Business Tips

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.

'FG Committed to Ease of Doing Business in Nigeria'

The Senior Special Assistant to the President on Industry, Trade and Investment‎, Dr Jumoke Oduwole, says the Federal Government is committed to ensuring Ease of Doing Business in Nigeria.

Oduwole said this during a stakeholders sensitization workshop held in Kano.

The presidential aide, who is also the Coordinator of the Enabling Business Environment Secretariat, said Government was taking measures to reduce the duration of doing business.

She said that the secretariat had made tremendous progress in that regard.

Buhari Commissions Ikeja Bus Terminal, Flags off Lekki Deep Seaport Project

President Muhammadu Buhari on Thursday commissioned the Ikeja Bus Terminal as part of the activities to mark his official two-day visit to Lagos.

The Terminal is one of our flagship transport infrastructure under the Lagos State Bus Reform Initiative by Governor Akinwunmi Ambode

Governor Akinwunmi Ambode, the host witnessed the commissioning. The terminal is first of its type in Nigeria, in Ikeja, capital of Lagos state,

The Ikeja Bus Terminal was developed by the State government as part of the infrastructure for the Lagos Bus Reforms Project.

How Billions were moved to Jonathan’s Residence from CBN ahead of 2015 Elections

More details have now emerged showing how billions of naira and hundred millions of dollars were illegally removed from the public till by the Jonathan administration specifically ahead of the 2015 presidential elections.

The information came on the tail of the denial by Jonathan’s spokesmen that any money was taken illegally out of the Nigerian treasury and shared by Jonathan and his aides.

Nigeria Needs to Boost Social Spending to Sustain Growth –Gates

Nigeria needs to boost investment in social infrastructure to lift its population out of poverty and achieve a higher income status, billionaire Microsoft co-founder Bill Gates told Reuters on Thursday.

Gates said in an interview that his Bill & Melinda Gates Foundation has committed $1.6 billion so far in Nigeria to fund pilot projects targeted at healthcare, agriculture and financial inclusion, its biggest investment in Africa.

Investor Protection Fund: SEC Disburses ₦17.09m to Investors

The Securities and Exchange Commission (SEC) on Wednesday said that the sum of N17.09 million has been disbursed to 297 investors from its National Investor Protection Fund (NIPF).

A source close to the commission disclosed this in an interview with the News Agency of Nigeria in Lagos.

The source said the NIPF board at its first meeting on Dec. 14, 2015, approved N25 million from the fund, adding that out of the figure, the sum of N17.09 million was used as compensation.

Carbon Cuts Could Help 15 Cities Each Avoid at Least 1 million Early Deaths –Report

Fifteen cities in Asia and Africa could each see at least a million fewer premature deaths this century if they cut toxic carbon dioxide emissions along the levels promoted in the global climate change agreement, scientists said on Monday.

The metropolis of Kolkata in India stands to benefit most from cutting carbon pollution - a by-product of burning fossil fuels like oil, gas and coal - with 4.4 million fewer early deaths by 2100.