Sovereign Trust’s Q1’22 gross premium reaches N7.35bn on customers’ deposit
Olivia NnoromMay 18, 2022
BY OLIVIA NNOROM Sovereign Trust Insurance, one of Nigeria’s leading insurance underwriting firms, has reported a 37 percent year on year growth in its total gross premium written (GPW) to N7.35 billion in its unaudited results for the first quarter of 2022. Last year, the insurer saw its GPW come in at N5.37 billion in […]
Consumers to spend $74bn on digital goods in 4 years, from $54bn in 2022
Chisom NwatuMay 18, 2022
BY CHISOM NWATU New research has shown that the total value of end-user spending on digital goods through billing from carriers will surpass $74 billion by 2026, up from $54 billion in 2022. This increase of over 37 percent is a sign of the increasing demand for carrier billing as an alternative for digital commerce […]
AFEX, Kano State APPEALS to boost farmers’ productivity, market access
Onome AmugeMay 18, 2022
BY ONOME AMUGE AFEX, Africa’s fastest growing commodities player, has initiated a partnership with the Kano State government to facilitate the Kano Agro-Processing Productivity Enhancement and Livelihood Improvement Support (APPEALS) project. According to a statement made available to Business A.M., the partnership, announced recently at a memorandum of understanding (MoU) signing ceremony in Kano, will […]
Google opens $4m BFF to 60 startups from Nigeria, Ghana, Kenya, 10 others
Olivia NnoromMay 18, 2022
BY OLIVIA NNOROM A total cash reward of $4 million black founders fund will be shared among 60 eligible black-founded startups in Africa for the second cohort of the Google for startup black founders fund for Africa (BFF). The success of the first cohort last year influenced Google’s increasing its commitment with $1 million in […]
WEF urges action for resilient energy transition, amid fuel price spikes
Maduabuchi EfegadiMay 18, 2022
BY MADUABUCHI EFEGADI The World Economic Forum, the international organisation for public-private cooperation, warns that the global energy security appears severely threatened, given the slow progress on climate action, imbalance and lack of collaboration in supply–demand levels. WEF stressed that energy transition must address the challenges to environmental sustainability, energy security and energy justice and […]
Ahmed, Nigeria’s finance minister, raises concerns over tax exemptions, concessions
Chisom NwatuMay 18, 2022
BY CHISOM NWATU Zainab Ahmed, Nigeria minister of finance, budget and national planning, has stated that federal government policies on tax exemption and concession represent one of the major sources of huge revenue leakages in the country. Ahmed, who was represented by Fatima Hayatu, director, technical services in the ministry, at a workshop on tax […]
Nigeria’s oil production plunges 1.2mbpd in April – OPEC data
Chisom NwatuMay 17, 2022
BY CHISOM NWATU Nigeria’s crude oil production lost 1.53 percent to an average of 1.219 million barrels per day (mbpd) in the month of April compared to 1.238 mbpd recorded in the previous month as shown by market report on crude oil production for the month of May 2022 compiled and released by the Organisation […]
Why global palm oil windfall eludes Nigeria
Onome AmugeMay 17, 2022
BY ONOME AMUGE Palm oil, with a production volume of 77.05 million tonnes and export volume of 49.62 million tonnes in 2021-22, is considered the world’s most traded edible vegetable oil, according to data gleaned from the United States Department of Agriculture (USDA). It is followed by soybean oil with a production volume of 58.97 […]
NNPC, NLNG, Nestle, GTB, Dangote among Nigeria’s top taxpayers, says FIRS
Anita OkoroMay 17, 2022
BY ANITA OKORO The Nigeria LNG Limited (NLNG) and Nigerian National Petroleum Company (NNPC) Limited, have been recognised as the most supportive and highest taxpayer, respectively, in the list of 18 leading top performing taxpayers in 2021, according to recent data released by the Federal Inland Revenue Service (FIRS). Also, the Northern Cables Processing and […]
Start small, eye on big stage, SMEDAN advises young Nigerians entrepreneurs
Businessam StaffMay 17, 2022
Young Nigerians aspiring to be entrepreneurs have been advised not to wait until there is a huge amount of money but instead take the bold step of starting small while having their eyes on the big stage. Wale Fasanya, acting director general of Small and Medium Enterprise Development Agency (SMEDAN) in a presentation, “Models for […]