Business Tips

Chamber of Commerce urges government to stabilise food prices

The Lagos Chamber of Commerce and Industry (LCCI) yesterday urged Federal Government to show more commitment to measures aimed at stabilizing food prices through improved food production, post-harvest management and transportation.

Mr Babatunde Ruwase, LCCI President, made the plea at the 2nd edition of the chamber’s quarterly state of the economy media briefing in Lagos, South-West Nigeria.

Ruwase said the plea was to reduce the inflation rate as reported for the month of May largely caused by volatility of food prices, Voice of Nigeria reports.

Nigeria, Africa’s total merchandise trade stands at $997.9b

Nigeria and the rest of Africa’s total merchandise trade in 2018 have been estimated to be 997.9 billion dollars, retaining its number one position as the fastest growing regions in the world.

Dr Hippolyte Fofack, Afreximbank’s Chief Economist said this was contained in the African Trade Report 2019 inaugurated on the side line of the on-going Afreximbank Annual Meeting (AAM2019) in Moscow.

The World Trade Organisation estimates reviewed that the volume of global merchandise trade grew by three per cent in 2018, down from 4.6 per cent in 2017.

Airfreight stakeholders urge government towards export, import trade boost

The Airfreight Stakeholders Forum (ASF) has urged the federal government to make export and import trade an alternative source of income for the nation in line with economic diversification.

Mr Toyin Olufade, National Chairman of ASF, said this in an interview in Abuja.

“The nation is so reliant on petroleum, 90 per cent of the nation’s income comes from there, and therefore we need to develop an alternative source of income for the nation.

Nigeria-Russian Economic Relationship: Chamber of Commerce adopts New Strategies

The Abuja Chamber of Commerce and Industry (ACCI) on Monday unveiled new strategies and innovative ways to deepen Nigeria-Russian economic relationship.

The ACCI President, Adetokunbo Kayode, said this in Abuja at the Nigeria-Russian Business Forum.

He said the 2-day forum would be used to revive the old economic ties that had existed between the two countries.

Invest in Human Capital, UK Agency tells Nigeria

The UK Department for International Development (DFID) has advised Nigeria government to invest in its human capital, if it must attain it greatness.

Debbie Palmer, Head of DFID Nigeria, gave the advice in her remark at the opening ceremony of an induction of new and returning governors, organised by the NGF Secretariat on Monday in Abuja, the News Agency of Nigeria reports.

Palmer said that the Nigeria population had always being a hug asset and path to its greatness.

AfDB attracts $38.7b investment to Africa

The President of Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has revealed that the African Investment Forum facilitated by the bank in 2018 succeeded in mobilizing $38.7 billion of investments for African.

Adesina reported that of the amount, about $7.1 billion would be invested in Nigeria.

After a meeting with President Muhammadu Buhari on Tuesday, he told journalists that the bank was in the period of general capital increase to put Africa in different perspective.

Nigeria seeks private investors for aircraft leasing venture

Nigeria plans to set up an aircraft leasing company to help domestic and African carriers obtain new planes and is seeking private partners for the venture, the government said on Monday.

Most airlines in Nigeria want to expand their fleets, but high financing costs and currency risks have hampered growth. Nigerian airlines’ revenues are in naira, while most of their costs are in U.S. dollars.

The government said in a statement the new company would initially lease aircraft from international lessors and sub-lease them to domestic operators, Reuters reports.

Sweden to strengthen ties with Nigeria on digital economy

Some Swedish firms, businesses and universities will strengthen their partnership with Nigeria on Information Communication Technology (ICT) and digital economy.

Stephan Tillander, the Charge D’Affair, Embassy of Sweden in Nigeria, said this when he spoke with State House correspondents after leading a Swedish business delegation to a closed door meeting with Vice President Yemi Osinbajo, the Voice of Nigeria reports.

Ease of doing business: Nigeria’s rank moves up

The Nigerian Ministry of Information says, the country has moved twenty-four points up in the global ranking of ease of doing business.

The Minister of Information Lai Mohammed stated this in Abuja while defending the Ministry’s 2019 budget before the House of Representatives Committee on Information and Culture, Voice of Nigeria reports.

He said that the development was a result of the Ministry’s advocacy and enlightenment programmes in and around the world.

Micro Pension Plan to reduce old age poverty 85%

The National Pension Commission (PenCom) says that the inauguration of the Micro Pension Plan (MPP) would ensure a significant 85 percent reduction in old age poverty in Nigeria.

PenCom’s Director-General, Aisha Dahir-Umar, said this at the official inauguration of the plan in Abuja, Nigeria’s capital city.

Dahir-Umar added that the launch of the plan was a first time window of opportunity opened to self-employed Nigerians and those working in the informal sector to participate and enjoy benefits in the Contributory Pension Scheme (CPS).