JTI Raises Alarm on ‘Gathering Storm’ in Black Market

By Adedapo Adesanya The African Export-Import Bank (Afreximbank) has called on African countries to prioritise the development of public and private export trading companies (ETCs) in order to position the continent’s small and medium enterprises (SMEs) to participate effectively in global trade. This was a core message in an address to the Africa International Exhibition on the sidelines of the United Nations General Assembly in New York by Mrs Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, speaking on behalf of Bank President Mr Benedict Oramah. She said that SMEs participating directly in global trade face stiff competition from

By Kestér Kenn Klomegâh Russia, the largest country in the world by area, has a population of 147.2 million, according to the population census. In the 2021 census, it was said that roughly 81% of the population were ethnic Russians, and 19% of the population were ethnic minorities. Demographers say Russia has become increasingly reliant on immigration to maintain its population. Russia’s population is increasingly decreasing since the start of its invasion of neighbouring Ukraine in late February 2022. The demographic crisis has deepened primarily due to high military fatalities while simultaneously facing renewed brain drain and human capital flight

By Adedapo Adesanya Prices of food in the globe remained unchanged in September 2023, according to measuring indices by the United Nations’ Food and Agriculture Organisation (FAO). The FAO Food Price Index (FFPI) averaged 121.5 points in the month under review, almost unchanged from its value in August, as declines in the price indices of vegetable oils, dairy and meat had offset increases in the sugar and cereal price indices. At this level, the index stood 14.6 points (10.7 per cent) below its corresponding level a year ago and 38.3 points (24.0 per cent) from the all-time high reached in

By Professor Maurice Okoli Amid heightened criticisms and intense debates over several significant global issues including new financial architecture, economic diversification, growing debts and reforms, the International Monetary Fund (IMF) and the World Bank, on October 15 wrapped up their week-long annual meetings held under the theme “Global Action, Global Impact” in Marrakesh, Morocco in North Africa. With the rapid geopolitical changes, it featured prominently finance ministers and central bank governors from 190 countries in desperate search of comprehensive mechanisms and suitable approaches to address the prevailing economic crisis across the globe. The coordinated annual meetings also reviewed its scope

By Modupe Gbadeyanka A non-government organisation known as The African Women Network (TAWN) has reaffirmed its determination to help eradicate poverty among women. Recently, the group, which was established to help empower African women, organised a free skills acquisition programme at the Waterside community in the Ogba area of Lagos State. The event was part of activities rolled out to celebrate the 2021 International Women’s Day (IWD) themed Choose to Challenge. President of TAWN, Mrs Pat Okeahialam, while speaking at the programme, noted that the theme for IWD this year was particularly profound for TAWN as the group remains determined

By Modupe Gbadeyanka Steps are being taken to look into the draft Economic Community of West African States (ECOWAS) model mining and minerals development Act of with a view of validating its texts. The scrutiny is to be done by national mining experts, who will carefully consider amendments both in substance and form to the entire draft mining document as presented and build consensus on the articles contained in the texts. To this end, a three-Day Workshop was held in Abuja on August 14, 2018 to create a harmonious and regulated environment for the overall sustainability of the mining sector

By Dipo Olowookere An advertising practitioner, Mr Seyi Tinubu, has outlined some new trends in outdoor advertising. Mr Tinubu was a guest on CNBC Africa’s Power Lunch, where he spoke on issues in the industry. He also discussed the trends shaping outdoor advertisement in Nigeria this year. The global outdoor advertising market is expected to grow in future with emerging middle class population, rising urban population, increased investments in infrastructure and emergence of digital displays. The election year poses a great opportunity for players in the advertising space as advertising spend is usually on the high. Mr Tinubu is the

By Dipo Olowookere The board of Forte Oil Plc has announced that it would seek for an approval of the company’s shareholder to acquire some downstream assets. Business Post reports that this authorisation would be sought for at the energy firm’s Annual General Meeting (AGM) slated for next month in Lagos. In a notice to the Nigerian Stock Exchange (NSE) on Friday, Forte Oil said these assets would be purchased from a company known as Prudent Energy & Services Limited. Business Post gathered that Mr Abdulwasiu Sowami, who recently acquired Forte Oil from Mr Femi Otedola is the brain behind

By Modupe Gbadeyanka President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, has explained the reason behind difference in the exchange rate of Dollar to the Naira in Abuja and Lagos. As at the close of trading activities on the parallel foreign exchange market in Lagos, the Dollar was exchanged at N400, while it was traded at N385 in Abuja. Explaining the reason for the difference, Mr Gwadabe said it is mainly because of the size of the two markets. According to him, the Lagos market is very big and it is where most

Some food items have been donated to several state governments across the country by Ecobank Nigeria. The items were given to the states as contribution to various initiatives aimed at cushioning the effect of the current lockdown on citizens. These palliatives are targeted at the most vulnerable members of the society who have been the hardest hit economically as a result of the current crises. Speaking in Lagos, Executive Director Commercial Banking, Ecobank Nigeria, Carol Oyedeji said this action would also go a long way in supporting members of the community who earn a daily wage and may not have

By Aduragbemi Omiyale The Christian Association of Nigeria (CAN) has subtly advised its members in the country not to carry out their financial transactions through Sterling Bank Plc. In a statement issued on Wednesday, the body also called for the removal of the Managing Director of the lender, Mr Abubakar Suleiman, from office over an advert it described as provocative and an insult to Jesus Christ, which believers hold dearly. In the statement signed by the National Publicity Secretary of CAN, Mr Joseph Bade Daramola, it was stressed that the advert material which likened the resurrection of Jesus Christ to

By Sodeinde Temidayo David The Central Bank of Nigeria (CBN) has flagged off a rain-fed programme, which aims to reduce wheat importation by 60 per cent in two years and conserve about $2 billion annually in foreign exchange. The programme, called the Nigerian Brown Revolution, was flagged off under the Anchor Borrowers’ Programme (ABP) and will feature the intervention of the central bank to fund commercial wheat farming in 15 states of the federation, and on about 180,000 hectares of land. This is coming after the apex bank noted that wheat is the third most widely consumed grain in Nigeria,