Nigerian Startup Forays into Spanish Market

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya The Naira started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

The acquisition of a majority stake in a global leader in Environmental, Social and Governance (ESG) research, data and assessments firm known as Vigeo Eiris has been announced by Moody’s Corporation. This furthers strengthens Moody’s objective of promoting global standards for ESG for use by market participants. With products and capabilities based on ESG assessments and an extensive ESG database, Vigeo Eiris offers specialized research and decision-making tools for sustainable and ethical investments. Vigeo Eiris will continue to be headquartered in Paris, operating under its existing brand, and it will be an affiliate of Moody’s Investors Service. The acquisition recognizes

By Adedapo Adesanya The balance in Nigeria’s stabilisation fund has now dropped to $201 million following the withdrawal of $150 million, the Nigeria Sovereign Investment Authority (NSIA) has disclosed. Last week, President Muhammadu Buhari directed that the sum of $150 million be withdrawn from the NSIA stabilisation fund to augment disbursements by the Federation Accounts Allocation Committee (FAAC) to the three tiers of government for June 2020. Business Post had earlier reported that FAAC disbursements dropped in previous months from N716 billion in January to N647 billion in February and the Minister of Finance, Mrs Zainab Ahmed, noted that it

By Ahmed Rahma The Nigerian Content Development and Monitoring Board (NCDMB) has defended its Executive Secretary, Mr Simbi Wabote, saying that the $5 million bribery allegation against him is false. A few days ago, one Mr Jackson Ude had accused Mr Wabote of receiving $5 million bribe from a German company to violate Nigeria’s local content laws on the Bonny Train 7 contract. The journalist has said, “Simbi Wabote, the Executive Secretary of the Nigeria Content Development and Monitoring Board, a lackey of Timipre Sylva, actually collected $5 million bribe from Kelvion, German company to violate Nigeria’s local content laws

By Kestér Kenn Klomegâh Global food security, especially in Africa, has been in the media publications these past few months. While a few outspoken African leaders shifted blame to the Russia-Ukraine crisis, others focused on spending the state budget to import food to calm rising discontent among the population. Some experts and international organizations have also expressed the fact that African leaders have to adopt import substitution mechanisms and use their financial resources to strengthen agricultural production systems. At the G7 Summit in June, President Biden and G7 leaders announced over $4.5 billion to address global food security, over half

By Adedapo Adesanya Crude oil witnessed over 2 per cent drop on Tuesday on signals that central banks may not be done with interest rate hikes. It was observed that Brent crude futures went down by $1.92 or 2.6 per cent to sell at $72.26 a barrel, while the US West Texas Intermediate (WTI) crude futures dropped $1.67 or 2.4 per cent to settle at $67.70 a barrel. The President of the European Central Bank (ECB), Ms Christine Lagarde, said on Tuesday that stubbornly high inflation will require the bank to avoid declaring an end to rate hikes. The ECB

By Modupe Gbadeyanka A Brazilian company, Tramontina Nigeria, has launched some agricultural products with the aim of improving the sector in Nigeria. According to the Marketing and Sales Executive of the company in Nigeria, Funbi Sowande, Tramontina’s machete is the trusted brand among farmers. “We are not called the king of machete for fun; Tramontina products are different and unique from other products,” Sowande said. The company executive noted that Tramontina is known for producing 18,000 different products in household and agriculture tools, home ware products, furniture and kitchen equipment. At the launch in Lagos, the company promised to keep

By Adedapo Adesanya Mr Segun Aina has been appointed as the Chairman, Board of Directors of Odu’a Investment Limited. The appointment of Mr Aina, a past President of the Chartered Institute of Bankers of Nigeria (CIBN), was approved, following the reconstitution of the board by the six governors of Nigeria’s South Western States, the owners of the company, led by Mr Rotimi Akeredolu, the Governor of Ondo State. The new board, which has since been inaugurated, was charged to restore the lost glory of the organisation and reposition it towards the realization of the objectives of its founding fathers. According

By Adedapo Adesanya The Organisation of Petroleum Exporting Countries (OPEC) has revealed that the global energy sector requires about $12.6 trillion investment for development by 2045, charging Nigeria to re-strategise. This was disclosed by the Secretary-General of the cartel, Mr Mohammad Barkindo, while presenting a keynote address at the 14th Annual Conference of the Nigerian Association of Energy Economics (NAEE) in Abuja, saying that oil would continue to remain relevant to the global economic growth and development. At the event themed Strategic Responses of the Energy Sector to COVID-19: Impact on African Economies, Mr Barkindo said that oil would continue