Friday, January 9, 2026
Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 3020

3 Predictions for The Nigerian Tech Scene in 2016

tech

It is a new year! We have finally crossed over to 2016, and while everything seems to be taking  a new turn, it seems as though very little has changed in the tech world. No doubt 2015 witnessed the rise of major startups, local apps, impressive tech trends as well as innovations including wearable to large-screen smartphones. However, with the new year already rolling, we must ask ourselves: what are the possible things in store for Nigeria, with regards to technology?

Looking into 2016, Jovago.com, Africa’s No.1 online hotel booking site predicts trends, innovations or technologies that may be witnessed in the Nigerian tech scene this year.

Strengthened security

With Boko Haram issues stretching into the new year and a rise in crime and other insecurities now prevalent in the country, Nigeria’s IT and physical security will become more connected and that convergence could lead to a safer environment as well as the use of better tech tools to ensure security.

From the use of analytics to track driver behavior, implementation of e-procurement systems, biometrics, security and threat management will certainly evolve and hopefully businesses as well organizations will adopt these improved measures.

Increased power of Social Media

This last year, social media played a key role in influencing several national issues, especially during the election period. Nigerians harnessed the potential of modern communication tools to air their opinions and mobilize protests, successfully preventing a rigged election. Twitter hashtags and social media memes became important tools for mobilization and are likely to become even more prominent as 2016 progresses.

There will be more subscribers on key social media platforms including Instagram, Snapchat and Twitter, as well as sensational blogs such as Linda Ikeji and BellaNaija, where they can give feedback on various posts and topics. The government is already responding to this perceived threat (especially as it affects access to information, media attacks, and cyber crime) and may adopt a social media bill in 2016.

A dearth of start-ups

Last year witnessed the rise of new startups such as Tuteria.com, Printivo.com and Gamsole.com. Although startups in general have now become part of the Nigerian society, spreading from metropolitan hubs to suburban areas, the current state of Nigeria’s economy suggests a dearth in the rise of startups in 2016. Despite the large customer base and talents available, investors are not keen on investing due to the fall in value of the Naira and as such, startup inventors have little or no opportunities to raise venture capital. 2016 may have this sector experience challenges in the area of accessing funds; and even existing startups will find it difficult to thrive.

MANUFACTURING JOBS | Dangote Cement Plc Fresh Graduate & Exp. Job Recruitment (12 Positions)

Dangote Cement P.L.C. is the biggest quoted company in West Africa and the only Nigerian company listed among Forbes Global 2000 Companies. The Company currently has several cement production plants in Nigeria in addition to presence in 14 other African countries. To consolidate its current strategic expansion drive and as part of our growing vision.

We are recruiting to fill the positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

OIL & GAS JOBS | Sales & Customer Service Manager – Oil & Gas at GE Nigeria

GE Oil & Gas is a world leader in advanced technologies and services with 43,000 employees in more than 100 countries supporting customers across the industry – from extraction to transportation to end use. Our unrelenting commitment to the environment, health and safety, quality and integrity defines us: it’s The Way We Work. We develop smart solutions for our customers across the oil and gas value chain delivering the innovation, customized service solutions, training programs and technology that helps them to maximize their efficiency, productivity and equipment reliability.

We are recruiting to fill the position of:

Job Title: Sales & Customer Service Manager Oil & Gas, SSA

Job Number: 2279057
Location: Lagos, Nigeria
Business: GE Oil & Gas
Business Segment: OG-HQ Headquarters

Role Summary/Purpose

  • This role will be responsible for identifying, positioning and leading efforts to develop the customer portfolio, forecasting and planning opportunities, managing orders, closing sales and securing contribution margin targets for the Downhole Technology (DT) portfolio of GE Oil & Gas, within the Sub-Sahara region.

