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

Monday, June 17, 2019

11 Ships With Petrol, Other Products Arrive Lagos Ports – Npa

11 Ships With Petrol, Other Products Arrive Lagos Ports – Npa

11 Ships With Petrol, Other Products Arrive Lagos Ports – Npa

Eleven ships conveying petrol and other commodities have berthed at the Apapa and Tin-Can Island Ports in Lagos, the Nigerian Ports Authority (NPA) announced on Monday.

The authority said in its daily publication, Shipping Position, that the vessels were waiting to berth with their consignments at the ports.

Eight of the 11 vessels are waiting to berth with petrol while three others will berth with diesel, container and frozen fish.

NPA said that no fewer than 23 ships were expected to berth in Lagos ports between June 17 and June 29.

It said that the 23 expected ships would sail in with general cargo, bulk salt, semi-trailers, bulk sugar, bulk fertiliser, steel products, buckwheat, petrol and container.

It said that eight ships were discharging gypsum, container, general cargo, buckwheat and frozen fish. (NAN)

Sunday, June 16, 2019

 IMF Ranks Nigeria World’s ‘second Worst’ In Use Of Sovereign Wealth Fund

IMF Ranks Nigeria World’s ‘second Worst’ In Use Of Sovereign Wealth Fund

According to the Fiscal Monitor report released on Wednesday and seen by TheCable, Qatar was the only country worse than Nigeria on the index.

Imf Ranks Nigeria World’s ‘second Worst’ In Use Of Sovereign Wealth Fund

The Bretton Wood institution said the index was compiled using the corporate governance and transparency scores of the sovereign wealth funds and the size of assets as a percentage of 2016 GDP of the countries considered.

The fund said it used data compiled by the Natural Resource Governance Institute and Worldwide Governance Indicators.

Imf Ranks Nigeria World’s ‘second Worst’ In Use Of Sovereign Wealth Fund

“It is critical to develop a strong institutional framework to manage these resources—including good management of the financial assets kept in sovereign wealth funds—and to ensure that proceeds are appropriately spent,” the report read.

“This remains a significant challenge in many resource-rich countries that, on average, have weaker institutions and higher corruption

“The governance challenges of commodity-rich countries— that is, the management of public assets— call for ensuring a high degree of transparency and accountability in the exploration of such resources.

“Countries should develop frameworks that limit discretion, given the high risk of abuse, and allow for heavy scrutiny.”

Explaining that sovereign wealth funds have to be transparent, the IMF advised that countries should ensure that the natural resources of countries should be channelled properly to the people that need them.

Of the 10 African countries considered, Ghana was ranked the highest.

Thursday, June 13, 2019

OPEC Cuts Oil Demand Outlook

OPEC Cuts Oil Demand Outlook

OPEC Cuts Oil Demand Outlook

The Organisation of Petroleum Exporting Countries (OPEC) says it has cut its forecast for global oil demand growth and warned of potential further cuts as international trade disputes continue to fester.

OPEC said in its monthly report published on Thursday that world oil demand would rise by 1.14 million barrels per day (bpd) this year, 70,000 bpd less than previously expected.

Throughout the first half of this year, ongoing global trade tensions have escalated,” OPEC said in the report.

It added that the potential for these disputes to affect global demand poses “significant downside risks”.

OPEC and its allies will meet in the coming weeks to decide whether to maintain supply curbs, with some having become alarmed by a steep slide in prices.

U.S. President Donald Trump has pressed for action to lower prices. Observers see the cut as building a case for prolonged supply restraint over the rest of 2019.

OPEC, Russia and other producers have, since Jan. 1, implemented a deal to cut output by 1.2 million bpd. They will meet over June 25 and June 26 or in early July to decide whether to extend the pact.

Despite the supply cut, oil has tumbled to $61 a barrel from April’s 2019 peak above $75, pressured by fears over the U.S.-China trade dispute and an economic slowdown.

Vienna-based OPEC also said its output fell in May as U.S. sanctions on Iran boosted the impact of the supply pact.

