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Buhari warns Nigerian Customs over hindering ease of doing business

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President Muhammadu Buhari has warned officers of the Nigerian Customs service against being a stumbling block to the ease of doing business in the country. The President delivered the admonition today during the launch of the Kaduna dry port.

Nigeria recently moved up the ranking on the annual doing business report from 169 to 145, notching 24 places. Nigeria also features as one of the 10 economies showing the most notable improvement in Doing Business 2018.

Change in focus

The President seems to have turned his focus infrastructure and the  economy, as the Boko Haram insurgency slowly dies out. In his 2018 New Year address, Buhari reaffirmed his administration’s determination to address the country’s infrastructural challenges .

The Federal Road Maintenance Agency has been reconstituted and charged with a 12 week rapid intervention to cover all the political zones . Negotiations will be concluded in the first part of this year for the Port Harcourt to Maiduguri line railway line and the Kano-Maradi rail line.

Poor infrastructure like roads and power leads to a high cost of production. This in turn leads to made in Nigeria goods being more expensive than those imported.

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Is it too late ?

Some analysts are of the opinion that the President’s efforts may be coming too late. As the 2019 elections draw near, politics tends to take the front burner.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

Stock Market

GTBank, Dangote Sugar stocks record gains, All Share Index gains 0.16%

CAVERTON led 20 Gainers as against 6 Losers topped by ABCTRANS at the end of today’s session

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Nigerian bourse ended the last trading day for the week on a positive note. The All Share Index gained 0.16% to close at 25,572.57 points as against a 0.07% drop recorded on Thursday.

  • Its Year-to-Date (YTD) returns currently stands at -4.73%. Nigerian Stock Exchange market capitalization presently stands at N13.365 trillion
  • Nigerian Stock Exchange trading turnover however dipped at Friday’strading session as volume dropped by 16.31% as against the 9.15% gain recorded on Thursday. FBNH, FCMB, and ZENITHBANK were the most active to boost market turnover.
  • Market breadth closed positive as CAVERTON led 20 Gainers as against 6 Losers topped by ABCTRANS at the end of today’s session – an improved performance when compared with the previous outlook.

Top gainers

  • CAVERTON up 8.24% to close at N1.84
  • NEIMETH up 8.33% to close at N1.95
  • DANGSUGAR up 7.14% to close atN12
  • CUSTODIAN up 6.59% to close at N4.85
  • GUARANTY up 1.40% to close at N25.35

Top Losers

  • ABCTRANS down 9.09% to close at N0.3
  • CORNERST down 7.58% to close at N0.61
  • LASACO down 7.41% to close at N0.25
  • CUTIX down 2.86% to close at N1.7
  • JAIZBANK down 1.67% to close at N0.59

Outlook

Investors halted the 3-day losing streak Nigerian bourse at Friday’s trading session amid falling crude oil prices recorded at U.S trading session.

  • Nigerian bourse market liquidity for today’s trading session closed unimpressive, partly because institutional investors remained on the sidelines. Buying pressures from NSE30 Stocks like GTbank and Dangote Sugar, however, helped the All Share Index to finish Green.
  • Nairametrics envisage cautious buying as growing concerns on the surge in COVID-19 caseloads globally, approached 30 million

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Tech News

Facebook to open Lagos office in 2021

When the social media giant comes to Nigeria, it will be its second office on the African continent.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.

This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.

He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.

Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”

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In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

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Paid Content

AIICO partners NGO to feed underprivileged community

AIICO Insurance in collaboration with an NGO brought food items to residents of a Lagos community.

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AIICO Insurance PLC, in partnership with We Stand Foundation, recently organized a Feeding Relief Programme to cater to the needs of underprivileged people in Lagos. Three hundred (300) families within the Iwaya community, Yaba, were beneficiaries of the relief packages which include a variety of food items and reusable nose masks.

Packaged food items shared

According to Abimbola Shobanjo, AIICO’s Corporate Responsibility and Sustainability Manager, “It was indeed a great delight to bring smiles to the faces of these people. Besides solving hunger, we also considered their wellbeing a high priority in view of the need to continue to keep safe. We leverage on key partners to spot opportunities and drive these initiatives.”

AIICO staff distributing to people in the community

The MD/CEO, Mr. Babatunde Fajemirokun, stated, “This endeavour is reflective of our corporate culture of touching lives and impacting communities. These are challenging times and we are mindful of the impact. We have a long-term plan in place to ensure the sustainability of these efforts.”

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Representatives of AIICO and We Stand Foundation

It will be recalled that AIICO organized a similar programme during the lockdown period where food and other health and safety packages were distributed to people in different communities to mitigate the impact.

AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.

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