Essential Responsibilities

  • Establish a plan for SSA to support existing customers and grow the customer portfolio by developing leads and new opportunities
  • Develop and maintain a strong network with key individuals within the customer’s organization and leverage to anticipate customer’s needs as well as accurately forecast sales on a monthly, quarterly and annual basis.
  • As a coach, accelerate the onboarding and development of a Downhole Technology (DT) services business in the region.
  • Provide technical support and guidance to clients to help them select the appropriate technology that can provide the desired services within the operating specifications
  • Monitor the market and evaluate competition and customer specific strategic and operational factors to support business decisions
  • Drive appropriate processes and rigour to ensure that the opportunity pipeline is up to date and accurate in the sales funnel
  • Ensure a review rhythm around closure of the assigned geographical region key deals.
  • Coach the local services team to ensure quality and availability of services.
  • Build and deliver a plan to improve our customer service experience
  • Comply with Company Safety policies and procedures and continuously promote and satisfy all Environmental Health and Safety (EHS) requirements
  • Ensure that all business matters are conducted with the highest integrity and in full compliance with GE Oil & Gas policy

Qualifications/Requirements

  • Technical Bachelor’s Degree from an accredited university. Minimum of 10 years relevant experience in Sales in the Oil & Gas industry
  • Demonstrated track record of sales / business development growth in Sub-Saharan Africa
  • Proven Wireline industry experience, with a Cased Hole and/or Open Hole Logging focus.
  • Willingness and ability to travel 40% time across Sub Saharan Africa
  • Experience in running Sondex Cased Hole Logging tools with knowledge of Formation Evaluation and/or Production Logging Interpretation.
  • Must be a self-starter who is driven to completion of sales orders and project execution

Additional Eligibility Qualifications
Desired Characteristics:

  • Strong customer mind-set.
  • High integrity.
  • Driven and competitive.
  • Strong commercial management skills.
  • Business acumen.
  • Strong oral and written communication skills.
  • Process orientation and mind-set.
  • Ability to prioritize multi-faceted, fast paced job tasks.
  • Strong interpersonal skills.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

MANUFACTURING JOBS | Customer Development Representatives at Fan Milk Plc

Fan Milk Plc is a leading manufacturer and marketer of healthy, nutritious and safe frozen dairy and non-frozen dairy food products with distribution channels across the length and breadth of Nigeria. Fan Milk Nigeria is a well established and fast growing food processing industry offering wide range of products.

We are recruiting to fill the position below:

Job Title: Customer Development Representative

Location: Lagos

Purpose

  • Create New Exclusive Agents in the Outdoor Channel within the specified period and in the assigned sales territory.

Principal Accountabilities: (Impact & Innovation)

  • Ensure creation of new Exclusive Agents in the assigned sales territory and achieve set target. Monitor and report sales equipment usage compliance with franchise contracts.

Critical Qualifications/Skills/Experience (IPE Factor: Knowledge)
The ideal candidate:

  • Must have an outgoing and convincing personality, with a sense of urgency, who can communicate at all levels and persuade key stakeholders into the right course of action.
  • Minimum of Bachelor’s Degree in Marketing, Business Administration, Economics or other related discipline (2.2) and HND Lower credit.
  • Ability to Drive a Truck – possession of Class E Drivers Licence.
  • Must not be more than 30 years with minimum of 2 years relevant work experience.
  • Is driven by his/her desire to perform.
  • Has broad experience with a structured approach to customer relationship management and business development.
  • Has excellent entrepreneurial and commercial awareness.
  • Possesses a high degree of assertiveness across cultural and educational diversity.
  • Good knowledge of the FMCG market.
  • Selling and Negotiation Skills.

Learning & Career Opportunities
In this position, the incumbent will have an opportunity to acquire skills and knowledge in the following areas;

  • Work as a team member in a large Organisation
  • In-depth business knowledge of the business
  • Good (internal and external) communication skills
  • Local Government relationship and other stakeholder
  • Business development skills

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should APPLY

REAL ESTATE & CONSTRUCTION JOBS | Randstad Construction Property Engineering Fresh Job Recruitment (4 Positions)

Randstad Construction Property Engineering, is currently seeking to employ suitably qualified candidates to fill the positions below:

CLICK HERE TO VIEW JOB DETAILS AND APPLY

Civil Defence Corp Nabs 4 Tankers, 6 Suspects Over Illegal Diversion of Petrol

The Nigeria Security & Civil Defence Corps (NSCDC), Kaduna State Command has arrested four tankers and six suspects for illegal diversion of fuel with no fewer than148,000 litres in Kaduna.