Production by all 14 OPEC members dropped by 236,000 bpd to 29.88 million bpd,” OPEC said.

In addition to lowering its demand forecast, OPEC said that oil inventories in developed economies rose in April, suggesting a trend that could raise concern over the possible build up of an oil glut.

Wednesday, June 12, 2019

Securing Marine Environment: Maritime Administration and Safety Agency Engages Technology & Partnership

Securing Marine Environment: Maritime Administration and Safety Agency Engages Technology & Partnership

Nimasa Deploying Technology, Partnership To Protect Marine Environment
The current management of the Nigerian Maritime Administration and Safety Agency, NIMASA, has since its inception prioritised the blending of technology and proactive partnership into the strategy for actualising the Agency’s mandate of regulating the maritime industry. And it has succeeded on that score, what with the various laudable cooperation agreements and technological initiatives the Agency has introduced. The marine environment management aspect of NIMASA’s mandate is one area this strategy has been quite evident.

 The director-general, Dr Dakuku Peterside, has on many occasions emphasised NIMASA’s commitment to the sustainability of the marine environment. Protecting the marine environment The Marine Environment Management, MEM, department of NIMASA, headed by Dr Felicia Mogo, is responsible for enforcing laws to protect the marine environment against pollution, while ensuring that all laws related to conventions adopted by the International Maritime Organisation, IMO, are complied with. Through the department, NIMASA enforces strategies aimed at preventing pollution of the seas and oceans and controlling the actions of ships operating within Nigeria’s maritime jurisdiction.

 In the first and early second quarter of 2019 alone, NIMASA signed two memorandums of understanding relating to marine environment management. The first was with the Maritime Technology Cooperation Centre, MTCC, on March 15  in Mombasa, Kenya, and the other with National Oil Spill Detection and Response Agency, NOSDRA, on April 24 in Abuja. These are both laudable moves by the Agency to ensure that the Nigerian maritime industry is protected from the vagaries of climate change through the reduction of carbon emission and damages to marine life and the environment caused by oil spills and the maritime.

 Coordinated by NIMASA, Nigeria is the MTCC focal point for West Africa, with Dr Oma Ofodile of MEM, NIMASA, as the focal point person overseeing Nigeria and other West African countries, including Ghana, Sierra Leone, and Liberia. Nigeria, being a developing country, stands to gain a lot from strategic partnerships in marine environment protection and marine pollution prevention. This is especially in relation to the challenge posed by the IMO mandate regarding vessels having bunker fuel oil of 0.5 per cent sulphur content by 2020.

NIMASA was recently chosen to lead a programme initiated by MTCC to track fuel consumption and reduce Greenhouse Gas, GHG, emission by ships in an effort to reduce the rate of climate change and its effects on the marine environment.

Track and record emission 
The Agency has expressed its determination to achieve the best results for not only Nigeria but also the other countries under its leadership, being the West African focal point. MTCC is funded by the European Union and implemented by the IMO. It was set up to assist developing countries in five geographical regions of the world, namely, Latin America, the Pacific, Asia, the Caribbean, and Africa.

 NIMASA is deploying technology to facilitate the achievement of its mandate. The Agency recently installed the Thorium X tablet, a Fuel Consumption Data Collection gadget, aboard a flag state vessel in a pilot project to track and record emission from vessels during the voyage. A sensitisation breakfast meeting was held in Lagos to bring together stakeholders and inform them of the technology partnerships and the gains for Nigeria, especially in relation to the adoption of technologies and building capacity to mitigate climate change. In the MoU between NIMASA and NOSDRA, both parties agreed to work together, recognising that their roles and mandates cannot be mutually exclusive on matters of oil spill pollution management in the marine environment as set out in the International Convention for Oil Pollution Preparedness Response and Cooperation, OPRC’90.

The MoU was in a bid to curb pollution from the movement of empty maritime oil tankers operated by International Oil Companies, IOCs, and spills that involve stationery oil tankers on the high seas.
NIMASA and NOSDRA have reached an agreement with due consideration for the statutory mandate of both agencies.

