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Nigeria’s Revenue in February Drops -MoF

Revenues generated by the Federal Government for the month of February dropped to 345.095 billion naira from 370.388 billion naira it recorded the previous month, January, due to fall in global prices of crude oil.

A statement released on Tuesday by the Federal Ministry of Finance (MoF), “There was revenue loss of $45.9 million as a result of a drop in average prices of crude oil from $39.04 in December 2015 to $29.02 in January 2016.”, it read.

“Also a substantial drop in income was recorded from oil and gas royalty, company income tax and import duties,” it added.

The MoF statement further read that the revenues which also included: VAT, refunds from NNPC and exchange gains would be distributed among the three tiers of government – the federal, state and local government authorities.

President Mohammed Buhari had expressed his determination to seek end to the nation’s absolute dependence on sales and export of crude oil and explore new frontiers such as the agricultural sector, solid minerals mining etc.

Nigeria had been in a state of flux since the global crude prices started its steep descend June 2014 and this had put most of the state governments into an had corners, most of whom were still owing the civil servants salary arrears and have had to suspend several projects embarked upon.

 

President Buhari Pledges Additional 10,000MW In 3 Years

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

He stated that 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 given ourselves the target of 10,000 megawatts distributable power.

He said the nation was facing the classic dilemma of privatisation of the power sector, noting that no remarkable improvement in the quality of service had been recorded after the exercise.

However, he noted 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.

MEDICAL & HEALTHCARE JOBS | Reddington Multi-specialist Hospital Fresh Graduate and Exp. Job Recruitment

The Reddington Multi-specialist Hospital is a 5 star medical facility aiming to provide first world Healthcare within a challenging environment providing fully comprehensive tertiary hospital solutions in all medical fields. We seek to add professionally acclaimed individuals to our team.

Qualified applicants are hereby invited for the following vacant positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

OIL & GAS JOBS | Business Development Manager at a Fast Growing Oil and Gas Company – FBA Global

FBA Global – Our client, a fast growing Oil and Gas company is currently seeking to employ suitably qualified candidate to fill the position below:

Job Title: Business Development Manager

Location: Lagos

Description of Duties and Responsibilities

  • Improve the company’s market position and achieve financial growth, build customer relationships
  • Identify business opportunities, negotiate and close business deals and maintain extensive knowledge of current market conditions
  • Prospect for new clients by networking
  • Must plan persuasive approaches and pitches that will convince potential clients to do business with the company
  • Set up meetings between clients’ decision makers and companys’ principals
  • Attend Industry functions such as association events and conferences and provide feedback and information on market trends
  • Understand the company’s goals and purpose so that will continually enhance the company’s performance

Requirements (Mandatory)
Educational Qualifications:

  • Candidates should possess Bachelor’s Degree qualification

Experience and Skills Required:

  • Must have 2-3 years of Sales or Marketing experience in an oil and gas company.

Application Closing Date
25th March 2016.

How to Apply
Interested and qualified candidates should forward their CV’s and cover letters in word or pdf to: operation@fbaglobal.com

Note: Candidates without Sales or Marketing experience in an oil and gas company need not apply.

MANUFACTURING JOBS | Procter and Gamble Northern Graduate Internship Program 2016

Procter and Gamble is the largest FMCG (Fast Moving Consumer Goods) company in the world with strong brands like Pampers, Ariel, Always, Gillette, Oral B just to name a few. We have been in existence for over 176 years globally and 21 years in Nigeria.

We are recruiting to fill the position below:

Job Title: Northern Internship Programme

Job ID: 1504219
Locations: Lagos, Ibadan and Agbara
Requisition Number: IME00000189

Job Description

  • The Internship drive is for freshly graduated NORTHERN students. Our aim is to pre-select exceptional under graduates for future internship openings in Procter and Gamble.
  • This opening is not limited to any specific field of study but only graduates with second class upper degree and above will be considered this time.
  • The job openings cover departments like Sales, Supply Network Organization, Marketing, Customer Market Knowledge, Human Resources e.t.c.
  • Successful candidates will be considered for openings across Procter & Gamble departments in Lagos, Ibadan, and Agbara. Note that no specific field of study is required for any particular department.