Parading the suspects and tankers at the command headquarters yesterday, the State Commandant, Alhaji Modu Bunu, attributed the successes achieved so far to information received from concerned and well-meaning individuals on the plans by vandals to perpetrate their antics in the state over the weekend.

Bunu explained that on receipt of the information, the command quickly mobilized its anti-vandal operatives to strategic locations, leading to the arrest.

According to the state commandant, break-down of the vehicles and the content shows that the tanker with registration number KAF 662 ZA contains 30,000 litres, DKA 515 ZP is with 40,000 litres and the third one with registration number BAU 262 XR is containing 45,000 litres which are suspected to have been diverted.

He said one of the tankers was arrested with a waybill for the product from Suleja to Abuja but was arrested in Kaduna.

The Commandant further disclosed that the fourth truck, a DAF 85 was arrested without registration number and was conveying 33,000 litres of PMS suspected to be a vandalized products.

He said, the occupants of the DAF on sighting operatives of the NSCDC abandoned the truck and took to their heels, while the drivers and motor boys of the other trucks were apprehended and presently in their custody.

Makers of Film on Ebola May Face Legal Action from Victims Family

Makers of 93 Days,  a movie dedicated to the memory of Ebola victims and survivors in the country might be facing legal action from the family of the late physician, Dr. Stella Adadevoh, after the family faulted some of the claims that were reflected in the yet-to-be released movie.

In a letter issued by Dr. Ama Adadevoh on behalf of the Cardosos and the Adadevohs in Lagos on Monday, the families noted that even though the script was given to both families for approval, it claimed that some aspects of the movie did not represent the true accounts and role of the late physician during the Ebola outbreak.

Adadevoh stated, “It has been brought to our attention that a movie titled, 93 Days, written by Paul .S. Rowlston and produced by Native Filmworks, Michelangelo Productions and Bolanle Austin-Peters Productions, is in works for imminent release. The movie about Nigeria’s Ebola story and “dedicated to” Dr. Ameyo Stella Adadevoh was not endorsed by the family.

“The Adadevoh and Cardoso families have not consented to the use of the Stella Adadevoh’s name, likeness or image for commercial profit. The families intend to hold the filmmakers legally accountable for any falsehoods and innuendos in the movie, 93 Days with regard to Dr. Adadevoh and her family.”

The families stated that they were committed to ensuring that the true story that pertains to the late physician was told to the public.

Adadevoh was the first Nigerian to have died of Ebola after contracting it from an American-Liberian diplomat, Patrick Sawyer.

She raised the red flag about the viral disease after Sawyer was admitted at the First Consultants Hospital, Obalende, Lagos.

Nigerian Army Arrest Two Suspected Terrorists in Kaduna.

Two suspected terrorists with arms and ammunitions in Kaduna village have been arrested by the Nigerian Army, The troops arrested the suspects in Gidan Waya area of Jema’a local government area of Kaduna State following a tip off.

Some villagers alleged that the suspects have been responsible for the attacks and killings of villagers.Over 11,000 people in Southern Kaduna have been killed by terrorists’ attacks since 2011.

Meanwhile, the suspected terrorists were taken to an unknown location by the troops who have been drafted to flash point in Southern Kaduna.

4 Ways Traveling Helps Nigerians Succeed At Work

Every Nigerian needs to travel once in awhile. Whether it is within your state, country or going abroad, travelling offers essential benefits for the mind and body.

From sightseeing to adventure, a vacation does not only spice up your life, it takes away the daily pressure that come with living in Nigeria. Even more, people who tend to travel often, tend to succeed more at work and business than those who do not. Curious to know how this happens? Jovago.com, Africa’s No.1 online hotel booking site gives 5 ways travelling can give you the much needed boost at work.

