Personal savings, family, cooperatives top finance sources for Nigeria MSMEs, says report
Onome Amuge
November 25, 2022
By Onome Amuge Majority of entrepreneurs in Nigeria depend on personal savings as the main source of financing for their businesses, according to a new report by FATE Foundation, a non-profit providing entrepreneurship knowledge to Nigerian startups. Whereas 74 percent of entrepreneurs surveyed by the FATE Institute, the research, policy and advocacy arm of FATE […]
$500m Abia agro-park to create 20,000 jobs, boost food sufficiency
business AMNovember 25, 2022
By Business AM A $500 million agricultural industrial park is being planned for construction in Abia State from January 2023. To be built by Power Construction Corporation of China (PowerChina), a Chinese Government-owned Global Fortune 500 Company, the project is being facilitated by Orji Uzor Kalu, a former governor of Abia State and a senator, through SWIBER […]
Nigeria’s economic growth slows to 2.25% in Q3 2022
business AMNovember 24, 2022
By Business AM Nigeria’s economic growth slowed in the third quarter of 2022 compared to a year earlier amid lower oil production and tighter monetary policy to curb soaring inflation. The Gross Domestic Product (GDP) of Africa’s biggest economy grew by 2.25 percent (year-on-year) in real terms in the three months to September […]
Nigerian states move to stop FG’s planned sale of 10 power plants
business AMNovember 24, 2022
By Business AM The governors of Nigeria’s 36 states have approached the court seeking to stop the federal government’s plan to sell 10 power plants in the country. The said power plants are under the National Integrated Power Projects (NIPPs) being implemented by the Niger Delta Power Holding Company (NDPHC), a power generation and […]
CBN insists on cashless economy as Buhari unveils new naira notes
business AMNovember 23, 2022
By Business AM Nigeria’s President Muhammadu Buhari has unveiled the country’s redesigned N200, N500 and N1,000 banknotes. The unveiling, which took place on Wednesday morning at the Council Chambers of the State House shortly before the start of this week’s Federal Executive Council (FEC) meeting, is in line with the projections of the Central Bank […]
CBN hikes MPR for fourth time in a row amid soaring inflation
business AMNovember 23, 2022
By Business AM The Central Bank of Nigeria (CBN) on Tuesday raised the benchmark interest rate, or Monetary Policy Rate (MPR), for the fourth time in a row in a continued attempt to tame the country’s rising inflation rate. This comes after previous increases in the MPR have failed to rein in the soaring inflation. At the […]
Signature, new commercial bank, berths to offer better customer experience
Cynthia EzekweNovember 22, 2022
By Cynthia Ezekwe …We’re working to open several locations across Nigeria, says Otti Signature Bank, a brainchild of Alex Otti, a former group managing director (GMD) of the defunct Diamond Bank, and his friends, has joined the list of commercial banks in Nigeria. The bank, which began operations in Abuja on Monday, is on […]
Nigeria’s output growth to moderate to 3% in 2022, says IMF
Onome AmugeNovember 22, 2022
The International Monetary Fund (IMF) has lowered Nigeria’s projected GDP growth for 2022 from 3.4 percent to 3 percent, citing the country’s weak oil production and the heavy impact of flooding. The IMF also said Nigeria’s soaring headline inflation is expected to moderate at end-2022 as the start of the harvest season more than counters the projected increase in […]
Life insurers tweak business models amid turbulence, McKinsey report
Olivia NnoromNovember 21, 2022
OLIVIA NNOROM Performance disappointing in recent years Industry struggling to generate returns in excess of cost of capital The life and retirement segment of the global insurance industry has seen disappointing performance in recent years, with nominal GDP growth far outpacing premium growth, the industry struggling to generate returns in excess of cost […]
Across Nigeria, inflation pangs hound businesses, households
ONOME AMUGE & CYNTHIA EZEKWENovember 21, 2022
BY ONOME AMUGE & CYNTHIA EZEKWE Prints 21.09% in October on flooding, import expenditure, production cost Graphic effects on SMEs, workers, big business Rising inflation since the beginning of 2022 has sent the global economy wobbling, driven majorly by an unusual mix of supply shocks associated with the Covid-19 pandemic and, later, […]