Business News in Brief

CMC To Boost Local Participation On The Exchange

The Capital Market Committee (CMC) has reiterated its commitment to further boost domestic investors’ participation in the Nigerian Stock Exchange.

Consequently, the committee said it hosted the second annual Capital Market Committee Retreat in Asaba to showcase the potential of the Nigerian market, as well as deepen activities on the Exchange.

IoD Decries High Cost Of Doing Business In Nigeria

The Institute of Directors (IoD), Nigeria, has condemned the high cost of doing business in Nigeria, saying it is the bane of economic growth and development in the country. The institute identified the following problematic factors affecting cost of doing business: access to and high cost of finance, lack of infrastructure and good operating environment, smuggling and substandard goods, lack of local patronage, dearth of industrial skills, and absence of investment in innovation.

IBM Partners Lagos On Smarter Cities Challenge

IBM has named Lagos amongst 31 other cities globally selected for its Smarter Cities Challenge grant for 2013. Launched in 2011, the IBM Smarter Cities Challenge is a three-year, 100-city, $50 million competitive grant programme.

The initiative is IBM’s single-largest philanthropic initiative globally, where the leading technology and business consulting company assigns a team of six top IBM experts to each winning city to study a key issue identified by the city’s leadership.

Etisalat to spend $400 million on infrastructure upgrade

Etisalat Nigeria plans to spend over $400 million on network expansion across the country as part of its 2013 budget.

The Chief Executive Officer of Etisalat Nigeria, Steve Evans, said the company would be investing more in both 2G and 3G networks in rural and urban centres respectively in 2013, adding that with about 3,500 Base Transceiver Stations (BTS) across the country, Etisalat would target 20 million active subscribers by the end of next year.

Airtel Concludes Largest Network Upgrade In African

India’s Bharti Airtel has undertaken an end-to-end network transformation program across its mobile operations in 16 African countries.

The programme, which is the largest of its kind on the African continent, in partnership with Ericsson, involved a comprehensive upgrade and expansion of network elements on all of Airtel’s African operations.

The network transformation program is expected to enhance Airtel’s network capacity and help deliver best-in-class services to its subscribers at affordable rates.

MTN Embarks On Nationwide Network Upgrade

For the next nine months, MTN subscribers in certain areas of the country may experience slight service disruptions as the company embarks on a comprehensive network modernisation and swap-out exercise.

The project which is expected to cover MTN network across the country is being embarked upon in order to significantly enhance the current network capacity and provide much improved quality of service to subscribers.

24-Hour Start-to-finish Business Registration

The Corporate Affairs Commission (CAC) recently announced the introduction of 24-hour start-to-finish registration service in its two Lagos offices, Yaba and Alausa.

All new applications for registration under Parts A, B and C of the Companies and Allied Matters Act –application for registration of Limited Liability Companies, Business Names and Incorporated Trustees– are now processed directly by the two Lagos offices and certificates of registration issued to customers within 24 hours from the time of filing.

Microfinance Banks To Begin Money Market Operation

The proposed Microfinance Money Market Operation (MMMO) will become operational by the first quarter of 2013, the National Association of Microfinance Banks (NAMB) has said.

The president of the Lagos State chapter of NAMB, Valentine Whensu, said the modalities for the operation of the MMMO were being finalised, adding that the association was working with Kakawa Discount House to ensure its smooth implementation.

Nigeria Seeks Afreximbank’s Support

(Photo: Nigerian Vice-President Namadi Sambo flanked by Afreximbank President
Jean-Louis Ekra (left) and Executive Vice-President Okey Oramah (right))

Nigerian Vice-President Namadi Sambo has urged the African Export-Import Bank (Afreximbank) to support Nigeria’s economic development by enhancing the Bank’s activities, particularly in the areas of agricultural and development financing.

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