Qualifications

  • This opening is not limited to any specific field of study but only fresh NORTHERN graduates who are yet to serve and would not be going to NYSC camp in MARCH /APRIL 2016 will be considered this time.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

Note

  • Candidates successful with this online application will be invited for a test.
  • Candidates should Click here to join our facebook page where Practice questions will be available for them to download in other to help them prepare in time for the test.

BUSINESS & ECONOMY JOBS | CAMRIS International, Inc. Fresh Job Recruitment (4 Positions)

CAMRIS International is a growing international development and research firm that realizes innovative solutions to health and development challenges through high-quality, cost-effective program and research management services.

With experience working in more than 80 countries, we combine our proven systems with today’s most effective, evidence-based best practices to improve the lives of people around the world. We apply a customized, customer-centric, cost-effective business approach to offer greater value to our clients and challenge the way things have always been done in our field.

We are recruiting to fill the following positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

“Internet Users Now 3.2billion” – World Bank

The World Bank has said that the number of internet users globally had more than tripled in 10 years, from 1billion in 2015 to about 3.2billion by the end of 2015.

The World Bank disclosed this in its Report for 2016, made available during the presentation of the World Development Report (WDR 2016 ) on Digital Dividends.

The report revealed that more households in Nigeria and other developing nations owned a mobile phone rather than have access to electricity or clean water.

According to the report, an estimated 70 percent of the bottom fifth of the population in developing nations could boast of owning a cell phone.

 

Indorama To Commission US$1.4billion Fertilizer Plant In Nigeria

Indorama Eleme Fertilizer and Chemical Limited is set to commission the new $1.4 billion dollars fertilizer plant in Port Harcourt.

Speaking during a press conference in Eleme Port Harcourt, at the weekend the managing director, Indorama Nigeria, Manish Mundra said that the plant has a capacity to produce 4,000 metric tons of fertilizer per day, a quantity which he said is believed to satisfy high percentage of demand of fertilizer in the country.

He stated that the investment will create more employment opportunity in the country, increase revenue for the Nigeria Ports Authority (NPA) and related government agencies as well as empower the host community.

He noted that the pre-commissioning activities are also taking place in critical section in the plant such as primary and secondary reformers, granulation and material handling systems, among others.

Mundra said: “Indorama Eleme Petrochemicals Limited (EPL) and its sister company Indorama Eleme Fertilizer and Chemicals Limited (IEFCL) are partnering with Messrs OIS to build a new world-class port terminal complex at Onne Port, near Port Harcourt, Rivers State at a cost of US $130 million dollars. The project has been completed and ready for commissioning.”

He said the project which is a huge Foreign Direct Investment (FDI) in the maritime sector, would be a major boost to Nigeria’s industrialization process and economic development. “This investment shows our deep commitment in fostering socio-economic prosperity of Nigeria.”

 

e-payment Transactions Add $300billion to Global GDP

Global payment company, Visa Incorporated, has said the increased use of electronic payment products, including credit, debit and prepaid cards has added over $296 billion to Gross Domestic Product (GDP) of countries.
It said raising consumption of household goods and services also rose by an average of 0.18 per cent per year.

The new Visa-sponsored 2016 study was conducted by Moody’s Analytics, which looked at the impact of electronic payments on economic growth across 70 countries between 2011 and 2015.

Moody’s economists estimated that an equivalent of 2.6 million new jobs was created on average per year over the five year period as a result of increased use of electronic payments. The 70 countries in the study make up almost 95 per cent of global GDP.

“Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation,” noted Mark Zandi, Chief Economist of Moody’s Analytics.

He added: “Those countries which saw large increases in card usage also saw larger contributions to overall growth in their economies.”

