Nigeria Economy news

By Uche Usim, Abuja
The Afri-China Media Centre has described huge investment in transport infrastructure as a major fulcrum on which Nigeria’s economic prosperity hinges.
Speaking at the public presentation of a book on Abuja Integrated Mass Transport System yesterday in Abuja on Wednesday, the Executive Director of the Afri-China Media Centre, Mr Ikenna Emewu noted that the Abuja integrated transport currently handled by the China Civil Engineering Construction Corporation (CCECC) should

StarTimes GO, an e-shopping channel on pay-TV platform StarTimes, has partnered top retail and tech brands on Black Friday Sales on November 27.
[contact-form]Shoppers will have the opportunity to buy select tech and household products with up to 50% discount.
The Black Friday will hold on StarTimes GO Channel 002 and Facebook page @StarTimesGO live from 10am.
The goods on display are directly from manufacturers and StarTimes has partnered them to subsidize the goods, saving shoppers extra money

Nearly every investment instrument in the world has some level of risk associated with it – some are less risky than others like mutual funds, while some instruments like derivatives carry very high-risk elements – which make them only suitable for experienced investors or speculators.
One cannot simply make an investment without considering the risk factors involved in it. The level of risk can be different for each financial market or instruments and can be mitigated by taking app

File: insurance
By Rosemary Onuoha
INSURANCE
Coronation Insurance Plc said it grew its Gross Written Premium, GPW, by five percent to N13.26 billion for third quarter   ended 30th September, 2020 (Q3’20) as against N12.68 billion recorded in the corresponding period in 2019.
The company said that it sustained the consistent growth in premium by the attainment of leadership status on some major accounts and enhanced underwriting capabilities.
READ ALSO:Senate Moves to make Law Sch

*Apapa port
By Tordue Salem, Abuja
MARITIME
The National Assembly may be on its way to open investigations on the three calibre mobile scanning machines belonging to the Nigeria Customs Service, NCS, worth USD120 million (approximately N48 billion) currently rotting away at the Apapa port.
The Customs Area Controller, CAC, of Apapa Area 1 Command, Mohammed Abba-Kura had, yesterday, told the House Committee on Customs and Excise, that ‘Smiths Hiemann 2533 HCV’ machines which were inst

Uche Usim, Abuja
The Nigeria Deposit Insurance Corporation (NDIC) is proposing the establishment of the African Centre for Deposit Insurance (ACDI) to be domiciled in its NDIC Academy, Abuja to provide training and enhance the capacity of staff of member countries on the continent. The development has since attracted the commendation of the International Association of Deposit Insurers (IADI).
The commendation came at the Annual General Meeting of the IADI Africa Regional Committee (ARC) on Tues

The UBA Foundation, the CSR arm of the United Bank for Africa, today, held its 10th annual National Essay Competition (NEC) in a virtual ceremony that was attended by high school students from across the nation. The UBA Foundation’s Education initiative has been changing lives for a decade as the tertiary education scholarship programme continues to impact the lives of many students and their communities. For the fourth consecutive year, the females have led this competition with 14-year-o

As Nigeria marks 60 years of independence, Malta Guinness, Africa’s premium non-alcoholic malt drink, celebrates 30 years of providing Nigerians with nourishing goodness.
Malta Guinness has put together exciting activations to showcase core brand values by spreading goodness, energy, and fuelling the CAN-Do spirit of Nigerians. These specially packed activations will run from November to December, with an anniversary theme, ’30 years of Bustling with Goodness.’
According to Ife

Joseph Inokotong, Abuja
The recent launch of the Retirement Savings Account (RSA) Transfer System by the National Pension Commission (PenCom) has empowered retirees participating in contributory pension scheme to heave a sigh of relief with the multiple choices availabe to them.
The activation of the RSA transfer window allows either a pension contributor or retiree to move his or her RSA from one Pension Fund Administrator (PFA) to another, provided they adhere to the pre-condition of doing so

AXA Mansard Insurance Plc has announced a Profit After Tax (PAT) of N5.67 billion, representing a 169 per cent growth for the third quarter ended September 30, 2020 as against N2.11 billion recorded for the same period in 2019.
The company also disclosed a gross written premium N39.46 billion, showing a 5 per cent increase from N37.43 billion in September 2019.
The net premium income of the company stood at N23.75 billion from N19.13 billion in 2019, indicating a 24 per cent increase while inves

Chiamaka Ajeamo
As part of measures to reposition and strengthen the insurance industry, the National Insurance Commission (NAICOM) has said it is compiling a list of insurance companies with huge unsettled claims for necessary regulatory actions. According to experts, the industry has over N40 billion unpaid claims.The Commissioner for Insurance, Sunday Thomas, while speaking at the 2020 insurance directors’ conference organised by NAICOM and the College of Insurance and Financial Manage

