Business Tips

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.

Nigeria, Morocco Partner to Tackle Economic Challenges

Photo/NAN: From L-R Tarik Bouquoquo; Mr Laoye Jaiyeoba, CEO NESG; Mrs Oby Ezekwesili, Senior Economic Advisor, African Economic Development Policy Initiative; Mr Karim El Aynaoui, Managing Director OCP Policy Centre and Mohammed Loulichki, Senior Fellow, OCP Policy Centre at the Morocco-Nigeria Relations Strategic Dialogue in Abuja.

Nigeria and Morocco on Wednesday in Abuja mapped out strategies to tackle various economic challenges confronting both countries.

'Nigerians Spend $8b Annually on Vehicles Importation'

Vice President Yemi Osinbajo said in Abuja that Nigerians spent about 8 billion dollars, annually, on importation of vehicles.

Osinbajo, who was represented by the Director-General, National Automotive Design and Development Council, Jelani Aliyu, disclosed this at the 19th Abuja Motor Fair.

“The government is fully committed to industrialisation and the mining sector to enable it create direct and indirect jobs for Nigerians.

E-dividend: Experts Task SEC on Enlightenment

Financial experts on Thursday tasked the Securities and Exchange Commission (SEC) on persistent enlightenment initiatives to boost e-dividend registration presently put at 2.5 million.

The financial experts in interviews with the News Agency of Nigeria (NAN) in Lagos said the apathy of investors towards the exercise was becoming worrisome.

E-dividend refers to online payment of dividends to investors rather than through post, and allows all accrued dividends to be credited to an investor’s bank account directly.

FG Loses $300m Annually to Offshore Vessel Berthing

The former Director- General, Nigerian Maritime Administration and Safety Agency (NIMASA), Temisan Omatseye, says Nigeria is losing about 300 million dollars yearly for berthing five degrees East on Nigerian waters.

Omotseye said this at the 3rd Annual Conference tagged: “A Day with Nigeria Maritime Students 2018’’ organised by Platforms Communications in Lagos yesterday.

He urged the Federal Government to look into the issue to enable Nigerian ports to be cheaper and attractive for port users.

Invest in Poor Rural Areas to Curb Exclusion, Quash Extremism –UNDP

Remote areas in poor nations need far more investment to undercut recruitment by militant armed groups, in a shift from development policies focused most on cities, the head of the United Nations Development Programme (UNDP) said.

Achim Steiner, visiting Oslo for a May 23-24 conference on preventing violent extremism, told Reuters there was no purely military way to defeat groups such as Islamic State (IS), Boko Haram or Al Qaeda.

Chamber of Commerce Seeks CAMA Re-enactment to Enhance Investments

The Lagos Chamber of Commerce and Industry (LCCI) has called for the passage of the bill that re-enacts the Companies and Allied Matters Act (CAMA) by the Senate to boost investments and job creation in the country..

Director-General of LCCI, Mr Muda Yusuf, disclosed this in an interview in Lagos, news agency Voice of Nigeria reports.

The Senate on Tuesday, passed the Companies and Allied Matters Act (CAMA) 2004 (repeal and re-enactment) Bill 2018 to ease the country’s business clime.

Headline Inflation Rate Falls in April –Statistics Bureau

The National Bureau of Statistics (NBS) has released a report on the Consumer Price Index (CPI) for April, 2018.

According to this report, inflation increased by 12.48 percent (year-on-year) in April 2018, this is 0.86 percent points less than the rate recorded in March 2018 (13.34) percent and represents the fifteenth consecutive disinflation since January 2017.

Increases were recorded in all COICOP divisions that yield the Headline Index.