Business Solutions

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Business Solutions General News

Bakers, caterers to go on nationwide strike from Feb. 27

Lagos, Feb. 13, 2024 – Members of the Association of Master Bakers and Caterers of Nigeria on Tuesday threatened to withdraw their service nationwide from February 27. They said they could only stop the withdrawal of service if the Federal government would implement the agreement it entered into with the association in 2020. They also called for the immediate implementation of financial support promised by the Federal Government as post COVID-19 support programme. The association further called for suspension of all forms of taxes on the bakery products for now …

Business Solutions Foreign

Kemi Badenoch, U.K. Trade Minister arrives in Nigeria on 3-day visit

Abuja, Feb. 11. 2024 – Kemi Badenoch, the U.K Minister for Business and Trade, has arrived in Nigeria for a three-day visit to deepen the UK-Nigeria partnership. A statement by Senior Press & Public Affairs Officer and Comms Lead, Prosperity and Economic Development, Ndidiamaka Eze, said Badenoch’s visit would take forward ongoing efforts by both countries to boost the UK-Nigeria trade relationship and unlock new investment opportunities. According to the statement, “Minister Kemi Badenoch and the Prime Minister’s Trade Envoy to Nigeria, Helen Grant will have meetings with the Federal …

Business Solutions General News Investment

Deployment of CNG for mass transportation will reduce cost by 50% – minister

Abuja, Jan. 29, 2024 – Mohammed Idris, the Minister of Information and National Orientation, says deployment of Compressed Natural Gas (CNG) in mass transit buses will reduce cost of transportation by 50 per cent. The minister said this in a statement on Sunday. He advised Nigerians to see the initiative as a relief introduced by Tinubu’s administration to alleviate the economic challenges stemming from subsidy removal.  Idris said there were concerted efforts by the government to also tackle inflation, stabilise foreign exchange rates, and establish a genuinely supportive climate for …

Business Solutions Money market

Polaris Bank enrolls in Pan-African Payment and Settlement System (PAPSS)

Lagos, Dec. 4, 2023 – Polaris Bank, Nigeria’s leading digital retail Bank, has enrolled in the Pan-African Payment and Settlement System (PAPSS). The cross-border financial infrastructure empowers the Bank’s existing and potential customers to execute trade and payments across Africa seamlessly.  The inter-African trade payment gateway is a solution designed to empower those who trade international within African continent, with streamlined, efficient, and secure payment processes.    Speaking on the digital payment gateway, Polaris Bank’s Group Head, Global Trade Business, Ayo Adesanya, said the launch of PAPPS underscored the Bank’s …

Business Solutions General News Manufacturing/Industry

Emzor’s $23m API plant and Nigeria’s investment climate in 2024

By Feyisola Adeyeha.   Lagos, Nov. 26, 2023 – For Emzor Pharmaceutical Industries, 2024 promises to be a year of big bang and boost, not only for its wide-range production lines, but also for the investment climate of Nigeria.  By the first quarter of 2024, an estimated 500 new jobs and more robust manufacturing mileage are expected through the local production of Active Pharmaceutical Ingredients (APIs) by Emzor. As at now, the Sagamu, Ogun State production plant of Emzor is a beehive of activities.  Construction engineers on site are busy putting finishing touches to the …

Business Solutions General News Trade

FG partners World Bank on new initiative to boost businesses

Asaba, Nov. 23, 2023 – The federal government is partnering the World Bank to introduce a new initiative called the State Action on Business Enabling Reforms (SABER) programme. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this during the four-day Federation Account Allocation Committee (FAAC) retreat in Asaba, Delta State He said the programme, which is to enhance Nigeria’s business environment at the state level, would be implemented between from 2023 to 2025. The programme will be a continuation of the States Fiscal Transparency, …

Business Solutions Trade

German Chancellor to pay 3-day official visit to Nigeria

Abuja, Oct. 27, 2023 – German Chancellor Olaf Scholz is to begin an official tour of Nigeria from Oct. 29 to Oct. 30, 2023. A statement from the German Embassy said the visit would further strengthen bilateral relations between the two countries. “It is the first visit of a Head of Government to Nigeria since the inauguration of the new government. “With diplomatic relations spanning over 60 years, Germany and Nigeria have a warm and longstanding relationship. “They are natural partners as both are the strongest economy and the most …

Business Solutions Investment

Elumelu calls for N20b minimum capital base for insurance companies in Nigeria

Abuja, Oct. 24, 2023 – Tony Elumelu, the Chairman of UBA Group, has called for increased capital requirements for insurance companies in Nigeria. Elumelu gave the advice while speaking at 2023 National Insurance Conference in Abuja on Monday. He suggested that the minimum capital requirement for insurance companies be increased to N20 billion for life insurance operators and N30 billion for non-life operators. He also suggested N1 billion for insurance brokers. Elumelu, who is also the Chairman of Heirs Insurance Group, said that the current capital requirements of N8 billion …

Business Solutions Money market Politics

An urgent need for reform of the multilateral system – G-24

Marrakech (Morocco), Oct. 10, 2023: The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) has issued the following statement: The Group called for a variety of steps to increase the financing available to developing countries. They asked for allocation of new Special Drawing Rights, the IMF’s reserve currency; reform of IMF short-term financing instruments; increased concessional resources to low-income countries, reform of the IMF’s surcharge policy; increased channeling of SDR from donor countries to needy countries and increase of the Fund’s resource base through its 16th General …

Business Solutions Commodities

Afreximbank urges priority to African export trading companies

New York, Sept. 25, 2023 – The African Export-Import Bank (Afreximbank) has called on African countries to prioritise the development of public and private Export Trading Companies (ETCs) to position the continent’s Small and Medium Enterprises (SMEs) to participate effectively in global trade. Kanayo Awani, Afreximbank’s Executive Vice President (Intra-African Trade Bank),made the call in an address to the Africa International Exhibition which opened Sunday on the sidelines of the United Nations General Assembly in New York   She spoke on behalf of Bank President Prof. Benedict Oramah.   Awani …