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Cryptocurrency1 hour ago

Why Bitcoin might likely hit $100,000 soon

The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.

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Business News2 hours ago

Banks earn N216 billion in E-banking income amidst threat from challenger banks

Nigerian banks raked in a sum of N216.52 billion from their e-business earnings in the year 2020.

Naira’s true worth,Naira gains on the dollar for the first time since March, Naira forwards hit record high as it crashes to N420/dollar in the parallel market, Naira hits N500 to $1 at the forward market, Naira hits N509 to the dollar at forwards market, demand for the U.S dollar climbs up, Naira hits $387.35 to $1 at currency spot market , Naira sells at N456, Nigeria’s Foreign Reserves drop by over $3 billion in Q1 2020, Investors and Exporters (I&E) window, Naira gains against the dollar, CBN close in on currency speculators Naira’s true worth,Naira gains on the dollar for the first time since March, Naira forwards hit record high as it crashes to N420/dollar in the parallel market, Naira hits N500 to $1 at the forward market, Naira hits N509 to the dollar at forwards market, demand for the U.S dollar climbs up, Naira hits $387.35 to $1 at currency spot market , Naira sells at N456, Nigeria’s Foreign Reserves drop by over $3 billion in Q1 2020, Investors and Exporters (I&E) window, Naira gains against the dollar, CBN close in on currency speculators
Currencies2 hours ago

Naira gains at black market as external reserves increases by $620 million in 2 weeks

The opening indicative rate closed at N410.88 to a dollar on Monday.

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How air passengers can save more

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COVID-19 Update in Nigeria

On the 12th of April 2021, 44 new confirmed cases and 1 death was recorded in Nigeria.

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Covid-19 protocol: FAAN insists that arriving passengers can only be picked up at car parks

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Business News

FG says $25 billion FDI helped boost nation’s economy after recession

The FG has disclosed that the $25 billion FDI injected by Nigerians in diaspora after the nation exited recession helped revived Nigeria’s economy.

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Investment Summit, economy, 80 Nigerians, fraud

The Federal Government has disclosed that the $25 billion Foreign Direct Investment (FDI) injected by Nigerians in diaspora after the nation exited recession in 2018 helped revived Nigeria’s economy.

Chairman, Nigerians in the Diaspora Commission, Abike Dabiri-Erewa, announced that the Nigerians had expressed their desires to inject their funds in over 200 businesses and projects across different sectors of the economy.

Some of the sectors of interest are agriculture, telecommunication, technology, real estate, health and education, among others.

[READ MORE: FG inks $3.9 billion deal with Chinese firm for construction projects]

She explained that over 300 investors would participate in the 2019 Nigeria Diaspora Investment Summit scheduled for November 6-7, 2019, at the Presidential Villa, Abuja. According to her, the summit tagged, ‘Leveraging diaspora investment for economic growth,’ is supported by the Nigeria Diaspora Alumni Network.

Other sponsors are Nigeria Investment Promotion Commission, Infrastructure Concession Regulatory Commission, Bank of Industry, Nigeria Export Promotion Council, Bauchi State Government, Keystone Bank, and Rwandair, among others.

She said, “The summit underscores the fact that Nigerians in the diaspora represent a game-changing leverage for the country as the economy exits recession and heads towards growth. They currently account for the highest net contribution to FDI inflows into the country with $25 billion remitted in 2018.

“This year’s summit could not have come at a better following the presentation of the national budget and fiscal plans for the year 2020, marking a return to the old January to December fiscal year.”

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[READ ALSO: FG may withdraw licenses of Abuja, 7 other Discos in 60 days]

According to her, the summit organizers’ decision to prioritize investment in small businesses was informed by the government’s current emphasis on providing support for the small business sector, and agriculture.

She added that the summit would focus on agribusiness; education, training and skilled workforce development; healthcare services and awareness; entertainment, hospitality and tourism; infrastructure and real estate; manufacturing, and extractive industries and others.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Corporate Press Releases

Konga eyes quality healthcare distribution across Nigeria with Konga Health

Konga Health is set to expand access to quality Medicare for Nigerians as it debuts in June 2021.

