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Saturday, January 16

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Economy

Flour Mills Subsidiary partners AgBiTech to fight Fall Armyworm in Nigeria

  Guardianng   Yesterday, 1:23 p.m.

With a broad basket of food products, an iconic brand “Golden Penny” and a robust pan-Nigerian production, distribution, and supply chain network, FMN is a fully integrated and diversified food and agro-allied group. It contains a nucleopolyhedrovirus specific to the Fall Armyworm pest and has been undergoing several regulatory trials and evaluations across several African countries since early 2018.To ensure that Farmers in Nigeria which has the largest maize acreage in Africa of 5 million hectares can protect their crops from severe injury and economic damage caused by the FAW infestation, Golden Agri Inputs Limited (GAIL), a member of the FMN Group have partnered with AgBiTech as its exclusive distributor for Fawligen in the country. Agri Inputs Limited (GAIL) is part of the Flour Mills of Nigeria group which strives through the overarching group’s mission of “Feeding the Nation, Everyday” to create value along the entire food chain with its “farm-to-fork” model. AgBiTech combines field experience with innovative science and proprietary technology, working with farmers, advisors and researchers to develop products that deliver highly effective biological insect management solutions. Flour Mills NigeriaOne of Nigeria’s leading agro-allied companies, Flour Mills of Nigeria through one of its subsidiaries, Golden Agri Inputs Limited (GAIL), is bringing respite to farmers in the country through its partnership with AgBiTech, an American company and global leader in agriculture technology. I believe this partnership with AgBiTech is especially important because it offers farmers an efficient option of pest management products that prevent yield losses. Farmers in Nigeria, the first country where Fall Armyworm (FAW) was detected in Africa in 2016, will soon get access to Fawligen, a biological tool that will prevent an infestation of the invasive pest.
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Nigeria’s Inflation Rate Hits Record High Of 15.75%

  Naijanews   Yesterday, 11:04 a.m.

CPI/Inflation report published @ https://t.co/cHo95VWJrFYEAR on YEAR:Headline Inflation at 15.75% in Dec 2020 from 14.89% in Nov 2020. This represents the highest rate recorded since 2016.Food inflation in the country increased by 1.26 percent on a year-on-year basis from 18.30 percent in November 2020 to 19.56 percent in December. YEAR on YEAR:Headline Inflation at 15.75% in Dec 2020 from 14.89% in Nov 2020. Food inflation at 19.56% in Dec 2020 from 18.30% in Nov 2020. Food inflation at 19.56% in Dec 2020 from 18.30% in Nov 2020. Core Inflation at 11.37% in Dec 2020 from 11.05% in Nov 2020 pic.twitter.com/2XrIOYbSDt—
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Lagos State targets N991.03 billion revenue in 2021

  Guardianng   Yesterday, 4:29 a.m.

•To finance N192.48bn deficit through loans, bonds•Explains excessive focus on COVID-19 over other health conditionsDespite admitting to presenting an ambitious and audacious Budget of Rekindled Hope amid global economic crisis occasioned by the COVID-19 pandemic, the Lagos State Government insists its total revenue target of N991.03billion for the 2021 financial year Besides, he believes there are huge revenue-generating opportunities in the state, including real estate, transportation and commerce sectors, adding: “We will continue to use data and intelligence to unravel revenue opportunities and leakages.” “However, attributable to our resilient nature, as at the third week of December 2020, our total revenue performed at 93%, while our total Capital Expenditure and total Recurrent Expenditure performed at 80% and 86%, respectively. Besides, to improve social wellbeing of residents, he said the government graciously removed all tariffs associated with healthcare delivery to avoid collateral damage in the sector on account of COVID-19, which has given rise to increased patronage of state health facilities. Egube, who was accompanied by other state executive council members, said the Government had no other choice than to go the route it took with the budget to make a significant impact in the State economy and to improve the wellbeing of all Lagosians. Abayomi said: “COVID-19 deserves such excessive attention because it is a global pandemic, which has brought the global economy to its knees and may do so with Lagos economy if not squarely and properly handled.
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CBN issues new guidelines on e-payment, fintech development

  Guardianng   Yesterday, 4:20 a.m.