Fosters social skills

Networking is an important skill surviving in any work environment. When you travel, you often find yourself nestled in a new environment with their cultures, languages, society and lifestyle  very unlike your own and you would have to find a way to acquire the knowledge you need about these different cultures.

Travelling tests your social skills: ability to communicate freely, patience, tactfulness, and etiquette. If you can pass this test while travelling, it becomes so much easier to scale through similar tests in your career with ease.

Fuels Creativity

Travelling has a way of opening the mind and enhancing creativity. Most people who work in offices or other corporate environments agree that they find it easier to focus on their jobs after a vacation and they find themselves becoming much more creative. This is because have a clearer perspective about almost everything and become less pessimistic.

Creativity is all about finding new, different ways to get things done and handling the impromptu challenges that arise on a journey gives you the skills to solve them.

Advances travelers’ link with technology

While the main idea behind going on vacation is to break free from work, ironically, travel has a way of forcing you to rely on technology while breaking free of corporate hassles at the same time.

Most travellers in Nigeria usually they have to book their hotel rooms or flight tickets online and rely on apps and news websites to keep up with events going on at home. All these help improve their adoption of technology which eventually helps at the office.

Improves the way they organize

This mostly applies to people whose jobs are in Human Resource, Accounting, or Logistics. Whether you are travelling solo or with family and friends, there are certain things you need to put in place.

Before you set out for the trip, ensure your passports and IDs are all updated. Sort out where to stay, what to do, where to eat and they type of fun you want to have. In the process of sorting out all these, you improve your organisational skills. You find that it becomes easier to follow procedures, create and tick off checklists and this also helps you at work positively.

Entries Open for Tony Elumelu Entrepreneurship Programme (TEEP)

Entries have opened for application for the second annual Tony Elumelu Entrepreneurship Programme (TEEP) for start-up businesses based in Africa. The application portal which opened on Friday January 1, 2016 will run through midnight on March 1, 2016.

Successful applicants who complete the programme will receive the local currency equivalent of Naira 850,000 as non-returnable seed capital, and are eligible for a further Naira 850,000 in the form of either debt or equity, depending on business need and other criteria.

Selected entrepreneurs will join the existing cohort of 1,000 Tony Elumelu Entrepreneurs, from 51 countries, who formed the inaugural 2015 cycle of the programme and have thus far, received considerable benefits from their participation, including 12 weeks of training on how to set up and manage businesses with mentoring and financial support offered by The Tony Elumelu Foundation.

Asides this, successful applicants will also have access to additional external funding through the platform provided by the Foundation as well as network opportunities across the continent and business sector.

Calling for a broader participation, the chief executive of the TEEP, Parminder Vir OBE, said “we encourage women and men with business ideas from all sectors, from every region, city, town and village across Africa, to apply.

THISDAY Editor, Nduka Obaigbena, Writes EFCC Over N670m Compensation

Mr Nduka Obaigbena, President Newspapers Proprietors Association of Nigeria and Chairman, Editor-in-Chief, THISDAY Newspapers Group, yesterday wrote the Economic and Financial Crimes Commission, EFCC to further clarify the payments of N670 million compensation to Thisday newspapers and members of Newspapers Proprietors Association of Nigeria, NPAN, following Boko Haram attack on Thisday office and confiscation of copies of newspapers and circulation vans of newspaper houses.

In his letter, Mr Obaigbena explained how the compensation was arrived at following an agreement for out-of-court settlement and how the payment was made by the office of the National Security Adviser, NSA.

He told the anti-graft commission that the newspaper houses “were victims of a horrendous terrorist attack and should not be victimized any further as the terrorists will be celebrating what we are now being put through.”

According to him, “We do not deserve further trauma because some official(s), outside of our control, may or may not have followed due process. All victims of terrorist attack deserve a fair and just compensation. The fact that we have received some remedy should be reason to accelerate compensation for all victims of Boko Haram attacks across Nigeria, however big or small. We never wished this upon ourselves. The central purpose of government is the security of life and property of all citizens. And the United Nations Declaration of Human Rights, the United Nations Covenant on Civil and Political Rights as well as other international law instruments and conventions of which Nigeria is a signatory underscores this – and in fact requires that we receive effective remedy and compensation”.

