Business Tips

Tin-Can Customs Generate ₦183b in 8 months

The Tin-Can Island Port Command of the Nigeria Customs Service (NCS) generated N183 billion between January and August 2017, its Customs Area Controller, Yusuf Bashar said.

The customs area comptroller said this in a statement issued by the Public Relations Officer of the command, Mr Uche Ejesieme in Lagos on Thursday.

Bashar, who compared the amount to N156 billion the command generated in 2016, attributed the high revenue generated by the command to policies and plans aimed at blocking all areas of revenue leakages.

Equities Rebound after 5-day Losing Streak

At the close of trade today, the Nigerian equities market rebounded from a 5-day losing streak as the All Share Index (ASI) rose 0.6% to close at 35,609.07 points while YTD return advanced to 32.5%. Accordingly, investors gained N70.7bn as market capitalization settled at N12.3tn. The major drivers were DANGCEM (+1.0%), ZENITH (+2.9%), NIGERIAN BREWERIES (+1.4%) and GUINNESS (+10.2%). Similarly, activity level improved as volume and value traded rose 22.5% and 13.6% to 281.8m units and N5.4bn respectively.

Mixed Sector Performance

Impact of Progression will be felt soon –NBS

The Chief Executive Officer, National Bureau of Statistics (NBS), Dr Yemi Kale, has said that the effect of Nigeria coming out of recession will not be immediately felt by the people.

Kale, the Statistician-General of the Federation, made the statement in Abuja on Wednesday at a news conference.

“There is a different stage Nigeria must go through before the masses will feel the effects of going out of recession.

Nigeria Exits Recession –Statistics Bureau

The National Bureau of Statistics (NBS) said Nigeria has exited its worst economic recession in more than two decades, notching up growth of 0.55 per cent in the second quarter of 2017

In its report released on Tuesday, the data showed that the economic recovery was driven by improved performance of oil, agriculture, manufacturing and trade sectors of the economy.

It said that since the first quarter of 2016, the Nigerian economy had contracted for five consecutive quarters.

Nigeria Works with UK to Attract more Investments

The federal government would work with government of the United Kingdom to stimulate more direct private sector investments into Nigeria.

The Minister of Budget and National Planning, Mr. Udoma Udo Udoma, said this in Abuja at a meeting with a delegation from the British government led by the Secretary of State for International Development, Mrs Priti Patel.

He told the delegation that Nigerian Government was intensifying efforts at ensuring the ease of doing business in the country and would welcome more foreign investments.

Osinbajo Inaugurates Edo Fertiliser Plant

Vice President Yemi Osinbajo on Tuesday inaugurated the reactivated Edo Fertiliser Plant in Auchi, Etsako West Local Government which was built 14 years ago.

The Edo Government, in partnership with Wacot group of companies, reactivated the plant which can produce 60,000 metric tonnes of fertiliser in a year.

Speaking at the ceremony, the vice president said that the Federal Government was committed to creating enabling environment for private investors to do business in the country.

Equities Open Week Bearish

Photo L-R: Ade Bajomo, Executive Director, Market Operations and Technology, The Nigerian Stock Exchange (NSE); Gbedegesin Yemi Hezekiah, Director General/Registrar, The Nigerian Institute of Science and Technology; Prof. (Mrs) Gloria Elemo, Director General/CEO, The Federal Institute of Industrial Research, Oshodi (FIIRO);  Oscar Onyema, NSE CEO; Minister of Science and Technology, Dr. Ogbonnaya Onu; Engr. Mohammed Daggash, National Council Member, NSE; Pharm Samuel Elatuvie, Nigeria Natural Medicine Development Agency (NNMDA); Pai Gamde, Ag.

Export Authority, Customs Service Collaborate on Free Trade Zones

The Nigeria Export Processing Zones Authority (NEPZA) and the Nigeria Customs Service (NCS) on Tuesday proposed to establish a committee to harmonise their operations for efficient operation of  Free Zones scheme.

The News Agency of Nigeria reports that the organisations made the resolution when the NEPZA management, led by its Managing Director, Mr Emmanuel Jimi, visited the NCS in Abuja.

Jimi said that the situation called for more robust synergy and collaboration between NEPZA and NCS in the discharge of their duties on site.

GEFF: Focused Session to Highlight Strong Investor Appetite for Green Bonds

Middle East Global Advisors, a leading financial intelligence platform spearheading the agenda of sustainable and inclusive finance, will convene the second edition of the much-coveted Global Ethical Finance Forum (GEFF) in Edinburgh, Scotland. Based on a strategic partnership with Islamic Finance Council UK (UKIFC), the Forum will be held under the patronage of the Scottish Government, supported by the UK Government and will be hosted by the Royal Bank of Scotland (RBS), building upon the legacy of the inaugural Forum held in September 2015.

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