 

Nigeria, Japan Make Moves To Strengthen Bilateral Relations

Japan Becomes Fifth Largest Foreign Investor in Nigeria
The Minister of Foreign Affairs, Geofferey Onyeama, has hinted moves to bolster bilateral relations with Japan.
The Minister hinted this at the recently hosted a dinner in honor of his Japanese counterpart, the State Minister of Foreign Affairs, Seui Kihara who was on a two day visit to Nigeria.

At the dinner, further need to promote cultural relations and improve on bilateral relations in general was the topic of discussion.

Onyeama said:“At a time like this, we need to exploit cultural relations and not just economic relations.”
In response, the Japanese State Minister expressed delight at his visit to Nigeria, revealing that Japan regarded its relationship with Nigeria as highly valued. “We have long lasting relations. I also believe that we should develop the cultural aspect,” he said.

SEC, Shareholders Butt Heads Over Shares Manipulations

Shareholders  and the Securities and Exchange Commission, SEC,on Tuesday, March 22, disagreed over the cause of the downward trend in the stock market with attendant negative consequences on the economy.

The stakeholders expressed divergent views even as the House of Representatives Committee on Capital Markets and Institutions, headed by Hon. Tajudeen Yusuf began a two- day public hearing on two motions titled: Downward trend of the Nigerian Stock Exchange and urgent need to address the vexed issue of unclaimed dividends.

The President of the Renaissance Shareholders Association, Olufemi Timothy, who spoke up first at the hearing, said the Nigerian Stock Exchange (NSE) has lost Integrity because of shares manipulation and other illegalities.

He wondered how the shares of dead companies kept rising in the Exchange while that of healthy and vibrant companies were static or degraded.

On the post-2008 downward trend of the stock exchange till date, he said: “We investors ( retail, institutions) have discovered that the NSE has turned into something else, hence the continued downward trend of the market without being able to recover for eight years, since 2008.

“Our stock market from our experience as retail investors for two decades now was that the NSE has been turned into gambling centre (Casino Game Market).

Shipping Stakeholders Move To Reduce Multiple Port Calls In Africa

West and Central African shipping stakeholders have called for the adoption of the Liner Shipping Connectivity Index, LSCI, by various countries to avoid multiple port calls in the region.

Experts who attended a sub-regional Workshop on Transport Costs and Connectivity in Abuja, recently, also implored African shipping authorities to adopt fewer direct services to multiple ports in order to develop a hub-spoke for the West and Central African countries.

They said that countries should revisit the various programmes on transport connectivity and trade facilitation, such as the Sealgrid System, Lakaji Corridor, Sealink Project in their efforts to achieve connectivity.

The event which was organised by the Union of African Shippers’ Council (UASC), with of the United Nations Conference on Trade and Development (UNCTAD) and Global Shippers’ Forum (GSF), was hosted by the Nigerian Shippers’ Council (NSC) under the auspices of the Ministry of Transport.

Speaking in a welcome address, the executive secretary of the NSC,  Hassan Bello, said that the challenge of poor transport connectivity had been identified as a major obstacle to the sub-Saharan Africa countries realizing their potential in both regional and global trade.

He noted that with the advent of global supply chains, a new premium was being placed on the ability to move goods from one country to another rapidly and cheaply.

“Being able to connect to what has been referred to as the ‘physical internet’ is fast being a key determinant of a country’s competitiveness. As observed by experts, for those able to connect, the physical internet brings access to vast new markets. But for those whose links to the global logistics web are weak, the costs of exclusion are large and growing. Whether a cause or consequence, no country has grown successfully without a large expansion of its trade,” Bello said.

 

Hope Soars As Oil Price Climbs to Over $41 Per Barrel

Oil price has remained above $41 a barrel as the Organization of Petroleum Exporting Countries, OPEC, raised hopes of a moderate rebound from a meeting of key producers in Qatar in April.

At around 0400 GMT, US benchmark West Texas Intermediate (WTI) for delivery in May, a new contract, was five cents down at $41.47. Brent for May dropped seven cents to $41.47.

Brent crude hit $41.73 in Tuesday March 22 trading, as speculation over an imminent supply freeze led by giant producer Saudi Arabia grew after months of diplomatic talks.

