By Alex C Sterling Bank plc has restated its commitment to the strategic growth of the agricultural sector by providing adequate funding in alignment with the ongoing reforms in the sector aimed at repositioning it as an attractive business proposition, an input provider for the manufacturing sector and a key foreign exchange earner. Bukola Awosanya, the bank’s group head, agriculture finance, disclosed that the bank had devoted 5 percent of its loan portfolio to the sector for the current financial year, adding that this will be increased to 7 percent by year end. Awosanya assured that the bank will…
Author: Pride Team
By Alex C Marriott International Inc., the globe’s second-largest publicly traded hotel chain, said expansion into new Africa markets and a global economic recovery could boost revenue by as much as 10 percent in 2014. “We would see the existing hotels grow their top-line by something between 4 percent and 6 percent and should add another 4 percent to 5 percent new hotels. If you combine those two, you get revenue growth for us that are in the 10 percent range,” Arne Sorenson, chief executive officer, Marriott International Inc. Security concerns in Kenya and Nigeria, triggered by a series of…
By Alex C The increasing demand for made-in-Nigeria Fast Moving Consumer Goods (FMCG), particularly finished foodstuff, has grown the country’s export business, especially to the neighbouring West African countries, by 80 percent in the first quarter of this year, according to Maersk Nigeria Limited’s first-quarter trade report. The report says multinational companies are increasing their presence and building capacity to cater for not only domestic demand as part of the production from the industries are making their way as exports to other neighbouring African countries. “The Federal Government’s drive to privatise the power sector will encourage domestic production…
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By Alex C Nigeria has recovered over $2 billion, of a total $9.6 billion owed by oil and gas companies operating in the country in unpaid taxes, royalties and signature bonuses over 2009-2011, the country’s oil and gas industry auditor said yesterday. In its audit report for 2007-2011, the Nigeria Extractive Industries Transparency Initiative also said that Nigeria earned Naira 30 trillion ($188 billion) in revenue from oil and gas sales over the five year period. The agency said that following a fresh tax recovery drive that began last December, companies including Chevron, ExxonMobil and Total, paid Naira 64.4 billion…
By Alex C Nigeria’s largest online retail store, Jumia Nigeria has extended its reach to Kano, the second largest commercial city in the country. “This expansion is one of many to come as we already have hub stations in 9 other states,” Co-CEO at Jumia Nigeria, Nicola Martin said.There has been much skepticism with regards seeking business prospects in the Northern part of Nigeria, which has been sizzled with different insurgent attacks but Jumia believes the extension will provide a new set of consumers with a vast array of retail products and alternative payments systems. Jumia Nigeria’s expansion to Kano…
If You Want To Change The World, You Must Be Your Very Best In The Darkest Moment. Editor’s note: Naval Admiral William H. McRaven gave The following commencement address in May 2014 to the graduates of the University of Texas. McRaven is the commander of U.S. Special Operations and oversaw the mission that killed Osama bin Laden. This speech was challenging. It was thought provoking, to the point. Inspired,Impressive and fact filled speech. So many fantastic take always from a great man and a great speech. He does such a great job of making it practical so that every person thinks…
By Alex C The innovative application of social media platforms, notably Facebook and Twitter by online retailers (Konga.com, jumia.com, gloo.ng, gidimall) in Nigeria to drive customer awareness, interaction and marketing campaigns has been identified by industry watchers as a fundamental factor responsible for their massive success. Nigeria is ranked tops in terms of social media usage with over 11 million users. A new report by Portland Communications, a Kenyan-based public relations agency, says Nigerians are the third most active Twitter users on the continent. Reports have already shown that social networking platforms are driving traffic to online retail websites. Olamide…