Business Solutions

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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 …

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 …