How Lagos LGs hamper our businesses – OPS

By Kazeem Ugbodaga

Captains of industry and members of the Organised Private Sector, OPS, have cried out over multiple levies being collected from them by officials of Local Governments in Lagos, saying the levies hamper their businesses.

This is coming as Governor Akinwunmi Ambode promises to streamline all levies collected by LGs in the state in order to curb harassment of the OPS by council officials. The captains of industry made their grievances known to the governor at the 5th edition of the Lagos State Corporate Assembly tagged: “A+ Meets Business,” held at the State House, Ikeja, Lagos, Southwest Nigeria, on Thursday.

45% of Nigerian graduates unemployed – survey

Nigeria needs to ramp up training and job creation schemes for university graduates, a leading recruitment agency said on Monday, after a survey indicated nearly half of those with a higher education qualification were unemployed.

3 ways to reshape your business in 2016

By Rosenthal

The dawn of a new year is the perfect time to take stock of your business. It’s a natural moment to reflect on the past year, celebrate your successes and analyze your setbacks — including both the hurdles you were able to overcome and the ones you weren’t. It’s a time to set goals for the coming year that are realistic and within reach, but that also push you to take your business up a notch.

Whether you’re aiming to beat last year’s sales performance, working harder to anticipate potential vulnerabilities, looking to launch a new product or taking the leap into a new market or industry, here are three simple things you can do to make 2016 your most successful year yet.
 

Lagos set to float N43bn Bond in Capital Market

By:Kazeem Ugbodaga

The Lagos State Government is set to float a new bond of N43 billion in the Capital Market this year as part of move to finance its budget deficit.

The state government is borrowing N119.7 billion to finance its budget deficit for this year. Out of the N662.588 billion budget for this year, the total revenue is put at N542.873 billion while the balance of N119.715 billion will be funded through borrowing.

Nigeria’s refineries back in production – NNPC

Nigeria’s struggling oil refineries are back in production and making enough gasoline to help “stabilise” its availability in the country, a spokesman for the Nigerian National Petroleum Corporation (NNPC) said on Tuesday.

Despite being one of Africa’s biggest oil exporters, the country imports nearly all its gasoline as it has struggled to produce fuel at its ageing refineries, which have suffered from years of neglect and perennial sabotage.

Economic Issues that Will Shape 2016

For a government which is implementing its first budget after it rode into power via a general election last year, the President Muhammadu Buhari-led administration is expected to do whatever it takes to make the 2016 budget work as much as it needs to show Nigerians the direction of his administration’s economic policy, writes Festus Akanbi

We ‘ll Revive Ajaokuta, Says Fayemi

Minister of solid minerals, Dr. Kayode Fayemi

By Atabor Julius in Lokoja

Against the backdrop of dwindling oil revenue and the need to diversify the economy, the minister of solid minerals, Dr. Kayode Fayemi has restated government’s  commitment to revive Ajaokuta steel company, saying it is in the front-burner of the present administration.

The minister stated this at Ajaokuta steel complex in Kogi State during a one-day official visit to the company, adding that the new government is approaching the company holistically to ensure that the steel complex works for the benefit of Nigerians.

Firm to Establish Refineries in Ondo, Lagos

Okon Bassey in Uyo

Two refineries are to be established in Ondo and Lagos states in the next 18 months courtesy of the management of Ode-Aye Refinery Ltd.

Speaking with newsmen in Uyo, Akwa Ibom State capital, on Monday, the Director of the company, Prince Bayo Otulana, said the refineries would involve one Greenfield and a modular refineries with an estimated cost of the modular refinery put at $8 billion on completion.

We can fix this economy

WHEN we say that the economic stagnation in this country has an international dimension to it, those who are satisfied with the status-quo shout us down. Thank God for Omoh Gabriel’s revelation in the Vanguard of November 16, 2015. According to Omoh: “The attempt to frustrate the nation’s efforts to move forward has been orchestrated by foreign investors, their media and the European Union and the United States of America.”

Sterling Bank Secures $40m Facility from Turkey EXIM Bank

Sterling Bank said it has secured a $40 million facility from the Turkey EXIM Bank.

The facility was granted by Turkey EXIM Bank following the conclusion of a due diligence on the bank.

