Business Tips

Afreximbank Launches Facility to Raise Viability of African Projects

The African Export-Import Bank (Afreximbank) has launched a project facility aimed at increasing the availability of viable well-prepared projects in Africa and at making such projects bankable and attractive to investors.

The Afreximbank President, Benedict Oramah Afreximbank who made this known during the launch of the Afreximbank Project Preparation Facility (APPF), in South Africa disclosed that the bank had set it up with an initial seed capital investment of up to $15 million.

SEC Partners NERDC to Enhance Capital Market Studies

The Securities and Exchange Commission (SEC) on Monday stressed the need for enhanced investment education and enlightenment to boost the participation of retail investors in the Nigerian capital market.

The Acting Director-General, SEC, Ms Mary Uduk, stated this at the planning and writing workshop for the development of Capital Market Studies Curriculum (CMSC) for Basic and Senior Secondary Schools in Lagos.

South Africa's Financial Stability threatened by MTN's $10b Nigeria Bill –Cenbank

Billions of dollars in fines owed by South African companies MTN and Standard Bank to Nigerian regulators could increase the risk to South Africa’s financial system, the central bank said on Wednesday. The Nigerian central bank in August accused telecoms firm MTN and its lender Stanbic, a Standard Bank subsidiary, of illegally sending $8.1 billion abroad.

The Nigerian government has also demanded $2 billion in related taxes from MTN. The South African mobile operator makes about a third of its annual core profit in the West African country.

Buhari Receives Prince Charles, Wife at Aso Rock

President Muhammadu Buhari on Tuesday received Prince Charles and his wife, Princess Camilla at the Presidential Villa, Abuja.

The News Agency of Nigeria reports that Prince Charles and members of his entourage arrived the State House at about 2.20p.m.

Buhari, who welcomed the Prince at the Fore Court of the presidential villa, introduced some members of his cabinet and presidential aides to the prince.

The President later went into closed door with Prince Charles.

Prince Charles, 69, who is on a 3-day visit, had visited Nigeria in 2006.

'Produce Export will Enhance Nigeria’s Trade Balance'

The Chairman of Inter-Agency Committee (IAC) for produce export, Mr Rotimi Anifowose, has said produce export, among other things, would boost the nation’s international trade.

Anifowose, who is also the Area Manager of Nigeria Shippers Council in South-west Zone, speaking on the committee’s stewardship in Lagos, South-West Nigeria, said that for the country to maintain a sound economy, export of primary produce should be enhanced.

FEC okays National Leather Product Policy

The Federal Executive Council (FEC) on Wednesday  approved the National Leather and Leather Product Policy aimed at locally harnessing leather resources into finished products.

The Minister of Science and Technology, Dr Ogbonnaya Onu, made this known while briefing State House correspondents after the FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

He said that by the policy, Nigeria would locally process leather resources  instead of exporting raw leather or semi-finished leather products.

Foreign Investment: Expert Urges Full Implementation of Local Content Policy

A lecturer from the Department of Political Science, University of Lagos, Dr Isiaka Adams, has said that full implementation of the nation’s local content laws by the Federal and State Governments will attract much more Foreign Direct Investments.

“Our top two tiers need to drive full realisation of our Local Content Policy because such will attract more foreign direct investment (FDI) instead.”

Adams said that fears over drastic reduction in FDI inflow as a result of the policy ware misplaced.

Federal Government to Include Miners in ₦5b Intervention Fund

The Miners Association of Nigeria says the Federal Government has agreed to include its executives in the disbursement of the N5billion mining intervention fund.

Sani Shehu, the President of the association, disclosed this in an interview with news reporters on Sunday in Abuja, Nigeria’s Capital City.

He said this measure by the Ministry of Mines and Steel Development (MMSD) would enhance the effectiveness of the disbursement to genuine miners across the country.

Minimum Wage: FG, Governors meet on Monday

The Minister of Labour and Employment, Dr Chris Ngige, on Friday briefed President Muhammadu Buhari and Vice-President Yemi Osinbajo on the threat by the organised labour to embark on industrial action from Nov. 6.

The threat followed the delay in the implementation of new national minimum wage.

Ngige, who spoke to State House correspondents after the closed door meetings at the Presidential Villa Abuja, said the Economic Management Team would be meeting with state governors to harmonise positions on the ongoing negotiation with labour unions over the issue.

President Buhari Inaugurates New Airport Terminal in Port Harcourt

The Nigeria government is gradually fulfilling the promises it made on the provision of critical infrastructure in all parts of the country.

President Muhammadu Buhari said this on Thursday in Port Harcourt, Rivers State, while inaugurating the new terminal at Port Harcourt International Airport.

President Buhari recalled that he made the pledge to Nigerians when he presented the 2017 appropriation bill to the National Assembly, which comprises representatives of citizens from all parts of the country.

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