a slight drop from the 3.10% growth recorded in 2022. According to the National Bureau of Statistics (NBS), the figure was the slowest growth rate since 2020 when the economy recovered from recession. The services sector was the major driver of the economy in 2023 growing by 3.98%, but contributed 56.55% to the total GDP. Agriculture sector, which used to be the mainstay of the economy, grew from 2.05% in the fourth quarter of 2022 …

Business Planning General News

Wema Bank, NYSC launch NYSC-ALAT Accelerator Programme

Lagos, Feb. 19, 2024 – In a bid to empower Nigerian youths and promote the country’s economic growth, Wema Bank has partnered with the National Youth Service Corps (NYSC) to launch the NYSC-ALAT Accelerator Programme. The programme is a strategic partnership to facilitate the smooth entry of young Nigerians into profitable job market through the NYSC scheme. The bank said the partnership was officially unveiled at the Memorandum of Understanding (MoU) Signing Ceremony held in Abuja recently. It said the NYSC-ALAT Accelerator Programme had been fully set in motion across …

Business Planning Investment

Tinubu seeks partnership with Brazil

Addis Ababa, Feb. 18, 2024 – President Bola Tinubu has sought a multi-sectoral partnership with the Federative Republic of Brazil. Tinubu made the advances on Sunday during a meeting with President Luiz Inácio Lula da Silva of Brazil in Addis Ababa, Ethiopia. Ajuri Ngelale, the Presidential Spokesman, said the two leaders had fruitful discussions on comprehensive strengthening of bilateral ties in many fields. Tinubu said the country was witnessing a leap forward, in spite of some short-term reform pains as his administration was removing all encumbrances to business. “This administration …

Business Planning General News

FG summons cement producers over indiscriminate price hike

Abuja, Feb. 17, 2024 – The Federal Government is to meet with cement manufacturers on Monday over indiscriminate rise of cement prices across the country. A bag of cement is currently being sold at about N15,000 from N5, 500 a month ago. David Umahi, the Minister of Works, summoned the meet at the instance of the Federal Government. Uchenna Orji, the Special Adviser to the Minister, said government was concerned about the indiscriminate rise in the price of the product in the last one month. Some of the cement producers …

Business Planning Foreign General News

Jeff Bezos sells off $4b shares in Amazon

Florida, Feb. 15, 2024 – Jeff Bezos the multi-billionaire has sold more of his shares in Amazon, bringing the total value of sales in recent days to more than $4 billion. The technology giant, which Bezos founded in 1994, confirmed he has sold 24 million Amazon shares this month after he last sold such shares in 2021. Bezos is Executive Chair of the company which earlier this month said he was planning to sell 50 million shares over the next year. The shares are worth around $8.4 billion at current …

Business Planning Travel

Air Peace gets approval to fly to New York

Abuja, Feb. 13, 2024 – Air Peace, a Nigerian airliner, has received approval of the Federal Ministry of Aviation and Aerospace Development to operate flights into John F. Kennedy Airport in New York, U.S. Air Peace, had on January 12, 2024, sought approval of the ministry to operate flights to New York. The Ministry conveyed its approval through a letter signed by Director H.T. Ejibunu, and dated Feb. 9, 2024. The letter, with reference number FMA/ATMD/0186/S.5/X/696, said the approval aligns with the existing ‘Open Skies’ agreement between Nigeria and the …

Business Planning Money market

PAPSS admits Banque Centrale de Tunisie as13th member

Cairo, Feb. 12, 2024 – The Pan African Payment and Settlement System (PAPSS) has admitted Banque Centrale de Tunisie (BCT) into its network. A statement by African Export-Import Bank (Afreximbank) on Monday, said Banque Centrale de Tunisie was admitted as the 13th Central Bank member to further promote seamless cross-border payment services and enhance financial integration across the African continent. Afreximbank said it developed PAPSS in collaboration with the African Union and the AfCFTA Secretariat to facilitate real-time settlement of intra-African trade and payments in African currencies, across the continent. By …

Business Planning Money market

Sanwo-Olu to launch ‘Tradermonie’ Wednesday

Lagos, Feb. 12, 2024 – Gov. Babajide Sanwo-Olu of Lagos State will launch a N50, 000 cash transfer to 15,000 beneficiaries under the Lagos TraderMoney initiative on Wednesday. Abisola Olusanya, the state Commissioner for Agriculture, disclosed this during a one-day sensitisation on market hygiene, food safety, cleanliness, storage, marketing and transportation. “By Wednesday, which is Valentine’s Day, Mr. Governor will be showing love to our traders in Lagos. “He promised them N50, 000 each for 15,000 beneficiaries”, the commissioner announced. Over 500 market men and women from Ikeja and Oshodi Local …

Business Planning Foreign Investment

Mozambique to become shareholder of Africa50

Casablanca, Feb. 12, 2024 – Mozambique has signed an agreement to become a shareholder in Africa50, the pan-African infrastructure investment platform. Africa50 has executed over 24 investments across the continent worth over US$7.1 billion Africa50 announced that the agreement was initiated at a signing ceremony in Maputo on Monday. Ernesto Max Elias Tonela, the Minister of Economy and Finance of the Republic of Mozambique, signed the agreement on behalf of the Government, committing the country to become an Africa50 shareholder. In joining Africa50, Mozambique will benefit from accessing world-class project …