How Lagos LGs hamper our businesses – OPS

By Kazeem Ugbodaga

Captains of industry and members of the Organised Private Sector, OPS, have cried out over multiple levies being collected from them by officials of Local Governments in Lagos, saying the levies hamper their businesses.

This is coming as Governor Akinwunmi Ambode promises to streamline all levies collected by LGs in the state in order to curb harassment of the OPS by council officials. The captains of industry made their grievances known to the governor at the 5th edition of the Lagos State Corporate Assembly tagged: “A+ Meets Business,” held at the State House, Ikeja, Lagos, Southwest Nigeria, on Thursday.

45% of Nigerian graduates unemployed – survey

Nigeria needs to ramp up training and job creation schemes for university graduates, a leading recruitment agency said on Monday, after a survey indicated nearly half of those with a higher education qualification were unemployed.

3 ways to reshape your business in 2016

By Rosenthal

The dawn of a new year is the perfect time to take stock of your business. It’s a natural moment to reflect on the past year, celebrate your successes and analyze your setbacks — including both the hurdles you were able to overcome and the ones you weren’t. It’s a time to set goals for the coming year that are realistic and within reach, but that also push you to take your business up a notch.

Whether you’re aiming to beat last year’s sales performance, working harder to anticipate potential vulnerabilities, looking to launch a new product or taking the leap into a new market or industry, here are three simple things you can do to make 2016 your most successful year yet.
 

Lagos set to float N43bn Bond in Capital Market

By:Kazeem Ugbodaga

The Lagos State Government is set to float a new bond of N43 billion in the Capital Market this year as part of move to finance its budget deficit.

The state government is borrowing N119.7 billion to finance its budget deficit for this year. Out of the N662.588 billion budget for this year, the total revenue is put at N542.873 billion while the balance of N119.715 billion will be funded through borrowing.

Nigeria’s refineries back in production – NNPC

Nigeria’s struggling oil refineries are back in production and making enough gasoline to help “stabilise” its availability in the country, a spokesman for the Nigerian National Petroleum Corporation (NNPC) said on Tuesday.

Despite being one of Africa’s biggest oil exporters, the country imports nearly all its gasoline as it has struggled to produce fuel at its ageing refineries, which have suffered from years of neglect and perennial sabotage.

Economic Issues that Will Shape 2016

For a government which is implementing its first budget after it rode into power via a general election last year, the President Muhammadu Buhari-led administration is expected to do whatever it takes to make the 2016 budget work as much as it needs to show Nigerians the direction of his administration’s economic policy, writes Festus Akanbi

We ‘ll Revive Ajaokuta, Says Fayemi

Minister of solid minerals, Dr. Kayode Fayemi

By Atabor Julius in Lokoja

Against the backdrop of dwindling oil revenue and the need to diversify the economy, the minister of solid minerals, Dr. Kayode Fayemi has restated government’s  commitment to revive Ajaokuta steel company, saying it is in the front-burner of the present administration.

The minister stated this at Ajaokuta steel complex in Kogi State during a one-day official visit to the company, adding that the new government is approaching the company holistically to ensure that the steel complex works for the benefit of Nigerians.

Firm to Establish Refineries in Ondo, Lagos

Okon Bassey in Uyo

Two refineries are to be established in Ondo and Lagos states in the next 18 months courtesy of the management of Ode-Aye Refinery Ltd.

Speaking with newsmen in Uyo, Akwa Ibom State capital, on Monday, the Director of the company, Prince Bayo Otulana, said the refineries would involve one Greenfield and a modular refineries with an estimated cost of the modular refinery put at $8 billion on completion.

We can fix this economy

WHEN we say that the economic stagnation in this country has an international dimension to it, those who are satisfied with the status-quo shout us down. Thank God for Omoh Gabriel’s revelation in the Vanguard of November 16, 2015. According to Omoh: “The attempt to frustrate the nation’s efforts to move forward has been orchestrated by foreign investors, their media and the European Union and the United States of America.”

