MAN: Manufacturers’ production value declines by N15bn

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     Manufacturers Association of Nigeria (MAN) has disclosed that poor macroeconomic ambience, infrastructure issues and poor regulation by government agencies resulted to the country’s manufacturing production value declining to N4.61 trillion in first half of 2019 from N4.76 trillion recorded in the corresponding half of 2018. Consequently, the figure shows N15 billion or 3.2 per cent decline as many local manufacturers faced production headwinds in the first half of 2019. MAN, in its latest economic summary report for the first half of 2019, explained that the country’s manufacturing sector…

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Contributors’ right amid rising pension assets

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  Since the inception of the Contributory Pension Scheme (CPS), there have been consistent efforts by the regulator and operators to enlighten contributors on the workings of the scheme and also expose them to their rights and obligations as they differ from the rested Defined Benefit Scheme. Sunday Ojeme reports   No doubt, pension assets under the Contributory Pension Scheme (CPS) remains one of the fastest investment portfolios in the country.    As at today, the assets have moved steadily without a trace of blemish from a few million naira…

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Adesina commends UK over investments in AfDB

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President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has commended the United Kingdom’s Department for International Development (DFID) over its investments in the bank. He made the commendation while speaking at the at the UK-Africa Investment Summit, “Sustainable Infrastructure Forum.” Noting that the DFID is a key strategic partner of the AfDB, Adesina disclosed that since the DFID joined the bank in 1983, its “strong and consistent support for the African Development Fund has helped us to support the development of low-income states, especially the fragile states.” According…

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FirstBank wins double awards 

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First Bank of Nigeria Limited has been named 2019 “Best Mobile Banking App” and “Fastest Growing Retail Bank” winner by Global Business Outlook. The Global Business Outlook Award recognises and rewards excellence in business in companies across the world, both in the public and private sectors. The award rewards innovation, creativity and the drive to create value. FirstBank earned the Fastest Growing Retail Bank recognition because of its leading role in promoting financial inclusion in the country, a drive that has resulted in its 44,000 agent banking network designed to…

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Moody’s explains sub-Saharan Africa’s 2020 outlook

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 Moody’s Investors Service has said that the negative 2020 outlook for sovereign credit worthiness in sub-Saharan Africa (SSA) reflects the worsening external environment, weak government finances and subdued GDP growth. In a report released yesterday, the rating agency stated that countries in sub-Saharan Africa had made limited progress in reducing risks linked to elevated debt burdens and debt servicing needs, while growth won’t be strong enough to meaningfully buttress incomes or increase economic resilience. “The less predictable external environment is aggravating sub-Saharan African sovereigns’ existing challenges and make them more…

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NSE records N127bn loss on profit taking

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Trading activities on the floor of the Nigerian Stock Exchange yesterday witnessed considerable drop in share prices as bears overwhelmed bulls following profit taking by investors. Market breadth closed negative as Law Union and Rock Insurance Plc led 15 gainers as against 16 losers topped by Arbico Plc at the end of the trading session. Consequently, the All-Share Index dipped 247.8 basis points or 0.83 per cent to close at 29,462.76 index points as against 29.710.56 recorded the previous trading session while market capitalisation of equities depreciated by N127 billion…

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Central banks, BIS partner to study digital currencies

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The Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Sveriges Riksbank and Swiss National Bank, together with the Bank for International Settlements (BIS) have created a group to share experiences as they assess the potential cases for Central Bank Digital Currency (CBDC) in their home jurisdictions. In a press release, the BIS said the group would assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. The group is also expected to closely coordinate with…

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ATCON to telcos: Notify your customers before line deactivation

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  The Association of Telecommunications Companies of Nigeria (ATCON) has advised its members to ensure they notify their customers before deactivating and re-allocating their lines.  This followed recent subscriber concerns over the re-allocation of unused Subscriber Identity Module (SIM) by telecom operators. President of the association, Mr. Olusola Teniola, who gave the advice, said though the operators were not under any obligation to do this, it would be an extension of their customer care service.  “Telecom operators must improve their customer service by ensuring that the subscribers are informed before…

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NCC board tackles NASS over communications law review

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  The National Assembly has called for a review of the Nigerian Communications Act (NCA), which guides operations and regulations in the country’s telecommunications sector.   A member of the House of Representatives, who proposed the review, Honourable Isiaka Ibrahim, said the Act, which came into force in 2003, was due for review in view of the dynamism in technology world.   Ibrahim, who is also a member of the House Committee on Communications, said the 16-year-old law had become archaic and not in tune with the realities of today’s…

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Gas: Increased demand boosts Nigeria’s N635.2bn export

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  WINTER Liquefied natural gas import by Asian countries increases ahead of winter     High demand for liquefied natural gas by Asians countries has boosted export of the cargo in Nigeria.   Already, some 3.53 million metric tonnes of the natural gas valued at N635.2billion ($1.74billion) have been lifted out of the country.   New China’s price index for liquefied natural gas (LNG) import delivery has reached $493 per metric tonne because of the demand.   It was learnt that the demand for the cargo ahead of winter in…

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