Pollution from ships
The world over, coastal waters and oceans are deteriorating at an alarming rate due to increasing coastal development, pollution from ships, oil spills, as well as land-based sources of pollution, habitat destruction, and other threats.

NIMASA is implementing technological initiatives and entering partnerships to ensure that the Nigerian marine environment is well protected. This is to avoid potential damage from pollution and abuse of the waters and the concomitant catastrophic effect on the country’s economy.

The Agency is also engaged in efforts to sensitise the public, communities, and stakeholders to the dangers of environmental pollution and the benefits of a pollution-free environment. It has tried to discourage the reckless disposal of plastics in the environment, especially in the rivers. Plastic pollution poses significant risks and economic costs. Not only is the cost of cleaning up plastic debris from seas expensive, but excessive pollution can also negatively impact tourism and, thus, the entire economy.  Plastic pollution spread across countries, creating a regional problem with high costs for economically important sectors, such as tourism and fishing.

While the plastic pollution crisis cannot be resolved overnight, it can be controlled if necessary measures are adopted. These include recycling of used plastic containers, rather than their careless disposal into the environment since they are not biodegradable.
NIMASA is applying multifarious approaches to realise a clean marine environment for shipping and other activities.

Thursday, June 6, 2019

Nigeria Is Ready For 5G Technology, Says NCC

Nigeria Is Ready For 5G Technology, Says NCC

Nigeria Is Ready For 5G technology, Says NCC
The Nigerian Communications Commission (NCC) has said the country is ready for the 5G bandwidth network for faster and efficient internet services.

This is as the commission said it will soon audit the Mobile Network Operators (MNOs) to determine their level of compliance with the regulation on the registration of Subscriber Identity Module (SIM) cards.

The commission’s Executive Commissioner for Stakeholder Management, Mr. Sunday Dare, said this in Abuja at an interactive session with newsmen. He said the NCC had been preparing the country for it by bringing together critical stakeholders to examine the legal, regulatory and technology issues, apart from developing a roadmap.

“We have opened up consultations on spectrum for drones, etc. We are proactively leading discussions on the development of new technologies. This does not mean that we are going to discard the 2G, 3G or 4G.
Each one of these levels of technologies has its benefits and the fact remains that you have to move from one level to the other,” Dare said.

On the audit of the MNOs, Dare said it was during a similar exercise in August 2015 that the regulatory body found that 5.2 million SIM cards were not properly registered by MTN Nigeria Communications Limited. This, according to him, led to the imposition of N1.04tn fine on the mobile operator, before it was eventually reduced to N330bn. MTN completed the payment of the fine on May 24.

 According to him, the exercise was not to make money for the government but to ensure that prescribed processes were complied with. Speaking on broadband penetration, the NCC official said Nigeria has met the 30 percent milestone and has publicly released the data for everyone to interrogate.

“Those who say we have not are citing old reports from the ITU. They forget that NCC provides the data that ITU uses. We are the custodians of data, and we have specialised methods of measuring. Based on empirical data, we have met and surpassed the target,"he noted.

Monday, June 3, 2019

Emefiele Begins Second Tenure As Cbn Governor

Emefiele Begins Second Tenure As Cbn Governor

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), on Monday began his second tenure, following the confirmation of his re-appointment by the Senate on May 16.
Emefiele begins second tenure as CBN Governor

According to a statement by the Director Corporate Communications, Mr Isaac Okoroafor,  Emefiele was sworn in by the Bank’s Secretary and Director, Corporate Secretariat Department, Mrs Alice Karau.

Emefiele after taking the oath, expressed gratitude to God, President Muhammadu Buhari for nominating him and the Senate for confirming his appointment.

He also thanked the management and staff as well as the media for all their support during his first term in office.

Emefiele disclosed that he will unfold a new roadmap for the Bank and the economy, in the days ahead, after series of consultations with critical stakeholder groups.

He charged all stakeholders to strengthen efforts at building a healthy and stable system in the best interest of Nigeria.