Oil hit a 12-year low of $27.50 per barrel on January 20, when bearish sentiment gripped the world’s over-supplied markets.

OPEC secretary-general Abdalla El-Badri said in Vienna on Monday that about 15 or 16 nations will attend discussions on output caps in Doha on April 17, but could not know whether Iran will join, according to Bloomberg.

El-Badri also said he hopes that prices have “bottomed”, adding that he expects crude to enjoy a moderate bounce rather than reach high levels.

 

Stock Market Index Surges By 0.45% on Sustained Bull Pressure

Trading activities on the floor of the Nigerian Stock Exchange, NSE, rested in the Green Zone on Tuesday, March 22, as the All Share Index jumped by 0.45% to close at 26,020.32 points, compared with the appreciation of 0.81% recorded on Monday.

Year-To-Date (YTD), the NSE ASI depreciated by 9.15%.

The appreciation recorded in the share prices of Nigerian Breweries, Unilever, Guinness, Nestle and FBNH were mainly responsible for the gain recorded in the Index.

The three most actively traded stocks were: GT Bank (69.61mn), Fidelity Bank (53.31mn) and UBA (32.64mn). The most actively traded sectors were: Financial Services (286.23mn), Consumer Goods (41.28mn) and Conglomerates (7.39mn).

The total value of stocks traded on the floors of The NSE today was N2.46bn, up by 18.80% from N2.07bn yesterday. The total volume of stocks traded was 344.11mn in 4,386 deals.

 

Market Capitalization Gains N40billion Amid Blue Chip Stock Price Growth

Market capitalization on Tuesday, March 22, appreciated further for the second consecutive trading day as the price of some blue chips jumped.

The market capitalization which opened at N8.910 trillion rose by N40 billion or 0.45 per cent to close at N8.950 trillion.

An analysis of the price movement chart indicated that Nestle led the gainers’ table, growing by N22 to close at N702 per share.

Nigerian Breweries came second with a gain of N5.20 to close at N109.20, while Guinness appreciated by N4.01 to close at N112 per share.

Unilever increased by N1.47 to close at N38.92, while UACN gained 47k to close at N20.95 per share. Conversely, Seplat topped the laggards’ chart, dropping by N30 to close at N310 per share.

PZ trailed with a loss of N1.13 to close at N21.71 and National Salt Company of Nigeria shed 36k to close at N6.86 per share.Zenith Bank dropped 29k to close at N12.90, while UAC Property declined by 25k to close at N4.85 per share.

Also, investors bought and sold 344.12 million shares valued at N2.46 billion achieved in 4,386 deals in contrast with 412.47 million shares worth N2.07 billion traded in 3,285 deals on Monday.

 

Etihad Airways Grosses $1billion Cargo Revenue

United Arab Emirate owned airline, Etihad Airways generated $1 billion in cargo revenue.

President and Chief Executive Officer, James Hogan, gave the figures at the World Cargo Alliance (WCA) Conference which took place at the Abu Dhabi National Exhibition Centre.

Hogan said the Cargo division of Etihad Airways generates over $1bn in annual revenues and is one of the world’s most successful air cargo operators.

It accounted for 88 per cent of cargo imports, exports and transfers at Abu Dhabi International Airport in 2015, a year in which it carried 592,090 tonnes of freight and mail, up four per cent in 2014.

He spoke about changes in the global cargo industry and how the Etihad Airways partner alliance increases the airline’s strength and depth in cargo operations.

By combining aircraft fleets and networks, Etihad Cargo is recognized as the fifth largest cargo operator in the world by working in close harmony with Jet Airways Cargo, Airberlin Cargo, Air Serbia, Alitalia and Air Seychelles Cargo.

Etihad Cargo currently operates a freighter fleet of four Boeing 777F, three Boeing 747s, and four Airbus A330s. An additional Boeing 777 freighter is due to arrive this month with a further Airbus A330 freighter scheduled to arrive in 2017.

