Recession: Agric, Manufacturing driving recovery –NBS

Paul Ogbuokiri The Statistician General of the Federation/Chief Executive Officer, National Bureau of Statistics, Yemi Kale has said the nation’s economy probably expanded in the second quarter as factory and farming output improved, helping it recover from the first annual contraction in 25 years. “Intuitively, we might be getting out of recession in the second quarter, but I can’t say until all the numbers are in,” Kale said in a recent interview with Bloomberg in Abuja. “If it doesn’t happen in the second quarter, it will be a much more…

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Zenith Bank shares fall after dividend announcement

Zenith Bank shares fell for a second session in a row on Friday after the lender declared a lower than expected interim dividend, despite a sharp rise in first-half earnings. The top tier Nigerian lender said late on Thursday its pretax profit in the first six months jumped 71 per cent to N92.2 billion ($264 million) and it declared N0.25 interim dividend. “Some investors sold their holding in the bank after the disappointing dividend,” said Austin Egberi of Fund Matrix & Assets Management. The stock fell 1 per cent to…

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Informal economy not enough to handle Nigeria’s workforce explosion–IMF

Unemployment in Nigeria, sub-Saharan Africa’s largest economy, is running at more than 14 per cent and climbing. For youth it is far more, International Monetary Fund (IMF) has said. This may seem bad enough, but according to IMF calculations Nigeria’s jobs travails are in danger of reaching uncharted territory in less than two decades. That is, unless the economy can creates jobs for the country’s burgeoning, young population. “By 2035, Nigeria will have more working-age people than the rest of the world’s regions combined,” the IMF wrote in a blog…

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Six months after repairs Nigeria’s refineries down again

…as Govt spends N264bn on maintenance in 16 years Paul Ogbuokiri Nigeria’s four refineries which government completed turnaround maintenance on about six months ago are down again, Chairman House of Representatives Committee on Petroleum, Downstream, Akinlaja Joseph, said last week. He vowed: “We will invite the minister and ask him what happened because the last time we visited the refineries, he told us certain things. We saw the 1965 refinery and there were flames, which meant it had started working, we are surprised that six months after, it has gone…

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Orakwusi emerges MMS Hall of Fame BOT chairman

Chairman of Nigerian Ship Owners Forum, Mrs. Margaret Orakwusi has emerged the Board of Trustees Chairman of MMS Woman of Fortune (WoFHoF) Initiative, a gender- focused Lagos-based not-for- profit organisation with the preoccupation of building capacities in different sectors of the economy through pairing accomplished women role models as mentors with mentees, who largely career making women, budding entrepreneurs, graduates and students. Mrs. Orakwusi, who is also a former president of Nigerian Trawler Owners Association (NITOA) and a Diamond of Women’s International Shipping and Trading Association (WISTA-Nigeria), is expected to…

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NatnuPreneur broiler scheme records 1,000 participants

The Food security initiative of the Federal Government is receiving a major boost from natnudO Food’s Broiler Out-grower Scheme tagged “natnuPreneur”. The scheme, which offers free poultry consultation and a ready market for produce to registered poultry farmers, is aimed at sustaining profitability; and Sunday Telegraph learnt that well over 1,000 poultry farmers have been reached since its inception. This was disclosed recently by the coordinator of the scheme, Mr. Gbolade Adewole. According to him, the scheme is designed to fulfil the chicken needs of Nigerians and it is a…

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Govt partners firm to commercialise made in Nigeria products

The Federal Government and the Nigerian Brands Carnival have entered into partnership to boost patronage for made in Nigeria products in order to grow the economy. Nigerian Brand Carnival, a trademark platform of Brands Carnival Project Development Nigeria Limited, and the Ministry of Industry, Trade and Investment who both met on the partnership deal in Abuja also said the partnership would promote entrepreneurship drive among Nigerians. A delegation led by the Project Coordinator of the Nigerian Brands Carnival, Mr. Adegboyega Ojuolape, which visited the Minister of State for Industry, Trade…

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Glo lifts Ikorodu with Laffta Fest comedy show

Residents of Ikorodu, Lagos, have cause to smile this weekend as national telecommunications operator, Globacom, has concluded arrangements to hold its hilarious comedy show, Glo Laffta Fest, in the town this Sunday. The company announced via a press statement in Lagos on Friday that the event would be held at the Ikorodu Musical Village at 1 p.m. on Sunday, August 13. To make it a comedy show to remember, Globacom stated, the continent’s best comedians have been lined up to perform at the event. They include Basketmouth, Gordons, Salvador from…

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LuLu Lingerie launches its third store in Nigeria

LuLu Lingerie Limited said it is opening its third store in the Palms Shopping Mall in Lagos on August 27th, 2017. The new Lagos location will open with four new brands, including Nubian Skin, Erica M, Elomi and Goddess. The Palms is the first and largest centre of its kind in Nigeria, providing an international shopping and cinema experience to Lagos. Located near the mall’s anchor tenant, ShopRite, LuLu offers Lagosians quality name brand innerwear in an assortment of sizes and styles to accommodate the full spectrum of body styles…

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Nikon marks 100 years, fetes photographers in Lagos

It was all glitches and flashes at the Nikon Nigeria Video and Photo Summit, as photographers and film-makers met to mark the 100th anniversary of global imaging company, Nikon. The event, held on Thursday in Lagos, was organised by New Creation Worldwide Link Nigeria Limited, the representative of Nikon in Nigeria, with about 400 photographers in attendance. The parley was an avenue for interaction among lovers of digital photography, as well as an opportunity for veterans in the industry to mentor young photographers. Brand and Communications Manager for Nikon Nigeria,…

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