Nigeria

First Bank of Nigeria

First Bank of Nigeria, die manchmal einfach auch als Firstbank bezeichnet wird, ist ein nigerianisches multinationales Bank- und Finanzdienstleistungsunternehmen. Es ist die größte Bank des Landes allein durch seine Vermögenswerte, die Ende des Jahrs 2014 sich auf c.a. 23.4 Mrd. USD belaufen.

Der Gewinn der Bank vor Steuern, zum Jahresabschluß am 31. Dezember 2014 betrug ca. 486.5 Mio. USD. Zu diesem Zeitpunkt unterhielt die Bank eine Kundenbasis von mehr als 10 Millionen Privatpersonen und Unternehmen. Die Firstbank erhält solide Kurz- und Langfrist-Ratings von der Rating Agentur Fitch, zum Teil aufgrund seiner geringen Exposition gegenüber notleidenden Kredite. Die Bank hält sich streng an finanzielle Gesetze und genießt ein großes Vertrauen gegenüber der nigeranischen EFCC (Strafverfolgungsbehörde gegen Wirtschafts- und Finanzverbrechen).

www.firstbanknigeria.com

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Nigeria

Newspaper “THISDAY”

THISDAY is a national newspaper in Nigeria. THISDAY is published by Thisday Newspapers Limited and was first published on 22 January 1995. It has its headquarters in Apapa, Lagos, Lagos State.

It has a circulation of more than 100,000 copies and an annual turnover of some $35 million (US). It has three printing plants, in Lagos, Abuja and in the Niger Delta. The publisher was noted for his early investment in full colour printing. THISDAY remains the preferred newspaper among the business, political and diplomatic elite in Nigeria. Respected journalist Olusegun Adeniyi is the current chairman of the editorial board.

www.thisdaylive.com

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Nigeria

Additional 10 000 megawatt by 2019 in Nigeria

President Muhammadu Buhari said on Monday that his administration would ensure steady power supply before the expiration of his tenure through the provision of additional 10,000 megawatts.

The President gave the assurance at the National Economic Council Retreat holding at the Presidential Banquet Hall, Abuja.

According to him, 2,000 of the anticipated 10,000 megawatts will be added to the national grid in 2016.

“Nigerians’ favourite talking point and butt of jokes is the power situation in our country. But, it is no longer a laughing matter.

“We must and by the grace of God we will put things right.

“In the three years left for this administration we have givenourselves the target of 10,000 megawatts distributable power.

“In 2016 alone, we intend to add 2,000 megawatts to the national grid.

“In our determination to change we must and will, Insha Allah, put a stop to power shortages.’’

The President, who stated that the nation was facing the classic dilemma of privatisation of the power sector, noted that no remarkable improvement in the quality of service had been recorded after the exercise.

He, however, stated that the National Electricity Regulatory Commission (NERC) must ensure that consumers get value for money and over-all public interest is safe-guarded as government will complete the process of the privatisation.

Source: Daily Post, Mach 22, 2016

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Nigeria

US encourages businesses to explore Africa’s opportunities

LAGOS: US Commerce Secretary Penny Pritzker and a slew of American business executives are meeting in Nigeria to encourage trade they say will create jobs on both continents. The visit to Nigeria, expected to be among the top 10 economies in the world by 2050, and one of Africa’s smallest but most innovative nations, Rwanda, is designed to transform the perception of Africa from an aid-dependent continent to a region brimming with business opportunities, Pritzker told The Associated Press in an interview.
She said Africa has seven of the fastest 10 growing economies in the world; a burgeoning young population and a rising middle class (50 million in Nigeria alone). “So the message to Americans is now is the time to come and explore the opportunity in Africa,” Pritzker said. The figures for Nigeria tell the story: In 2014, US exports to Nigeria topped $5.9 billion and imports from Nigeria totaled $3.8 billion, compared to US aid of $694 million last year.
The latest US push comes as Nigeria is hurting from the downturn in the economy of China, which last year overtook the US to become Nigeria’s biggest trading partner. China accounted for 22.5 percent of Nigeria’s imports in the third quarter of 2015, compared to 9.6 percent from the US, according to Nigeria’s National Bureau of Statistics.
Nigeria’s current economic woes, including lower prices for oil that produces 80 percent of government revenue and a related slump in the naira currency, are positives for investors, said General Electric’s Jay Ireland, who runs the US multinational’s Africa operations.
“This is the time to come in,” he said, adding American companies should be looking at long-term investments that ride out the cycles of oil prices and currency exchanges. “We’re going to be here for a long time and feel very comfortable investing in Nigeria. … (It) provides a tremendous platform for growth.” GE is investing $200 million in Nigeria to build two facilities to assemble oil and gas and power generation equipment that the company hopes to export to other West African nations. The company employs nearly 500 people in Nigeria. US businesswoman Rahama Wright’s firm partners with some 1,200 women from two cooperatives in Ghana to produce shea butter beauty products sold in the United States.—AP

Source: Kuwait Times, January 27th, 2016

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Nigeria

Nigeria is the largest economy in Africa

Nigeria is the largest economy in Africa, with a Gross Domestic Product greater than USD 500 billion. We grew steadily at over 7 per cent per annum between 2005 and 2014, but this growth has been slower in 2015. This growth was driven primarily by the non-oil sectors, such as financial services, telecommunications, entertainment, etc. Foreign direct investment (FDI) inflows have been strong, averaging USD2 billion per quarter since 2013, with over 70 per cent of this in the non-oil sectors. Nigeria’s economy is actually more diversified than it seems, with the oil sector contributing only about 14 per cent to GDP. Nevertheless, we ought to be doing more to diversify with the significant natural and human resources with which Nigeria is blessed. There is no doubt that oil has contributed substantially to Nigeria’s revenue since its discovery in 1956 and more especially, since 1970 when its price was on the upward trend. Yet, oil receipts and their management have challenged governance to the core over time in Nigeria. Deeper economic diversification is an urgent necessity to undertake structural transformation, buffer the domestic economy from externally transmitted shocks and accelerate growth accompanied by job creation. The task ahead of further diversification of the economy is enormous. We do not take it for granted. It will not happen quickly or easily and Nigeria shall be strategic about diversification. We are however encouraged by the strides that have been made in some sectors already. I will use three sectors or categories as examples:
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