Tag: Business

Why Nigerian Traders Must Go – Ghanaian Traders
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
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
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
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 ...
Why Our Cement Costs Less in Zambia Than Nigeria – Dangote Cement Plc
Cost of Living, News, Nigeria

Why Our Cement Costs Less in Zambia Than Nigeria – Dangote Cement Plc

Following the uproar generated by the recent reports that Dangote Cement Plc sells cement at a higher price than it sells to other countries, Zambia notably, its management has clarified that a bag of cement from its factories and plants across Nigeria (as of 12th April 2021) is N2,450 in Obajana and Gboko and N2,510 in Ibese, VAT inclusive. Reports recently surfaced that Dangote cement sells for 110 Kwacha in Zambia which is equivalent to about N1,800 in naira, while Nigerian consumers buy the same product for at least N3,500. Reacting, the Dangote Cement Group has said it cannot control the prices of its products when it gets to the market. Devakumar Edwin, the group’s Executive Director, Strategy, Portfolio Development and Capital Projects, disclosed that while a bag of Cement ...
Okonjo-Iweala will drive Global Trade – World Bank
Economy, Interview, News, Nigeria

Okonjo-Iweala will drive Global Trade – World Bank

The international financial architecture is ‘skewed in favor of rich and creditor countries’, the World Bank said yesterday. President of the bank, David Malpass exposed the partial state of the architecture at the close of the World Bank/IMF Spring Meetings 2021 Development Committee meeting, in Washington D.C. yesterday. He said the disturbing state of the global financial system was exposed last year by the COVID-19 pandemic, which made challenges and staggering needs of every country’s economy even clearer. Malpass said: “One major challenge is that the current international financial architecture is heavily skewed in favor of the rich and creditor countries. It is ever important that all voices are heard. I urge all of us to consider how we can restore growth in developing co...
Why Zambia Govt Ordered Dangote to Reduce Cement Cost
News, Nigeria

Why Zambia Govt Ordered Dangote to Reduce Cement Cost

The Zambia Board of Commissioners of the Competition and Consumer Protection Commission has said it ordered Dangote Cement Zambia Limited alongside the Lafarge Zambia Plc and Mpande Limestone Limited to peg cement price between Kwacha 99 to Kwacha 110 following public outcry over its recent hike. The Dangote Cement Group sells its product at a maximum of Kwacha 110 which is equivalent to about N1,800 in Nigeria, while the company sells the same product for not less than N3,500 in Nigeria. According to the Board, it also fined Lafarge Zambia Plc and Mpande Limestone Limited 10% of their annual turnovers for the year 2019 and another 10% of their 2020 yearly turnovers for price-fixing and division of markets. Dangote Cement Zambia was, however, spared for having cooperated with the ...
Customs Intercepts Contraband Goods Worth N786m in Kano, Jigawa
News, Nigeria, Safety

Customs Intercepts Contraband Goods Worth N786m in Kano, Jigawa

Officials of the Nigeria Customs Service, Zone ‘B,’ have intercepted contraband goods worth Duty Paid Value (DPV) of over N786 million in Kano/Jigawa axis. While displaying the intercepted items, the Coordinator of the Strike Force, Deputy Comptroller Osseini Olorukoba, said the seizures were made in the months of January, February and March. The seizures include two exotic vehicles, a N63m 2021 Mercedes Benz turbo 4Matic jeep. Customs said two suspects were arrested in connection to the smuggled goods. The suspects attempted to use a diplomatic plate number to trick Customs officers but ran out of luck, it was learnt. Olorukoba said they were arrested following intelligence reports. He vowed to crack down on smugglers whose activities he said were sabotaging the efforts of the...
MTN snubs Banks, links 77 Million Subscribers to Fintech Platforms
Communication, Information Technology, Interview, News, Nigeria, Press Statement

MTN snubs Banks, links 77 Million Subscribers to Fintech Platforms

MTN customers in Nigeria now have alternative electronic payment platforms to recharge their phones as the mobile network operator on Saturday announced that customers can recharge airtime through payment solutions platforms such as Flutterwave, Jumia Pay, OPay, Kuda, Carbon and BillsnPay. MTN in a statement on Saturday by its Senior Manager, External Relations, Funso Aina, also said customers could recharge airtime by dialing *904# and *606# This is coming barely 24 hours after commercial banks on Friday disconnected MTN customers from banking channels including the Unstructured Supplementary Service Data and banking apps, leaving millions of MTN subscribers frustrated as they were unable to recharge airtime via USSD amid the Easter celebrations. MTN, with about 77 million subscr...
CBN Predicts Further Depreciation of the Naira in January 2021
Economy, Finance, News, Nigeria, Trade

CBN Predicts Further Depreciation of the Naira in January 2021

The Central Bank of Nigeria has said that a survey conducted by its Statistics Department showed that the naira is projected to further depreciate in January next year. According to the report titled, ‘December 2020 Business Expectations Survey Report’, there might also be a steady rise in the interest rate from December till the next six months, Punch reports. Nigeria’s currency fell to its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been lingering between N460 and N470. As of Friday, however, one dollar exchanged for N465 in the parallel market. Recall that the Nigerian economy fell into its second recession in five years on November 21, 2020. Reports say the recession is the worst in 36 years, according to the data obtained from the Wo...