Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

Sunday, May 19, 2019

CBN Gov Sets Up Panel To Revive 50 Textile Firms

CBN Gov Sets Up Panel To Revive 50 Textile Firms

CBN gov sets up panel to revive 50 textile firms
The Central Bank of Nigeria is targeting to revive at least 20 textile companies before the end of the 2019 fiscal period.
The move is contained in the technical cooperation proposal for revamping the cotton, garment and textile sector in Nigeria.

The proposal was made available to our correspondent shortly after the inauguration of the textile implementation committee.
The committee was inaugurated by the CBN Governor, Mr Godwin Emefiele, on Thursday in Abuja.

Present at the event was the Governor of Kano State, Abdullahi Ganduje, and the Deputy Governors of Kaduna and Jigawa states, among other stakeholders in the CTG sector.

The committee, according to the proposal, is saddled with the responsibility to resuscitate at least 50 textile firms by the end of 2023. The committee is also expected to collaborate with stakeholders to identify, name and shame textile smugglers in Nigeria as well as develop a framework for the eradication of smuggling and dumping of textile products into Nigeria.

The committee would also facilitate the production of 200,000 hectares of cotton fields by 2020 and maintain an annual increase of 100,000 hectares over the next three years.

Other tasks of the committee include to determine power requirements by the textile hubs in each state; develop a framework for the production, transmission and pricing of power within the hub; and facilitate collaboration among all related agencies to ensure compliance with regulations.

It is also expected that the committee would work assiduously to deliver a minimum of 50 megawatts of captive power to CTG firms in the interested states by 2021, and facilitate the effective pricing and delivery of gas, black oil and diesel to CTG firms in Lagos and other interested states.
This is expected to enhance their power generation and consumption.

Speaking at the event, Emefiele noted that the CTG sector within the last 20 years had suffered a lot of difficulties.

He gave the key challenges affecting the CTG sector to include low cotton production, poor power and transport infrastructure, obsolete production lines, smuggling and counterfeiting, inadequate local patronage, high cost of production, and multiple taxation , among others.

The apex bank boss said while farmers and processors had had to deal with low-quality seeds, rising operating cost and weak sales due to the high energy cost of running factories, smuggling of textile goods, and poor access to finance were having a negative impact on the growth of the sector.

For instance, he said smuggling of textile goods alone had been estimated to cost the nation over $2.2bn.

He said,
 “It’s no secret that the past 20 years have been very difficult for the cotton, textiles and garment sector.
“Today, most of the textile factories have all stopped operations and the workforce in Nigeria’s textile industry stands at less than 20,000 people.
“In addition, a large proportion of our clothing materials are imported from China and countries in Europe.

(Punch) 

Sunday, April 7, 2019

Dangote : I Withdrew $10m Cash Just To Look At It (Video)

Dangote : I Withdrew $10m Cash Just To Look At It (Video)



The richest man in Africa, Aliko Dangote, said he once withdrew ten million dollars($10m) just to take a view at it and prove to himself that he was indeed rich. (Smiles...)

Dangote made the comment above was made during his interaction with the convener, Ibrahim at the Mo Ibrahim governance in Abidjan, Côte d’Ivoire, on Saturday.

Below is the video, which was shared on Mo Ibrahim Foundation's youtube page.

According to the business tycoon..... “The way it is that when you first start business, your target is to make your first million. Fine, I did that.

"After a year or so, I realised that I had much more, and I said ok, fine, all these numbers are just written numbers.

"One day I went to a bank, and at that time, there were no restrictions, and I wrote a cheque and cashed $10m from the bank and put it in the boot of my vehicle, and I went home and I opened it and I looked at $10m and I said ‘now I believe I have money’."

After all that, he returned the money to the bank the next day.

What do you have to say about this?...

Saturday, March 16, 2019

Access Bank Realised N95bn Profit For 2018

Access Bank Realised N95bn Profit For 2018

Access Bank declares N95bn profit for 2018
Access bank realise 95billion naira as profit after paying all necessary tax for the year 2018.
It was reported that the profit attained after settling all tax rose by 58% when compared to 60.07billion naira recorded in the previous season of 2017.
 The bank’s audited result released by the Nigerian Stock Exchange (NSE) indicated that profit before tax stood at N103.2 billion, against N78.2 billion achieved in 2017, which is an increase of 32 per cent from 2017:News Agency Of Nigeria reports.

In the released results, it showed an increase in gross earnings from 459.1billion to N528.7 billion which is a 15% rise in initial period of 2017 with interest and non-interest income contributing of 72 per cent and 26 per cent, respectively.

 The bank, however, proposed a dividend of 25k per share, bringing total dividend for the year to 50k per share. The asset base of the bank remained strong and diversified with growth of 21 per cent in total assets to N4.95 trillion in December 2018 from N4.10 trillion in December 2017.

According to the Group Managing Director of the bank, Mr Herbert Wigwe, stated that 2018 marked a significant year of progress amidst an unfavourable macro climate.

“We made solid progress throughout 2018 in line with our 2018-2022 five-year strategy, and we remain committed to the achievement of our strategic imperatives going forward.

“As we continue to invest in our people and technology in order to improve operational efficiency and service touch points with earnings growth in 2019,” Wigwe said.

He said that the contribution of the bank’s subsidiaries to group profits grew by 116 per share to N27.9 billion, underlined by the effective implementation of overall strategy.

