Category: Business - Page 3 - African News Today

Osinbajo Inaugurates Shoe-Manufacturing Hub In Anambra

25Aug

By Chinedu IbeakanmaNo Comments

Economy, News, Nigeria

Osinbajo Inaugurates Shoe-Manufacturing Hub In Anambra

Vice President Yemi Osinbajo on Tuesday inaugurated an ultra-modern industrial shoe-making hub equipped with modern technology at Nkwelle Ezunaka Village in Anambra. In a speech at the event, Mr. Osinbajo described the complex as a “one-stop-shop digital leather and industrial hub”. He said the complex had the capacity to produce shoes that would compare favourably with those produced in Europe. According to the vice president, the project represents the nerve centre of the Micro Small and Medium Scale Enterprises in Nigeria He said the Federal Government was fully committed to improving commercial and economic environment and willing to complete all its ongoing projects in the South-East. The complex was jointly equipped by the federal government in conjunction with Anambra...

Loans: FG Increases Borrowing Limit to N61tn

16Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Loans: FG Increases Borrowing Limit to N61tn

The Federal Government has expanded the country’s borrowing limit to N61tn paving the way for the increment of the current N33.11tn debt portfolio. The new limit as contained in a document, Medium Term Debt Strategy shows that Nigeria has hiked its borrowing limit from 25 per cent of the Gross Domestic Product to 40 per cent of the GDP. This development follows on the heels of Senate approval of new $8.33bn and €490m loans from external sources. As of December 31, 2020, the National Bureau of Statistics put the country’s GDP at N152.32tn. Thus, forty per cent of the current GDP is N60.93tn. Twenty-five per cent of the current GDP is N38.08tn, an amount which the nation may have surpassed in debt given that there are loans which the nation has already secured but are not include...

FEC Awards N309.9bn Road Contracts to Dangote

15Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

FEC Awards N309.9bn Road Contracts to Dangote

The Federal Executive Council, FEC, has ratified the award of construction of five roads amounting to 274.9 km at the cost of N309.9bn to Dangote Industries as part of a tax credit. Babatunde Fashola, Minister of Works and Housing, said this in a chat with State House correspondents after the FEC meeting presided over by President Muhammadu Buhari on Wednesday. According to the minister, the road contract would be the largest implemented on concrete in the country. He said, “The second memorandum presented by the Ministry of Works and Housing was for the construction or the reconstruction, as the case may be, of five road projects in favour of Messrs. Dangote Industries Limited, totalling 274.9 kilometres of federal roads, under the Federal Government Roads Infrastructure Tax Cred...

TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living

12Jul

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

TUC Tackles FG’s Serial Borrowing, Rising Cost Of Living

The Trade union Congress, TUC, has faulted the Federal Government over the spike in the cost of goods and services across the country, saying it has negated the benefits of the National Minimum Wage, which some states have yet to implement. The union also condemned the spate of external borrowings, advising the government to harness the country’s natural endowments, advising the government to avoid mortgaging the future of Nigeria. Mohammad Yunusa, National Treasurer of TUC, and President-General of the Senior Staff Association of Statutory Corporations and Government-Owned Companies, disclosed this in an interview with journalists in Abuja, shortly after the Central Working Committee meeting on Saturday. Yunusa also noted that members of the association condemned in strong terms ...

Respect the Sovereignty of Ghana, Ghana Traders Tell Buhari

14May

By Obiajulu Joel NwoluNo Comments

Ghana, News, Nigeria, Trade

Respect the Sovereignty of Ghana, Ghana Traders Tell Buhari

The Ghana Union of Traders Association has reacted to the ministerial delegation sent by President Muhammadu Buhari of Nigeria to Ghana in a bid to resolve the rift between Ghana and Nigeria traders, describing it as needless. Dr Joseph Obeng, the President of the Association said the country is only ensuring enforcement of its laws and would not soft pedal. Obeng disclosed this in an interview with GhanaWeb. He said, "Their coming here is needless. Their speaker came to Ghana and understood that Ghana is not doing anything badly against their citizens and only enforcing its laws. We will not relent on the pressure we are giving to the government to enforce the laws that are made for the people of Ghana." Obeng further accused the Nigerian government of not respecting the trade...

