Business Solutions

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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 …

Business Solutions Capital market

Tinubu to ring NASDAQ Closing Bell in U.S.

Lagos, Sept. 17, 2023 – President Bola Ahmed Tinubu will ring the Closing Bell of NASDAQ in New York, United States, as part of proceedings at the Executive Business Dialogue. It is being organised by United States Chamber of Commerce, Nigerian Exchange Group Plc (NGX Group) and Nigerian Investment Promotion Council (NIPC). Scheduled for September 20, 2023, the dialogue is part of a series of events in the Non-Deal Roadshow planned by NGX Group to support the new administration’s efforts in reigniting renewed foreign capital interest in the Nigerian economy, …

Business Solutions Foreign Politics

China president absent as G20 Summit opens in New Delhi

New Delhi, Sept. 8, 2023 – G20 leaders began to descend on New Delhi Friday, hoping to make progress on trade, climate and a host of other global problems despite the Chinese and Russian presidents skipping the summit. The G20 was conceived in the throes of the 2008 financial crisis as a way of managing the global economy. But as presidential and prime ministerial jets began landing in the Indian capital, the pointed absence of China’s Xi Jinping raised questions about what, if anything, the disparate bloc can still agree …

Business Solutions General News

FG 2024 budget will be ready in October – budget office

Abuja, Sept.5, 2023 – The 2024 federal government budget will be ready for presentation to the National Assembly in October. Ben Akabueze, the Director-General of the Budget Office, said this on Monday during a training of ministries, departments and agencies on the 2024 budget preparation using the Government Integrated Financial Management Information System Budget Preparation Sub-System (GIFMIS/BPS). Akabueze was represented by the Director of Revenue and Fiscal Policy, Hapsatu Mormoni. He said the GIFMIS budget preparation subsystem would facilitate the budgetary processes in MDAs. The director-general said it would also …

Business Solutions Foreign

Afreximbank signs agreement with UAE on trade promotion

Cairo, Sept. 2, 2023 – The African Export-Import Bank (Afreximbank) has signed an Memorandum of Understanding (MoU) with the United Arab Emirates Trade Center to promote the TRADAR Club solution in the market. The agreement was signed on the sidelines of the Intra-African Trade Fair (IATF2023) Press Conference and B2B Meetings in Dubai United Arab Emirates (UAE).   The agreement provides for the two institutions to commence harmonisation of their efforts in various areas of collaboration to support the TRADAR Club objectives. The agreement was signed by Ms. Lizanne Case, Head of …