Business Tips

'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.

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.