BoI unveils SME Mobile, Online, Loan Apps

In a bid to leverage Nigeria’s growing digital and mobile presence, the Bank of Industry (BoI) has launched mobile, loan, online and accounting applications as well as customer portal for the micro, small and medium enterprises (SMEs).

The five newly launched apps can be found in the bank’s portal, www.boinigeria.com. The implication of this launch is that MSMEs seeking support from BoI will now have the opportunity of getting same with just a click.

Nigeria to save N86bn annually from agrochemical importation

The establishment of Candel Agrochemical Manufacturing Plant will save the country about N86.4 billion annually which was usually spent on the importation of agrochemical products from abroad. This was disclosed by the chairman of the company in Lagos during the commissioning ceremony of the plant at Lekki Free Zone in the state.

Don’t Scrap YOUWIN, Okonjo-Iweala Urges In-coming Administration

The minister of finance and the coordinating minister for the economy, Dr Ngozi Okonjo-Iweala, has appealed to the President Muhammadu Buhari-led administration not to jettison the YOUWIN initiative of the Goodluck Jonathan’s administration considering its benefits to the youths.

The minister, who spoke at a reception organised by the Ndi-Igbo Youth Organisation, in partnership with the Voice of All Arewa Youth in Abuja, to honour her for her meritorious service, equally urged the government to continue with economic policies that are beneficial and review the ones that needs to be improved upon.

Court Bars NERC From Implementing New Electricity Tariff

Justice Mohammed Idris of the Federal High Court in Lagos, yesterday, barred the Nigerian Electricity Regulatory Commission (NERC) from implementing the new electricity tariff scheduled to come into force on June 1, 2015.

Idris’ order is sequel to the hearing of an ex-parte application brought before him by a Lagos lawyer, Toluwani Adebiyi, seeking to restrain the NERC,

How Laudable Is FG’s N9.2bn Clean Stoves Project?

The federal government, in 2014 under the presidential intervention for the clean cookstove, approved the sum of N9.2 billion for the purchase of stoves for women in the rural areas.

The initiative came about because of the effect of the constant felling of trees on the environment. Constant felling of trees has resulted in desertification in the north and erosion problems in the south of the country.

IFC, Ecobank Launch $110m Facility

A member of the World Bank Group, International Finance Corporation (IFC), and the parent company of the Ecobank Group and leading pan-African full-service banking group, Ecobank Transnational Incorporated, today announced the launch of a $110 million risk-sharing facility.

It will increase access to finance for small and medium sized enterprises in fragile and conflict-affected states in West and Central Africa.

Why Marketers Want Payment Before May 29

It has emerged that the nationwide fuel shortage engineered by oil marketers was done to pressurise the outgoing administration led by President Goodluck Jonathan to pay them an additional N200 billion comprising outstanding claims and foreign exchange rate differential, even though the claims had not been verified and may have been spurious.

Power supply’ll be regular with right tariff

A framework of appropriate pricing and incentives has been identified as a critical factor to achieving efficient power supply in the country. MANAGING Director/ CEO, Sahara Power, Mr. Kola Adesina, stated this while speaking at the launching of a book titled: The Development of The Nigerian Electric Power System (1973-1990) in Lagos.

Business activities collapse in Onitsha as fuel price hits N300 per litre

ONITSHA—Commercial activities yesterday grounded to a halt, following an hourly increase in pump prices of petroleum products to the tune of N300 per litre.

The increased had started on Saturday when the pump price rose to N120 in the morning and by evening time, it climbed to N140.

$88.1m Needed To Support ‘Last Mile’ Of Response To Ebola – UN Official

UN Assistant Secretary-General and Controller, Ms Bettina Bartsiotas says additional 88.1 million dollars is needed to support the “last mile” of the international response to the Ebola outbreak in West Africa.

 According to a document from the UN Administrative and Budgetary Committee made available to correspondents on Friday, Bartsiotas reiterated concern about significant resources spent to support the operation’s high-level staff positions.

Creating wealth, jobs with charcoal

 Charcoal is a multi-billion dollar industry, with a lot of potential, but many investors do not know this.The Food and Agricultural Organisation (FAO) says over 40 million metric tonnes of charcoal is consumed globally. Nigeria supplies the product to about 2.4 billion worldwide who rely on wood and charcoal for fuel.Those in search of jobs do not have to look far, writes ADEDEJI ADEMIGBUJI.

Oloye Seyi Gbadamosi, an international trader and agribusiness consultant, has struck gold. Four years ago, he won a contract to supply charcoal to Poland for nine months at 72,000 euros (N15.9 million) per month).The business development and e-technology consultant and Chief Executive Officer of Royal Farm Produce got the contract through information researching. But things were not easy before he got his big break in 2011.

Experts Discuss Investment Opportunities in Nigeria

The Association of Assets Custodians of Nigeria (AACN) said it recently held its fourth annual investor conference with the theme “Nigeria: Navigating Changes, Extracting Opportunities,” in London.

In a statement, the custodians said it hosted the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, who was represented by the Director of Reserve Management, Mr. Lamido Yuguda at the event.

Oil prices gain on upbeat US stockpiles report

Oil prices rose in Asia Thursday after a decline in US petroleum stockpiles and production boosted hopes of an easing in the global supply glut, analysts said.

US benchmark West Texas Intermediate (WTI) for July delivery rose 22 cents to $59.20 while Brent crude for July gained 32 cents to $65.35 in afternoon trade.

WTI jumped 99 cents and Brent climbed $1.01 on

Oil Workers Want FG To Reverse Sale Of OMLs 40, 42

The unions in the oil and gas sector on Wednesday in Abuja appealed to the Federal Government to reverse the sale of Oil Mining Leases (OMLs) 40 and 42.

Mr Isaac Aberare, the General Secretary, National Union of Petroleum and Natural Gas Workers (NUPENG) made the appeal in an interview with the News Agency of Nigeria (NAN).

Aberare said that the sale of OML 40 and 42 would shortchange the workers, Nigerians and the country as a whole.