Ayo Alonge, [email protected]
Harping on the need for government to support startups driven by blockchain technology, the Chief Executive Officer of Beep Magnet Group, Gilead Okolonkwo, equally explains the nitty-gritty of the BMToken which just got enlisted on the Coin Market Cap.In this interview, he speaks on the use cases which include products like Sisibox, Beep Agro and Beep Estate.Background
Our token is utility and not security-based and that is why all you need do is buy our products

Merit Ibe
Following the National Bureau of Statistics (NBS)’s announcement that the country’s consumer price index (CPI) which reported inflation increased by  14.23 per cent (year-on-year) in October, stakeholders have lamented that the rising inflation rate is worsening the running of businesses, manufacturing and furthering fragility in the country’s economy post COVID-19.
Purchasing power of many Nigerian households, which has been under pressure due to the i

Charles Nwaoguji
The Nigerian Association of Small Scale Industrialists (NASSI) has urged Micro Small and Medium Enterprises (MSMEs) to register with trade groups in order to get access to funds  for their businesses.
The Immediate past NASSI Chairman, Segun Kuti-George, explained that financial institutions are only open to credible trade groups rather than lending to individuals.
He stated this at a press briefing to herald the 4th NASSI MSME Trade fair scheduled for November 27 to Decemb

By Ediri Ejoh
ENERGY
The Federal Government is projecting an average of 250,000 barrels per day petroleum product refining capacity through the establishment of modular refineries.
A modular refinery is a simplified refinery requiring significantly less capital investment than traditional full-scale refinery facilities. The Minister of State for Petroleum Resources, Timipre Sylva, who made this known at the inauguration of the 5,000 barrels-per-day Waltersmith Modular Refinery and the groundbre

Isaac Anumihe, Abuja
Against the backdrop of criticisms on the rate of borrowing by the Federal Government, Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, declared  that  the rate of borrowing for an economy with a Gross Domestic Products ( GDP)  of  N142 trillion is not high, saying that posterity will judge the government if  the funds are not used to build  infrastructure.
The minister said this while fielding questions from ne

Chinenye Anuforo 
Driven to secure financial inclusion across its markets, MTN Group continues to grow the number of MTN Mobile Money (MoMo) users on its network, a trend that has accelerated during the COVID-19 pandemic.
By the end of September 2020, nearly 42 million people were regularly transacting on MTN MoMo across 16 markets as against 38 million active users at the end of the first half of 2020, and 35 million at the end of 2019 – 10 years after MTN launched MoM

Chinwendu Obienyi 
 
Private sector-led organisation, the Coalition against COVID-19 (CACOVID), has announced that it will rehabilitate all 44 damaged police stations nationwide in a bid to restore provision of security in affected police stations.
 This is even as the coalition group said it is committed to providing N100 billion to procure equipment and gadgets for the Nigerian police over the next two years as its contribution  to fully modernise the Nigerian police.

The National Association of Microfinance Banks (NAMB) is set to conduct a nationwide audit of all licensed microfinance banks in the country with a view to identifying their operational challenges and providing necessary support to the ailing ones as part of its renewed efforts to sanitise the sector and deepen financial inclusion in the country.
The National President of the association, Alhaji Yusuf Gyallesu, stated this during his chat with journalists after the inaugural meeting of the new N

Steve Agbota
The African Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has called on the Federal Government of Nigeria to reduce the 35 per cent customs duties on ambulances and other essential medical equipments.In a letter to President Muhammadu Buhari, dated  November 18, 2020, and signed by APFFLON National President,  Otunba Frank Ogunojemite, the freight forwarders said that slashing the 35 per cent customs duty would boost health services in t

African Development Bank (AfDB)
By Yinka Kolawole, with agency report
MONEY MARKET
The African Development Bank Group (AfDB) has approved the investment of $25 billion to develop agriculture in Nigeria and four other African countries.
President, AfDB, Dr. Akinwumi Adesina, disclosed this at a virtual conference to mark the 10th anniversary of Sahel Group, a private equity firm focused on agribusiness. .Adesina said the other countries to benefit from the fund are Senegal, Gabon, Mali and Sudan.

The Sun Publishing Limited, the publisher of Daily Sun, Saturday Sun and Sunday, has won The Best Maritime Reporting Organisation of the year, while its correspondent, Steve Agbota, won the award of the Maritime Most Resourceful and Excellent Journalist of 2020.
The awards were given and presented by the National Coordinator of Save Nigeria Freight Forwarders Importers and Exporters Coalition (SNFFIEC), Chukwu Patrick, to the The Sun Publishing Limited management at its Ikeja office.The awards,

If small businesses can provide easy access to information, frictionless payments, a simple returns policy, and personalized shopping options, they are likely to have an immediate advantage in the marketplace.
This is according to Visa Consulting & Analytics (VCA) report titled Accelerating the shift to eCommerce, where 81% of customers indicated they are willing to pay more for a good customer experience. [1]
“Small and Medium-sized Businesses (SMBs) that leverage ecommerce solutions;