Day: October 10, 2019

Open Skies: ‘Why Nigerian carriers are at disadvantage’

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…

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Poachers smuggle N365m worth of pangolin from Nigeria

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…

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Sigma Pensions boss advises youths on retirement

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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,…

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

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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…

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NSE signs MoU with LuxSE on green bond

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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…

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Investors lose N102bn as stocks fall for seventh day

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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…

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World Bank cuts Nigeria’s growth forecast to 2.0%

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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…

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Stakeholders seek sustainable fertiliser financing

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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…

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