“In furtherance of its mandates to, ensure the safety and stability of the Nigerian financial system, promote the use and adoption of electronic payments and foster innovation in the payments system, the Central Bank of Nigeria hereby issues the framework for QR code payments in Nigeria,” the CBN said in one of the documents that detailed the operational relationships among issuers, acquirers, merchants, other financial service providers and customers. Other objectives are to define the roles and responsibilities of stakeholders and the operations of the sandbox for the Nigerian payments system, to ensure adequate provisions in regulations to create an enabling environment for innovation without compromising on safety for consumers and the overall payments system and to provide an avenue for regulatory engagement with financial technology firms in the payment space. The CBN said: “This framework, therefore, defines the establishment, rules and operations of a regulatory sandbox for the Nigerian payment system to promote effective competition, embrace new technology, encourage financial Inclusion and improve customer experience, with a view to engendering public confidence in the financial system. It stated: “Issuers and acquirers shall agree to minimum due diligence guidance for merchant onboarding without prejudice to know your customers/anti-money laundering (KYC/AML) requirements of the Bank… Issuers and acquirers shall ensure behavioural monitoring and fraud management systems are implemented to prevent, detect and mitigate fraud and money laundering. ”It listed the objectives of the guidelines thus: increasing the potential for innovative business models that advance financial inclusion, reducing time-to-market for innovative products, services, increasing competition, widening consumers’ choice and lower costs and ensuring appropriate consumer protection safeguards in innovative products. “An applicant shall identify the potential risks to financial institutions and financial consumers that may arise from the testing of the product, service or solution in the sandbox and propose appropriate safeguards to address the identified risks,” the CBN stated. To participate in the regulator sandbox, products are expected to improve accessibility, enhance the efficiency and effectiveness of financial institution risk management and address gaps or open up new opportunities for financial benefits. “Issuers shall provide quarterly risk management assessment reports to the Director, Payments System Management Department.
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96 companies jostle for pipeline, depot rehabilitation jobs

  Guardianng   Yesterday, 4 a.m.

“An open tender for pre-qualification of interested companies was published in August 2020 in the national dailies for the rehabilitation of NNPC downstream critical pipelines and associated depots and terminal infrastructure through BOT to cover the four lots namely: Speaking at the virtual event, Managing Director of the Nigerian Pipelines and Storage Company (NPSC), Ada Oyetunde, said the exercise was in conformity with the mandate of the Federal Government to prioritise the rehabilitation of critical downstream infrastructure across the country. Port Harcourt Refinery related infrastructure, Lot Two: Warri Refinery related infrastructure, Lot Three: Kaduna Refinery related infrastructure and Lot Four: She noted that the BOT arrangement would provide a reliable pipeline network and automated storage facilities for effective crude feed, product storage and evacuation from the nation’s refineries post-revamp through an open access model. Oyetunde said critical pipelines for crude oil supply to the refineries and evacuation of refined products, depots, and terminals were up for bidding.
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TAJ Bank seeks national licence

  Guardianng   Yesterday, 3:47 a.m.

The Guardian’s General Manager, Mu’azu, had earlier explained that the visit was to identify and consolidate corporate relation with TAJ Bank and increase awareness in the area of non-interest banking in Nigeria, and to also congratulate it for its expansion drive within its short existence. He said; “Within this short span, we have also won three key operational awards, namely: Bank of the Year: Best Non-Interest Banking in Nigeria; and Best Islamic Bank in the World.” Joda also indicated that within the short span of operation, the Bank had contributed in reducing unemployment with the recruitment of 213 staff with a potential for many folds increase once the CBN awards it a national license. He noted that non-interest banking holds several benefits, which most Nigerians are unaware of, and sought the partnership of stakeholders in educating the public on such benefits.
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Airport bridge closure: Government silent on duration

  Guardianng   Yesterday, 3:31 a.m.

The terrible state of the alternative routes, especially the Daleko-Aiye-Osolo axis has left many motorists with no option than to drive against traffic (one-way) from Charity through the bridge to 7&8.A tricycle operator, Henry Chukwueze, said bad roads make him visit the mechanic workshop every alternate day, making him spend heavily on maintenance from the little he makes from fares. , motorists, who were expected to use the service lane through to Oshodi to connect the Airport Road were seen plying one-way freely connecting the bridge that links Airport road to Oshodi without any reprimand from traffic officials maintaining law and order on the route. KUTIThe bridge linking the Airport Road to the Oshodi-Apapa Expressway in Lagos, has continued to cause disorder on the busy route even as motorists are seen flagrantly violating traffic rules. Another road user, Nathaniel Onyeka, said a woman had suffered a miscarriage due to the gullies on the road, and pleaded with the government to repair the roads, especially now that the Airport Bridge has been closed. He said: “Motorists from Mile 2 to Cele on Apapa-Oshodi Expressway approaching Iyana-Isolo through Daleko Bridge will need to make use of Aiye and Osolo Way to Asa Afariogun through 7&8 to access International Airport Road.
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Consumers to sustain spending on essential commodity this year

  Guardianng   Yesterday, 3:27 a.m.

