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MTN, Airtel to apply for mobile banking licence
Wed, 14 Nov 2018
Leading telecommunication service providers, MTN Nigeria and Airtel Nigeria have shown major interest in operating in the financial services space and have formed subsidiary companies in order to apply for a mobile banking licence as stipulated in the payment service banking policy guidelines released by the Central Bank of Nigeria (CBN), BusinessDay can report. Once…
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Nigeria’s railway ambition suffers setback as GE pulls out of $2 bn deal
Wed, 14 Nov 2018
Nigeria’s ambition to revamp its old and dilapidated rail network and connect major economic hubs across the country has suffered a setback as GE has pulled out of the consortium that was going to invest $2.0 billion into the deal. ‘The development is in line with GE’s decision to exit the Transportation business from its…
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Nigeria’s cocoa price rises 21%in three weeks, as flooding cuts output
Wed, 14 Nov 2018
The price of cocoa beans in Nigeria, the country’s second-largest export earner after oil, jumped 21 percent in three weeks, on fears that flooding that ravaged farms could cut output, forcing the industry to lower its output forecast for the year, officials, farmers and traders say. Price per metric ton rose to N700,000 ($2,282.36) from N580,000, as buyers scrambled…
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Solid Minerals contributed N43.2billion to government revenue in 2016- NEITI report
Wed, 14 Nov 2018
The solid minerals sector contributed a total sum of N43.22billion to government coffers in 2016, reports the Nigeria Extractive Industries Transparency Initiative (NEITI). A breakdown of the figure shows that taxes collected by the Federal Inland Revenue Service (FIRS) accounted for N40.38 billion or 93.43%, while fees collected by the Mining Cadastral Office stood at…
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Reforms,security top agenda as Onyeama leads Nigeria to 11th Extra-Ordinary AU Summit
Wed, 14 Nov 2018
Minister of Foreign Affairs, Geoffrey Onyeama, is leading a Nigerian Delegation to the 11th Extra-ordinary Session of the African Union (AU) to among other things discus critical issues of reforms and security in the continent, scheduled between November 14 and 18 at the AU headquarters in Addis Ababa, Ethiopia. A statement issued by the Spokesperson…
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Why the world needs to see Africa’s healthcare system change ‘ from the ground up
Wed, 14 Nov 2018
Nigerians spend an estimated US $200 million dollars a year on foreign healthcare, while less than 5% of the country’s population is under any sort of domestic medical plan. Like much of Africa, the Nigerian healthcare system suffers from a complex range of issues such as limited access, poor infrastructure, limited qualified healthcare providers, and…
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Fashola highlights achievements, challenges of ministry at three
Wed, 14 Nov 2018
Minister for power, works and housing, Babatunde Fashola, says his ministry has delivered on some of its promises, but there are still challenges to deal with as the ministry marks its third anniversary. In the third year progress report released Monday, Fashola stated that the ministry had walked its talk, and outlined some achievements under…
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FIRS records 64% of 2018 revenue target
Wed, 14 Nov 2018
The Federal Inland Revenue Service (FIRS) says it recorded N4.3 trillion between January and October, which translates to 64.2 percent of its total revenue target for the 2018 fiscal year. Babatunde Fowler, executive chairman, FIRS, disclosed this at the just concluded Lagos International Trade Fair, stating that there had been a notable performance in revenue…
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Edo showcases reforms-driven growth, people-oriented governance
Wed, 14 Nov 2018
Edo State governor, Godwin Obaseki, on Monday at the 2018 Alaghodaro Summit taking place in the state capital, Benin City, said the steady progress his administration had recorded in all sectors of the state in the last two years was spurred by time-tested reforms and people-centred governance. Obaseki made the submission before an array of…
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GPPS showcases indigenous capability, unveils office complex
Wed, 14 Nov 2018
With local private involvement in the oil and gas sector of the national economy on the rise, Global Process and Pipeline Services (GPPS) Limited, wholly Nigerian Management owned company, is set to unveil its new office complex and operations base in Port Harcourt as it broadens its reputation as a frontline oil services company, showcasing…
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FG partners NAMEL, others to establish 2500 agricultural equipment hiring enterprise across 774 LGAs
Wed, 14 Nov 2018
The federal government on Tuesday partnered with the Nigeria agricultural mechanization and equipment leasing company (NAMEL), Tractor Owners hiring facilities association of Nigeria (TOHFAN) and Tractor Owners and operators association of Nigeria (TOOAN) to establish 2500 agricultural equipment hiring Enterprises across all the 774local government in Nigeria. Audu Ogbeh, Minister of agriculture and rural development…
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300 markets to benefit from Nigeria’s solar power project- Osinbajo
Wed, 14 Nov 2018
Federal government is targeting a total of 300 markets under its solar powered electrification projects as part of infrastructure development that will create the opportunities for more jobs in the manufacturing and Industry sectors Vice President Yemi Osinbajo stated this while responding to a variety of questions from Nigerians across different professions and persuasions, at…
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Farmcrowdy, Kobo360 join league of leading mobile apps in Africa
Wed, 14 Nov 2018
Two Nigerian tech startups, Farmcrowdy and Kobo360 made the list of fourteen winners of the best innovative mobile applications on the African continent, according to AppsAfrica.com on Tuesday, 13 November 2018. The two startups took the number one position in the Best Enterprise Solution (Kobo360), and Best AgriTech Solution (Farmcrowdy) categories. Kobo360 is a logistics…
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Nigeria’s 40bn barrels reserve by 2020 is a mirage
Wed, 14 Nov 2018
Nigerias aspiration to achieve 40 billion barrels of oil reserve by 2020 has been described as a huge ruse because there is nothing on ground to suggest that such a target can easily be achieved within the target period. The Nigerian Association of Petroleum Explorationists (NAPE) says looking at what is happening in the industry…
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Confab to reposition African health care for sustainable development
Wed, 14 Nov 2018
As the Federation of African Medical Students’ Associations General Assembly (FAMSA GA) celebrates its 50thanniversary, it says its meeting is geared towards repositioning African health care for sustainable development. The anniversary that holds between November 18 and 24, will be the first-ever health conference of its kind at the University of Ibadan, Nigeria. The General…
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Naira trades strong as CBN injects $210m into forex market
Wed, 14 Nov 2018
In its latest round of intervention, the Central Bank of Nigeria (CBN) on Tuesday, November 13, 2018, injected the sum of $210 million in the inter-bank foreign exchange market, which help to strengthen the naira. The local currency on Tuesday appreciated marginally by 0.05 percent to close at N363.71k per dollar, data from FMDQ has…
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