Business Tips

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.

Nigeria, China Bilateral Trade Hits $11.2b in 10 Months

The trade and economic cooperation between Nigeria and China has prospered with bilateral trade hitting $11.2 billion with first 10 months of 2017.

The figure put the growth rate at 28.5 per cent which made Nigeria as China’s third largest trading partner and second export partner in Africa.

Mr Zhao Linxiang, Economic and Commercial Counsellor, Embassy of China made this disclosure at a reception for participants of training courses in China in Abuja on Thursday.

Nigerian, Regional Markets Have Huge Growth Potential –Reuters’ Report

With Africa’s most populous country out of recession, and the wider region on the path to growth, the world’s consumer goods companies are looking to cash in.

Last month, Unilever opened a $12 million Blue Band margarine factory in Nigeria’s southwestern state of Ogun so that it does not have to import margarine from Ghana, as it has in recent years. It is also in talks with suppliers to switch to a locally-sourced flavouring agent for its toothpaste.

SEC Extends E-dividend Free Registration

The Securities and Exchange Commission (SEC) has extended period for the free e-dividend registration to Feb. 28, to encourage more shareholders participation in the initiative.

The commission in a statement obtained by the News Agency of Nigeria indicated that the extension was part of its developmental role.

It said that the extension became necessary to encourage more shareholders mandate their bank accounts.

Nigeria Expects $700m from International Sources –DMO

Nigeria expects to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) said on Tuesday.

The DMO gave no details of which sources the government could tap but director general Patience Oniha told Reuters in October the country is talking to the World Bank about concessionary loans.

The government raised $2.8 billion in the international market last year, selling $2.5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.

NAICOM Releases Approved Rates for Compulsory Insurance

The National Insurance Commission (NAICOM) as part of efforts to curb the increasing challenge of rate cutting in the industry, on Monday released approved rates for compulsory classes of insurance to the operators.

The approved rates for compulsory classes of insurance were announced in a statement by the commission’s Head of Corporate Affairs, Mr Rasaaq Salam, signed by the Acting Director, Authorisation and Policies, Mr Leonard Akah.

The statement said every operator should be guided by these rates in their various transactions.

Customs Targets ₦1.5 tr in 2018

The Nigeria Customs Service has set a revenue target of N1.5 trillion for 2018.

The Comptroller-General of Customs, Hammed Ali, disclosed this at the first management meeting for 2018 held in Abuja.

A statement by Joseph Attah, Customs PRO on Monday, said that in 2017, the Service generated N1.37 trillion, surpassing the year’s target of N770.57 billion.

According it, promotion of officers, which would soon be approved by the board and the review of salaries, payment of bonus to Customs officials, were discussed.

Lagos Revenue hits ₦504b, says Ambode

Gov. Akinwunmi Ambode of Lagos State on Thursday said that the state generated a total of N503.7billion revenue in 2017 despite the harsh economic climate in the country.

Ambode spoke at the state’s first quarter 2018 Town Hall Meeting in Ikeja. He did not indicate whether the whole amount was for IGR (Internally Generated Revenue).

The governor said that he would vigorously pursue all infrastructure projects and remain focused to the task of building a virile Lagos.

“Despite the harsh economy, our state budget performed at 82 per cent.