As the sector settles into the new year, the firm predicts that some of the main trends that shaped 2020 – particularly smaller packaging for consumer goods and increased spending on food and essential goods due to dwindling disposable income and people spending more time at home – will continue to influence behaviour across the market. According to the 2019 Household consumption expenditure report released by the National Bureau of Statistics (NBS), out of the N40.2 trillion on food and non-food items during the period, Nigerians spent N23 trillion on food alone, as food consumed outside the home gulped N4.59 trillion. With the pandemic still ongoing, the reports envisaged that people will continue to take a cautious approach to mingling in crowds and will spend more time at home than in previous years, behaviour that will increase house expenditure on food and other essential commodities. Data from TradeDepot, the B2B eCommerce platform for consumer goods in Africa, showed that the impact of the pandemic, rising inflation, border closures and other issues that drove significant changes in behaviour for retailers, distributors and manufacturers in 2020 will remain dominant this year. It added that manufacturers would explore more alternative route-to-market channels with capabilities to build retail networks and offer logistics-as-a-service to mitigate the risks that come with serving new customer bases.
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‘Local sector not ready for opportunities in cargo services’

  Guardianng   Yesterday, 3:26 a.m.

Not only that, it also changed from cargo coming on freighters to cargo being loaded in passenger aircraft with seats. Our business has peculiarities like high cost of equipment that do not have resalable value like an aircraft has. think our domestic airlines should lean more towards doing cargo operations. Like Oliver Twists, we will ask for more like tax exemptions on our equipment, similar to what is given to aircraft. Do you think we have been able to maximise cargo dynamics locally? That is a lot of work that goes into cargo packaging. Business is beginning to pick up on every of our airlines recording improvement in cargo. How convenient is it to adjust to the dynamics of deploying passenger aircraft from freighter purposes?It has not been easy but we have had to review how we use our resources. The type of high-loaders used for freighters are different from those of passenger aircraft. We actually have a new cargo airline coming directly from China that we handle now. Our dedicated staff were quite instrumental in our survival because a lot of them stayed behind and made sacrifices to ensure that things were happening. Because, these ground equipment still have to support the aircraft. So, we should be supported as ground handlers because we have put in enough to support aviation, especially the domestic market. How much of a drop did you record in 2020?I won’t be able to say exactly yet because we are just closing the books for 2020. The other thing is that we have not, as a country, structured cargo well enough to optimise benefits. As things turned out, it was cargo that picked up. Again, a lot of people don’t know that they can export their aso-ebi, for example. It was a smaller team doing the work of a lot of people. But our team was able to take on that opportunity and they supported the airlines. So, let us optimise the cargo opportunities. Today, we can say that we had seamless cargo operations all through. More of our services had been passenger services and aircraft handling. One of the other things that were a challenge for us was we having to operate at a higher cost because of the spike in the cost of dollars. We need that support now from every quarter to ensure that we recoup all that we put into operations.
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Emirates appeals $1.36m, N50m suit

  Guardianng   Yesterday, 2:31 a.m.

Justice Hassan in his ruling on the plaintiff’s prayers for the return of his $1.36 million and N100 million as general damages, observed that the airline, through its lawyer, Prof. Awah Kalu (SAN), failed to refute Ikem’s claims. United Arab Emirates’ (UAE) national carrier, Emirates, has filed an appeal seeking to upend a Federal High Court judgment that awarded $1.36 million and N50 million against the carrier. The judge also ordered the carrier to pay N50 million as damages to Ikem for the “untold hardship and loss of earning” he suffered by the deprivation of use of his money from 2007 till date. Emirates was recently ordered to pay $1.36 million to a businessman, Orji Prince Ikem, being the amount contained in his hand luggage that went missing in the airline’s custody during his trip to China in 2007.Justice Muslim Hassan of a Federal High Court handed down the judgment in the businessman’s nearly 12-year legal battle with the airline to recover his two hand luggage containing personal effects and $700,000, as well as $930,000 in 18 bundles of $50,000 wraps each and $30,000 cash not wrapped.
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Sustained bargain-hunting boosts capitalisation by N325b

  Guardianng   Yesterday, 2:27 a.m.

