Business Tips

Inflation Rate Drops to 15.13%

The National Bureau of Statistics (NBS) says the inflation rate, measured by the Consumer Price Index (CPI), has further dropped to 15.13 per cent in January from 15.37 per cent recorded in December, 2017,

The NBS disclosed this in its CPI report for January 2018 released on Wednesday in Abuja.

The Consumer Price Index (CPI), which measures inflation, started the year 2018 increasing by 15.13 per cent (year-on-year) in January 2018

According to the bureau, this is 0.24 per cent points lower than the rate recorded in December (15.37 per cent).

Export Expansion Grant: Nigerian Government Budgets ₦9.7b

The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, has disclosed that the resuscitation of the Export Expansion Grant programme of the ministry would gulp about N9.75billion in its proposed 2018 budget.

The minister also disclosed that the ministry generated about N730 million in the year 2017 as against the projected revenue of about N812 million, the Voice of Nigeria reports.

The generated sum he said had been remitted into the federation account.

Britain to add Naira to List of Accepted Trade Currencies

Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency.

The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with Britain, it said, according to Reuters’ report.

Venezuela wants Stronger Ties with Nigeria

President Nicolas Maduro of Venezuela has called for stronger bilateral ties between his country and Nigeria.

Maduro made the appeal when the new Nigerian Ambassador to Venezuela, Amb. Martin Cobham, presented his Letters of Credence to him in Caracas.

A statement by the Nigerian Embassy in Caracas said that Maduro also called for sustained interaction with Africa, the News Agency of Nigeria reports.

He further urged for increased South-South co-operation in the various international fora.

China, Nigeria Bilateral Trade Hit ₦4.97tr

The Consul-General of the People’s Republic of China in Lagos, Mr Chao Xiaoliang, says trade between China and Nigeria in 2017 amounted to about N4.97 trillion (13.78 billion dollars).

Chao made the announcement at the celebration of the Chinese New Year, also known as the Spring Festival in Lagos by hundreds of Chinese nationals, with their Nigerian and non-Nigerian friends.

According to him, the year 2017 also promoted more fruitful people-to-people friendships between Chinese and Nigerians.

Diaspora Nigerians: Experts in U.S. Plan to Invest Back Home

Some accomplished Nigerian professionals and experts in the U.S. have expressed their eagerness to carry out investments to fast–track the economic development of Nigeria.

Some of the professionals at the inauguration of the Nigerians-American Business Forum at Florida, said they were determined to use their wealth of experience to develop their fatherland, the News Agency of Nigeria reports.

They said many of them started in Nigeria where they had free world-class education and were able to compete and succeed on the global stage.

Weekly Economic and Market Report

According to data from IHS Markit, global manufacturing Purchasing Managers' Index (PMI) recorded a positive start to the year at 54.4. Although coming at a slower pace, growth remained broad-based, with upticks recorded in consumer, intermediate and investment goods industries, as well as across all nations covered by the survey, save for Angola, where operating conditions were broadly stagnant during the period. The euro area remained the major driver of growth in the period, while growth in the US, Japan, China, Brazil, etc., also remained healthy.

African States Launch Single Aviation Market to Boost Economic Growth

Nearly two dozen African countries launched a single aviation market on Monday, a potential boon for the industry in a region where it is hampered by government protectionism, high taxes and stringent regulation.

The Single African Air Transport Market would facilitate the free movement of flights between African countries by liberalizing frequencies, fares and capacities, breaking down barriers that have in the past increased costs.

AU, UN Sign Agreements on Development

The African Union (AU) and the United Nations (UN) have signed framework agreements for the Implementation the agenda for sustainable development.

The two agreements on Agenda 2030 and 2063 for Sustainable Development were signed at the on-going 30th AU Summit in Addis Ababa.

The UN Secretary-General António Guterres said after signing the agreements that strong cooperation with the AU was essential for the UN to be able to fulfil its mandate.