FG Sends Ministerial Delegation to Ghana to Address Nigeria/Ghanaian Traders Rift

11May

By Obiajulu Joel NwoluNo Comments

Ghana, News, Nigeria, Trade

FG Sends Ministerial Delegation to Ghana to Address Nigeria/Ghanaian Traders Rift

President Muhammadu Buhari has sent a ministerial delegation to Ghana to tackle the persistent rift between Nigerian traders and the Ghanaian authorities. Mr Ifedayo Sayo, the Special Assistant to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, in a statement said issued on Monday said the minister will lead the delegation to Ghana. The statement said the delegation which compromised of eminent stakeholders would also engage in further dialogue with Ghanaian authorities to find a sustainable solution to the lingering clash, NAN reports. Sayo in the statement said the delegation would undertake the visit between May 31 and June 1, 2021. Recall that the Nigerian traders in Ghana had been having issues with Ghanaian Authorities for several years with record...

Why Nigerian Traders Must Go – Ghanaian Traders

7May

By Obiajulu Joel NwoluNo Comments

Ghana, News, Nigeria

Why Nigerian Traders Must Go – Ghanaian Traders

The Ghana Union of Traders Association, GUTA, at Kasao in the Central region has warned it would shut down shops of foreigners, especially Nigerians, involved in retail business in the area. The group cited the inimical impact of foreigners engaged in retail business on local sellers as the rationale for the threat. According to the General Secretary of GUTA at Kasoa, Bright Agyemang, in his interaction with journalists expressed worry over the government's inability to enforce the laws on foreign businesses in Ghana. In a report by local medium, Ghanaweb, he said members of the association are furious and becoming impatient towards the continuous invasion of foreigners in the retail business. He beckoned on the government to address the issue to avoid it from degenerating. ...

Ghana Traders Union Oppose Call to Reopen Nigerians’ Shops

30Apr

By Obiajulu Joel NwoluNo Comments

Ghana, Labour, Life, Nigeria

Ghana Traders Union Oppose Call to Reopen Nigerians’ Shops

Following calls by some Nigerian traders for their shops to be reopened after months of lockdown, the Ashanti regional branch of the Ghana Union of Traders Association, GUTA, has urged President Akufo-Addo to disregard such clamour. Recall that there has been friction between Ghanaian traders and their counterparts from other countries, especially Nigerians. The indigenous traders opined that based on local laws, the foreign traders had no legal backing to engage in retail trade as their activities portend negative impact on local traders. To this effect, the government inaugurated a presidential committee to scrutinize all foreigners engaged in trading activities. Consequently, many shops owned by foreigners were shutdown, Modernghana reports The former President for All Ni...

Amazon Chooses South Africa for its African Headquarters

21Apr

By Obiajulu Joel NwoluNo Comments

News, South Africa

Amazon Chooses South Africa for its African Headquarters

Amazon is set to open its African headquarters in South Africa with real estate investment in the region of R4 billion. Reports in Cape Town said Amazon would be situated at a new development in River Club, a key section of the city. The 15-hectare parcel of land will cost about R4 billion and include two precincts. Authorities said the first precinct of 60,000sqm would occupy different layers of development, while the second section of 70,000 will hold Amazon headquarters in Africa. "US retail giant, Amazon, will be the anchor tenant, opening a base of operations on the African continent," Cape Town city officials said in a statement. "The development is envisaged to take place in phases, with construction set to take place over three to five years." Over 5,000 direct construc...

Dangote: We Lose Multi-Million Dollars to Meet Nigeria’s Cement Demand

14Apr

By Obiajulu Joel NwoluNo Comments

News, Nigeria

Dangote: We Lose Multi-Million Dollars to Meet Nigeria’s Cement Demand

The management of Dangote Cement Plc has said that cost of cement is cheaper in Nigeria compared to Ghana and Zambia and that it is encountering losses in dollar revenue to meet the demand in Nigeria. The group in a statement issued on Tuesday in Lokoja by Devakumar Edwin, the company’s Group Executive Director in charge of Strategy, Portfolio Development, and Capital Projects, said the company could not control the cement’s price in the open market. “To ensure that we meet local demands, we had to suspend exports from our recently inaugurated export terminals, thereby foregoing dollar earnings,” he said, adding that the company also reactivated its 4.5 million ton capacity Gboko plant. “While a bag of cement sells for an equivalent of $5.1, including VAT in Nigeria, it sells for ...