IMF Boss Arrives Nigeria for Talks Over Oil Price Slump, Naira Devaluation

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, arrived Abuja on Monday to begin a four-day visit to Nigeria. The visit is part of a two-nation West African region tour to engage policy makers and top officials of Nigeria and Cameroon on economic developments affecting both countries and the West African sub-region.

Prior to Ms Lagarde’s arrival, the IMF had explained that the visit would underline the Fund’s strong relationship with its African member countries.

While in Abuja, Ms. Lagarde would meet with President Muhammadu Buhari, the Minister of Finance, Kemi Adeosun, and Central Bank, CBN governor, Godwin Emefiele, along with members of the National Assembly, top business leaders, and civil society representatives.

A statement issued by the fund said the discussions with President Buhari would focus on various economic issues, particularly the impact of the declining crude oil prices on the country’s economy.

The IMF has been one of the international finance organisations that have been critical of some policies by the Buhari administration, particularly the CBN’s monetary policy on restriction of access to foreign exchange to strengthen the Naira and stabilize the Nigerian economy.

The CBN had removed 41 items from accessing its foreign exchange window on grounds that they could easily be produced in Nigeria rather than spend the country’s reserves on importing them.

Farmers Make More Money During Dry Season – Experts

local crop

Dr Idris Badiru, a Senior Lecturer, Department of Agric Extension and Rural Development, University of Ibadan, says dry season farming yields more money to farmers.

Badiru, speaking to the News Agency of Nigeria (NAN) in Ibadan, said that the crops planted during the dry season (between November and March) are usually vegetables and maize sometimes, stressing that the products are always fresh and healthy.

Badiru emphasised that planting during the dry season pays more to farmers as the vegetables are usually more expensive and neat unlike the ones gotten in rainy season.

“With dry season farming the products can grow throughout the year because ordinarily at that particular time of the year, people don’t normally cultivate.

“The practice is virtually the same with that of rainy season, just that farmers will water the crops themselves.

“They should do the normal land clearing, till the soil, do some weeding after all and also apply insecticide to control pests and diseases,” he said.

Dr Morufat Balogun, a Principal Lecturer at the Department of Crop Protection and Environmental Biology, University of Ibadan, said vegetables especially pumpkin (ugu) could be gotten very fresh when grown out of season.

Balogun noted that farmers can plant in close containers like pot, saying that it requires no labour as they will not need to water it too often.

The Geneticist emphasized that a farmer depending on the capacity can choose any of the systems, stressing that access to information on the technologies is important.

She further explained that planting around the riverside is better and cheaper as the farmer will not need to pump/pour water on the plants and there will be enough water for cultivation in dry season.

Telecoms Subscriber Figures Soar 11.9% In 12 Months

Mobile telecommunications operators in the country have posted 11.9 per cent growth between September 2014 and September 2015 in their subscriber figures.

According to the latest statistics released by the Nigerian Communications Commission (NCC) on its website, MTN, Glo, Airtel and Etisalat, who are the major operators, led the growth as subscriber base grew from 134.5 million to 150.6 million.

The NCC database figures showed that only the Code Division Multiple Access (CDMA) and fixed wired/wireless segments of the sector did not contributing anything to the growth, as these two segments continue to experience consistent decline in their subscriptions.

Also, the figures showed that the deactivation of mobile lines as instructed by NCC led to a loss of 357,997 active lines on various mobile networks last month in September. From 151,018,624 active telephone lines in August, the number of active telephone lines on mostly GSM operators including MTN, Globacom, Airtel and Etisalat declined to 150,660,631 phone lines in September.

Furthermore, the teledensity, which is used to determine their number of telephone lines available to 100 people within a given geographical area, plunged from 107.87 per cent in August to 107.61 per cent in September, representing a fall of 0.26 per cent. It varies widely across the nations and also between urban and rural areas within a country.

