Financial & economy

Nigeria opens economy to foreign investment, says no limits to foreign participation

November 11, 2019

NIGERIA – Nigeria’s Vice-President Yemi Osinbajo has said foreign investors had nothing to worry about as there were no laws limiting foreign participation and investment in any sector of the economy. While speaking during the 2019 FMDQ Capital Market Conference in Lagos, Osinbajo said that though there are no limits to investing, the Federal Government […]

Read More

Gap CEO exits office amid rising competition and dwindling fortunes

November 8, 2019

UNITED STATES – American apparel retail Gap Inc has revealed that its Chief Executive Officer Art Peck will leave the company at a time when the company is in the middle of a restructuring process aimed at cutting costs and increasing profit. The announcement also comes at a time when the apparel retailer slashed its […]

Read More

Consolidated Bank Ghana acquires Temenos T24 cloud software to boost customer experience

October 31, 2019

GHANA – Ghana’s second largest bank, Consolidated Bank Ghana Limited (CBG), has acquired Temenos T24 Transact, the next generation in core banking, to power its operations for retail and corporate banking. Temenos’ cloud-native, cloud-agnostic platform will empower CBG to rapidly and cost-effectively deliver innovative digital banking services and exceptional customer experience. The bank, according to […]

Read More

Standard Chartered, IFC create $1Bn facility to bolster trade finance in emerging markets

October 28, 2019

GLOBAL – Standard Chartered Bank and International Finance Corporation have established a US$1 billion facility to facilitate trade finance in emerging markets, helping sustain trade flows in developing countries and narrow the gap in global trade finance. The initiative according to the IFC, will support significant trade flows in emerging markets by allowing IFC and […]

Read More

UNIDO invests US$60m in Nigeria to spur economic development

October 18, 2019

NIGERIA – The United Nations Industrial Development Organisation has said that it plans to invest $60m in about nine sectors in Nigeria. A statement issued in Abuja in October by the Federal Ministry of Works and Housing stated that a delegation from UNIDO revealed this during a courtesy call on the Minister of Works and […]

Read More

Nigeria needs to diversify economy and end reliance on oil to fight poverty – IMF Boss

October 18, 2019

NIGERIA – Newly appointed Managing Director of the International Monetary Fund MD, Ms Kristalina Georgieva, has said that Nigeria needs to diversify the economy from the oil in order to reduce the level of economic vulnerabilities currently facing the country. Georgieva, who said this in Washington DC, United States, during the World Bank/IMF annual meetings, […]

Read More

Wells Fargo staffs up its mortgage division to cope with higher volumes

October 14, 2019

USA – Wells Fargo & Co, a leading financial solutions provider in the US is boosting its teams that process mortgage loans to prepare for higher mortgage volumes, Reuters has reported. The move comes after the financial services provider laid off about 1,000 employees in the division in 2018. According to the memo seen by […]

Read More

Ecobank launches ‘Digi Banking Pack’ to increase convenience of banking for SMEs

September 16, 2019

  GHANA – Ecobank Ghana has launched a new banking solution for small businesses known as ‘The Ecobank Digi Banking Pack’ aimed at providing convenient banking services to SMEs by leveraging the bank’s digital offerings. The bank said that the move was informed by its quest to address some of the key challenges confronting Small […]

Read More

Nigeria to establish 37 small business clusters to grow MSME sector

September 13, 2019

The Federal Government of Nigeria has commenced the process of establishing 37 small business clusters in the country. According to a statement by Yemi Osinbajo, Nigeria’s Vice President, the small business clusters will be established in each of the country’s states including the federal capital territory. Osinbajo’s spokesman, Laolu Akande, in a statement in Abuja, […]

Read More

Nigeria’s Telco sector records 15% growth as MTN maintains dominance

September 8, 2019

NIGERIA – A report by the Nigerian Communications Commission has shown that revenue for telecom operators in the country grew by 15 percent to reach US$6.21 billion (N2.25 trillion) up from US$5.41 billion (N1.96 trillion) recorded in 2017. There was however a decline in telecommunications infrastructure development by 62 percent from US$233.7 million (N84.7 billion) […]

Read More