In a statement at the weekend, the bank stated that the facility would be used to support trade businesses and projects with Turkish origin. With this development, members of the Turkish business community in Nigeria as well as Nigerian businessmen and women doing business with Turkish partners would have easy access to finance for  their businesses especially in the importation of necessary raw materials and other infrastructure for production which would  also serve as a catalyst for economic development in the country.

'N220bn Micro-credit Funds Lying at CBN for States'

    ....As Delta resumes micro-credit with N324.18m to beneficiaries
                   By Omon-Julius Onabu in Asaba

In line with its policy of expansion of access base to credit and wealth creation through small-scale businesses in the country, the Central Bank of Nigeria (CBN) has available to be accessed by various states’ microcredit schemes a sum of N220 billion.

Lagos Generated N1.08tn IGR in Five Years

36 states record N2.84 quadrillion
By James Emejo in Abuja

The Lagos State Government recorded a total of N1.08 trillion in internally generated revenue (IGR) between 2010 and 2014, according to the National Bureau of Statistics (NBS).

The state also recorded the highest IGR of N276.16 billion in 2014 alone, according to data posted on the NBS website at the weekend.

Adenuga: Future of Nigerian Economy is Very Bright

By Eromosele Abiodun

Chairman of Conoil Plc, Dr. Mike Adenuga has stated that despite challenges facing Nigeria at the moment, the future of the nation’s economy remains very bright.

Aviation Industry Supports 254,500 Jobs, Contributes N184.7bn to GDP

By Chinedu Eze

 

The aviation industry in Nigeria currently supports 254,500 jobs and contributes $940 million (N184.7 billion) to national GDP, according to a Philips Consulting report on the aviation sector made available to THISDAY.

Economic Pains to Continue for Next 10 Years, Says Jimoh Ibrahim

Group Managing Director of Energy Group, Mr. Jimoh Ibrahim

The Group Managing Director of Energy Group, Mr. Jimoh Ibrahim, has stated that the world economy will continue to be in pains for the next 10 years and that there is hardly anything any one could do other than to keep things together and avoid the extension of the likely recovery period.

Heritage Bank Approves N200m Facility for Graduate Entrepreneurs

By Nume Ekeghe

Heritage Bank Limited has put together N200million loan facility for young graduates willing to advance their dreams in small scale businesses. The Bank also gave a cash prize to Miss Onwura Onyinye Chima for outstanding performance during the service year that won her the Lagos State NYSC Director’s Award.

Nigeria loses N8.7bn using Incandescent bulbs — ECAN

Mr Goodluck Enyinnaya, Secretary, Board of Trustees, Electricity Consumers Association of Nigeria (ECAN), says Nigeria loses N8.7 billion yearly because many electricity consumers use Incandescent bulbs which consumes more energy.

Enyinnaya made the disclosure on Wednesday in an interview with the News Agency of Nigeria (NAN) in Abuja.

Imports: SON gives importers 3 months to get genuine certificates

The Standard Organisation of Nigeria (SON) has given a three month grace period between September to November 30, 2015 for all importers bringing in goods into Nigeria to obtain genuine SON certificates for all their imports or risk prosecution by the agency.

Customs Orders Immediate Removal of Restriction on Rice Import

The Comptroller-General of Customs, Col. Hameed Ali (rtd), has ordered the immediate removal of rice from import restriction list and the re-introduction of import duty payment at land borders.

    The Public Relations Officer of customs, Mr. Wale Adeniyi, made this known in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

    He said the restriction was only applied at land border stations before now, adding that the customs boss had lifted restriction on rice at border stations.

Ondo to begin chocolate production April 2016

The Ondo State Government on Friday said that a modern chocolate factory to process premium quality cocoa beans produced in the state would begin production of chocolate bars by April 2016.

The Commissioner for Information, Hon. Kayode Akinmade, made the disclosure at a news conference in Akure on Friday.

UBA Foundation Opens Entries for National Essay Competition

Group Managing Director/CEO, UBA Plc, Mr. Phillips Oduoza

UBA Foundation, the corporate social responsibility (CSR) arm of the United Bank for Africa (UBA) Plc has announced the opening of entries for the 2015 edition of its annual national essay competition.

Entries for the essay competition opened on September 30, 2015 and will close on November 13, 2015. The essay topic for this year is “What matters most to you in life and why.”