 

Naira Crashes Against Dollar At Parallel Market

The Naira on Monday, January 4, weakened by 0.8 per cent to exchange at N265 to the dollar at the parallel market.

The News Agency of Nigeria (NAN) reports that the greenback lost N2 to the dollar from its weekend value of N263.

However, at the official interbank window, the Naira exchanged at N197 to the dollar.

Traders at the market were optimistic that the Naira would rebound in 2016 if the CBN continued to enforce its policies at the foreign exchange market.

 

Currency Dealers Net Massive Profits As Dollar Scarcity Lingers

Currency dealers, including hawkers, are making tremendous profits from the sale of scarce foreign exchange, a situation beyond the control of the Central Bank of Nigeria.

It was gathered that despite the scarcity of foreign exchange in the economy, billions of dollars are lying fallow with the Deposit Money Banks, Bureux De Change operators and currency hawkers waiting to be sold at parallel market rates to prospective buyers.

Parts of the forex are currently being sold for between N260 and N263 per dollar to various categories of buyers, according to top bank officials and currency dealers.

For intending travellers, Personal Business Allowance and Business Travel Allowance are being sold at the parallel market rate between 260 and 263, instead of the official rate of 199 plus a 3.5 per cent commission prescribed by the Central Bank of Nigeria.

It was learnt that currency dealers, mainly commercial banks, the BDCs and foreign exchange hawkers, were having a field day making bumper profits from the sale of forex with the CBN watching helplessly.

“If you want $20m now at the rate of N263 to a dollar, I will get it for you from the bank,” a currency dealer said on Friday.

“The forex is there but it won’t go for anything less than the parallel market rate; banks have it, the BDCs also have it,” the dealer added.

Banks and the BDCs are meant to sell the BTA and the PTA to intending travellers abroad with valid documents at the official rate of 199 plus 3.5 per cent commission.

This is expected to bring the resale value or the ollar exchange rate to N205.9. Instead of this amount, prescribed by the CBN, the BDCs and banks are selling the PTA and the BTA to thousands of intending travellers at rates above N260.

Pengassan, IPMAN Butt Head Over Sale of Refineries

The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has moved against the proposal by the Independent Petroleum Marketers Association of Nigeria, IPMAN, that the nation’s four refineries be sold.

PENGASSAN,in its argument stated that it is a fraudulent way of ripping the country off its national assets.

The Port Harcourt refinery is Nigeria’s oldest, built in 1965, nine years after crude was first found under the marshy soil and creeks of the delta, where the Niger river meanders to the Gulf of Guinea.

Refineries in nearby Warri and Kaduna in the north central region were built in the years that followed, while a new plant was added to the same site in Port Harcourt in 1989.

In recent years, however, it became a byword for corruption, a murky, state-run body where billions of dollars in revenue apparently disappeared.

PENGASSAN National Public Relations Officer, NPRO, Emmanuel Ojugbana, who spoke on the issue described the call by IPMAN as sabotage against national interest.

He commended the efforts of the government in ensuring that the four state owned refineries were back on stream, especially with the recent report credited to the Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, that the Kaduna and Port Harcourt Refineries would soon commence production after a long while.

Ojugbana said: “Nigerians need to ask the IPMAN leadership why they want the refineries which can be said to be in good form now to be sold as scrap. Even when the government has shown that the refineries can work and take care of 75 per cent of the nation’s local demand of refined products.

The proof that the refineries are still viable and profitable was exhibited by the Port Harcourt Refining Company, PHRC, which posted a net profit of N11.2 billion for December 2014, representing N8.2 billion or 250 per cent above the N3.2 billion posted by the company in preceding November 2014. This is attributed to the improved financial performance for the phased rehabilitation programme, which was done by the workers.

“The challenge confronting the functionality of the refineries is not the ownership. We have examples of countries even in West Africa such as Ghana and Chad Republic, just to mention a few where refineries are owned by the government.

FG Posts N520billion Deficit In Tax Revenue

The Federal Government generated a total of N2.92tn from taxes in the first nine months of 2015, statistics obtained from the Federal Inland Revenue Service have revealed.