In pursuit of our vision to be one of the leading banks in Nigeria, we took accelerated strides in the last quarter of the year towards achieving our overall retail strategy.

“The merger with Diamond Bank will enable us to fully entrench ourselves in the retail market with a view to lowering our funding cost.

“This transaction is anticipated to be completed by April 2019, resulting in the creation of an enlarged, efficient and digitally led tier 1 retail banking franchise,”.

Monday, March 11, 2019

MTN On Nigeria Stock Exchange Will Soon Be Achieved - MTN Nigeria

MTN On Nigeria Stock Exchange Will Soon Be Achieved - MTN Nigeria

It will be very nice to see that MTN on nigeria stock exchange becomes a reality.
According to MTN group in Nigeria said it service will soon be included on the Nigeria stock exchange, stating specifically that this might become a reality before July, 2019.
As sent by Mtn Nigeria in a mailed write up there is a very high trade numbers in 2018 fiscal year.

The cable reported that total revenue of 37,971,000,000 South African rand (N965.3bn),
MTN plans to list by introduction on The Nigerian Stock Exchange during the first half of 2019 and is looking to simplify the capital structure ahead of this listing,” MTN said.
MTN On Nigeria Stock Exchange

MTN on Nigeria stock exchange - See How It Goes


"The Company’s listing on the Exchange will create a new telecoms asset class for investors and provide an opportunity for a wider group of Nigerians to participate in our investment story."

"This will be achieved via a listing by introduction and will be followed by a public offer once market conditions are conducive. Over time, and subject to market conditions, we anticipate that the participation of Nigerians in the ownership of the business will increase from around 20% to 35%.

Also Read: Nigeria Tops Rice Producing Country In Africa

In 2018 we rebuilt the base; adding another six million Nigerians to our network, giving a total of 58 million people access to worldwide communication services.

This growth was built on our sustained focus on customer-centric delivery – ensuring that customers get much more value for their money."

Meanwhile, MTN Nigeria has been able to add 6million extra subscribers making it a total of 58million subscribers in Nigeria.

"This included the deployment of proactive interventions to improve customer experience, together with the enhancement of network quality and coverage, and the optimization of our services portfolio.

“We also enabled an additional 8 million people to access the possibilities that the internet provides, bringing our total data subscriber base to 44 million, of which 18.7 million use more than five megabytes per month.

“We are now even better positioned to ensure that everyone can access the benefits of a modern connected life. We are excited to have been given the privilege to continue playing a role in facilitating this, and are grateful to our customers, our people, our partners and our regulator for making this possible.

“We understand how access to the opportunities enabled by the internet can open up new industries even in the remotest areas of our country.

“Thus, we will continue to focus on delivering social innovations like mobile electricity, financial services for all; and leveraging our technology as a vehicle to enable high-impact mobile solutions in education, health and agriculture in our communities – urban and rural.” - MTN Nigeria CEO, Ferdi Moolman.

MTN on Nigeria stock exchange is next thing on MTN Nigeria's agenda.

Wednesday, March 6, 2019

Nigeria Overtook Egypt As Largest Rice Producer In Africa

Nigeria Overtook Egypt As Largest Rice Producer In Africa

Nigeria the largest rice producer in Africa with 4millon tonnes

» Harold Roy-Macauley said Nigeria  is currently rated the largest producer of rice in Africa.

»Nigeria overtook Egypt in production, now producing 4million tonnes per annum.

Nigeria is now the top rice producing country as it has overtaken Egypt, Harold Roy-Macauley said.

It's was noted that Egypt used to produced 4.3million tones of rice annually, but these had changed, it production has reduced by 40% owing to the fact that the Egyptian government want to limit cultivation in this year, 2019 in order to preserve water resources.

According to Harold Roy-Macauley, the Director General of Africa Rice Center(ARC), "Egypt annually consumes about 1.8billion metre of water for irrigation, transpiration and evaporation, and the rough rice produced yearly from Africa is about 14.2million tonnes."

A lot of efforts have being made to make sure that Africa's rice production increases but we're still in doubt if it will really restrain the importation of rice as population is becoming progressively more larger.

Roy-Macauley said they are ready to come in partnership with Nigeria and other African government through training of farmers, export officers and likewise the post-harvest care, understanding marketing demand and scaling up to their expectations.

Recall that the Governor of Kebbi state, Atiku Bagudu, mentioned in a meeting on December 19 that Nigeria is on it way leading Africa in Rice production. Stressing that president Mohammadu Buhari has render a full support into Agricultural practices.

Monday, February 18, 2019

Inflation Rate Drops To 11.37 Per Cent In January - NBS

Inflation Rate Drops To 11.37 Per Cent In January - NBS


Inflation Rate Drops To 11.37 Per Cent In January - NBS


It has been recorded according to National Bureau of Statistics(NBS) that the Customer Price Index(CPI) measured inflation in January 2019.


Report had it that the Price index which is 11.37% drop (inflation) is 0.07% lesser that of December, 2018 which was 11.44%.

The inflated CPI recorded experienced an increase year-on-year by 11.37% in January, 2019.

It was further stated that there was an increase by 11.66% of the urban inflation rate from the initial value of 11.73% in December, 2018.
50866109219162471(MTN) For A Lucky Reader.

And that of the rural inflation rate had a change from 11.18% recorded in December, 2018 to 11.11% in January, 2019.