Global Business News
Global Business News
Global Business News
Abuja, Aug. 30, 2024 – Alhaji AbdulSamad Rabiu, the Chairman of BUA Group, says cement dealers frustrated efforts of the company to sell cement at N3, 500, per bag. Rabiu said this at the 8th Annual General Meeting of the company on Thursday. He said the while the company was willing to sell at N3,500 per bag, dealers were not willing to pass the price reduction to end users, but were selling a bag at between N7000 and N8,000. The company chairman said his company has already sold over a …
Lagos, Aug. 28, 2024 – The International Monetary Fund (IMF) says Nigerian can achieve its projected 3.1% economic growth outlook for 2024 if it implements stronger reforms. Dr Christian Ebeke, the IMF Resident Representative in Nigeria, said this in Lagos at the Lagos Chamber of Commerce and Industry (LCCI) International Business Conference and Expo 2024 with the theme: “Invest Nigeria”. . Ebeke said further reforms on governance and business regulations were needed for the country to grow slightly from the 2.9 per cent rate achieved in 2023,. He said that …
Abuja, Aug. 18, 2024 – Socio-Economic Rights and Accountability Project (SERAP) has urged the management of the National Assembly to disclose the exact monthly running costs being paid to members of the National Assembly. It advised the Senate President, Godswill Akpabio, and the Speaker of the House of Representatives, Tajudeen Abbas, to promptly end the alleged practice of the National Assembly fixing its own salaries, allowances and running costs, in conformity with the Nigerian Constitution 1999 [as amended], and the country’s international obligations. Kolawole Oluwadare, the SERAP Deputy director, made …
Cairo, Aug. 15, 2024 – African Export-Import Bank (Afreximbank) has signed a project preparation facility agreement with Veenocks Limited for the financing of the development of Veenocks’ porcelain tile manufacturing plant located in Sagamu, Ogun State, Nigeria. The plant, to be operated as an indigenously owned state-of-the-art facility with an annual production capacity of 6.6 million square metres of floor and wall tiles, is expected to bring on stream assets with an estimated investment cost of US$117 million. Mrs Kanayo Awani, the Executive Vice President, Intra-African Trade and Export Development Bank, …
Lagos, Aug. 11, 2024 – The Centre for the Promotion of Private Enterprise (CPPE), a private sector think tank in Lagos, has appealed to regulatory agencies in the country to exercise their powers with more discretion. The centre gave the advice in a statement issued by its Chief Executive, Muda Yusuf, in Lagos on Sunday. The CPPE said it had observed a growing trend of irritations, distractions, and frustrations inflicted on manufacturing sector and investors in the country by the regulatory agencies. The CPPE said these overbearing regulatory dispositions often …
Lagos, Aug. 8, 2024 – Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance provider, has announced the appointment of Ibrahim Puri and Sonny Iroche as independent non-executive directors of its non-life insurance business, Heirs General. The appointments further strengthen HIG’s governance and leadership team. HIG has enjoyed rapid growth since its launch in 2021 as consumers benefit from the group’s unique offering of digitally driven insurance products and customer-centric service proposition. Ibrahim Puri is an accomplished financial services leader with over 30 years of experience in banking, fintech, and FMCG industries. …
Lagos, Aug. 5, 2024 – Aliko Dangote has reclaimed the title of Africa’s richest man, just days after South African businessman Johann Rupert briefly overtook him. As of August 5th, 2024, according to Bloomberg’s billionaire real-time index, Dangote’s net worth stands at $13.7 billion, surpassing Rupert’s current net worth of $13.3 billion. He is six spots above the South African billionaire on the Bloomberg’s list. On August 2nd, 2024, Rupert had risen to the top of Africa’s wealthiest with a net worth of $13.6 billion, matching Dangote’s at the time. The …
Washington, July 18, 2024 – The Biden administration announced it has approved another $1.2 billion in student loan debt forgiveness bringing the total debt borrowers have seen canceled since President Biden took office to nearly $169 billion. It is the latest step in an ongoing push by the president to wipe out student loan debt for millions of student loan borrowers and comes as Biden is facing mounting pressure to step aside and not seek a second term. The new round of relief impacted 35,000 public services workers. In total, nearly …
Port Harcourt, May 22, 2024 – Siminilayi Fubara, the Rivers State Governor, has called on local and foreign investors to take advantage of numerous economic opportunities in the state. He made the call in Port Harcourt on Wednesday at the Rivers State Investment Summit 2024 where he assured investors that the state was safe and ready to do business in spite of the ongoing political crisis. The governor said his administration believed in the growth and development of Rivers first and ahead of any political rivalry. “This event we tagged …
Abuja, May 22, 2024 – President Bola Tinubu has called for stronger regional bodies to drive integration and trade ties among African nations. Tinubu made the call in Abuja on Wednesday at the Summit on the State of Democracy in Africa. He also called for the revitalisation of sub-regional blocs like ECOWAS, EAC, and SADC to usher in an era of robust intra-African commerce, economic growth, and job creation. The President, who was represented by Vice President Kashim Shettima, said the immense potential of the African Continental Free Trade Area …