African investment leaders launch Sustainable Development Goals Business Statement

UN General Assembly in New York

Africa investor (Ai), a leading international investment and communications group, has announced that it has launched a seminal business statement on the Sustainable Development Goals (SDGs) entitled The Business of African Development Economic Development: Implementing the Sustainable Development and Finance Goals in Support of Agenda 2063 during the UN General Assembly.

CBN Supports Manufacturer with N2bn Grant

 

CBN Governor, Godwin Emefiele

By Nume Ekeghe

The Central Bank of Nigeria (CBN) through its Commercial Agriculture Credit Scheme (CACS) has granted EriscoFoods Limited N2 billion to expand its operations.

Interest on the loan is pegged at nine per cent and it is part of the central bank’s effort to support agricultural value chain.

Also, Erisco Foods has revealed that the loan would pave the way for it to meet the consumption needs of Nigerian as well as to export.

CBN raises concern over declining growth

The Central Bank of Nigeria, CBN, has raised concerns over the continued slow down of the country’s economic growth.

The central bank on Wednesday also said the banking system had enough liquidity to take up what foreign investors might sell after JP Morgan removed Nigeria from its bond index.

The CBN plans to retain foreign currency controls because of concerns about slowing growth, a senior bank official said on Wednesday.

Unlocking Agricultural Financing through Insurance

Nigeria’s agricultural practice will attract the needed financing by the time farmers embrace insurance of their activities, which will hedge lenders against perceived risks. This was the submission of participants at a training workshop on innovative agricultural insurance products in Lagos a fortnight ago, reports Festus Akanbi

Family business owners must make deliberate, systematic plan before death — experts

Experts have identified some of the various solutions to solving major problems often faced by family businesses towards succession and sustainability. This was the highlight of the inaugural public lecture in commemoration of the 40th Anniversary of the corporate existence of S. E. Nomuoja & Co. as Chartered Secretaries and Administrators, at NCA House, Alausa, Ikeja , Lagos recently.

 

Nigeria’s top 10 performing stocks

By Nkiruka Nnorom

On the top 10 performing stocks last week were the shares of Transnationwide Express Plc, Guinness Nigeria Plc, Okomu Oil Palm Company Plc, Evans Medicals Plc and Costain (W/A) Plc.

The rest were Cutix Plc, Smart Products Plc, P.Z Industries Plc and Associated Bus Company (ABC) Plc.

FifthGear Plus Unveils Marketplace Readiness Programme

By Anayo Okolie

As part of efforts to reduce the rate of unemployment in Nigeria, a concerned group, FifthGear Plus, has officially launched Marketplace Readiness Programme. The programme is sponsored by Microsoft, Etisalat Nigeria, Elevation Church, Daystar Assembly, Nigerian Stock Exchange, Credit Direct and Lekki Gardens.

Economy in trouble, as oil price crashes

 By Emeka Anaeto, Economy Editor & Clara Nwachukwu

LAGOS – Nigeria’s economy may be heading for trouble, as oil price crashed even lower at the weekend, thereby threatening the 2015 budget and fiscal plan.

The international price of crude hit a six-year low below USD40 per barrel with West Texas Intermediate crude oil futures as low as USD39.89, while Brent crude declined further to USD45.10 from previous week’s level of USD48.87 per barrel. Nigeria’s sweet crude is similar to the Brent.

Heritage Bank, EDC Collaborate to Boost SMEs

Heritage Bank Limited and the Entrepreneurship Development Centre (EDC) of the Pan African University (PAU) have gone into a partnership to bring together top chief executive officers to strengthen the activities of small and medium scale enterprises (SMEs) in the country.

NERC to Penalise Eight Discos for Abuse of Metering Scheme

By Chineme Okafor in Abuja

Following its dissatisfaction with the level of implementation of the Credited Advance Payment for Metering Implementation (CAPMI) by majority of the electricity distribution companies (Discos) in Nigeria, the Nigerian Electricity Regulatory Commission (NERC) yesterday said it would commence enforcement action against eight Discos for non-compliance with terms in the CAPMI initiative.

Nigeria losing out of $75b global leather industry – Survey

                         Karra cattle market near Lagos: Ogun government says it is an eyesore

Mr Olufemi Aluko, of the Faculty of Clinical Sciences, Obafemi Awolowo University (OAU), Ile-Ife, says Nigeria is losing out in the pack of countries competing for the 75 billion dollar global leather industry because of ponmo (hides and skin) consumption.

