SABINEWS DAILY NEWS UPDATE ON THE NIGERIAN ECONOMY

SABINEWS DAILY NEWS UPDATE ON THE NIGERIAN ECONOMY

Sabinews Daily News Update on the Nigerian Economy for August 5, 2014sabi-economy

 

CBN stipulates N100bn capital requirement for WDFIs, N5bn for RDFIs

The Central Bank of Nigeria (CBN) has stipulated a capital requirement of N100 billion for Wholesale Development Finance Institutions (WDFIs) and N5 billion for Retail DFIs.

This was contained in Exposure Draft Regulatory and Supervisory Guidelines for DFIs in Nigeria released on Monday by the apex bank. Read more

 

Cash aid for Malawi plan by minister

ANOTHER £14m in aid for Malawi over the next three years will be announced today at Holyrood by International Development Minister Humza Yousuf.

The money available for aid agencies to bid for is part of the Malawi Development Programme within the International Development Fund, which is now in its ninth year and is supporting 43 projects worth around £13m. Read more

 

Private Capital Not Enough For Nigeria Infrastructure Needs – Export Import Bank CEO

Future business and investment partnerships between the US and Africa look optimistic, but private investment will not be enough for the construction of much needed large infrastructure projects on the African continent, CEO of the Nigerian Export Import Bank, Roberts Orya told RIA Novosti.

“The amount that is required to finance infrastructure in Africa, you cannot leave it in the hands of the private sector alone,” said Orya, who attended the GE forum, Powering Inclusive Growth, on the sidelines of the US-Africa Business Summit this week in Washington, DC. Read more

 

Stockbrokers to Discuss Margin Loan Guidelines with CBN

The Chartered Institute of Stockbrokers (CIS), professional body for stockbrokers, is to engage the new leadership of the Central Bank of Nigeria (CBN) on the guidelines for margin loans with a view to reviewing the guidelines and making them contribute to capital formation.

Following the abuse of margin loans, which partly contributed to the meltdown in the stock market in 2008 and 2009, the CBN and Securities and Exchange Commission (SEC) came up with some guidelines that stipulated certain criteria for accessing margin loans. Read more

 

Investors Eye Nigeria’s Pool of Opportunities

Investors surge towards Africa’s largest economy, Nigeria, is rapidly increasing. Thanks to the country’s budding economy, its openness to doing business and robust entrepreneurial spirit.

A testament to that fact is the disclosure by South Africa’s Moore Stephens, one of the world’s leading accounting and consulting networks, of its plans to expand significantly in the country. Read more

 

Unemployment: NYSC enlists consulting firm

The war against unemployment in Nigeria has received a boost with the National Youth Service Corps enlisting a firm, Smiles Consulting, to help corps members to secure quality employment after service.

With the move, the NYSC would work with the firm in the training of corps members on its Job Awareness and Creation initiative. Read more

 

African entrepreneurs turning to crowdfunding

Jacques Georges Badjang was never really interested in emigrating abroad. Even when he was a student, he was determined to show it was possible to create and achieve something in his native Cameroon.

As there were several beekeepers in his neighborhood, he decided there was a future in honey. He gave up his history course and went to work. Read more

 

NCP Shortlists NATCOM, NECTAR as Bidders for NITEL

The National Council on Privatisation (NCP) has shortlisted NATCOM and NECTAR Consortiums as the prequalified bidders for NITEL as liquidation process for the moribund telelcoms firm enters the next phase.

Announcing this monday after the meeting of the council, the Minister of Mines and Steel, Alhaji Musa Sada, said the guided liquidation process had produced the final two companies, out of a shortlist of 17, to bid for the assets of NITEL and its mobile subsidiary, MTEL.
He said NATCOM scored 90.7 per cent and NECTAR 90.2 per cent to qualify for the next stage of the process. Read more

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