The CBN governor also reiterated the bank’s focus to play an active role in supporting job and wealth creation in Nigeria.

“We must strengthen our efforts over the coming years to stimulate growth and job creation in critical sectors of the economy, which will help insulate our economy from shocks in the global economy.

“We must also work to build a healthy and stable financial system that will contribute to the growth of our economy, while preserving price stability,” he said.

Emefiele said more work still needed to be done in building a stronger economy for the benefit of all.

According to him, the pace of Gross Domestic Product (GDP) growth remained fragile and was below the rate of Nigeria’s annual population growth at 2.7 per cent.

He, therefore, pledged that the CBN would continue to collaborate with the fiscal authorities to strengthen growth and wealth creation in the country.

Sunday, June 2, 2019

What's Happening: Power Generation Drops By 1,507.3MW Again

What's Happening: Power Generation Drops By 1,507.3MW Again

The total quantum of electricity generated on the Nigeria’s power grid fell by 1,507.3 megawatts, dropping from a peak of 4,845.4MW to 3,338.1MW, the latest data from the Federal Ministry of Power, Works and Housing has revealed.

Aside from the recent drop in power generation, which occurred between Wednesday and Thursday, it was also observed from the latest industry updates that the national grid suffered system collapse twice in May 2019.
Power generation drops by 1,507.3MW as grid collapse continues

The system collapse was recorded on the May 8 and 9 as power generation dropped, from a peak of 5,114.2MW on May 7, to as low as 42MW on May 8.

Although it recorded another peak of 4,448MW on the same May 8, this was not sustained as it nosedived almost completely to 8MW the following day (May 9).

Power generation moved up to 1,889.9MW the next day and it had been stable since then, hovering between 4,500MW and 2,000MW.

It was further showed that the grid recorded a peak of 4,956.3MW on May 30, which is the highest power generation for the month.

Ironically, the lowest generation figure of 3,338.1MW was also recorded same day, according to figures from the FMPWH on Saturday.

Providing reasons for the drop in power generation, the Advisory Power Team in the Office of the Vice President said, The dominant constraint on May 30, 2019 was unavailability of gas, constraining a total of 1,320MW from being made available on the grid.”

It further stated that on May 30, the average energy sent out by the sector was 3,945MW/hour, up by 238.26MW/hour from the previous day.

The APT added, “A total of 1,320MW was not generated due to unavailability of gas; 0MW was not generated due to unavailability of transmission infrastructure, while 1,019.1MW was not generated due to high frequency resulting from unavailability of distribution infrastructure.

Without clerics’ intervention, Nigeria’ll be worse off – Methodist prelate, Samuel Uche
A total of 425MW was recorded as losses due to water management constraint. The power sector lost an estimated N1,327,000,000 on May 30, 2019 due to insufficient gas supply, distribution infrastructure and transmission infrastructure.”

The French Agency for Development in its recent report on the challenges in Nigeria’s power sector, observed that the existing power generation assets across the country were inefficient.

The AFD further stated that the Nigeria power sector had so deteriorated that the revenue collection in the industry was not enough to pay for the generation cost.

It stated, “The industry loss is growing at a rate of at least N474bn per year or N1.3bn per day, but not even including the financial costs of this chaos. Consequently, this liquidity crisis has put the system on the verge of collapsing, which is not able to increase its generation capacity, remove its infrastructure constraints at transmission and distribution networks and aggressively reduce its ATC&C (Average Technical Commercial and Collection) losses.

“In general, the existing power generation assets are inefficient. More than 50 per cent of the generation capacity is not available, either for technical reasons/planned maintenance or due to unavailability of gas or other unplanned outage reasons.”

Friday, May 31, 2019

Nisa Hospital Offers Free Medical Care, Gifts To Orphans

Nisa Hospital Offers Free Medical Care, Gifts To Orphans

Nisa Hospital Offers Free Medical Care, Gifts To Orphans
Nisa Premier Hospital, in collaboration with the Federal Capital Territory (FCT) chapter of the Association of Orphans and Vulnerable Children of Nigeria (AOON) has provided free medical outreach and food items to Facado Orphanage,  New Karu, near Abuja. Speaking on behalf of the hospital, Dr. Obioma Odogwu, a consultant and Head of the Department of Paediatrics, said the exercise was done to put smiles on the faces of the orphans and to enable them join in the celebration of this year’s Children’s Day.

