October 2019 - Newsfield GLOBAL

Open Skies: ‘Why Nigerian carriers are at disadvantage’

October 10, 2019October 9, 2019 Dorothy Ewah

Despite the Open Skies’ policy otherwise known as the Single Africa Air Transport Market (SAATM), Nigerian carriers are at a very disadvantaged position, according to findings by New Telegraph. SAATM is a project of the African Union to create a single market for air transport in Africa. Once completely in force, the single market is supposed to allow significant freedom of air transport in Africa, advancing the AU’s Agenda 2063. The inability of Nigerian carriers to compete coupled with fragmentation and weakness could throw…

Poachers smuggle N365m worth of pangolin from Nigeria

October 10, 2019October 9, 2019 Stella Okofi

Investigations have revealed that this year alone, smugglers have illegally exported pangolin scales weighing a combined 33.9 tonnes worth more than $100 million (N365 million) to Asia via Nigerian ports. A survey conducted by wildlife trade watchdog, TRAFFIC, revealed that porous borders, lax law enforcement, corruption around the Nigerian ports helped criminal networks in Nigeria corner most of the African trade in pangolins, considered to be the world’s most trafficked mammal. It explained that the combined 33.9 tonnes worth more than $100 million shipment to…

Sigma Pensions boss advises youths on retirement

October 10, 2019October 9, 2019 admin

The Managing Director and Chief Executive Officer, Sigma Pensions, Mr. Dave Uduanu, has urged youths to plan towards saving for their retirement early in a bid to achieving financial independence. He said this while speaking to youths at a master class session powered by Sigma Pensions at the Junior achievers Conference in Lagos. Uduanu also urged the participants to be disciplined in spending starting before they become working adults an also lectured extensively on the importance of starting to save towards retirement. He said: “By starting pension saving immediately you start working,…

Access Bank, Nigerian Breweries partner on ‘Access The Stars’

October 10, 2019October 9, 2019 admin

Access Bank and Nigerian Breweries (through Star Lager Beer) have announced, “Access The Stars”, a collaborative music platform to discover, groom and amplify the next generation of Nigerian talents. According to the two companies, “Access The Stars is a new platform created for exceptional and aspirational Nigerians in the music industry to be discovered, refined, and empowered to reach higher heights by accessing their star potential. Successful artists will get to tour with the best of Nigerian artists on ‘The Trek’ across the country, giving the grassroots access to the stars…

NSE signs MoU with LuxSE on green bond

October 10, 2019October 9, 2019 admin

The Nigerian Stock Exchange (NSE) and Luxembourg Stock Exchange (LuxSE) have signed a Memorandum of Understanding (MoU) to cooperate in promoting cross listing and trading of green bonds in Nigeria and Luxembourg. The announcement was made at the signing ceremony led by NSE CEO, Oscar Onyema, and LuxSE CEO, Robert Scharfe. The event took place yesterday during the annual meeting of the World Federation of Exchanges in Singapore. The MoU further established an agreement for the two exchanges to collaborate with a view to sharing best practices and organising joint…

Investors lose N102bn as stocks fall for seventh day

October 10, 2019October 9, 2019 admin

The Nigerian equities market yesterday tumbled for seventh consecutive trading day as sell pressure remains unabated, producing 15 losers against 12 gainers. Key market indicators, the NSE ASI, declined by 0.79 per cent as bargain hunters remained on the sideline, following growing investment apathy. Consequently, the All-Share Index dipped 210 basis points or 0.79 per cent to close at 26,598.94 as against 26.809.92 recorded the previous day while market capitalisation of equities depreciated by N102 billion or 0.79 per cent to close at N12.948 trillion from N13.050 trillion. Meanwhile, a…

World Bank cuts Nigeria’s growth forecast to 2.0%

October 10, 2019October 9, 2019 admin

The World Bank has reviewed downward Nigeria’s economic growth forecast for this year to 2.0 per cent from its earlier projection of 2.1per cent in April. The bank, which stated this in its October Africa’s Pulse report, released yesterday, also projected that the country’s economy would expand by 2.1 per cent in 2020 and 2021, which are 0.1 and 0.3 percentage points lower than its April forecasts, respectively. According to the World Bank, multiple exchange rates, foreign exchange restrictions, high inflation, and low non-oil revenues among other obstacles, will ensure…

Stakeholders seek sustainable fertiliser financing

October 10, 2019October 9, 2019 admin

Key stakeholders in West Africa’s fertiliser sector are calling for more action to support the industry, which is central to the continent’s agricultural revolution. The call came out of the first West Africa Fertiliser Financing Forum, organized by the African Fertiliser Financing Mechanism and partners, and held at the African Development Bank (AfDB) in Abidjan recently. A major outcome of the forum was the signing of a Memorandum of Understanding between the West Africa Fertiliser Association and the Economic Community of West African States (ECOWAS). The agreement aims to strengthen the…

Forex restriction: Dairy product import drops by 25.19%

October 9, 2019 Dorothy Ewah

Following the Central Bank of Nigeria (CBN) restriction on foreign exchange for importation of certain products, Nigeria has witnessed a 25.19 per cent drop in importation of dairy products from New Zealand and three other countries. New Telegraph reports that Nigeria imported N211billion ($578. 97million) worth of the product between 2017 and 2018. Findings by New Telegraph revealed that the sharp drop had to do with CBN’s policy on foreign exchange restriction on the product, as statistics by International Trade Statistics (ITS) show that the country imported $331.19…

Sessi: Buhari’s fight against corruption is mere window dressing

October 9, 2019 admin

Comrade Agnes Funmi Sessi is the Chairman, Nigeria Labour Congress (NLC), Lagos State Council. In this interview with Sunday Ojeme, she speaks on the raging minimum wage controversy, corruption in the system and uncertain future for Nigerian youths Almost three years after the technical committee on new minimum wage finished its assignment and government too accepted the report, implementation has become impossible. When do we expect an end to the logjam? You know most of the time, the sincerity of government is always put to question. If…