Banks in the country have abandoned their core function of financial intermediation and instead, are more concerned with pursuing deposits. Experts who spoke on the issue believe that the refusal of banks to take the risk in financing some sectors of the economy have put the economy in the poor position it is today. Boniface Chizea, managing director of BIC…
The Federal Government is always ready to rally to the needs of its citizens across the world, foreign affairs minister, Odein Ajumogobia, has said. The minister gave this assurance while addressing a group of Nigerians based in Argentina and Uruguay, during his two-day visit to Buenos Aires, Argentina. “It is a duty government has taken upon itself, to protect its…
The head of service of the federation, Dapo Afolabi, on Sunday, said the introduction of biometric card would check the movement of workers in federal establishments and improve productivity. Afolabi, who made this known in an interview with the News Agency of Nigeria (NAN) in Abeokuta, said he was sure that the card would help to check the movement of…
Despite losing nearly one percent in value at the official market since the beginning of the year, the Central Bank of Nigeria (CBN) has insisted that it will not devalue the naira. CBN governor, Lamido Sanusi who defended his position said the institution has multiple roles as a development institution, one of which is maintaining price stability. The International Monetary…
A total of 331 applications were received as at March 4, 2011, being the deadline for the submission of Expressions of Interest (EOIs) in the privatisation of the successor companies created out of the Power Holding Company of Nigeria (PHCN) according to the Bureau of Public Enterprises (BPE). “One hundred and seventy four applications were received from prospective investors/concessionaires interested…
Nigeria’s banking sector could see 20-25 percent loan growth over the next three to five years as demand for both consumer and infrastructure finance increases, the chief executive of Stanbic IBTC said. Chris Newson, head of the Nigerian unit of South Africa’s Standard Bank, said growth would be driven by Nigeria’s significant infrastructure finance needs as well as the emergence…
While it is not yet certain when the planned demutualisation of the Nigerian Stock Exchange (NSE) would take place this year, some market operators have urged that the process be transparent to restore investors’ confidence in the system. Demutualisation is transforming the NSE from being a self-regulatory organisation to a public organisation. Boniface Okezie, the national chairman of the Progressive…
The package, entitled ‘Africa's Future and the World Bank's Support for it', is designed to provide support for the continent, with specific focus on its twin pillars of promoting competitiveness and employment generation.
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Once again, the Central Bank of Nigeria (CBN) runs down a previously navigated path. Just as it did some 5 - 7 years ago, it is advertising its quasi-fiscal responsibilities ahead of its "other" duty of managing the country's monetary policy. On this score, I was shocked to recently read the International Monetary Fund (IMF) blame the "forced consolidation" of…
The major business of South African Tourism is to bring as many tourists as possible into the country, says Phumi Dhlomo, the Regional Director, Africa and Domestic of the agency. He said this during the Meetings Africa 2011, Africa's business tourism Lekgotla, at the Sandton Convention Centre, Johannesburg, South Africa. Meetings Africa is a business tourism marketing platform which aims…
"How am I supposed to save when I earn barely enough to live on?" "My salary starts to disappear as soon as I receive it. No matter how hard I try to save, I am always broke" "Even when I do save, something always comes up, like my friend's wedding which was last week; she will never forgive me if…
When I read the IMF's public information notice on its executive board's conclusion of the Article IV consultation with Nigeria, Thursday, two weeks ago, I thought it was a pretty decent report. It just about covered all the bases on the economy: strong output growth on the back of "a recovery in oil production and continued strong growth in other…
The impact of brands in public education cannot be underestimated. This is due to the potency of strategies adopted to leverage brand visibility and positive perception. In such campaigns, even when the brand image soars, the ultimate goal of public education is given utmost priority. I read the Dettol new health campaign several days back and in my own way,…
Despite the recent call by the International Monetary Fund (IMF) for the devaluation of the naira, financial analysts believe that with the sustained intervention of the Central Bank of Nigeria, the value of the naira would remain stable this year. However, they cautioned that this would be at the expense of foreign reserves. According to Victor Ndukauba, an investment research…