 She said every year the hospital visited different orphanages to  mark the day  with children, adding that  the team came with doctors, nurses and other healthcare professionals to meet the health needs of the children and the community. She said vaccines were provided for children under five, in addition to malaria and urinalysis screening, as well as toys and toiletries for the children.

 “Children, listen to your parents and know that you can achieve so much in life. Be good children, have focus, study hard and become people that can make impact in the country,” she advised the orphans.

Another paediatrician from the hospital, Diana Shola Doye, advised the children  to imbibe the habit of washing  their hands always, adding  that, “Washing hands is very important as it prevents so many diseases that can spread among children.

She said orphans and vulnerable children needed love and care, and that the gesture was geared towards showing them love as they marked their day. 

Coordinator of  Fatherless and Motherless Children Aid Organisation  and Facado Orphanage, Mrs. Ngozi George, said the 12-year-old orphanage had 32 children under its care and that they all went to school; except the youngest orphan. While calling on government to increase effort in ensuring that all children in the country had access to education; at least to secondary level, she said Nigerians should  join hands with the government to fight drug abuse, especially among children.

She thanked Nisa Premier Hospital for the medical outreach and gifts, and called on government and well-meaning Nigerians to assist in providing the  orphanage a better accommodation, generator, computers, beds, food items, and cash for salaries and daily running of the home.

Wednesday, May 29, 2019

Dangote Still Most Admired African Brand — Survey

Dangote Still Most Admired African Brand — Survey

A revelation made in Johannesburg during the weekend had it that the Dangote Group has for the second year emerged the most admired African brand ahead of the telecommunication giant, MTN, in a survey of 100 Africa’s best brands.
Dangote Still Most Admired African Brand — Survey
The South Africa-based Brand Africa, in a survey carried out in collaboration with the Johannesburg Stock Exchange (JSE) and which report was released at the weekend, of 15,000 brands mentioned, Dangote ranked first when consumers were prompted to recall the most admired African brand.

In the top 100 list, Nike, a non-African brand, retains the overall number one brand in Africa spontaneously recalled by consumers. South African telecoms brand, MTN, is the number one African brand spontaneously recalled brand, while surging Ethiopian brand, Anbessa Shoes, at number two, swapped positions with Nigerian conglomerate, Dangote, which is the number three most admired brand of African origin.

However, when consumers were prompted to recall the most admired African brand, Dangote retained the number one position. Just last year, the Dangote brand was named the most valuable brand among the top 50 brands in Nigeria for 2018 by Brand Nigeria.

The Brand Africa 100 rankings are based on a survey among a representative sample of respondents 18 years and older, conducted in 25 countries across Africa.

The founder and Chairman of Brand Africa and Brand Leadership, Thebe Ikalafeng, said of the outcome of the survey, “It is disappointing that despite its vibrant entrepreneurial environment, Africa is not creating new competitive brands to meet the needs of its growing consumer market.”

In his reaction, the Group Chief Corporate Communication Officer of Dangote Group, Anthony Chiejina, said the Dangote brand’s ranking was not unexpected because the company had a long-standing reputation for quality, relevance compliance and social stewardship.

We are touching lives by providing their basic needs and empowering Africans more than ever before creating jobs, reducing capital flight, and helping government conserve foreign exchange drain by supporting different industrial infrastructural projects of African governments. 

“All these are our credo and we do not compromise it. And the ranking is just an acknowledgement of all these by our stakeholders, We keep our brand promise and stay authentic,” he said.

