W’Bank To Raise $1.6bn To Fight Hunger In Nigeria, Others
The World Bank Group is working towards raising $1.6 billion to put in place social protection systems with a view this ending food insecurity in sub-Saharan Africa and Yemen. The bank’s President , Jim Yong-Kim said about 20 million people in Nigeria, South Sudan, Somalia and Yemen were on the “tipping point” of famine.
Nigerian Telecoms: Thorny Challenges For Virtual Economy
Despite the current economic recession, Nigeria’s telecoms industry has remained resilient, having overcome several obstacles to sustain service to millions of customers. In the face of these challenges it has also become a reliable platform for banks and other services in the country with mobile subscriber base growing to 182 million. In 2019 Nigeria’s telecoms market is expected to generate US$10.9 billion as it forms the key to diversify the country’s economy to keep Nigeria as biggest market for mobile subscription in Africa.
Nigeria Earns N7trn From Crude Oil Exports
Nigeria recorded slight improvement in crude oil revenue in 2016, as total export appreciated by 0.75 per cent to N6.997 trillion at the end of 2016, according to data obtained from the National Bureau of Statistics, NBS. This amount is 96.09 per cent of Nigeria’s proposed 2017 budget estimate of N7.281 trillion, while it represented 116.04 per cent of the 2016 budget estimate.
CBN, NCC Wade Into Etisalat’s Multi-billion Naira Debt Crisis
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have waded into Etisalat Nigeria multi-billion naira debt crisis. Umar Danbatta, executive vice chairman of the NCC, met with Godwin Emefiele, the CBN governor and his team, on Thursday afternoon, and reached to intervene in the loan issue between Etisalat Nigeria and a consortium of commercial banks. “The meeting which was held at the CBN in Abuja was convened by the financial regulator at the instance of NCC and the telecom regulator to further deliberate on how best to stop the attempt by the banks to take over Etisalat,” Tony Ojobo, NCC spokesperson said via a statement.
Economist Proffers Solutions To Quicken Exit From Recession
Economist/Chairman, Adel & Argus Global Services Limited, Anthony Aziegbemi has urged the federal government to lead by example by patronising Made-in-Nigeria products as a way stimulating the economy and aiding a quick exit out of the current recession. He said a larger chunk of government’s spending ought to be within the country, adding this was needed at this challenging period.
CWG Seeks Investment In Youth Entrepreneurs To Boost SMEs
CWG Plc has urged government at all levels in the country to invest heavily into youth entrepreneurship, saying such investment would boost the Small and Medium Enterprises segment and ultimately help to grow the economy. The company said apart from helping to grow the economy, several jobs would be created in tandem with the President Muhammadu Buhari led federal government’s desires to create jobs for Nigerians, especially the youths. Speaking on the sideline of a youth empowerment programme in Lagos, James Agada, Chief Executive Officer of CWG Plc, stated that any country that aspires to be great economically, must collaborate with the youth segment, which forms over 50 percent of the population most of the times.
AMSCO To Hold Business Transforming Africa Conference
African Management Services Company (AMSCO), an organisation that provides integrated human capital development solutions to private and public businesses across the continent, is set to hold its yearly Business Transforming Africa Conference (#BTAC) this month (March) in Nigeria. Speaking on the upcoming event, the Head of Operations – Anglophone West Africa (Mrs. Eno Edet) – said the conference entitled, “Skill for Economic Growth,” is aimed at supporting businesses in Nigeria with skill solutions that enhance organisational growth.
Africa’s Freight Demand Up By 24.3%
International Air Transport Association (IATA) has released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), rose by 6.9 per cent in January 2017 compared to the year-earlier period. While this was down from the 10 per cent annual growth recorded in December 2016, it still was well above the average annual growth rate of three per cent over the past five years. African carriers’ saw freight demand increase by 24.3 per cent in January 2017 compared to the same month last year, helped by very strong growth on the trade lanes to and from Asia.
Osinbajo In Sokoto, Urges Promotion Of SMEs
Acting President Yemi Osinbajo has said the promotion of Micro, Small and Medium Enterprises (MSMEs) is the way to stabilise the economy.Osinbajo, according to the News Agency of Nigeria (NAN), said at the opening of a two-day nationwide MSMEs Clinic in Sokoto yesterday that stakeholders in the public and private sectors should partner the small and medium business owners. This, he said, would ensure that those making local products got to the formal market. The acting president thus challenged small and medium business owners to partner with government agencies like the Small and Medium Enterprises Development Agency (SMEDAN) by registering their businesses so as to get their products to the formal market. This country will soon pull out of recession.