Mutual Benefits Assurance followed with 70.591 million shares worth N27.389 million, while Guaranty Trust Bank traded 68.993 million shares valued at N2.252 billion. Lafarge Africa traded 61.852 million shares valued at N1.424 billion, while FBN Holdings transacted 44.534 million shares worth N329.473 million. Allied Industries followed with a gain 9.72 per cent to close at N17.50, while Japaul Gold and Ventures rose by 9.45 per cent to close at N1.39 kobo. Neimeth International Pharmaceuticals followed with a decline of 6.36 per cent, to close at N2.06, while Union Diagnostic and Clinical Services shed 3.13 per cent to close at 31 kobo. AXA Mansard Insurance went up by 9.42 per cent to close at N1.51, while Ardova appreciated by 9.25 per cent to close at N21.85 kobo. The total volume traded rose by 72.9 per cent to 809.362 million shares, worth N8.906 billion, and traded in 6,706 deals.
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New carrier seeks AOC

  Guardianng   Yesterday, 2:22 a.m.

The airline earlier ordered fifty A220-300s aircraft from Airbus and also committed to leasing an additional three of the aircraft type from leasing company, GTLK Europe. In December 2020, the airline sent its pilots on a type-rating training and recruited cabin crewmembers. A source at the NCAA said “the airline is serious; they mean business and could start soon, as they are close to acquiring the Air Operator’s Certificate (AOC)”.
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Samsung Galaxy S21 Ultra: The ultimate smartphone experience, designed to be epic in every way

  Guardianng   Yesterday, 1:41 a.m.

Best-in-Class Camera ExperienceGalaxy S21 Ultra delivers with our most advanced pro-grade camera system, so that you can capture stunning, studio-quality photos in various lightings and settings, or shoot and edit videos with a toolbox of new AI-powered features that elevate every shot. The new flagship series debuts a head-turning, iconic design, an epic pro-grade camera for users of any skill level and the most advanced processor ever in a Galaxy device. has a quad rear camera (ultra-wide, wide and dual tele-lenses) that features a upgraded 108MP pro sensor from which you can capture 12 bit HDR photos with 64 times richer color data and With a new tool to protect and monitor your privacy, you can now safely remove location metadata from photos before sharing, control who gets access to the content you send, and how long it’s available. With hyper-fast, ultra-low latency 5G, S21 series is built to provide fast video downloading, smooth video conferencing and streaming depending on network availability. It introduces an all-new, iconic Contour Cut Camera housing that seamlessly blends into the device’s metal frame for a sleek, yet striking, aesthetic. “Galaxy S21 Ultra is another example of how Samsung is driving meaningful innovation forward to give people personalised experiences that enrich their lives and empower them to express who they are,” said Iretiogo Oke, Head of Marketing at Samsung Nigeria “ PreorderThe Galaxy S21 can be pre ordered from the 22nd of January to the 11th of February with limited offer of Buds Pro or Buds live, Smart Tag and Samsung Care +AvailabilityStarting on February 12, 2021, Galaxy S21 Ultra will be widely available in retail stores offline and online. Given how indispensable technology has been to our lives during these times, we wanted to take another leap forward and push the boundaries of what a smartphone can do.”
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Traders threaten to stop toll payment to KMA

This is because traders at the Racecourse, one of the high revenue generator markets for the Assembly, have decided to stop paying tolls to KMA.The traders have complained about the poor roads and security in the market, the reason they explained informs their decision. Afia Kyeiwaa told host Aduanaba Kofi Asante Ennin that “the continuous neglect of city authorities has forced the traders to embark on self-help project to buy chippings and construct inner roads within the market.” He admitted that Racecourse has been the backbone for the “Assembly in the face of revenue, so alienation of traders in revenue payment will really affect the Assembly”.
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VFD eyes diaspora remittance with expansion of operations in Africa

  Guardianng   Jan. 14, 2021, 1:27 p.m.

VFD Group is a financial service focused proprietary investment company that creates value by working within Nigeria’s informal financial sector to create innovative products and solutions that are accessible to the everyday Nigerian citizen and entrepreneur. The company operates in every area of the financial industry through their subsidiaries, providing financial advisory, asset management, currency, real estate, debt services and private funds Management services, among others. “On the aspect of the risk or the threats, you have to understand the threats and build the skill sets and capacity to manage and mitigate the threats. “For the opportunities, you have to be able to identify them in a way that gives you an edge; and you also need to execute strategies to take advantage of those opportunities so that your business can be profitable. Speaking on multiple exchange rates, he said every business or sector presents threats and opportunities. “We are looking to be in key locations across Africa so that we can replicate the success of remittances in Nigeria to those respective African countries with the ultimate objective of integrating the exchange opportunities within these respective countries. VFD Group, a financial service focused proprietary investment company, has expressed commitment to expand to more African countries to enhance Nigeria’s Diaspora remittances. Okpala explained that the company had built skills set to mitigate the threats in the Bureau De Change sector, having been in operation for 11 years.
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Food contributed 59.1% to total inflation in December last year – GSS