Below are the 15 African companies at the top of the most admired brands in the continent:
1. Dangote Group
Industry: Consumer goods
Country: Nigeria
2. MTN
Industry: Telecommunications
Country: South Africa
3. Anbessa
Industry: Apparel
Country: Ethiopia
4. DStv
Industry: Media
Country: South Africa
5. Globalcom
Industry: Telecommunications
Country: Nigeria
6. Shoprite
Industry: Retail
Country: South Africa
7. Tusker
Industry: Alcoholic Beverages
Country: Kenya
8. Safaricom
Industry: Telecommunications
Country: Kenya
9. Amarula
Industry: Alcoholic Beverages
Country: South Africa
10. Mukwano
Industry: Textile
Country: Uganda
11. Econet
Industry: Telecommunications
Country: Zimbabwe
12. Ankara Clothing
Industry: Textile
Country: Ghana
13. Tiger Brands
Industry: Consumer, Non-Cyclical
Country: South Africa
14. Jumia
Industry: Consumer, Non-Cyclical
Country: Nigeria
15. Azam
Industry: Consumer, Non-Cyclical
Country: Tanzania

Sunday, May 26, 2019

Emefiele Explains How CBN Reduced Rising Inflation In Nigeria

Emefiele Explains How CBN Reduced Rising Inflation In Nigeria

The Governor of the Central Bank of Nigeria (CBN), Dr. Godwin Emefiele has disclosed how the highest banking body in Nigeria was able to reduce rising inflation in Nigeria through heterodox policy, an unconventional monetary policy tool.
Emefiele Explains How CBN Reduced Rising Inflation In Nigeria

 Governor, Mr Godwin Emefiele Emefiele made this known in Ibadan on Friday, during a lecture he delivered at the Distinguished Leadership Lecture, the first of its series by the University of Ibadan (UI) in conjunction with the CBN, held at the International Conference Centre of the university, Ibadan.

 Speaking on the theme: “Up Against the Tide: Nigeria’s Heterodox Monetary Policy and the Bretton Woods Consensus,” the CBN governor averred that for an economy like that of Nigeria which was yet to attain it’s full potential, utilitarian welfare maximisation required a functional consideration for real growth, which, he said, CBN Act of 2007 recognised in the provision of Legal banking to undertake developmental functions that are consistent with price stability.

 He noted that CBN’s experience with heterodox policies expanded during the recent economic crisis, he recalled, began in 2014, adding that due to a number of global shocks, three of which were simultaneous and significant In shaping the trajectory of the Nigerian economy, which Emefiele listed as widespread and rising geographical tensions along critical trading routes in the world, softening of crude oil prices an normalisation of monetary policy by the US Federal Reserve.

Unarguably, the most important of these factors to impact the Nigerian economy was the plunge in the crude oil. Nigeria’s over dependence on the crude oil for over 60 percent of fiscal revenue and over 90 percent of FX inflows, meant that shocks in the oil market were transmitted entirely to the economy via FX markets as many FX manufacturers an traders who required FX for input purchases were faced with dwindling supplies.”

 In a bid to contain rising inflation and to cushion the impact of the drop of the FX supply on the Nigerian economy, Emafiele hinted that the monetary and fiscal authorities took extraordinary measures to tackle these extraordinary challenges.

The measures, according to him, include monetary policy, risk based supervision, development finance intervention, among others, adding that while many these measures were an attempt at using unconventional tools to mitigate the effects of slowdown in growth, they were initially criticised by adherents of conventional monetary policy tools.

“Our development finance initiatives in growth driving and employment generating sectors have equally not gone down well with the proponents of the conventional monetary tools. While they acknowledged our measures have had a positive impact on output and employment they assert that these tools constitute quasi-fiscal activities.

 “Our argument for the unconventional monetary policy approach has always been that just like fiscal, monetary policy could, at a time when development challenges abound, complement the efforts of the fiscal in employment generation, wealth creation and attainment of other growth objectives.”

 “The CBN has been able to reduce inflation, build our FX reserves, maintained FX stability and foster real growth trough the adoption of heterodox macroeconomic policies.”

“Within the CBN, our unconventional methods supported by the orthodox approaches have been able to to optimally balance the delicate objectives of price stability and real output growth,” he disclosed