NAIJA BIZ

Reducing risks in the agricultural sector

Speaking during a summit in Lagos, the Managing Director/CEO, Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) disclosed that the institution had provided insurance cover worth N6.5 billion to protect farmers in the country. He also disclosed that NIRSAL developed and launched the Area Yield Index Insurance product and protected over 37,399 farmers, with over N121 […]

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Twitter founder, Jack Dorsey donate N2.3 million to Nigerian startup, DevCareer

Twitter founder, Jack Dorsey, has donated £5,000 ($6,437) in Nigeria’s nonprofit software startup, DevCareer. The fund from Dorsey, who was in Nigeria last year, formed part of the £16,800 ($20,599) raised by DevCareer. The founder of DevCareer, Sultan Akintunde, disclosed the Twitter founder’s interest in his startup, which offers laptops and software development training for free to interested individuals […]

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Coronavirus causes prices of Chinese products in Nigeria to soar

It is no news that China is one of Nigeria’s major trade partners. What is news, however, is the fact that the prices of most products Nigeria imports from China have risen exponentially over the past couple of weeks. Coronavirus has been blamed for this situation. Let’s break down the situation  The Coronavirus outbreak in China, which […]

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SEC to refund victims of ponzi scheme, Dantata Success and Profitable Company

Securities and Exchange Commission (SEC) is set to commence the refund process for unsuspecting individuals that fell victims to the illegal capital market activities of Dantata Success and Profitable Company. SEC explained that claims belonging to subscribers, who invested in the company, would be settled as soon as verification is completed. The regulatory authority is […]

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NDIC defends resolution procedures for failing banks, says it is holistic

Over the weekend while speaking during the FICAN quarterly conference in Abuja, the Assistant Director of Insurance and Surveillance at the Nigerian Deposit Insurance Corporation (NDIC) John Abiodun, defended the corporation’s bank failure resolution procedures. According to him, all the approaches adopted by the NDIC are holistic. This is because the corporation, which was established […]

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Dangote injects N63 billion to revive moribund ANAMMCO

Dangote Group has signed an agreement with Automaker, Transit Support Services Limited, for the supply of Shacman trucks being assembled at the Anambra Motor Manufacturing Company Limited’s (ANAMMCO) factory in Emene, Enugu. This comes shortly after the group injected about N63 billion for the purchase of 3,500 units of trucks aimed at reviving the ANAMMCO […]

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Nigerian economy grows by 2.27% in 2019, post highest quarterly growth since 2016 recession

Nigeria’s Gross Domestic Product (GDP) grew by 2.55% in real terms in the fourth quarter (Q4) of 2019, up from 2.38% growth recorded in the fourth quarter of 2018. This means there was a 0.17% point increase in the growth of the Nigerian economy (year-on-year). According to the data released by the National Bureau of […]

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Implementation of NOGICD Act saves Nigeria $9 billion annually – Agency

No less than $9 billion has been retained from the average $20 billion being spent in the oil and gas industry yearly due to the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. This disclosure was made by the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi […]

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Dangote’s multi billion-dollar refinery is 75% complete, Otedola says

Nigeria’s business tycoon and philanthropist, Femi Otedola, who recently visited the Aliko Dangote’s multi-billion-dollar refinery and fertilizer projects in the Lekki Free Trade Zone has disclosed that the refinery is 75% near completion. Otedola disclosed yesterday on his Instagram page that a test run of the fertilizer plant was done as he praised the plant […]

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Financial Empowerment: UBA Launches ‘Click Credit’ to Ease Access to Cash for Customers

Pan African financial institution, United Bank for Africa (UBA) Plc has launched ‘Click Credit’, a time loan designed to address the urgent needs of customers whose salary accounts are domiciled with the bank. As a bank backed by a strong retail franchise with over 1,000 business offices serving 19 million customers, UBA has introduced this […]

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British Airways to compensate passengers over diverted flights

Weeks after Nigerian Civil Aviation Authority (NCAA) said it would ensure airline companies compensate passengers of diverted flights, the British Airways has stated that it is set to compensate passengers with such experience. Airlines had experienced delays and diversion of flights due to the resurfacing of Harmattan in January, which caused poor visibility. This affected […]

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Nigeria’s tomato shortfall: What’s the way forward?

Yesterday, the National Horticultural Research Institute (NIHORT) announced at its 2-day workshop that Nigeria’s tomato supply gap now stands at 700,000 metric tonnes. According to the institute, Nigeria now produces 2.3m metric tonnes of tomato per annum. This represents a 27.8% increase from 1.8m metric tonnes produced by the country 2 years ago. Nigeria remains the largest […]