Banking and Finance

Single Digit Inflation: How Sustainable?

Nigeria’s inflation rate dropped to the much coveted single digit level of 9% in January 2013. This was supported by similar significant moderation in all the major key inflation categories in manners that suggest a distributed moderation in the level of prices in the country. However, it is good to note that the moderations in the inflation figures are caused, largely, by the base effect.

Nigerian Business Confidence Index: Modest Improvement amid Uncertainty

Aggregate BCI
The second quarter (Q2) 2013 aggregate Business Confidence Index (BCI) recorded a modest improvement of 16.50% from the 10.50% it achieved in the first quarter (Q1) 2013. This represents a six point movement of the index along a positive trajectory. This improvement notwithstanding, the BCI scores for the Q1 and Q2, 2013 continue to trail far below the 50% global confidence threshold. Investors and business leaders are still wary about the state of the economy and the unfriendly doing business environment.

First Bank Offers Diverse E-Business Transactions

First Bank has said that it is providing different electronic means of transacting business for its depositors in order to give them easy access to their funds.

The bank, in a statement, said it had come up with the Expression Card, Firstonline and Firstmonie electronic means of accessing deposits and fostering transactions.

While explaining some of the benefits of the Expressions Card, it described it as a customised card that was designed from any convenient location for the banks depositors.

NSE Partners CBi on Corporate Governance

The Nigerian Stock Exchange (NSE) has announced a partnership with the Convention on Business Integrity (CBi) to establish a Corporate Governance Index for listed companies in Nigeria.

The NSE, in a statement on Wednesday, said the CBi will provide a steady flow of robust data that will be used to develop a Corporate Governance Ranking System for listed companies in Nigeria.

NSE Organises Retail Investors’ Clinic

(Photo L-R: Head, Human Resources Department, The Nigerian Stock Exchange (NSE), Ms Pai Gamde; Chief of Staff/Head, Corporate Services Division, NSE, Mr. Bola Adeeko and Director/Head of Assets Management, FBN Capital, Mr. Michael Oyebola at the NSE Retail Investors’ Clinic in Lagos on Thursday)

The management of the Nigerian Stock Exchange (NSE), on Thursday, organised a Retail Investors’ Clinic programme to educate the capital market community on investment trend and opportunities.

Chamber decries banks’ reluctance to grant SMEs loans

The Port Harcourt Chambers of Commerce, Industries, Mines and Agriculture (PHCCIMA) has blamed the dwindling fortunes of the Small and Medium Scale Enterprises (SMEs) on banks’ reluctance to grant loans.

President of the chambers, Emeka Unachukwu, said the challenge is the major problem facing the Organised Private Sector (OPS).

He spoke at the inaugural quarterly business roundtable by the OPS and the Rivers State Government in Port Harcourt. The theme of the event was, “Charting a new pathway: Strengthening partnerships between public-private sector.”

Trade Facilitation: The Role of the Nigeria Customs Service

World trade has expanded faster than economic growth and has been a vehicle for raising the standard of living in OECD (Organisation Economic Cooperation and Development) countries. African countries have not seen similar trade expansion. Africa's share in world trade is relatively small, accounting for less than 3% as at 2012.  This is hardly surprising considering that the most integrated regions in the world are also the most competitive at the global level. The rising share of Asian countries in world trade underscores this point.

The SME Economy

The developed economies in Europe, America, Asia and the Pacific have all leveraged on the strength of their Small and Medium-Scaled Enterprise (SME) sector vitality. Today’s mega brands and conglomerates in the developed economies started as SMEs. The performance of SMEs in countries like Brazil and India helped identified them among the BRICS countries (Brazil, Russia, India, China and South Africa); while Indonesia and Bangladesh are known among the Next Eleven (N-11) countries.

2013 Budget Analysis

The annual budget of the Federal Government of Nigeria is always awaited in an anxious anticipation as it plays a major role in driving economic activities with implications for politics, security and business opportunities. The passage of the budget on the 20th of December, 2012 was historical as it was the first time the National Assembly passed the budget before the end of the year since the commencement of the current democracy in 1999.

ASeM: Nigerian Bourse Introduces Designated Advisers

(Photo L-R: Ade Bajomo, NSE’s ED, Market Operations Technology; Ariyo Olusekun, President, Chartered Institute of Stockbrokers; and Haruna Jalo-Waziri, NSE’s ED, Business Development at the announcement of the selected Designated Advisers.)

The Nigerian Stock Exchange (NSE) concluded another phase in its plans of nurturing the growth of small to mid-sized companies via the announcement of selected Designated Advisers (DAs) for companies listed on the Alternative Securities Market (ASeM).