Top News Update 28/06/2017
1. CBN Provides Loan Packages To Small Businesses In Anambra
2. Nigeria extractive industry revenue disclosure hits $500bn
3. France okays over 1b Euros for Nigeria oil industry
4. Nigeria needs 40,000 BTS to strengthen 4G services
5. Nigeria’s Internet access revenue to reach $4.4b in 2021
6. Nigeria and Ghana Sign MOU
7. SON charges MSMEs on standardisation, confiscates poor quality vegetable oil
8. NB explores cassava starch as alternative recipe for production
9. Uber sees technology solving Lagos traffic gridlock
10. Lagos woos investors to Lekki Free Zone
CBN Provides Loan Packages To Small Businesses In Anambra
The Central Bank of Nigeria, CBN, has unfolded mouth–watering loan packages for all categories of enterprise owners in Anambra State. Top on the loan plan, which attracts only nine percent interest, is in the area of agriculture. At a forum organized for all categories of self-employed people, including artisans, hair dressers, farmers, traders, manufacturers, among others in Awka, officials of the apex bank said with the programmes put in place to shore up the business environment in the country, most Nigerians have no business remaining poor.
Nigeria Extractive Industry Revenue Disclosure Hits $500bn
The Nigerian extractive industry has so far disclosed $500 billion to the Federal Government since the inception of the Extractive Industries Transparency Initiative (EITI). EITI, which made this known in its 2017 progress report released recently, said member countries have made contributions of over $2.3 trillion in revenue from the extractive sector to their various governments. EITI said it has also made significant contributions to improved governance of the extractive sector in many countries around the world, noting that it is central to many reforms of the sector in countries like the Democratic Republic of the Congo.
France Okays Over 1b Euros For Nigeria Oil Industry
France is to invest about one billion Euros in Nigeria’s oil and gas industry, its Ambassador to Nigeria, Denys Gauer, has said. Gauer, who made this known when the Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation (NNPC), Ndu Ughamadu, led a delegation to his office in Abuja, yesterday, said Nigeria remains its first economic trading partner in Africa. The envoy said the French Development Agency has put in place about one billion Euros to encourage French investors to invest in the oil and gas sector, adding that France is also cooperating with the Federal Government in the fight against Boko Haram insurgency.
Nigeria Needs 40,000 BTS To Strengthen 4G Services
About 40, 000 Base Transceiver Stations (BTS) are required by telecommunications operators in Nigeria, to expand and strengthen the Fourth Generation/Long Tern Evolution (4G/LTE) service across the country. Investigations showed that both Tier I and II operators, which currently offer 4G/LTE services have about 7,500 BTS, which recently grew from 1,500 previously. 4G LTE deployed on WiMAX and LTE technology offers faster, more reliable mobile broadband Internet for devices like smartphones, tablets and laptops. The 4G technology is needed to drive the Internet of Things (IoT), Artificial Intelligence, Smart Cities and various smart innovations technology can avail.
Nigeria’s Internet Access Revenue To Reach $4.4b In 2021
A recent report by PricewaterhouseCoopers (PwC) has revealed that Internet access revenues in Nigeria will rise by a Compound Annual Growth Rate (CAGR) of 16.2 per cent to reach $4.4 billion in 2021. The report, Global Entertainment and Media Outlook 2017-2021, disclosed that mobile Internet revenues will increase by a CAGR of 16.8 per cent to $4.3 billion, accounting for 96.6 per cent of total Internet access revenues. Besides, the report noted that Nigeria would be the world’s fastest-growing Entertainment & Media (E&M) market over the period under review.
Nigeria And Ghana Sign MOU
The Federal Government through the Nigerian Maritime Administration and Safety Agency (NIMASA), is set to sign a Memorandum of Understanding (MoU), to provide support to the Ghana Maritime Authority (GMA). The areas being considered for the MoU are; regular knowledge sharing and knowledge transfer, capacity building initiatives, and Cabotage implementation/enforcement processes. The Director General of NIMASA, Dakuku Peterside, who disclosed this during a working visit by the GMA to the Agency, said in carrying out its statutory functions, the agency is strengthened by three important Acts namely: the Merchant Shipping Act, the NIMASA Act, and the Cabotage Act.
SON Charges MSMEs On Standardisation, Confiscates Poor Quality Vegetable Oil
The Standards Organisation of Nigeria (SON) in collaboration with the Department of State Services (DSS), has intercepted a truck load of suspected substandard vegetable oil in Akure, Ondo State capital. According to SON, both agencies in an enforcement exercise busted the syndicate who specialize in repackaging and rebranding suspected substandard vegetable oil, noting that the apprehension of the syndicate followed the receipt of classified information from concerned stakeholders in the State.
NB Explores Cassava Starch As Alternative Recipe For Production
To improve on the value of its supply chain thereby promoting its backward integration plans, Nigerian Breweries Plc (NB) has said it would continue to invest in cassava starch as an alternative recipe to suit the needs of its customers. The brewing firm also stated that cassava starch was introduced into its recipe in 2016 as a proven technology that works as raw materials for brewing. This was disclosed during a facility tour to Psaltry International Company Limited, a food grade starch producing company in Ado Awaye in Iseyin area of Oyo State.
Uber Sees Technology Solving Lagos Traffic Gridlock
For Lagos to decongest traffic on its road, the need for the state to employ technology has been stressed. According to the General Manager, Sub Saharan Africa of ride hailing app, Uber, Alon Lits, who gave this advice, technology, remains the easiest way to decongest the Lagos traffic congestion and make the city smart. Lits said Uber has applied the philosophy of ride-sharing in cities across the world effectively, to reduce congestion and environmental impact in the process.
Lagos Woos Investors To Lekki Free Zone
The Lagos State Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, has urged investors in Nigeria, and all over the world to invest in the Lekki Free Zone, adding that government has also provided incentives that will encourage the ease of doing business. Addressing attendants of an investment meeting with city and bilateral Chambers of Commerce in Lagos, last week, Ogunleye listed some of the government incentives. They include complete tax holiday from all federal, state and local government taxes, rates, customs duties and levies; one stop approval for all permits, operating in licenses and incorporation papers; duty-free, tax-free import of raw materials and components for goods destined for re-export.