Category: Business
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‘Implementation of IFRS 17 to enhance insurance industry’s perception’
Leadway Assurance Company Limited anticipates a revitalized insurance sector as insurance operators adopt the International Financial Reporting Standard (IFRS). Mr. Raphael Akomolede from Leadway’s Finance Department highlighted that IFRS provides a more intuitive representation of financial performance and position. During a workshop organized by Leadway Assurance for the Nigerian Association of Insurance and Pension Editors…
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NITT organizes stakeholders engagement forum on provisions of technical manpower and facility for the development of auto gas as transportation fuel in Nigeria
The Nigerian Institute of Transport Technology (NITT), Zaria will on Tuesday 11th July, 2023 hold a 1-Day Stakeholder Engagement Forum on the provision of technical manpower and facility for the development of Autogas as transportation fuel in Nigeria The event which is scheduled to take place at the NAF Conference Center & Suite, Kado District,…
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Nigeria Earns N23bn from Electricity Exports, Local Consumers Frustrated by Outages
Consumers Upset as Nigeria Exports N23.13bn Worth of Electricity while Dealing with Widespread Outages Power consumers expressed their dissatisfaction on Wednesday with the export of approximately N23.13 billion worth of electricity from Nigeria to neighboring countries in 2022, despite the prevalent darkness experienced in many Nigerian communities. The Nigerian Electricity Regulatory Commission (NERC) provided the…
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Central Bank of Nigeria to Intervene as Point of Sale Operators Implement Rate Hike
The Central Bank of Nigeria (CBN) has expressed its intention to intervene in resolving the ongoing issues surrounding the new charges introduced by Point of Sale (PoS) operators in the country. Following the recent increases in PoS charges in Lagos, Ogun, and Edo states, PoS agents have been engaging with stakeholders nationwide to discuss…
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Ensuring the Resilience of Nigeria’s Fragile Reforms: A Necessity
The fragility of reforms, particularly those that are contentious, requires careful attention and protection to ensure their successful implementation and desired outcomes. Reforms often come with challenges and may not immediately yield the anticipated benefits. When faced with the persistent difficulties of change, the vision of a brighter future alone may not be enough to…
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Institution advocates for increased adoption of liquefied gas
The Lagos Chapter of the Nigerian Institution of Mechanical Engineers is actively promoting the adoption of liquefied gas as a means to create a more sustainable environment in Nigeria. During a recent business luncheon with a focus on refilling plants, industry experts highlighted the advantages of using liquefied gas, particularly in the reduction of gas…
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Economists call for tax incentives and import duty reduction in Nigeria
The Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government to take immediate action by introducing tax incentives for low-income employees and small businesses, as well as reducing import duties on specific products. These measures are seen as crucial in mitigating the impact of recent reforms and alleviating the inflationary…
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Bloomberg Challenges Forbes: Dangote Rated Africa’s Richest Man, Elon Musk Maintains World’s Top Position
Aliko Dangote Retains Title as Africa’s Richest Man, Bloomberg Billionaires Index Confirms According to the Bloomberg Billionaires Index (BBI), Aliko Dangote, the President of Dangote Group, has been reaffirmed as the richest man in Africa, despite the fluctuations in the Nigerian currency against the US dollar. In the recent daily release of the top billionaire…
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Nigeria’s intra-African trade drops 12% in Q1’23
Nigeria’s intra-African trade has failed to meet expectations despite the introduction of the African Continental Free Trade Area (AfCFTA). In the first quarter of 2023 (Q1’23), the trade value experienced a significant decline of 11.95%, dropping to N842.6 billion from N956.93 billion in Q1’22. The AfCFTA aims to facilitate the free movement of goods and…
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NNPCL and Shell provide complimentary eye care services in Bayelsa and Rivers states
Shell Petroleum Development Company-operated joint venture, along with Nigerian National Petroleum Company Ltd, TotalEnergies, and NAOC, has launched the “Vision First Initiative” as part of their Corporate Social Responsibility. The initiative aims to provide free eye care services, including surgeries, in Bayelsa and Rivers states. The programme, which is an extension of SPDC’s Health-in-Motion medical…