Business

ESP: Digital switchover gets N15bn lifeline

●FG to fast-track project The country’s belaboured moves to switch over to digital broadcasting is set to be enlivened as the Federal Government plans to inject N15 billion into the project in the next 12 months. This was part of government’s Economic Sustainability Plan (ESP) released recently to tackle the effects of COVID-19 on the […]

Business

Visa launches new initiative to support SMEs

Visa, the world’s leader in digital payments, has launched a new “Where You Shop Matters’ initiative that aims to champion and enable entrepreneurs in Nigeria while encouraging consumers to support small businesses. According to a statement from the company, ‘Where You Shop Matters’ will help support small businesses through the Visa Small Business Hub, a […]

Business

CBN: Manufacturing PMI slides further to 41.1 in June

The Coronavirus crisis continues to take its toll on the Nigerian economy as the latest Central Bank of Nigeria’s (CBN) Manufacturing Purchasing Managers’ Index (PMI) survey report indicates contraction in the manufacturing sector for the second consecutive month. The report, which was posted on CBN’s website yesterday, shows that the manufacturing PMI for June dropped […]

Business

Access Bank excites SMEs with digital lending product

Access Bank Plc has launched a digital lending portal, “Cashflow Loans by Access,” which, according to the lender, is a solution for business owners to access loans easily from the comfort of their homes via an online platform while staying safe. According to Access Bank, Small and Medium Enterprise (SMEs) customers, who have established sufficient […]

Business

Sigma Pensions webinar to focus on staff productivity

As the impact of the Covid-19 becomes more evident in the cashflow of businesses and their ability to pay workers, Sigma Pensions will today hold a webinar to look at challenges in the pensions industry and ways to boosts staff productivity. The webinar is aimed at encouraging staff on best practices in adapting to the […]

Business

Apex bank’s survey shows firms pessimistic on macro economy

Although the country’s authorities stepped up coronavirus(covid-19) lockdown easing measures during the period, the Central Bank of Nigeria’s (CBN) June 2020 Business Expectations Survey (BES) report indicates that respondent firms expressed pessimism on the macro economy. The BES report, which was released by the apex bank yesterday, also shows that the firms’ outlook on the […]

Business

PZ Cussons leads losers to extend market decline

Transactions on the equities market yesterday extended market downturn as PZ Cussons and Seplat Petroleum led 20 other stocks to close the market on the negative territory. The local bourse recorded 17 gainers against 22 losers. Consequently, the All-Share Index dipped 95.01 basis points or 0.38 per cent to close at 24,655.05 index points as […]

Business

Fitch: Nigeria’s debt profile could trigger downgrade

A sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade, Reuters yesterday reported a Director at Fitch Ratings as saying. The global ratings agency downgraded Nigeria to “B” in April with a negative outlook from “B+” citing aggravation of pressure on external finances. Moody’s said in April it […]

Business

Stakeholders seek market architecture reorganisation

Stakeholders in the Nigerian capital market, asset management and banking industries have called for a rethink of the nation’s economic philosophy and a reset of the financial market architecture. This was part of the major takeaways from the “Zimvest Economy Conversations,” a thought eadership series of digital private wealth and investment management firm, Zimvest (Zedcrest […]

Business

Tanzania buys Tanzanite gemstones from tribesman for $3.34m

  A 51-year-old Tanzanian Maasai tribesman has discovered two large Tanzanite gemstones with a total weight of about 14 kilograms, authorities said on Wednesday. Doto Biteko, the Minister of Minerals, collected the gemstones from the small-scale miner and handed him a cheque of 7.74 billion Tanzanian shillings (about 3.34 million U.S. dollars) on behalf of […]