a few months of high inflation for Transport, December saw low inflation for Transport (4.8% year-on-year and 0.1% month-on-month as compared to an average 7.8% year-on-year and 0.4% month-on-month for 2020)Compared to both the average month-on-month inflation for different Divisions in the regions on average over the year 2020 and to the same month-on-month inflation indicators for December 2019, December 2020 recorded comparatively high inflation numbers. (22.9%).Overall month-on-month Food inflation was 1.5% (1.2 percentage point higher than last month and higher than both on average in 2020 and in the same month last year).Similar to Food, Alcoholic Beverages and Tabacco saw a relatively high month-on-month inflation (0.9%). The increased rate of food inflation is the predominant reason for increased overall inflation, as without this increase, year-on-year inflation would have been lower than last month.
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NNPC cautiously hopeful about oil demand recovery, deepens gas devt

  Guardianng   Jan. 14, 2021, 4:21 a.m.

With the Federal Government already preparing to borrow at least N4.87 trillion to finance its N13.58 trillion 2021 budget, Kyari said gas has proven to be a steady and reliable revenue stream, especially during the height of the Covid-19 pandemic in 2020, adding that gas production and utilisation would remain a key priority for the Corporation in 2021.He said: “NNPC has recognised the impact of energy transition and is currently diversifying its portfolio beyond oil assets through domestic gas utilisation projects, support of research and innovation, solar investments, biofuels, infrastructure and energy policy support. The Group Managing Director, NNPC, Mele Kyari, made this known on Wednesday while speaking at a virtual event, the Gulf Intelligence “Global” UAE Energy Forum 2021.Despite optimism about oil demand, Kyari said he does not see oil demand recovering to pre-Covid19 levels before the end of 2022.Even though oil prices are now at 11-month high, coronavirus-inspired lockdowns continue to drag on any hopes of an oil demand rebound, dampening oil price gains. “As we navigate through the COVID-19 pandemic, NNPC group will continue to focus on increasing gas production, deepening the domestic utilisation of gas, increasing our capacity to export gas and investing in our non-oil and gas businesses. The Federal Government had last year put the nation’s total gas reserves at 203.16 trillion cubic feet (TCF), representing a marginal increase of 1.16tcf or 0.57 per cent from the 202tcf recorded in 2019.The 203.16 trillion cubic feet (TCF) gas reserves could have spur economic activities and boost revenue but the investments to harness the potential had remained elusive in the face gloomy regulatory outlook. Last year, the country seal pact for the expansion of infrastructure for Liquefied Natural Gas, especially the train seven of the Nigerian LNG Limited to raise the plant’s current six-train capacity by 35 per cent, from the extant 22 million tonnes per annum (MTPA) to 30 MTPA.The $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project also progressed last year as well as a gas handling facility commissioned by NNPC in Edo State. “Peak oil demand is still years away, investment is therefore required to meet Nigeria and Africa’s energy needs, and gas and renewable energy will continue to increase in their contribution to the global energy mix,” he said.
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NERC reads riot act to generating companies

  Guardianng   Jan. 14, 2021, 4:14 a.m.

“Sustainability of the sector is hinged on a regulated market led by an independent and transparent regulator, who can ensure that the market is technically and financially viable across value chain; keeping it clear of financial obstacles, benchmarking distributors to reduce losses, and ensuring that the viability of generators is not threatened by fuel prices than may hinder security of supply. “The somersaults of regulations and others from the Commission, the lack of a firm monitoring and evaluation framework, absence of market discipline with predominant non-compliance to industry regulations and governing codes all attest to the assertion that the market or sector may be better off without the regulator. They said despite the powers bestowed on the Commission, indiscipline and contract breaches were still pervading the electricity supply space with the regulator refusing to act at all or taking decisions late. “There is therefore a need for a coordinated approach by all stakeholders in the Nigerian Electricity Supply Industry (NESI), a call for knowledgeable experts and technocrats to find a viable/apolitical solution, encompassing the value chain,” they stated. The GenCos added that NERC has enormous powers, including the power of monitoring and enforcing non-compliance as enshrined in Section 62 (6) and (7), which empowers it to penalise licensees in contravention of the terms through licence cancellation.
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MSMEs thrive during COVID-19, LBS Sustainability Conference reveals

  Guardianng   Jan. 14, 2021, 4:10 a.m.

