Business Tips

Nigeria needs ₦120b for coronavirus battle, turns to private sector

Nigeria has appealed to private companies to make voluntary contributions towards the 120 billion naira ($330 million) that the government says it needs to fight the coronavirus epidemic, Reuters reports.

“So far, the federal government has made giant strides in the fight but it is clear that the private sector needs to step in and support efforts already being made,” Central Bank Governor Godwin Emefiele said.

Nigeria imposes cargo vessel restrictions to curb coronavirus spread

Nigeria will only allow cargo vessels that have been at sea for more than two weeks to dock in its ports to prevent the spread of coronavirus, President Muhammadu Buhari said on Thursday.

Health experts fear a widespread outbreak in Africa’s most populous country of 200 million people which could overwhelm its creaking healthcare system.

Nigeria has closed its land borders and international airports in the last week to curb the spread of the virus.

Exchange Commission calls for more retail investors

The Securities and Exchange Commission (SEC) has called on the Nigerian media specifically capital market correspondents to intensely cooperate with the capital market regulators and other stakeholders to foster more domestic investor participation in the retail Market.

The Acting Director General of the Securities and Exchange Commission, MS. Mary Uduk, said this while giving her speech as the key note speaker at the just concluded forum organized by the Capital Market Correspondents Association of Nigerian (CAMCAN).

Vibrant commodities market will create jobs –VP Osinbajo

Nigeria’s Vice President, Professor Yemi Osinbajo has stated that a vibrant commodities market will create jobs and reduce poverty in Nigeria.

Osinbajo, spoke at the beginning of a 2-day International Conference on the Nigerian Commodities Market (ICNCM 2020) held in Abuja, the nation’s capital.

The event which was organized by the Securities and Exchange Commission (SEC), has as it’s theme: Commodities Trading Ecosystem: “Key to diversifying Nigeria’s economy”.

Economy: Global central banks take action to fight coronavirus

In a bid to combat the coronavirus pandemic that has paralyzed large parts of the world’s economy, the United States Federal Reserve and its global counterparts moved aggressively with sweeping emergency rate cuts and offers of cheap dollars.

The coordinated response from the Fed to the European Central Bank (ECB) and the Bank of Japan (BoJ) were reminiscent of the steps taken just over a decade ago in the wake of the financial crisis.

African free trade, road to service delivery excellence

“Nigeria will excel in service delivery with the Africa Continental Free Trade Agreement (AfCFTA) billed to take off in July.” These were the words of Mr Nwiabu Nuka, Executive Director of Nigeria Private Sector Alliance.

He stated this during a panel discussion organised by Greeners Business-to-Business, to mark its Annual National Economic Dialogue 2020 in Abuja.

The economic dialogue has a theme “Positioning Nigeria’s Creative Industry as Growth Engine of Africa Continental Trade Agreement (AFCTA)”.

Oil prices drop as traders assess China’s oil demand

Oil prices edged down on Monday but held recent ranges as traders assessed China’s oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets.

Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fueled concerns of excess supplies.

Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade, the lowest since January 2019, before recovering to $54.37 by 0517 GMT, down 10 cents.

FCMB: Nigeria’s Best Bank for SMEs in Sustained Empowerment of Businesses

Small and Medium Scale Enterprises (SMEs) are globally recognized as engines of socio-economic transformation. In Nigeria, they are at the heart of a push for economic prosperity.

Together with micro-scale ventures, these businesses contribute almost half of the national Gross Domestic Product (GDP), employ 76.5 percent of the national workforce and account for 7.64 percent of export receipts, a joint survey by Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in 2017 shows.

Economic Council to fund infrastructure with ₦2tr Pension loan

Nigeria’s National Economic Council plans to borrow N2trillion from the N10trillion accumulated Pension Funds to fund infrastructure in the country.

Governor of Kaduna state Nasir El-Rufai gave the indication while briefing State House correspondents after the meeting of the Council presided over by Vice-President Yemi Osinbajo.

El-Rufai heads the committee set up by the NEC to seek ways of leveraging on a portion of the Pension Funds for investments in infrastructure.

Nigeria receives $17.5b diaspora remittances in 2019

Nigeria received $17.57 billion in direct diaspora remittances between January and November 2019. Data obtained from the Central Bank of Nigeria (CBN) revealed.

The latest data published by the apex regulator stated that the remittances rose by 56.4% when it increased from $11.23 billion within the same period in 2018 to $17.57 billion in 2019.

Remittances are funds transferred from migrants to their home countries. For many developing nations, remittances from citizens working abroad provide a financial source of much-needed funds.