Sterling Bank Secures $40m Facility from Turkey EXIM Bank

Sterling Bank said it has secured a $40 million facility from the Turkey EXIM Bank.

The facility was granted by Turkey EXIM Bank following the conclusion of a due diligence on the bank.

In a statement at the weekend, the bank stated that the facility would be used to support trade businesses and projects with Turkish origin. With this development, members of the Turkish business community in Nigeria as well as Nigerian businessmen and women doing business with Turkish partners would have easy access to finance for  their businesses especially in the importation of necessary raw materials and other infrastructure for production which would  also serve as a catalyst for economic development in the country.

'N220bn Micro-credit Funds Lying at CBN for States'

    ....As Delta resumes micro-credit with N324.18m to beneficiaries
                   By Omon-Julius Onabu in Asaba

In line with its policy of expansion of access base to credit and wealth creation through small-scale businesses in the country, the Central Bank of Nigeria (CBN) has available to be accessed by various states’ microcredit schemes a sum of N220 billion.

Lagos Generated N1.08tn IGR in Five Years

36 states record N2.84 quadrillion
By James Emejo in Abuja

The Lagos State Government recorded a total of N1.08 trillion in internally generated revenue (IGR) between 2010 and 2014, according to the National Bureau of Statistics (NBS).

The state also recorded the highest IGR of N276.16 billion in 2014 alone, according to data posted on the NBS website at the weekend.

Adenuga: Future of Nigerian Economy is Very Bright

By Eromosele Abiodun

Chairman of Conoil Plc, Dr. Mike Adenuga has stated that despite challenges facing Nigeria at the moment, the future of the nation’s economy remains very bright.

Aviation Industry Supports 254,500 Jobs, Contributes N184.7bn to GDP

By Chinedu Eze

 

The aviation industry in Nigeria currently supports 254,500 jobs and contributes $940 million (N184.7 billion) to national GDP, according to a Philips Consulting report on the aviation sector made available to THISDAY.

Economic Pains to Continue for Next 10 Years, Says Jimoh Ibrahim

Group Managing Director of Energy Group, Mr. Jimoh Ibrahim

The Group Managing Director of Energy Group, Mr. Jimoh Ibrahim, has stated that the world economy will continue to be in pains for the next 10 years and that there is hardly anything any one could do other than to keep things together and avoid the extension of the likely recovery period.

Heritage Bank Approves N200m Facility for Graduate Entrepreneurs

By Nume Ekeghe

Heritage Bank Limited has put together N200million loan facility for young graduates willing to advance their dreams in small scale businesses. The Bank also gave a cash prize to Miss Onwura Onyinye Chima for outstanding performance during the service year that won her the Lagos State NYSC Director’s Award.

Nigeria loses N8.7bn using Incandescent bulbs — ECAN

Mr Goodluck Enyinnaya, Secretary, Board of Trustees, Electricity Consumers Association of Nigeria (ECAN), says Nigeria loses N8.7 billion yearly because many electricity consumers use Incandescent bulbs which consumes more energy.

Enyinnaya made the disclosure on Wednesday in an interview with the News Agency of Nigeria (NAN) in Abuja.

Imports: SON gives importers 3 months to get genuine certificates

The Standard Organisation of Nigeria (SON) has given a three month grace period between September to November 30, 2015 for all importers bringing in goods into Nigeria to obtain genuine SON certificates for all their imports or risk prosecution by the agency.

Customs Orders Immediate Removal of Restriction on Rice Import

The Comptroller-General of Customs, Col. Hameed Ali (rtd), has ordered the immediate removal of rice from import restriction list and the re-introduction of import duty payment at land borders.

    The Public Relations Officer of customs, Mr. Wale Adeniyi, made this known in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

    He said the restriction was only applied at land border stations before now, adding that the customs boss had lifted restriction on rice at border stations.

Ondo to begin chocolate production April 2016

The Ondo State Government on Friday said that a modern chocolate factory to process premium quality cocoa beans produced in the state would begin production of chocolate bars by April 2016.

The Commissioner for Information, Hon. Kayode Akinmade, made the disclosure at a news conference in Akure on Friday.