ECONOMY

How to Make Money from Parties in Nigeria: A Lecture by Gov. Fashola

Opening a business for mobile restrooms, or a venue-clean up service for parties in Lagos can make you rich. So says the Lagos State Governor, Babatunde Fashola, noting that an estimated N36 billion is spent every year on merrymaking and

Dangote Group to Invest $36 million in Food Processing Plant

Dangote Group, through its subsidiary, Dansa Foods, has said it will invest $36 million in the construction of the continent’s largest high-energy food processing plant in Nigeria. The announcement, made on the sidelines of the United Nations General Assembly, in

Ghana’s RLG to Build Computer Assembly Plant in Osun State

Ghana’s Computer Maker, RLG, has said it will build a $10 million computer and mobile phone assembling and repairs plant under a partnership between it and the Osun government. The company says when completed, the plant will be one of

First Bank of Nigeria Acquires Commercial Bank in Ghana

First Bank of Nigeria (FBN) has received approval from The Bank of Ghana (BOG) for acquisition of Ghana’s International Commercial Bank (ICB), with subsidiaries in Gambia, Guinea, Senegal and Sierra-Leone. The BOG disclosed that the terms of the approval required

Market Update: Confidence Resurfaces in Eurozone

Nothing too out of the ordinary emanated from the US last week, with an array of both disappointing and encouraging key economic indicators released. The Consumer Price Index (CPI) rose only 0.1% in August as opposed to July’s figure of

President Jonathan Rings Closing Bell of NYSE, Meets President Obama

President Goodluck Jonathan rang the closing bell of the New York Stock Exchange yesterday, becoming the first Nigerian President to do so. He used the opportunity to visit the floor of the biggest trading house in the world to speak

Nigerian Climate Change Activists Plan ‘Walk to Mali’ Trek

Climate change activists in Nigeria are planning a 12-man walk from Abuja through Niger, Mali, the Ivory Coast, Ghana, Togo and Benin to Lagos. Organisers say they intend to use the walk to raise awareness, on climate change effects involving

Heritage Bank, Pan Atlantic University Host SMEs in Growth Conference

Heritage Bank has partnered with the Enterprise Development Centre (EDC) of the Pan Atlantic University (PAU) to organize EDCs 7th, SMEs annual conference. The theme of this year’s conference is: “Models, Markets, Money – Positioning Your Organisation,” and will hold

Nigeria, France Bilateral Trade Hits N1 Trillion

Trade volume between Nigeria and France have hit N1 trillion, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, has said. He made this known last week during the Small and Medium Scale Enterprises development Memorandum of Understanding agreement

World Bank Gives Nigeria $200m Grant To Generate Employment

The World Bank has given Nigeria a grant of $200 million for employment generation. According to Gombe State Governor, Mr. Ibrahim Dankwambo, “The grant was meant to support current schemes to boost the employment generation among young people.” “The grant

Electricity: USTDA Sponsors Nigerian Executives on Reverse Trade Mission

Senior executives from four leading power distribution companies in Nigeria – Abuja, Benin, Eko, and Ikeja – with a combined procurement budget of over $800 million, will participate in a Reverse Trade Mission (RTM) to the United States from October

Grid Energy Challenge Launched in Nigeria

The U.S. African Development Foundation (USADF) has partnered with GE Africa to launch the Power Africa Off-Grid Energy Challenge, a three-year, $2 million challenge that will award 20 or more grants of up to $100,000 each to African companies and

Honda Establishes Automobile Plant in Nigeria

Honda International has announced the establishment of Honda Automobile Western Africa Ltd. (HAWA), a wholly-owned Honda subsidiary for the import and sales of automobiles and automobile parts in Nigeria. It is the second local automobile subsidiary established by Honda in

Sovereign Wealth Fund: Nigeria Invests in $200 Million US Bonds

Nigeria through its Sovereign Wealth Fund (SWF) has invested $200 million in the bond market of the United States. This, according to SWF, “Is the 20% stabilization fund set aside from the $1 billion wealth fund, to be used for

CBN Revises e-Payment System in Nigeria

The Central Bank of Nigeria (CBN) has launched Release 2 of its Payment System Vision 2020. The document, “urges operators to mobilize available technology to take mobile financial services to the grassroots.” According to Mallam Sanusi Lamido Sanusi, CBN Governor,

Kano State Delegation Visits Dubai Silicon Oasis Authority

Salamatu Rabiu Musa, Governor of Kano State, has led a delegation on a visit to the Dubai Silicon Oasis Authority (DSOA), United Arab Emirates. The DSOA is the regulatory body for Dubai Silicon Oasis, an integrated free zone technology park.

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