Business News

Wednesday, 01 July 2020 05:49

Small businesses worst hit by Covid-19 - FG

Federal government said that the Micro, Small and Medium Enterprises (MSMEs) were the most adversely affected sub-sector of the nation’s economy by the lingering Covid-19 pandemic. Minister of State for Industry, Trade and Investment, Ms Mariam Katagum, who disclosed this during the 2020 world MSMEs Day virtually held on Tuesday, said the pandemic triggered severe adverse economic shocks to small enterprises. She said, “Businesses have witnessed supply chain disruptions and low demand for products and services, which in turn have resulted in substantial revenue loss. This has complicated the challenges of the vulnerable MSME sector, making the sector one of…

Tuesday, 30 June 2020 05:16

N’Assembly says it has persuaded electricity companies to halt tariff increase

National assembly says it has convinced electricity distribution companies (DisCos) to halt the proposed increase in tariff for power consumers. In a statement, spokesman of Senate President Ahmad Lawan, Mr Ola Awoniyi, said during a meeting on Monday, the leadership of the legislative chamber agreed with DisCos to suspend the planned increase. In January, Nigerian Electricity Regulatory Commission (NERC) had announced that there would be an upward review of electricity tariff across the country from April 1. However in March, it directed electricity distribution companies (DisCos) to suspend the proposed tariff increase due to Covid-19 pandemic. Mr Sale Mamman, minister…

Tuesday, 30 June 2020 05:15

2.4m farmers to benefit from FG’s N600bn loan - Minister

Minister of Agriculture and Rural Development, Mr Sabo Nanono, has said that federal government has set aside N600 billion as loan support to farmers across the country. Speaking in Tofai community, Gabasawa Local Government Area of the state Monday, during the flag-off of the 2020 wet season adoption of improved production technologies among rice farmers, Nanono that no fewer than 2.4 million farmers are expected to benefit from the loan which has zero interest. “I want to inform you that we have commenced the registration of farmers in the country. We are going to capture their information, number of farms…

Tuesday, 30 June 2020 05:14

CAC to issue incorporation certificates with tax numbers

Certificates of incorporation of companies registered under Part A of the Companies and Allied Matters Act will now be issued with Tax Identification Numbers. According to the Corporate Affairs Commission, the registration certificates of business and non-business entities captured in the Act will henceforth be issued with TIN. CAC management disclosed this in separate tweets via the commission’s official Twitter handle on Monday. It explained that the move was part of measures aimed at boosting the country’s Ease of Doing Business initiative. The commission said, “This is to inform our dear esteemed customers that as part of the Ease of…

Monday, 29 June 2020 15:46

3 things you still have control over when facing uncertainty

Place the focus back on what's productive for you and your company. Business as you or I know it is changing. Remote work, A.I. advancements, and manufacturing process adjustments are threading within every business sector around the world. Whether these temporary pivots are going to be long-term processes isn't something anyone can fully predict just yet. Instead of allowing this uncertainty to send you into a state of panic or have you live in a place of limbo, you must shift your focus to remain calm and step forward as a leader for your team. Here are three things every…

Monday, 29 June 2020 05:37

Banks run to CBN for loans as cash crunch hits

Interbank money market has been gripped with intense scarcity of funds as amount of idle cash (liquidity) in the market fell by 95 percent, prompting banks to besiege the Standing Lending Facility, SLF, of Central Bank of Nigeria (CBN) for short term cash needs. Investigations revealed that the level of liquidity in the interbank money market fell to N30.9 billion at the close of business on Friday from N617.8 billion the previous week, indicating 95 percent decline. The sharp fall in market liquidity was prompted by absence of major liquidity inflow into the market during the week. As a result,…

Monday, 29 June 2020 05:35

Access bank undertakes to pay FG stamp duty it failed to deduct from customers between Feb and April

Access Bank has offered to pay stamp duty charge for February to April on behalf of its customers. It also said deductions made between Saturday and Sunday would be reversed to customers. In a statement on Sunday, the bank said it recognised that it is a tough period for customers. The bank’s customers had complained using various social media platforms on Saturday and Sunday over stamp duty deductions. “We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only,” the bank said in a statement. “This means that individuals…

Monday, 29 June 2020 05:26

Bill Gates credits Warren Buffett for learning this powerful lesson about success

