Business Solutions

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Business Solutions Money market

Ecobank MySME Growth Series: Expert proffers solutions to managing staff in “Japa” Era

Lagos, March 6, 2024 – Effective management of talents within the context of new work realities would check the migration of Nigerian professionals, popularly referred to as ‘japa syndrome’. Hilda Kabushenga, a human resource expert and Chief Executive of The African Talent Company, made this assertion in her presentation titled “Finding skilled labour in the japa era’ at the Ecobank Nigeria’s MySME Growth Series recently. She made the assertion against the backdrop of the migration of Nigerian professionals to developed countries. Kabushenga said that people were no longer looking for physical …

Business Solutions Investment Manufacturing/Industry

767 companies shut down, 335 distressed in 2023 – MAN

Lagos, March 6, 2024 – A total of 767 companies were shut down while 335 were distressed in Nigeria in 2023. The Manufacturers Association of Nigeria (MAN) said this in a statement on Wednesday. It attributed the situation to exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. The association condemned the recently introduced Expatriate Employment Levy (EEL) by the Federal Government. It said the levy ran contrary to the Renewed Hope Agenda, the fiscal policy and tax reforms of the current administration.  “The …

Business Solutions Foreign Investment

Qatar accepts Tinubu’s visits for business investment forum

Abuja, Feb. 25, 2024 – Qatari has accepted President Bola Tinubu’s request to visit the country for a business investment forum in March.   The acceptance of Tinubu’s visit was confirmed by a letter from the Government of Qatar to the Minister of Foreign Affairs in Nigeria dated February 23, 2024.   The letter reads: “The Embassy of the State of Qatar in Abuja presents its compliments to the Protocol Department of the Ministry of Foreign Affairs of the Federal Republic of Nigeria.   “Regarding the upcoming State visit of H.E. Bola Ahmed …

Business Solutions Money market

Ecobank Group wins Best Bank for SMEs in Africa 2024 award

… Nigerian Affiliate wins Best FX Bank in the country Lomé, Feb. 25, 2024 – Ecobank, the leading pan-African Banking Group, has won the Best Bank for SMEs in Africa 2024 award in Global Finance’s annual SME Bank Awards. The award ceremony took place on Feb. 20, 2024 at Glaziers Hall in London, UK. The award reflects Ecobank’s unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. Also, one of its affiliates, Ecobank Nigeria emerged Best FX Bank under the Country & Territory Awards category for Nigeria. Global Finance …

Business Solutions Investment Maritime/Shipping

CPPE advises Customs to peg duty exchange rate at N1000/$

Lagos, Feb.  25, 2024 – The Centre for the Promotion of Private Enterprise (CPPE), a private sector think-tank,  on has advised the Central Bank of Nigeria (CBN) to peg the customs duty exchange rate at N1000/$ for the rest of the year.  It said this would be in line with the Federal government’s commitment to ease the current hardships on the citizens and the burden on businesses. Muda Yusuf, its Director- General, said on Sunday that the centre welcomed CBN’s decision to approve the use of the exchange rate reflected …

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 Solutions General News Manufacturing/Industry

Manufacturers reduce cement price to N7,000, N8,000 per bag

Abuja, Feb. 19, 2024 – Cement manufacturers in the country have agreed to reduce the price of the product to between N7,000 and N8,000 per 50kg depending on the location. The decision was taken on Monday at a meeting of the Minister of Works, David Umahi, with cement manufacturers. The manufacturers expressed their willingness to bring down the prices in future as soon as the federal government intervention were fulfilled. BUA Industries disclosed its plans to inject six million tons of cement into the market to mitigate the surging prices.  …

Business Solutions Maritime/Shipping Oil and Gas

Oil Theft: Reps to collaborate with Nigerian Navy to check losses

Abuja, Feb. 18, 2024 – The House of Representatives pans to collaborate with the Nigerian Navy on strategies to effectively police the pipelines and other critical assets in the oil and gas industry. Alhassan Ado Doguwa, the Chairman of the House Special Adhoc Committee on Crude Oil Theft and Losses, made the appeal during a visit to the Nigerian Navy. He appealed to the Nigerian Navy to provide relevant information to assist in uncovering those responsible for the ongoing theft of the country’s crude oil. Doguwa assured that information obtained …

Business Solutions Manufacturing/Industry

BUA announces 50% salary increase to workers

Lagos, Feb. 18, 2024 – The BUA Group has increased salary of its workers by 50 per cent across the board. Mohammed Wali, its Head of Human Resources, announced the company’s decision through an internal memo on Sunday. According to the memo, the salary increase aims to alleviate the economic challenges in the country.   The salary increase applies to both permanent and non-permanent staff and will be effective from February 1, 2024.  “Sequel to the above development, the Human Resources and Finance departments are processing the increase to ensure that …

Business Solutions General News

SERAP gives NNPCL 7-days to account for missing $2.4bn, N164bn oil revenues

Abuja, Feb. 18, 2024 – The Socio-Economic Rights and Accountability Project (SERAP) has given the Nigerian National Petroleum Company Limited (NNPCL) seven days to account for missing $2.04 billion and N164 billion oil revenues or face legal action. SERAP gave the ultimatum in a letter dated Feb. 17, 2024 and signed by its Deputy Director, Kolawole Oluwadare. It said that the missing revenues were documented in the latest annual report recently published by the Auditor-General of the Federation. SERAP urged NNPCL “to name and shame those responsible for the disappeared oil …