Business Tips

African free trade, road to service delivery excellence

“Nigeria will excel in service delivery with the Africa Continental Free Trade Agreement (AfCFTA) billed to take off in July.” These were the words of Mr Nwiabu Nuka, Executive Director of Nigeria Private Sector Alliance.

He stated this during a panel discussion organised by Greeners Business-to-Business, to mark its Annual National Economic Dialogue 2020 in Abuja.

The economic dialogue has a theme “Positioning Nigeria’s Creative Industry as Growth Engine of Africa Continental Trade Agreement (AFCTA)”.

Oil prices drop as traders assess China’s oil demand

Oil prices edged down on Monday but held recent ranges as traders assessed China’s oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets.

Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fueled concerns of excess supplies.

Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade, the lowest since January 2019, before recovering to $54.37 by 0517 GMT, down 10 cents.

FCMB: Nigeria’s Best Bank for SMEs in Sustained Empowerment of Businesses

Small and Medium Scale Enterprises (SMEs) are globally recognized as engines of socio-economic transformation. In Nigeria, they are at the heart of a push for economic prosperity.

Together with micro-scale ventures, these businesses contribute almost half of the national Gross Domestic Product (GDP), employ 76.5 percent of the national workforce and account for 7.64 percent of export receipts, a joint survey by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in 2017 shows.

Economic Council to fund infrastructure with ₦2tr Pension loan

Nigeria’s National Economic Council plans to borrow N2trillion from the N10trillion accumulated Pension Funds to fund infrastructure in the country.

Governor of Kaduna state Nasir El-Rufai gave the indication while briefing State House correspondents after the meeting of the Council presided over by Vice-President Yemi Osinbajo.

El-Rufai heads the committee set up by the NEC to seek ways of leveraging on a portion of the Pension Funds for investments in infrastructure.

Nigeria receives $17.5b diaspora remittances in 2019

Nigeria received $17.57 billion in direct diaspora remittances between January and November 2019. Data obtained from the Central Bank of Nigeria (CBN) revealed.

The latest data published by the apex regulator stated that the remittances rose by 56.4% when it increased from $11.23 billion within the same period in 2018 to $17.57 billion in 2019.

Remittances are funds transferred from migrants to their home countries. For many developing nations, remittances from citizens working abroad provide a financial source of much-needed funds.

Chamber of Commerce projects economic outlook for 2020

The Lagos Chamber of Commerce and Industry (LCCI) has projected a high cost of doing business in 2020.

Its Director-General, Dr Muda Yusuf, made the projection in the LCCI 2019 Economic Review and Outlook For 2020 made available to newsmen in Lagos.

He attributed the projected high cost to poor infrastructure, multiplicity of levies, excessive regulations, among others.

Slash in bank charges excite Nigerians

Banks customers on Monday commended the Central Bank of Nigeria (CBN) for its move in slashing various banks charges.

A cross section of customers who spoke with the News Agency of Nigeria in Abuja on Monday described the development as the right step in the right direction.

The apex bank in a new guidelines announced the downward review of most charges and fees for banking services, other financial, and non-bank financial institutions, with effect from Jan. 1, 2020.

Global shares stall as year draws to a close

World stocks stalled near record highs and currency markets were little changed on Monday as trading dwindled before the Christmas holiday and investors took profit on gains made this month.

The pan-European STOXX 600 index was down 0.14% by 0851 GMT, after nearing a record high in the previous session.

MSCI’s broadest index of Asia-Pacific shares outside Japan was near its highest since June 2018, up 0.05%.

UK provides $78m for youth empowerment in Nigeria

The United Kingdom says it is currently supporting initiatives to increase economic opportunities for marginalised youth in northern Nigeria with development funding worth nearly 50 million dollars (N15 billion).

Mr James Roscoe, the UK Ambassador on General Assembly Matters to the United Nations, stated this at a UN Security Council meeting on peace and security in West Africa, in New York on Monday.