Gates acknowledges this as being one of Buffett's greatest strengths. Billionaires Bill Gates and Warren Buffett have been close pals for nearly three decades. Whenever Gates is around the Oracle of Omaha, he says, "I feel like a kid in a candy store." Gates is also quick to acknowledge Buffett as a teacher whose life wisdom has made a huge impact on his life. Gates learned from Buffett long ago to jealously protect the precious commodity of time. The lesson passed from Buffett to Gates "No matter how much money you have, you can't buy more time," writes Gates. "There…

Saturday, 27 June 2020 05:15

Mr Price to close all stores in Nigeria

Mr Price Group Ltd. plans to close its Nigerian business in favor of a stronger focus on its home market of South Africa. The specialist in mid-range clothing, sports goods and homeware has already shuttered four of its five Nigerian stores and expects to close the last one in the coming months, Chief Executive Officer Mark Blair said in a presentation. Nigeria is the third country that Durban-based Mr Price has recently exited, after Australia and Poland last year. South African companies have long struggled to operate in Nigeria, encountering supply-chain disruptions and challenges in getting funds out of the…

Friday, 26 June 2020 15:40

Abuja power company announces increase in tariff, divides electricity consumers into categories

Management of Abuja Electricity Distribution Company (AEDC) said that it will effect a new electricity tariff structure from July 1, 2020 as part of measures designed to improve service level performance within its franchise area. The review, which it said had become overdue even before the outbreak of Covid-19, became necessary in view of radical changes in the macro-economic indicators such as inflation and foreign exchange. Managing Director of the company, Mr Ernest Mupwaya, who spoke on behalf of the company, explained that the new tariff is a total departure from the blanket and across-board tariff structure used in the…

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Friday, 26 June 2020 05:54

World Bank warns commercial banks of risk as Nigeria heads to recession

Nigeria’s banking system is at risk of being destabilized as the coronavirus pandemic triggers what might be the worst recession in four decades for Africa’s largest economy, according to the World Bank. If the spread of the virus eases and oil prices remain stable, the economy could contract 3.2% this year and face a slow recovery afterward, the lender said in a report on Nigeria released Thursday. The worst-case scenario could see the the economy shrinking 7.4% and the recession extending well into 2021. The downturn will likely increase non-performing loans, especially in credit extended to the oil industry, while…

Friday, 26 June 2020 05:53

Three out of four businesses in Nigeria stopped operations due to Covid-19 – NECA

Nigerian Employers’ Consultative Association (NECA) says its recent research shows that 74.2 per cent of businesses in the country had stopped operating due to the Coronavirus pandemic. NECA’s Acting President, Mr Taiwo Adeniyi, who made the disclosure at a news conference on Thursday in Lagos, also said 15.8 per cent of businesses were either fully on site or tele-working. “Over 90 per cent of surveyed enterprises noted that limited cash-flow was an impediment to operations and over 90 per cent that demand for their goods and services had significantly reduced. “The disruption of supply chains resulted in 78.2 per cent…

Thursday, 25 June 2020 05:41

Nigeria’s manufacturing index contracts further

Manufacturing Purchasing Managers’ Index (PMI) stood at 41.1 in June 2020, which reflected a contraction in the manufacturing sector for the second time. PMI report posted on Central Bank of Nigeria’s website showed that of the 14 surveyed sub-sectors, five sub-sectors reported growth (above 50% threshold) in the review month in the following order: electrical equipment; cement; petroleum and coal products; transportation equipment and paper products. However, it listed nine sub-sectors that reported decline to include: printing and related support activities; textile, apparel, leather and footwear; primary metal; plastics and rubber products; nonmetallic mineral products; fabricated metal products; food, beverage…

Thursday, 25 June 2020 05:40

FG to promote ‘made in Nigeria with China’ brand - Minister

Federal Government (FG) has reiterated commitment to strengthen China-Nigeria trade through a new brand known as “Made in Nigeria with China”. Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, disclosed this while receiving donation of medical equipment from a delegation of the China General Chamber of Commerce in his office in Abuja as part of the chamber’s support for Nigeria’s fight against Covid-19. The items comprised surgical masks, disposable medical protective suits and an infrared thermal imaging thermometer from the Chinese delegation. The minister said when he met with the Chinese Ambassador to Nigeria, he reminded him that the…

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