WTC Abuja Vice President Calls for Innovation to Tackle Economic Challenges
The Vice President of the World Trade Center (WTC) Abuja, Mr Karim Ahmed, has highlighted the need for businesses to adopt innovative solutions to overcome challenging economic situations in Nigeria. Speaking at the WTC's end-of-year business and networking cocktail, Mr Ahmed acknowledged the difficulties faced by businesses due to the nation's economic conditions, including currency fluctuations, fuel subsidy removal, and...
P&G’s Nigerian Exit: Business Groups Decry Stringent Regulations, Poor Infrastructure
The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have slammed the Federal Government for failing to create a conducive business environment, leading to the departures of companies like Procter & Gamble (P&G), Unilever Nigeria, Nampak, and GlaxoSmithKline. P&G's Chief Financial Officer, Andre Schulten, recently announced the company's transition to an import-only model in...
Africa’s Fintech Giant Flutterwave Expands Reach with US Payment Licenses
Flutterwave, the prominent African fintech specializing in payments, has revealed its acquisition of payment licenses for 13 US states. This move is seen by experts as a strategic step towards the company's ambition to dominate the African remittance market. Remittance flows from Africans living in the diaspora, particularly the US, have witnessed significant growth in recent years. FXC Intelligence data...
Nigerians Cut Back Amid Economic Hardship, Adding to Retail Sector Gloom
As the cost of living continues to soar in Nigeria, citizens are tightening their belts and cutting back on non-essential purchases. This shift in consumer behavior is having a significant impact on the retail sector, which is already struggling with high borrowing costs and weakened demand. Data from the Manufacturer Association of Nigeria (MAN) paints a grim picture. The value...
Nigeria Needs to Build a Rich and Continentally Competitive Economy to Thrive in AfCFTA Era, Experts Say
Experts in various sectors of the Nigerian economy have emphasized the urgent need for the country to develop a thriving and continentally competitive economy to ensure its success in the era of the African Continental Free Trade Agreement (AfCFTA). They expressed concern that Nigeria's lack of competitiveness could hinder its ability to reap the full benefits of the AfCFTA. During...
LCCI Urges CBN to Tighten Monetary Policy for $1 Trillion Economy Goals
The Lagos Chamber of Commerce and Industry (LCCI) has stated that the macroeconomic projections in the Federal Government’s (FG) Medium Term Expenditure Framework (MTEF) are not sufficient to achieve the $1 trillion economy target it set to achieve by 2029. The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, had, last weekend restated the commitment of the...
Nigeria’s Logistics Sector: A Sleeping Giant Awaits Awakening
Experts have issued an urgent call for the Federal Government to prioritize Nigeria's overlooked logistics, courier, and transport sector, a behemoth with a valuation exceeding N3tn. This call to action echoed during the Courier and Logistics Management Institute (CLMI) conference and investiture, held in Lagos under the theme, "Logistics Solutions and National Infrastructure Development." Prof. Simon Emeje, the CLMI Executive...
Airtel Africa Plc Expands Global Financial Inclusion with Smartcash PSB’s International Remittance Service
Airtel Africa Plc has announced the launch of an international remittance service through its subsidiary, Smartcash PSB. This new service is designed to enhance financial inclusion and provide a more convenient and affordable way for people to send and receive money across the globe. "We are excited to launch this new service, which will make it easier and more affordable...
Nigerian Economy Set to Regain Balance Despite Challenges, Says SBG Securities
The Federal Government's monetary reforms through the Central Bank of Nigeria (CBN) have been met with optimism from investors, who believe that the economy will regain its balance given adequate time, says SBG Securities, a member of Standard Bank Group. SBG Securities allayed the fears of investors when it said that it had met with key stakeholders in the Nigerian...
Mixed Signals: Global Investment Banks Offer Divergent Views on 2024 Economy
Global investment banks have painted a mixed picture of the global economy in 2024, with some expressing optimism while others caution against potential headwinds. Goldman Sachs, JP Morgan, BlackRock, and UBS are among the major financial institutions that have released their outlooks for the upcoming year. Goldman Sachs Goldman Sachs is relatively upbeat about the global economy in 2024, anticipating improved...
