It is no longer news that Nigeria, producing over 34 million tonnes annually, is the largest producer of cassava in the world. But the recent spread of pro vitamin A cassava variety, popularly known as ‘yellow cassava’, across the country by HarvestPlus Nigeria, a research institute that is committed to breeding crops for better nutrition,…
CBN Removes Forex Limit
The Central Bank of Nigeria, CBN, has authorised the removal of the $250,000 weekly foreign exchange sales limit placed on bureaux de change, BDC, operators in the country. The announcement came a week after Lamido Sanusi, CBN governor, vowed to address the widening gap between the naira-dollar exchange rates in the official market and parallel…
UBA Increases Investments in Major Sectors
To United Bank for Africa, UBA, investing in the power sector of Nigeria should be the priority of all investment banks. To lead the way, Phillips Oduoza, group managing director, announced that the bank had extended its investment to N113 billion to different investors towards the acquisition of power assets in the country’s power sector.…
Grohe Germany Enters Nigerian Market With New Products
In its bid to penetrate the Nigerian market, German multinational company, Grohe, has introduced new designs of its products to end-users in the country with plans to capture the West African market. Some of the products unveiled by luxury and kitchen fittings manufacturer include Grandera 5-hole bath/shower, 3-hole washbasin mixer, towel rail, bathtub, floor and…
Nigeria: An Economy to Watch
The world celebrates Nigeria as the next largest economy in Africa and one of the emerging investment havens in the world, but to many Nigerians, the new economic status is a sad reminder of the paradox of a rich nation and its poor people For many Nigerians whose collective aspiration is for the Nigerian economy…
No Cause for Alarm
Ngozi Okonjo-Iweala, finance minister, sends a 102-page document to the House of Representatives Committee on Finance, showcasing the government’s achievement so far Ngozi Okonjo-Iweala, minister of finance and coordinating minister for the economy, has probably never been under as much pressure as she has experienced recently. Since mid-last year, she had at one time or…
Mobile Market: Stock Trading on the Go
The transformation could not have come at a better time. Indeed, expectations are rife that the X-Gen platform, an information technology, IT-driven innovation, introduced by the Nigerian Stock Exchange, NSE, and Securities and Exchange Commission, SEC, with the support of capital market operators, will more than previous initiatives make the Nigerian capital market more competitive…
Naira Palaver for Traders
Growing scarcity of lower denominations of the naira is hurting living and commerce alike A strange report of sudden shortfall in unfit-for-circulation currency notes meant to be destroyed began filtering out of the Mint Inspectorate, MI, at the Nigerian Security Printing and Minting, NSPM, recently. Designated as a currency security unit supervised by the Central…
Lifeline for SMEs
Bank of Industry, in partnership with Western Union and USAID African Diaspora Marketplace, organises a forum aimed at expanding access to technical and financial opportunities for small businesses On account of its capacity to spew millions of employment opportunities, create wealth and alleviate poverty, the small and medium enterprise, SME, sector is acknowledged globally as…
FG Set to Present 2014 Budget to NASS
The federal government through, Ngozi Okonjo-Iweala, finance minister and coordinating minister for the economy, is set to present the estimates of the 2014 budget to the National Assembly, NASS, any moment from now. President Goodluck Jonathan announced this shortly after both the Senate and House of Representatives settled their differences and agreed on $77.5 as…
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