 

Ticket Proceeds of Foreign Airlines Trapped in Nigeria over Forex Scarcity

 

Foreign carriers operating in Nigeria are unable to repatriate proceeds from the sales of tickets in the last few months due to Foreign Exchange scarcity.

It was gathered that the carriers, numbering 25, have over $100m as tickets sales proceeds stuck in the country because they could not access foreign exchange from the Central Bank of Nigeria (CBN) to enable them return the monies to their respective head offices.

The foreign carriers namely British Airways, Emirates, Lufthanza, Iberia, Delta Airlines, among others, account for over 70 per cent of ticket sales in the Nigerian market.

Some airlines are threatening to reduce the number of flights into the country as a result of this.

To this end, the National Union of Air Transport Employees (NUATE) has called on government to soften forex restriction for these airlines in order to protect Nigerians working with them from losing their jobs.

The union alleged that there are plans by foreign airlines operating into the country to sack over 2,000 Nigerian employees in order to cut costs and shrink operations.

A protest letter by NUATE to the Minister of Transportation, Rotimi Amaechi and Minister of State for Aviation, Senator Hadi Sirika, entitled, “Save Our Souls and Jobs of over Two Thousand Workers”, explained that the reason for the sack is that foreign airlines have their earnings locked in Nigeria.

The union in the letter signed by NUATE’s Acting General Secretary, Olayinka Abioye, said the development had greatly hindered the airlines’ abilities to transfer their earnings to their respective home countries to meet operational costs.

It urged the Federal Government to intervene and grant the foreign airlines concession to repatriate their proceeds to their home countries.

 

PFAs Invest 66.4% Pension Fund in FGN Securities, Treasury Bills

A total of N3.49 trillion out of the N5.219 trillion pension funds accumulated in November 2015,was invested in Federal Government (FGN) Securities by Pension Fund Administrators, PFAs.

This represents 66.41 per cent investment of the total fund in FGN Securities.

On the other hand, N1.4 billion was invested in infrastructure funds in the month under review by the PFAs, indicating a 0.02 per cent investment out of the N5.219 pension funds.

This was shown in the National Pension Commission (PenCom) Summary as at November 30, 2015.

The report showed that N2.95 trillion was invested in FGN Bonds representing 56.16 per cent, while N480.26 billion was invested in Treasury Bills, representing 10.25 per cent of the fund.

The PFAs however invested N157.13 billion in State Government Securities, N179.45 billion in Corporate Debt Securities and N12.69 billion Supra-National Bonds representing 3.14 per cent, 3.04 per cent and 0.22 per cent respectively.

The report further showed that Local Money Market Securities received N516.18 billion representing 10.39 per cent. There was no trade at the Foreign Money Market Securities except in the Closed Pension Fund Assets (CPFAs) which has only N645 million representing a 0.01 per cent investment.

Meanwhile, Real Estate Properties got N231.25 billion representing 4.5 per cent. Others like the Open/Close End funds, Private Equity, and Cash at Hand received N19.36 billion, N13.43 billion and N58.71 billion representing 0.42 per cent, 0.34 per cent and 0.70 per cent respectively.

 

FG to Pump N350billion into Economy to Stimulate Growth

The Federal Government, on Tuesday, March 22, said it will inject about N350 billion into the economy.

Finance Minister, Kemi Adeosun, who revealed this while addressing State House correspondents at the conclusion of the two-day National Economic Council retreat, Adeosun said the money would be paid to contractors to enable them re-engage staff they had laid off.

She said the fund would be released after the 2016 national budget was passed in order to stimulate the economy.

“From the Federal Ministry of Finance, in anticipation of the approval of the budget, we’ve virtually lined up about N350 billion which we’ll be pumping into the Nigerian economy in the forthcoming months. We explained our rationale and the processes that we’ve put in place, safeguards, to ensure that this money actually achieves the desired objective which is to stimulate the economy.

“We’re already discussing with some of the contractors who will be paid these monies and the objective from the overall criteria is how many Nigerians would be re-engaged.”

 

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