Investment
Israel, Bahrain leaders discuss Iran, possible vaccine plant
Israeli Prime Minister Benjamin Netanyahu and Bahrain’s Crown Prince Sheikh Salman bin Hamad Al Khalifa on Thursday discussed Iran and the possible involvement of the Gulf state in establishing a vaccine plant in Israel, the two countries said. Bahrain and the United Arab Emirates formalised ties with Israel on Sept. 15 in part over shared concerns about Iran, in a deal forged by former U.S. President Donald Trump. Trump withdrew from a 2015 nuclear deal between Tehran and world powers, a move praised by Israel which has objected to the accord. His successor, President Joe Biden, wants to rejoin the deal. But in the week since Washington offered to talk with Tehran about reviving the nuclear deal, Iran has curbed U.N. monitoring and threatened to boost its uranium enrichment. Tehran denies...
Nigerian government announces additional economic zones for agric, textile
The federal government has approved the expansion of the existing Free Trade Zones (FTZs), as well as the activation of existing ones to respond to the demands of the African Continental Free Trade Area Agreement (AfCFTA) and the COVID-19 pandemic. The Managing Director, Nigerian Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, who disclosed this Wednesday, further identified the new economic zones to include Funtua FTZ Katsina for textile and cotton, Lagos FTZ for medical, as well as Kwara for agriculture. Speaking while receiving the leadership of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), led by Hajiya Saratu Iya Aliyu in his office, Adesugba said the move seeks to boost the industrialisation agenda of the present admi...
Ekiti moves to reposition MSMEs for economic growth
Ekiti State Government has expressed its determination to enhance the growth of Micro, Small and Medium Enterprises (MSMEs) to boost economic prosperity of the state. The government had before now reconstituted a 22-member Council to address the myriad of challenges confronting MSMEs in Ekiti , with intention to upscale industrial growth and development . The Commissioner for Investment, Trade and Industry, Mr Muyiwa Olumilua, stated this during a one-day sensitisation workshop with the theme: “Making Economy A Private Driven Economy” held in Ado Ekiti. He said the state government will partner federal government and corporate agencies to facilitate opportunities for business owners in the state. Olumilua at the event, which brought together medium and small scale business owners from acro...
Nigerian senate investigates syringe manufacture, importation
The Senate has directed its committees on Health, Trade and Investment and Customs to investigate the manufacture, importation and policy guidelines for syringe and needles in the country. Consequently, the committee is to invite the Federal Ministry of Health, Trade and Investment, Nigeria Customs Service (NCS) and manufacturers of syringe and needles as the committee carries out the investigation. These resolutions were sequel to a motion sponsored by Sen. Ibrahim Oloriegbe (APC-Kwara) and cosponsored by Sen. Sadiq Suleiman (APC-Kwara) during plenary on Thursday. The upper chamber also directed the ministry of health to provide explanation on the policy for the procurement and utilisation of syringe and needles by federally-owned, state and private hospitals and agencies of the ministry....
Game On?: A Simple Guide to What’s Going On In The Stock Market
Source: NurPhoto / Getty By Shawna Mizelle In the past few days, the buzz around GameStop, AMC, and Reddit has dominated the news cycle. One might’ve noticed several people online discussing investing in stocks and pondered, “What’s going on?” Some individuals possibly saw someone post about their return on investment from the stock market and proposed the question, “How do I get in?” The most daunting question at hand is this: how does a stock like GameStop, which was valued at $20 just two weeks ago, become valued at over $300 seemingly overnight? Here’s a recap of everything you need to know about the whirlwind of a stock market that investors have seen this week. What happened? GameStock was the most traded company in the stock market on Tuesday (Jan. 26), but the bullish run-up ...
Ja Rule Blasts Robinhood After GameStop Stock Debacle
Source: Noam Galai / Getty In the midst of the explosion of stocks and investing this week, an unexpected champion of the people emerged. Ja Rule took to Twitter to blast Robinhood for shutting down individual investors from buying up GameStop and other stocks, and he elaborated on his position via a new interview. The veteran Queens rapper has been active on Twitter this week, urging his followers and fellow investors to “hold the line” as the refrain went during the GameStop and AMC investment craze over the past few days. “Yo this is a f*cking CRIME what @RobinhoodApp is doing DO NOT SELL!!! HOLD THE LINE… WTF,” Ja Rule tweeted Thursday morning (Jan. 28). A scan of his Twitter feed shows that his passion for investment isn’t new as he’s been using Robinhood since 2014 and believes in th...
GameStop Stock Rises Due To Reddit & Robinhood Users, Wall Street Shook?
Source: Johnny Louis / Getty Back in 2019, GameStop announced that it was closing hundreds of stores nationwide as the need for a brick and mortar video game store started to dwindle. This week, the retail chain is experiencing a boom in stock value, and what makes this unique is that individual investors have somehow bent the market to their will. There may not be any place on the Internet to avoid news or chatter surrounding the huge gains made by the Grapevine, Texas company. Like many other global entities, GameStop’s earnings and impact within its industry were impacted by the coronavirus pandemic with retail sales slowing to a near halt as digital sales continued to boom. On Monday (Jan. 26), smaller investors congregating on Reddit and using the Robinhood app resulted in a short squ...
Lagos chamber projects positive economic recovery by Q2
The Lagos Chamber of Commerce and Industry (LCCI) has projected a return to positive growth path for the Nigerian economy in the second quarter of 2021. Mrs Toki Mabogunje, President, LCCI, addressing journalists at the first edition of the chamber’s quarterly news conference, said the projection was subject to the absence of major economic shocks. Mabogunje, however, said that the projected recovery was expected to be subdued within the region of one per cent. “Projections by the World Bank and the International Monetary Fund put Nigeria’s annual average growth for year 2021 at 1.1 per cent and 1.5 per cent, respectively. “Expectation of slow growth momentum reflects the lingering effects of the pandemic on the Nigerian economy and prospects of stricter containment measures considering th...
Dangote completes Nigeria’s longest concrete road
Makamba Online The Dangote Group has completed Nigeria’s longest rigid pavement located in Kogi State. It is the first of its kind, top engineers say. The 43KM Obajana-Kabba road constructed by Dangote Industries Limited (DIL), has been described by motorists as the country’s most strategic highway that is aiding travellers between the North and the South. Olatunbosun Kalejaiye, the Project Director, said he was excited that the Corporate Social Responsibility Project is being delivered for use by Nigerians, adding that while the rigid pavement has been completed, the company was dressing the shoulders. Site Engineer Samuel Obosi assured that the dual carriage way will be durable and less susceptible to potholes and repairs like asphalt road, adding that it would crash the rate of road acc...
Uganda election: Will Bobi Wine derail Yoweri Museveni’s sixth term bid?
As millions of Ugandans prepare to pick the country’s president this week, the stakes could not be higher. The run-up to Thursday’s vote has been marred by restrictions on campaigning, arrests of opposition figures and deadly violence. At least 54 people were killed in November as security forces put down protests by opposition supporters. Longtime President Yoweri Museveni, 76, is facing a strong challenge from popular musician-turned-politician Bobi Wine in his bid to secure a sixth, five-year term in office. Bobi Wine, whose real name is Robert Kyagulanyi Ssentamu, was just four years old when Museveni, a former rebel leader, came to power in 1986. In 2005, Uganda’s ruling-party-dominated parliament removed presidential term limits. And in 2017, lawmakers scrapped the age limit of 75 fo...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