The seminar, themed, “Sustainable Recovery from COVID-19: Policy and Business Solutions for Job Creation in Emerging Markets,” focused on the role of the emerging green sector, where more entrepreneurs can play in, and with greater guarantees for their personal and national economies as well as the sustained health of the environment.  One of the startling revelations from the 2020 International Sustainability Conference, organised by the Lagos Business School (LBS), is that despite the depressed economy, which has seen companies shed staff or even shut down altogether, amid a second wave of recession, the MSME sector remained resilient, and vibrant notwithstanding the many challenges.  Most of them insisted that government has a big role to play with adequate policy and regulatory frameworks as well as funding, an area where the private investors could key into with private capital for better dividend if well-deployed.   They also have the potential for a good profit and environmental wellbeing for as long as the players are able to scale quickly using innovative means to draw in more customers and users for their products.  They noted that rural communities which form the largest bloc of smallholder farmers could make a big impact if given a sense of ownership, and helping them take the initiative for their own food security. 
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Stock market extends gain with 0.11 index rise

  Guardianng   Jan. 14, 2021, 4:05 a.m.

Livestock Feeds followed with a 9.74 per cent fall to close at N1.76 kobo, while Consolidated Hallmark Insurance shed 8.82 per cent to close at 31 kobo.    Lasaco Assurance followed with 40.725 million shares worth N17.024 million, while United Bank for Africa (UBA) traded 31.816 million shares at N283.105 million.    BOC Gases followed with 9.92 per cent gain to close at N12.52, while Champion Breweries rose 9.80 per cent to close at N1.12 kobo.    Academy Press, Sovereign Trust Insurance and Veritas Kapital Assurance recorded the highest price gain of 10 per cent each, to close at 33 kobo, 22 kobo and 22 kobo, respectively.   
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FG to build international gemstone market in Ibadan

  Guardianng   Jan. 14, 2021, 4:05 a.m.

The Minister stressed that the Gemstone Market will not only boost the Oyo State economy, but will also encourage foreign investment in the South West region, and expressed the hope that the project would be completed this year. gemstonesThe Federal Government has described gemstone as a natural resource that can boost the economies of Oyo State, Southwest region and Nigeria, by shoring up the internally-generated revenue (IGR), expressing readiness to exploit the resource for the benefit of all. their separate remarks, the Commissioner for Energy and Mineral Resources, Seun Ashamu, and the Executive Chairman, Oyo State Solid Mineral Development Agency, Abiodun Oni, unanimously noted that the project complement the diversification plans of Governor Makinde’s administration and would surely boost the state’s “The whole idea is to formalize it to an international market and enhance the trade that goes on there and the benefits that will accrue to the state and the Federal and of course, the local governments. It will enhance commerce, and at the same time improve the local economy and generate revenue at the national and sub-national levels. To this end, it has commenced the process for the construction of an International Gemstones Market in Ibadan upon the allocation of two hectares of land by Oyo State Government. It will improve the state IGR”Also, the Permanent Secretary Ministry of Lands, Housing and Urban Development, Ademola Ajibola, assured that issues of compensation concerning the two hectares of land allocated have been duly settled. IGR.Oni said: “It will enhance the economy of the state and provide employment.
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Manufacturers tasks SON on protection of local industries under AfCFTA

  Guardianng   Jan. 14, 2021, 4:04 a.m.

”He decried the current situation where SON is unable to carry out quality verification of all its regulated imported products at the points of entry nor accost suspected substandard products outside the ports.    Local manufacturers in the North Central state of Kano, have charged the Standards Organisation of Nigeria (SON), on the need to protect local industries from undue imports at the ports of entry in preparation for the African Continental Free Trade Agreement (AfCFTA).    He urged MAN and other stakeholders to look forward to seamless and robust deployment of information communication technology to enhance the agency’s delivery of efficient services and an appreciable reduction in turnaround time for standards development, product certification and registration amongst others.
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JCI seeks collaboration on economic growth

  Guardianng   Jan. 14, 2021, 4:03 a.m.

The good cause organisation lamented the rate of youth employment in the country, saying there was an urgent need to set up empowerment programmes that would cover leadership and entrepreneurship across the six geopolitical zones. 
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‘How African leaders can fast track AfCFTA benefits’

  Guardianng   Jan. 14, 2021, 4:02 a.m.