Aluko blamed the situation on the country’s neglect of the leather products industry in favour of oil production and consumption of its hides and skin as ponmo.

Enhance your business with social media

By Yinka Kolawole, with agency report

MARKETERS have all flocked to a very powerful platform we call the social media. Because who wouldn’t want to take advantage of the benefits of a low-cost marketing campaign with a wider audience reach?

However, just because social media presents a very good deal doesn’t mean you can try whatever other marketers do and expect the same shining outcome. Jill Bennett, a marketing specialist with Atlanta-based LitFire Publishing, enumerated some ways to facilitate the growth of your business by the use of social media.

Building an international business that funds itself from the outset

                                                       Johan Botes, founder of Consilia

Consilia, founded in 2012, is an independent ICT consulting firm that carries no debt and which has been largely self-funded since it was established. Group CEO Johan Botes looks at how his company has grown into an international operation over the past year.

Over the past three years, we grew our organisation into a healthy South African business, before spreading our wings with our offshore expansion plan. Today, we have practices in the UK, Middle East and Australia, with plans to expand to the US next year.

PH, Warri refineries begin work, to produce 335,000 barrels daily

                                         Dr. Joseph Dawha, Managing Director, NNPC

The Nigerian National Petroleum Corporation (NNPC), says Port Harcourt and Warri refineries have commenced preliminary production of petroleum products after successful test-runs.

In a statement by the Group General Manager, Group Public Affairs Division of NNPC, Mr Ohi Alegbe, in Abuja on Wednesday the refineries will produce 335, 000 barrels daily.

E-commerce to create 50,000 jobs in Nigeria

As e-commerce expands aggressively across Nigeria, the sector may help create over 50,000 jobs within the country in 2-3 years. This was stated by Managing Director of Kaymu.com.ng Evangeline Wiles.

In a statement in Lagos, Wiles said as more and more retailers turn to e-commerce to acquire new customers and increase profit, the growing trends in online shopping in Nigeria means more opportunities for web designers, logistics personnel and affiliated services.

7 Habits of Highly-Effective Entrepreneurs

By Dev Tandon
Founder and CEO of The Kini Group

Habits form our lives. They provide a framework on which we build professional success and personal happiness. As a society, we’re fascinated with the habits of others, usually prominent figures – celebrities, political figures, and, of course, famous entrepreneurs.  (Think: Richard Branson, Bill Gates and Mark Zuckerberg, to name just a few.)

My team and I often discuss these founders' routines and how we can emulate them ourselves. Here are the some interesting habits of famous entrepreneurs that can help give you starting points for your own successful daily routines.

GE Technology powers Lekki Free Trade Zone

General Electric (NYSE: GE) has announced four of its Waukesha gas Enginators were commissioned at Lekki Free Trade Zone (LFTZ) near Lagos, providing 12 megawatts (MW) of uninterrupted power supply to the first phase of the Lekki development zone.

Oversupply threatens global oil market —IEA

By Ediri Ejoh

NIGERIA and other oil  producing countries are set for tougher times following the fall in global oil prices, according to the Oil Market Report of the International Energy Agency, IEA.

The report revealed that oil prices are set to come under further pressure from easing global demand and an expanding glut of crude, while a re-balancing of the markets may last well into next year, the West’s Energy watchdog said last week.

Massive boost for entertainment industry as Glo signs on 28 ambassadors

By Ayo Onikoyi

Nigeria’s entertainment industry has received a massive boost from information communication and technology solutions provider, Globacom, as the network last week announced the signing of 28 artistes as brand ambassadors. The list is made up of 9 new ambassadors and 20 old ones whose contracts were renewed by Globacom.

It’s shameful to import toothpick, fish, eggs, sugar, wheat —CBN

By Emma Ujah, Abuja Bureau Chief

ABUJA — The Central Bank of Nigeria, CBN said that importers of rice, cement and other products will no longer access Foreign Exchange from CBN, banks and bureaux de change for such importation.

The CBN Governor, Mr Godwin Emefiele, who disclosed this at a news conference in Abuja, said the measure would prevent further depletion of the country’s foreign reserve.

