Business Tips

Metals import gulps $3.3b annually –Minister

Nigeria spends about $3.3bn every year on the importation of metals, the Minister of Mines and Steel Development, Olamilekan Adegbite, stated on Monday.


He stated this in his remark at the takeover ceremony of assets of steel plants of Standard Metallurgical Company Limited in Ogun State by KAM Steel Integrated Company Limited.


KAM Steel, a subsidiary of KAM Holding, acquired SMC at N60bn.


CAC to regulate e-signature, e-meeting promoted by CAMA

The Corporate Affairs Commission (CAC) has said it will regulate e-signature and e-meeting promoted by the Companies and Allied Matters Act (CAMA) 2020 to checkmate cyber fraud.

Mr Tolulope Sonaike, an Assistant Director of the commission stated this at the 10th webinar series organised by DCSL Corporate Services Limited in Lagos.

The webinar had as its theme “A ‘Discourse on CAMA Act 2020 and its Implications for Businesses”.

Economic Sustainability Plan: Vice President seeks private sector collaboration

Nigeria’s Vice President, Prof. Yemi Osinbajo, has called for the collaboration of the private sector in the implementation of the country’s N2.3 trillion Economic Sustainability Plan, ESP, as government consolidates efforts designed to ward off a deep recession and effect significant changes in the economy.

Prof. Osinbajo made the call on Friday at the virtual edition of the Presidential Policy Dialogue of the Lagos Chamber of Commerce and Industry (LCCI).

Nigeria generated ₦3b from rail transport service in 2019 –Rail Corporation

The Nigeria Railway Corporation (NRC) says it generated N3.09 billion in the year 2019 from train service operations nationwide with N1.5 billion generated from the Abuja-Kaduna rail service.

The Managing Director of NRC, Engineer Fidet Okhiria, who disclosed this, said the Abuja-Kaduna rail line generated about N130 million monthly revenue in 2019 as against the N80 million generated in the previous year noting that the rail line has been able to breakeven.

Association challenges Government on providing enabling business environment

The Kwara Coalition of Business and Professional Association (KWACOBPA) has called on the state government to look into pervading insecurity in business environment in the state.

The call was contained in a presentation during the virtual launch and unveiling of Kwara state business agenda.

Business owners in the country and abroad, including the state governor, AbdulRahman AbdulRazaq who was represented by the state Commissioner for Enterprise, Wahab Femi Agbaje participated at the virtual launch.

NIPOST: LCCI wants regulatory framework reviewed

The Lagos Chamber of Commerce and Industry (LCCI) has called for the review of the regulatory framework of the Nigerian Postal Service (NIPOST) in the interest of the Nigerian economy, business continuity, private sector development and job creation.

Dr Muda Yusuf, LCCI Director-General, made this known in a statement on Sunday in Lagos that a framework in which NIPOST was both a regulator and an operator was detrimental to the development of courier business in the country, and inconsistent with best practices globally.

CAC starts new policy on company Certificate delivery

The Corporate Affairs Commission CAC says company registration certificates will henceforth be sent to customers through courier services or electronically to avoid physical contact with clients.

The Registrar General, CAC, Mr. Garba Abubakar, said this while reacting to issues that led to a protest by some aggrieved customers at the Corporate Headquarters of the Commission in Abuja, Nigeria’s capital.

ICRC attracts $8b investments through Private Public Partnership

Nigeria’s Infrastructure Concession Regulatory Commission (ICRC), has attracted about eight billiion dollars investments into the country since its establishment in 2008.

The ICRC Director-General, Mr Chidi Izuwah disclosed this when he received the Ambassador of the Republic of Indonesia to Nigeria, Mr Usra Harahap who paid him a courtesy visit in Abuja, the nation’s capital.

COVID-19: Nigeria extends eased lockdown

The Nigerian Government has extended the eased lockdown currently in place by four more weeks.

The Secretary to the Government of the Federation and Chairman of the Presidential Task Force on COVID-19, Boss Mustapha revealed this at the daily joint press briefing in Abuja, Nigeria.

The Presidential Task Force on COVID-19 noted with concern the lack of compliance with the guidelines and medical advisories given daily.

The SGF, however, emphasised that the Corona virus was still dangerous and had continued to wreak havoc on countries.

NEPZA lauds FG`s commitment to Free Trade Zone Scheme

The Nigeria Export Processing Zones Authority (NEPZA), has expressed satisfaction with Federal Government’s commitment toward efficient management of the Free Trade Zone Scheme for speedy national economic recovery and growth in post COVID-19.

NEPZA’s Acting Managing Director, Mr Bitrus Dawuk, made the commendation on Monday in Abuja in his presentation titled, “Seeking New Frontier for Repositioning NEPZA for Maximum Investor Attraction and Retention in the Post COVID-19 Era’’ via Webinar online conference.