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Konga Health, a highly anticipated digital health care distribution subsidiary of Nigeria’s leading e-Commerce giant, Konga is set to go live by June 2021.

The tech-driven health care company is expected to expand access to quality Medicare for millions and revolutionize the health care value chain in Nigeria.

Feelers from a reliable source indicate that the management of Konga has secured all pending statutory approvals for the formal launch of the company. Further, the source disclosed that the management of Konga has been testing its robust technology, nationwide logistics and payment platforms in partnership with local and international players in the sector ahead of the rollout in order to achieve a seamless experience from launch.

Konga Health will expectedly provide huge employment opportunities for medical professionals and other Nigerians.

Meanwhile, the expected debut of Konga Health has also been confirmed by a confidential source at Konga. The source, who spoke on the condition of anonymity, revealed that Konga Health will radically improve the speed at which quality drugs are delivered nationwide to pharmacies, hospitals and other health services providers, while also boosting structured last mile delivery to patients and other end-users across Nigeria. In addition, he disclosed that Konga Health will power an unprecedented level of digital health democracy in Nigeria, adding that the company may possibly launch a globally rated blood bank across the six geo-political regions in Nigeria, using cloud-based digital sensors to monitor secure cold rooms in its facilities.

‘‘I can assure you that it is an ambitious project which serious local and international donor agencies, government at all levels, the public sector and corporate organizations will leverage to deliver quality health programs, backed by reliable data at the least cost to the remotest villages,’’ the source stated.

Konga Health was initially due for launch in September 2019.

However, the management of Konga had pushed back the rollout due to delays encountered with approvals from statutory bodies.

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Business

Digital Switch Over: Broadcasting code amendment to curb monopoly and boost local content – FG

The Minister disclosed that the DSO has been rolled out in five states so far.

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Insecurity: FG to implement town hall meetings to reach a national consensus

The Federal Government said the Digital Switch Over is a priority project because it will improve local content, create jobs, curb content monopolies and improve on-demand television to millions of Nigerian households.

This was disclosed by the Minister of Information, Lai Mohammed At The Digital Switch Over Stakeholders Meeting in Lagos on Monday.

The Minister disclosed that the DSO has been rolled out in five states so far, adding that the FG is “kick-starting the new rollout here in Lagos state on April 29th 2021, Kano state on June 3rd 2021 and Rivers state on July 8th 2021. We will then follow up with Yobe state on July 15th 2021 and Gombe state on August 12th 2021.”

What the Minister said

  • The DSO is about stimulating local content and empowering platform owners. It’s about creating jobs for our teeming population, especially the very creative youth population. This project is capable of generating 1 million jobs in three years.
  • We have carried out an unprecedented reform of the broadcasting industry because we know that there is a nexus between those reforms and the success of the DSO. The amendments were necessitated by the need to boost the local content in Nigeria, curb anti-competitive and monopolistic tendencies and boost advertising revenues.

The Amendments

The Minister revealed that the FG  amended the Code to curb monopoly and exclusivity of programme content in order to create room for the local industry to grow. “For example, the pay-tv sector of the Broadcast Industry had been controlled by foreign interests, while indigenous efforts to compete have been frustrated or weakened by the established control of the big monopolies,” he said.

  • We have amended the Code to stimulate growth in the advertising industry, introducing regulations mandating media agencies and advertisers to offset all outstanding invoices within 60 days related to advert placement and the barring of carriage of adverts of defaulters.
  • Under the new amendment, for a programme to qualify as local content, it must be authored, directed and produced by a Nigerian. In addition, at least 75 per cent of the leading actors and major supporting cast must be Nigerians, a minimum of 75% of its program expenses and 75% of post-production expenses paid for services provided by Nigerians or Nigerian companies.

The Minister added that the amendments also boosted advertising as all advertised products and services manufactured, grown, processed, developed, created and originating from Nigeria, shall be wholly produced in Nigeria.

What you should know

In February, The Federal Government launched a 14-member Ministerial Task Force on the Digital Switch Over (DSO) rollout across the country.

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