The amount when compared with the N3.44tn, which the Federal Government had set for the FIRS as target for the nine-month period, represented a decrease of N520bn.

A breakdown of the tax revenue earned by the service within the period showed that the sum of N756.7bn was collected in the first quarter of 2015 as against the quarterly revenue target of N1.02tn.

The N756.7bn was raised from Petroleum Profit Tax, which contributed the sum of N368.59bn, and non-oil taxes on which the sum of N388.1bn was collected.

For the second quarter, a total sum of N1.18tn was collected by the FIRS made up of N306.14bn from PPT, while the balance of N881.9bn was generated from non-oil taxes.

In the third quarter, the FIRS statistics showed that the sum of N980.48bn was generated from taxes as against the quarterly target of N1.14tn. The PPT generated the sum of N325.86bn and non-oil taxes accounted for N654.6bn.

 

“High Tariffs to Push More Importers Out of Business In 2016” – NAGAFF

The National Association of Government-Approved Freight Forwarders, NAGAFF, has warned that high import tariffs placed on several goods by the federal government will see more importers closing shops in 2016 thereby, leading to higher unemployment and loss of government revenue.

The chairman of Murtala Muhammed Airport arm of NAGAFF, Segun Musa, who made the prediction, revealed that the unfavorable import policies drove many importers out of the country to set up in neighboring countries.

“This is a big way through which the government is losing money. They end up enriching the neighbouring countries through whose ports the importers now use to bring in goods into Nigeria.

“The revenue leakage is more than the revenue collected in Nigeria, the tariff on imports is so high and that has taken a lot of business out Nigeria,”he said.

“High import tariff by Customs is not favourable to importers and has led to poor relationship between importers and the Customs,” Musa added.

“We have criticized the Pre-arrival Arrival Report (PAAR) that government should not saddle the Customs with issuance of that certificate but the Customs came with all kinds of snow whiting discuss that there won’t be any query again when they start issuing the Certificate, but that has not been the case,” he noted.

He however, called on the federal government to engage the private sector in policy formulations in order to get things right stressing that importation was not responsible for the demise of some major industries in the country but as a result of bad roads, insecurity and poor power supply.

“Money Market Volatility Crippling Real Estate Funding” – Expert

 

The unstable value of the naira and related regulations, remain the biggest challenge plaguing real estate funding, Head of Real Estate Finance for West Africa at Stanbic IBTC, Adeniyi Adeleye, has said.

He said most property development projects are financed in dollars for the creation of sustainable and predictable funding environment for the assets.

Adeleye suggested that dual currency funding structures can bring stability to real estate deals in sub-Saharan Africa, as developers and retailers seek solutions to the volatility currently faced in domestic economies.

Dual currency structure refers to utilising a combination of hard and local currencies, while hedging the interest rate risk.

“These facilities would provide a natural hedge and create a win-win between developers and retailers.

“For example, a local currency facility can be accessed to hedge leases that are unlikely to be sustainable or easily adjusted in shock currency devaluation scenario, for defined periods. This way the exchange rate risk can be more effectively shared between retailers and developers by keeping lease exchange conversion rates constant for periods of volatility,” he said.

“This has exposed tenants to rental increases because their rents are indexed to dollars. The devaluation of currencies in countries like Nigeria and Ghana has been quite significant,” he said.

“Over time, these cost increases will inevitably be passed on to consumers, which will in turn create additional affordability challenges. The level of interest from property developers has not waned in spite of the strained environment.”

“In fact, most developers are positive about the long-term prospects of the economy and options available to them, largely because of the supply gaps in these markets. They are now challenged with trying to create robustness in their operating models to ensure they can continue to execute projects in the short-term,” Adeleye said.

He added: “It is now more about new solutions that are needed to improve the structuring of these deals, so developers can manage the challenges caused by policies aimed at shoring up dollars, the high local interest rates relative to dollar-based interest rates and weakening currencies.”

 

1...3,0193,0203,021...3,023Page 3,020 of 3,023
© 2025 - BizWatchNigeria.Ng
BizWatchNigeria.Ng
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.