Although Mmobuosi expressed excitement about the agreement, he stressed the need to give businesses across all sectors of the economy access to the value chain, improved, reliable information, and use technology to build value added ecosystems. He argued that the increasing mobile penetration, which is connecting the agricultural value chain that is accountable for a significant share of Africa’s economy, would play a key role in fast tracking the objectives of the trade pact, especially in the face of existing bottlenecks across borders and ports on the continent. Mmobuosi believes that a marketplace platform like Nwassa that connects every actor in the agricultural value chain, from farmers, to packaging and logistic partners to everyday people looking to purchase fresh produce at the best prices, would be of great importance to achieving the objectives of the agreement. Group Chief Executive of Tingo International Holdings Inc, Dozy MmobuosiGroup Chief Executive Officer, Tingo International Holdings, Dozy Mmobuosi, has said projected benefits of the African Continental Free Trade Agreement (AfCFTA), could be hampered unless African leaders focus on strategic plans, working with stakeholders and adopting technology to drive the agreement.
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Four investors apply for Air Carrier License to operate in Ghana

  Pulse-gh   Jan. 13, 2021, 9:30 p.m.

According to AviationGhana sources at the GCAA, the four companies submitted their ACL applications in December, 2020.Based on the documents submitted, the investors are seeking to operate domestic and regional flights to tap into the opportunities that the Africa Continental Free Trade Area (AfCFTA) presents in both the passenger and cargo side of the aviation business. Since the re-opening of the Kotoka International Airport (KIA) on September 1, 2020, to scheduled passenger operations, 14 international airlines, five (5) regional airlines and two domestic airlines are currently servicing the KIA.With the coming into effect of the AfCFTA on January 1, 2021 AfCFTA provides the opportunity for Africa to create the world’s largest free trade area, with the potential to unite 1.3 billion people in a US$2.5 trillion economic bloc and usher in a new era of development.
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Inflation for December 2020 was 10.4% - GSS

  Pulse-gh   Jan. 13, 2021, 7:17 p.m.

a few months of high inflation for Transport, December saw low inflation for Transport (4.8% year-on-year and 0.1% month-on-month as compared to an average 7.8% year-on-year and 0.4% month-on-month for 2020)Compared to both the average month-on-month inflation for different Divisions in the regions on average over the year 2020 and to the same month-on-month inflation indicators for December 2019, December 2020 recorded comparatively high inflation numbers. Imported and Local InflationThe inflation of imported goods was 6.1% (up from 5.6% last month), while the inflation of local goods was 12.1% on average (up from 11.5% last month).Month-on-month inflation for imported goods was 0.3% and for locally produced goods 1.1%.On average in 2020, year-on-year inflation for imported goods was 11.8%, which is more than double the average year-on-year inflation in 2020 for imported goods (5.3%).Especially in the second half of 2020, local goods recorded higher rates of inflation than imported goods. (22.9%).Overall month-on-month Food inflation was 1.5% (1.2 percentage point higher than last month and higher than both on average in 2020 and in the same month last year).Similar to Food, Alcoholic Beverages and Tabacco saw a relatively high month-on-month inflation As shown in Figure 5, on a month-on-month basis Northern Region recorded the highest overall inflation (1.7%) and Food inflation (3.1%).Food and Non-Food InflationFood contributed 59.1% to the total inflation.
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Digital euro could happen 'within five years': Lagarde

  Guardianng   Jan. 13, 2021, 2:53 p.m.

“There is a demand” for a digital currency, she added, but that there is a “need to have a system that is secure” and where risks such as hacking are addressed. “The high number of responses to our survey shows the great interest of Europe’s citizens and firms in shaping the vision of a digital euro,” said ECB board member Fabio Panetta. A digital euro would be an electronic form of central-bank money, which proponents say will allow for faster and cheaper payments as they cut out the administration and the high costs needed in traditional banking. safe,” Lagarde told an online forum organised by Reuters, adding “I would hope that it’s no more than five (years).” ”Regulation “needs to be agreed at a global level because if there is an escape that escape will be used,” she said. REUTERS/Kacper PempelA digital euro should be a reality within five years, European Central Bank president Christine Lagarde said Wednesday.
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WTO, OECD launch dataset on bilateral trade in services