Ondo ‘ll be Number One Tourism Corridor as Dome Nears Completion

 

Ondo State Governor, Dr Olusegun Mimiko

Ondo State Governor, Dr Olusegun Mimiko has projected that the state would soon assume the number one status in Tourism Corridor in the country.

Non-oil revenue exceeds earnings from crude in April, 2015

By Michael Eboh

NIGERIA’S earnings from the non-oil sector, for the first time in a long while, exceeded its oil revenue, accounting for 61.1 per cent of total federally-collected revenue in April 2015 with N448.83 billion. The country’s earning from the petroleum sector dropped to N286.24 billion, indicating that the low price of crude oil in the international market has continued to take its toll on the nation’s economy.

How Nigerian start-ups can attract investors – Essien

Mark Essien is the Chief Executive Officer of Nigeria’s largest online hotel booking portal, Hotels.ng. His company recently secured a $1.2 million investment, making it the only Nigerian e-commerce company to have 90 percent local equity stake. In this interview with JONAH NWOKPOKU, he spoke on how he managed the company to be able to attract such investment and how other start-ups can learn from his experience to also attract investors. Excerpts:

Unemployment crisis worse than NBS new statistics — Expert

 Picture of Job-seekers

Says it ‘s a time-bomb about to explode

By Prof. Akpan Ekpo

The former Federal Office of Statistics, now National Bureau of Statistics (NBS) has been calculating employment/unemployment statistics to guide policy over the years.  During the 1960s, data from the then FOS reflected full-employment in the economy. Even when government was concerned about rising unemployment, the FOS from 1983 – 1998 published unemployment rates average as 4.0 per cent signaling full-unemployment.  From 1999 to 2013, the rates of unemployment published by NBS mirrored the concern of government that unemployment was not only a major challenge but also indicated noticeable rising trend among youth unemployment. For example, in 2010, the rate of unemployment stood at 21.4 per cent and rose to 27.4 per cent in 2012 and declined to 24.7 per cent in 2013. These high rates clearly indicate that the economy has an unemployment problem. These rates are quite at variance with the 5-5.5 per cent full employment rates.

Miners move to create 300,000 jobs annually

By Gabriel Ewepu

MINERS under the aegis of Mining Association of Nigeria, MAN, have resolved to create about 300, 000 jobs in the sector. This was disclosed by the Chairman, MAN, Alhaji Sani Shehu, at a news conference with theme: “Mining is the Answer,” where he said that the association has also developed a five-year Strategic Developme

FG Targets Speedy Rural Electrification Using Renewable Power Sources

By Peace Desouza in Abuja

Nigeria is seeking to make speedy inroad in the supply of stable electricity to her rural and semi-urban communities using renewable energy sources such as solar.

To this end, the federal government has embarked on a massive training of young Nigerians to install and maintain solar power facilities built under its Operation Light-up Rural Nigeria (OLRN), which aims at deploying solar technologies to address the power deficits in rural areas of the country.

Sterling Bank Partners Group on Entrepreneurship Devt

Nume Ekeghe

As part of effort to educate and increase capacity in the small and medium scale enterprise (SMEs) space, Sterling Bank Plc in partnership with Leap Africa will enlighten chief executives and entrepreneurs on risk management.

5 Reasons You Should Start an Online Business in Your 20s

By Thomas Smale

It is never too early or late to chase your dreams and become an entrepreneur. Success comes in all ages, from Sam Walton starting Wal-Mart when he was 44 years old, to Moziah Bridges hitting $150,000 is sales at just 12 years old with his company Mo’s Bows.

While entrepreneurship has no boundaries and can be pursued by anyone, there are several benefits to getting started in your 20s. I was 22 when I started working for myself full time. Here are five reasons I encourage young entrepreneurs to start businesses, specifically online businesses, in their 20s.
 

Industrialisation is solution to mass unemployment (2) — Prof. Ogbimi

Prof.Ogbimi

How can African nations, Nigeria in particular, be industrialized like Europe, America and Asia?

A very important result of our curiosity-driven research is that all the industrialized nations of today were agricultural/artisan, non-industrialized and poor nations for 2000-3000 years. This finding suggests that the development process is a serious matter. More importantly, the Euro-Asian experiences raise three fundamental questions.