Business Tips

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.

Africa needs Diaspora Investment for Faster Growth

Industrialisation and African Diaspora investment has been described as key to raising Africa’s capital stock which will trigger faster economic growth and development in the continent.

Dr. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), said this while delivering an address at the “Africa Leaders Speak” Forum at Harvard University’s Kennedy School in Cambridge, United States.

EU Unveils Trade Profile with Nigeria

The trade volume between Nigeria and European Union (EU) reached 25.3 billion euros in 2017, Head of EU delegation to Nigeria and ECOWAS, has said.

He unveiled the trade profile yesterday in Abuja while speaking on the forthcoming Europe Day on May 9, the News Agency of Nigeria reports.

The envoy said the trade recorded an increase of 27 per cent over that of 2016, which was 19.9 billion euros.

He said that about 50 per cent of the 2017 trade value was in favour of Nigeria.

Nigerian Hackers Steal Thousands of Dollars from Shipping Firms

Nigerian hackers, grouped as Gold Galleon, are menacing shipping firms and bleeding them of thousands of dollars.

Network security firm Secureworks has red-flagged the group, whose focus appears solely to be the maritime industry.

The group, according to a report by Maritime Executive, an online platform, uses basic email scams and publicly available hacking software to try to steal hundreds of thousands of dollars from unsuspecting ship managers and service providers.

Stock Exchange to Migrate 4 Companies to its Premium Board

The Nigerian Stock Exchange (NSE) has announced that it will be migrating Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board on Monday, April 16, 2018 sequel to them applying and meeting the Exchange’s listing requirements for the board.  

Inflation Rate Drops to 13.34% –NBS

Nigeria’s inflation rate measured by the Consumer Price Index (CPI) dropped from 14.33 in February to 13.34 per cent in March year-on-year, the National Bureau of Statistics (NBS) disclosed in its CPI report for March.

The bureau stated in the report released on Thursday in Abuja that the figure showed 14 consecutive reductions in inflation rate since January 2017.

According to the bureau, the figure is 0.99 per cent points less than the 14. 33 per cent recorded in February.

Nigeria’s Population Now Estimated at 198m –Population Commission

The National Population Commission (NPC) has put Nigeria’s current population at 198 million people with urban population growing at an average annual growth rate of about 6.5 per cent.

Chairman of NPC, Mr Eze Duruiheoma, stated this in New York while delivering Nigeria’s statement on Sustainable Cities, Human Mobility and International Migration at the 51st Session of Commission on Population and Development.

Duruiheoma said: “Nigeria remains the most populous in Africa, the seventh globally with an estimated population of over 198 million.

Ports Authority Advocates Deployment of Flat Bottom Vessels

The Nigerian Ports Authority (NPA) has suggested the deployment of Flat Bottom Vessels (FBVs) in channels with low draught at the nation’s seaports.

The Managing Director, Ms Hadiza Usman, gave the advice while receiving a delegation of Nigerian Chamber of Shipping (NCS) in Lagos.

A statement issued on Friday by Isa Suwaid, an Assistant General Manager (Corporate and Strategic Communication) in NPA, quoted Usman as saying that the use of FBVs would be the solution for the limitations in some shallow draught channels, especially in Calabar and Warri Ports.

Manufacturers Association Decries 14% Lending Rate

The Chairman, Manufacturers Association of Nigeria (MAN)  Ogun Chapter, Wale Adegbite, on Thursday expressed disappointment over the Monetary Policy Committee’s (MPR’s) decision to retain all the monetary policy rates.

Adegbite expressed his view in an interview with the News Agency of Nigeria in Ota, Ogun.

He said MPC could have reduced the policy rates so as to jump-start the economy after the long seizure for close to two years.