It covers the following sectors in the 2010 Extended Balance of Payments Services Classification (EBOPS): manufacturing services on physical inputs owned by others; maintenance and repair services n.i.e.; transport; travel; construction; insurance and pension services; financial services; charges for the use of intellectual property n.i.e.; telecommunications, computer and information services; other business services; personal, cultural and recreational services; and government goods and services n.i.e, as well as total commercial services.   The WTO-OECD Balanced Trade in Services (BaTIS) dataset, which provides detailed data for 12 services sectors in addition to total commercial services, offers a complete and balanced matrix that reconciles previously asymmetrical export and import data. The World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD) on 13 January jointly launched a new dataset covering bilateral services trade of over 200 economies from 2005 to 2019. data, show, for example, that the share of intra-regional trade in services is very low in Africa (only 7%) even if it comprises more than 50 economies. BaTIS estimates also reveal that, in 2019, 12.0% of commercial services exports of least-developed countries (LDCs) were delivered to the United States, followed by China (9.8%) and India (6.0%), largely relating to international travellers’ expenditure and transport.
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AfDB President Adesina named champion of Africa’s Great Green Wall climate-adaptation initiative

The Summit, held annually, brings together political leaders, private sector decision makers, foundations, NGOs and citizens to identify and accelerate funding for climate, biodiversity and ocean solutions and mobilize all stakeholders in public life and the economic world in collaborative efforts. the forum, Adesina announced that the Bank would mobilize up to $6.5 billion over the next 5 years for the Great Green Wall Initiative, joining multilateral development institutions, governments and development partners that have pledged over $14 billion. “The Great Green Wall Initiative is the first step on the way to nature-based solutions as well as solutions based on the vitality of African eco-solutions,” said Macron. “I would also like to welcome the commitment of Dr. Adesina, President of the African Development Bank, who has agreed to take on the role of resource mobilization champion and help raise, by 2030, all the necessary funds for the realization of the Great Green Wall,” French President Emmanuel Macron told participants. “The Great Green Wall is part of Africa’s environmental defense system — a shield against the onslaughts of desertification and degradation,” he said. The World Bank, for instance, pledged over $5 billion in funding to advance land restoration and degradation issues and to address challenges around Lake Chad. The appointment was made at a forum held in the margins of the One Planet Summit 2021 to mobilise support for the ambitious project to plant an 8,000 km swathe of trees and other vegetation across the Sahara and Sahel regions of Africa.
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Hospitality sector’s revenue dips by nearly 90 per cent

  Guardianng   Jan. 13, 2021, 4:28 a.m.

The hotel’s loss before tax rose to N1.39 billion in Q3 2020 from a loss of N777.06 million in H1 2020 and a profit before tax of N603.88 million in Q3 2019.For Capital hotel plc, its Q3 2020 Unaudited results showed that revenue declined by -62 per cent to N1.4 billion from N3.7 billion posted in corresponding period in 2019.The firm’s loss before tax stood at N257 million while net assets grew by 177 per cent from N6.6 billion to N18.2 billion. The company’s profit before tax declined by 73 per cent to N2 billion from N7.3 billion achieved in the corresponding period in 2019 while profit after tax declined by 74 per cent to N1.7 billion down from N6.7 billion in 2019Ikeja Hotel Plc also posted a second consecutive loss in 2020. The decline in income from major slices of the hotel’s business was the result of a partial lockdown of the economy in Q2 2020 at the height of the spread of the coronavirus which affected travels, disrupted supply chains, and reduced patronage of the hospitality sector Its loss before tax dipped by -330 percent in Q3 2020. Apparently irked by the unprecedented loss incurred by the firms in the sector, especially in the current financial year, stock market investors at the weekend, stressed the need for government to support listed firms under the sector with incentives in form of tax holiday and other palliatives throughout the period of the pandemic. look at the third quarter result of Transnational Corporation of Nigeria Plc, one of the big players in the industry showed that its revenue declined by -7% to N54 billion from N58 billion achieved in the previous quarter. PressheraldThe nearly one-year devastating effect of the COVID-19 crisis has continued to take huge toll on the hospitality sector, as the bottom-line of listed firms in the sector has remained vulnerable to the challenges of restrictions. While the reopening process has slowly begun and authorities have started to ease restrictions, the COVID-19 second waves continues to exert profound impacts on the operating profit of firms under the sector due to low patronage and increasing cases of the pandemic. Its revenue fell by -60.49 percent from N9.12 billion in Q3 2019 to N3.6 billion in Q3 2020. Indeed, the Nigerian hospitality sector, which is yet to recover from the traditional lull in business between January and early February of every year, is facing an even more difficult challenge occasioned by the coronavirus crisis.
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