Business Tips

Nigeria’s 7 Strategic Minerals: Our Alternative to Clean Energy?

Taking a ‘peek’ into the history of Nigeria, one can be overcome with acute nostalgia for a country which had been largely sustained by agricultural and solid mineral extraction prior to the oil boom. Though richly bestowed with a minimum of 44 different types of mineral resources, predominantly untapped, Nigeria is yet to gain value from many of its mineral resources which have been identified in more than 500 locations.

Nigeria, Morocco Collaborate on Agricultural Insurance

Nigeria and Morocco have set up a steering committee to develop a sustainable crop insurance scheme for the country.

The Committee, comprising representatives of the Nigerian Agricultural Insurance Corporation (NAIC), Bank of Agriculture, the Moroccan agricultural insurance company, MAMDA and MAMDA RE.

In developing the insurance scheme, the committee is expected to use parametric products and leverage on the Moroccan model for crops covering selected areas of between 5000 and 10,000 hectares of land.

Nigeria Stand-in Careful not to Upset the Boat as Buhari Steers from London

The window for Yemi Osinbajo, Nigeria's stand-in president, to launch bold economic reforms and wrestle the ill-disciplined naira currency into shape is fast closing.

President Muhammadu Buhari signalled over the past weekend that he is ready to return from receiving medical treatment in London as soon as his doctors allowed it.

That could pay investor hopes for economic changes to qualify Nigeria for a World Bank loan to drag it out of recession. It will also leave the plethora of naira exchange rates standing, albeit perhaps closer to each other.

NNDC, Turkish Firm to Revive Kaduna Textile with $15m

The New Nigeria Development Company (NNDC) says it will invest 15 million dollars through a partnership with a Turkish firm to reactivate the collapsed Kaduna Textile company.

The Group Managing Director, Dr Ahmed Musa, said this to newsmen shortly after a closed-door meeting with the Turkish business delegation at the NNDC’s head office in Kaduna.

The delegation had earlier inspected the site of the firm and the Defence Industries Corporation of Nigeria, both at the Kakuri Industrial Layout in Kaduna.

Nigeria to Refinance $3b worth of T-bills with Dollar Debt

Nigeria plans to refinance $3 billion worth of maturing naira-denominated short-term treasury bills with dollar borrowing of up to three years' maturity, to lower costs and improve its debt position as the economy recovers from a recession.

Finance Minister Kemi Adeosun said on Wednesday she was aiming to borrow less in naira and more in foreign currency. She said the government could borrow at a cost of 7 percent overseas, roughly half the interest rate it currently pays locally.

Nigerian Bourse Remains Bullish

The Nigerian bourse maintained the positive performance witnessed since the start of the week as the All Share Index (ASI) rose 38bps to close at 38,144.02 points. Consequently, Year-to-date gain improved to 41.9% while market capitalization added N49.8bn to settle at N13.2tn. Today’s positive performance was largely driven by sustained interest in Consumer Goods and Banking stocks including NESTLE (+3.9%), GUINNESS (+10.2%) and GUARANTY (+0.8%). Similarly, activity level increased as volume and value traded rose 50.6% and 20.3% to 328.7m units and N6.1bn respectively.

Brazil seeks Stronger Economic Ties with Nigeria

The Consul-General of Brazil in Lagos, Amb. Maria Figueiredo, on Monday announced the new interest of Brazilian companies in doing businesses with Nigeria and Nigerians, Voice of Nigeria reports.

Figueiredo, who made the announcement in Lagos at a Brazil/Nigeria Business Forum, said that the companies had realised the need for mutually beneficial business relations with Nigeria.

The Consul-General said that a Trade Mission of 11 different companies were at the one-day forum to indicate the new interest of Brazilian companies in the Nigerian economy.

Nigeria, Singapore Trade Hit ₦846b

Finance Minister Kemi Adeosun has said the volume of trade between Nigeria and Singapore reached N846 billion from 2011 to 2015 with absolute balance of trade of N222 billion in favour of Nigeria.

She announced this in Abuja at the signing of an agreement on avoidance of double taxation with Singapore.

The balance of trade net of petroleum export stood at N42 billion in favour of Singapore, while the volume of Foreign Direct Investment (FDI) from Singapore to Nigeria between 2010 and March 2015 was $908.8 million.

GEFF: Growth of Responsible Investment in Japan & Malaysia to Constitute Case Studies

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.