Capital market

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Ecobank MySME Growth Series: Artificial Intelligence holds key to business development – Erhabor

Lagos, May 15, 2024 – Small and Medium Enterprises (SMEs) in the country have been advised to embrace Artificial Intelligence (AI) technology to grow their businesses. Ehia Erhabor, the Founder AI Nigeria, gave the advice during in his presentation at the Ecobank MySME Growth Series webinar titled “Using AI for Business Innovation”. He described AI as a gamechanger particularly for Small Businesses.  According to him, AI is rapidly transforming industries by automating processes, enhancing analytics, and enabling personalized customer experience, stressing that the future of AI is its democratization where companies …

Business Solutions Investment

FEC approves tripartite committee to facilitate visa issuance for investors

Abuja, May 15, 2024 – The Federal Executive Council (FEC) has approved the establishment of a tripartite committee to streamline visa issuance processes. Muhammad Idris, the Minister of Information and National Orientation, disclosed this on Tuesday after the Federal Executive Council (FEC) meeting. Idris said the committee would ease acquisition of the passports for foreign investors.  “Our visa processes are becoming cumbersome. The ease of doing business is also tied to our visa processes. “Going forward, those investors, tourists would find it easy to acquire a visa within the next …

Business Planning Investment

Biden unveils historic wave of tariffs on ‘strategic’ Chinese imports

Washington D.C., May 15, 2025 – The White House formally unveiled a sweeping array of new tariffs on Chinese goods Tuesday that will raise duties on $18 billion in Chinese imports. The long-awaited announcement will touch an array of sectors, with steel to semiconductors to medical products feeling new duties as soon as this year. Electric vehicles are a key focus of the announcement, with duties there set to quadruple in 2024 from 25% to 100%. The actions also notably do not include the lowering of more than $300 billion …

Capital market

NGX lists N4.075bn AVA Infrastructure Fund

Lagos, May 13, 2024 – The Nigerian Exchange (NGX) Limited has listed N4.075 billion of AVA Infrastructure Series 1 Fund on its trading platform. The NGX announced this in a statement by Godstime Iwenekhai, the Head of its Issuers Regulation Department. AVA Infrastructure Series 1 Fund’s 4,075 units were listed on the Main Board of NGX at N1 million each as a closed-end Fund and naira-denominated unit trust scheme. AVA Capital Partners Limited is the Issuing House for the Fund, the Trustee to the Fund is STL Trustees Limited, Custodian …

Business Planning Manufacturing/Industry

FG to exempt 95% of informal sector operators from taxes

Abuja, May 13, 2024 – The federal government is planning to exempt 95 percent of Nigerians in the informal sector from taxes.   Taiwo Oyedele, the Chairman of Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC), said this in Abuja at the weekend while speaking to journalists at the end of a retreat organized of the PFPTRC. He said the move was to alleviate the burden of multiple taxation on small businesses and low-income individuals. Oyedele said those earning between ₦25 million and less per annum should be expected from …

Business Solutions Manufacturing/Industry

200 small industries receive FG’s N50,000 grants

Abuja, May 6, 2024 -About 200 small business have started receiving N50,000 grants promised by the Federal Government. The Federal Government offered the grants as part of its palliatives to cushion the effects of removal of petrol subsidy. Doris Uzoka- Anite, the Minister of Industry, Trade and Investments, announced this at the weekend, adding that the remaining 800,000 would get theirs before the close of the programme on May 31. She said about one million applicants had been slated to receive the grants out of the 3.6 million applications that …

Capital market Money market

Fidelity Bank records a 120.1% growth in PBT to N39.5bn in Q1 2024 

Lagos, May 2, 2024 – Fidelity Bank Plc posted an impressive 120.1% growth in Profit Before Tax from N17.9bn at the end of Q1 2023 to N39.5bn in Q1 2024 in line with its upward growth trajectory. This is contained in the Bank’s unaudited financial statements released on the issuer portal of the Nigerian Exchange (NGX) on Tuesday, 30 April 2024. According to the statement, Gross Earnings increased by 89.9% yoy to N192.1bn from N101.1bn in Q1 2023. The increase was led by a combination of interest income (90.7% yoy) and …

Capital market

NGX Group posts N2bn PBT in Q1, to optimise operations post-AGM

Lagos, May 2, 2024 – The Nigerian Exchange Group Plc (NGX Group) reported N2 billion in Profit before Tax in its Q1 2024 results. Its Profit after Tax rose to N1.3 billion, a remarkable 332% increase from the N310 million recorded in Q1 2023. A statement from the company in Lagos on Thursday said the exceptional performance underscored the group’s unwavering commitment to excellence and strategic growth initiatives. During the AGM, NGX Group announced its plans to capitalize on digital distribution for the upcoming recapitalization exercises mandated by the Central …

Business Solutions Manufacturing/Industry Trade

US to expand AGOA to all African countries, extend it’s lifespan to 2041

Nairobi, April 29, 2029 – The United States is planning to extend beneficiaries of the African Growth Opportunities Act (AGOA) to all African countries and also extend its lifespan to 20241. The extension is expected to integrate AGOA with the African Continental Free Trade Agreement (AfCFTA) to support the development of intra-African supply chains. AGOA was enacted by the US in 2000 to facilitate more African exports to the U.S by allowing some African products, particularly textiles, to enter the U.S. duty-free. The Act will expire in 2025.. Speaking in …

Capital market Money market

Fidelity Bank: Improved share price as growth indicator

Lagos, April 26, 2024 – When the management of the Nigerian Exchange Limited (NGX) in July 2023 announced that it was reclassifying Fidelity Bank Plc from small-price stock to medium-price stock, financial analysts concluded that the road to attaining Tier1 status by the bank is closer than ever imagined. In full year 2022, Fidelity Bank briefly fell into the Tier 1 category and saw the highest gross earnings of N337.10 billion and profit before tax of N53.68 billion. The bank’s higher interest income relative to interest expense led to a …