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Nigeria’s GDP To Hit $595bn By 2020

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Nigeria’s Gross Domestic Product (GDP) is projected to hit $595 billion in the next three years (2020), according to the latest Africa Investment Index 2016 released by Quantum Global Lab.
With a GDP of $415 billion currently, Nigeria is the biggest economy in Africa, and the GDP is projected to grow to about $595 billion by 2020 based on the latest report Africa Investment Index.
Nigeria is the 19th most attractive economy for investments flowing into the African continent,  according to the The Cable, an online news platform, citing the latest Africa Investment Index 2016 by Quantum Global Lab.
The country attracted a net foreign direct investment of $3.1 billion in 2015, Quantum Global Lab stated.
Speaking at an investment summit, Head of Quantum Global Research Lab, Mthuli Ncube,  said Nigeria still has prospects despite the current economic challenges.
“Despite the current economic challenges, we are quite confident on the medium to long term market prospects.”
“Nigeria has earmarked a significant amount of capital to develop critical infrastructure in the country and there are various opportunities for public-private collaboration providing investors’ return on their investments. We anticipate that investment in infrastructure will underpin the growth of the economy and meet the needs of a large Nigerian growth population,” he said.
Ncube advised the government on the steps to take to grow the economy.
“The short to medium-term focus of the Nigerian government is to reduce imports and address primary sector blockages, such as roads, bridges, power, railway, aviation, water, housing, agriculture.
The window, however, has effectively introduced yet another exchange rate to the five already in operation. These include a retail rate set by licenced exchange bureaus, as well as official and black market rates.
At the forex window, market regulator FMDQ OTC Securities Exchange quoted the naira at N364.56 to the dollar yesterday, compared with the N367 to the dollar in the black market.
The local currency traded at about N520 to the dollar in the black market in February and at the N400 in the forex window when it opened in April, with the two rates then starting to converge.
CBN Governor, Mr. Godwin Emefiele, told The Tide source  that the I & E window was opened up for more and more people who are interested.
“That was why we introduced the I & E window. We said if you wanted forex, you can go to that market and buy it once it fits the pricing structure of the goods or whatever you want to do.
“And that has helped to some extent in complementing the flow of forex into the market and has resulted in the appreciation that we have seen. It is the market that determines the direction of the exchange rate,” he said.
According to him, the CBN feels gratified to have seen a movement from as high as N500/$1 and converging heavily southward to its present value of about N360 to the dollar.
“All we need to do is to keep monitoring the market and ensuring that if there are certain areas we need to address, we address them. By doing that, we would see more flows into the economy, which would help grow the economy,” he said.
Meanwhile, the CBN has continued its foray into the foreign exchange market by injecting a total of $142.5 million into the interbank.
A breakdown of the intervention indicated that the bank offered the sum of $100million to dealers in the wholesale segment, while it allocated the sum of $23 million to the small and medium scale enterprises (SMEs) segment.
Those requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA) received $19.5 million.
The bank last week intervened in the retail segment of the market with the sum of $254.3million.
Confirming the latest round of forex intervention, the spokesperson of the apex bank, Isaac Okorafor, said the CBN will continue to carry out its regular mediation in the market so as to keep the market liquid and guarantee the international value of the naira in line with its mandate.
While reiterating the bank’s resolve to intervene in the market based on bids received from dealers on behalf of their respective customers, Okorafor said the CBN would not relent in ensuring transparency and efficiency in the sale of forex.
According to him, this commitment prompted the bank to mandate dealers to make public their forex utilisation.
He therefore urged all stakeholders to continually play their roles to guarantee transparency in the market.
Meanwhile, the naira maintained its stand at the Bureau de Change (BDC) segment of the forex market, exchanging at an average of N364/$1 in Lagos, Abuja and Kano, respectively.
re, education and health,” he said.
“Despite the current market volatility, Nigeria presents tremendous investment opportunities in these areas, which would not only support the local economy but
also deliver significant yields to foreign investors,” he said.

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Maritime

Shippers’ Council Registers 160 Port Operators

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The Nigerian Shippers Council (NSC) says it has registered 160 Port stakeholders into its Regulated Port Service Provider and Users platform since the initiative began in 2023.
Executive Secretary, NSC, Mr Pius Akutah, made the disclosure on the sideline of a sensitisation programme by the commission for port operators in Lagos, with the theme, “Regulated Port Service Provider and Users”.
Represented by the Director, Consumer Affairs, Chief Cajetan Agu, Akutah emphasised the significance of the programme for stakeholders.
He said the sensitisation programme was the second edition after its commencement during the last quarter of 2023.
The Secretary said the 160 registered port operators consist of agencies, terminal operators, shipping companies, individual port users as well as service providers.
“We invited the ports stakeholders for enlightening them on the processes for online registration of Regulated Port Service Provider and Users.
“We have demonstrated to them how to register and how to make payment and we were able to present before them the various categories of the registration.
“The rate of payment is also in the registration. The payment of each group depends on the operation. A shipper pays N30,000, terminal operators and shipping companies pay N300,000, truckers also pay N30,000, while some pay N50,000 and N100,000.
“The Council was able to intimate them on the benefits, because port users benefit more as we help to interface on reducing port charges from time to time”,  Akutah said.
He said  that there was a need to continue to work with port operators to stop delays and eliminate high costs to make the port efficient.
Also speaking, the Deputy Director, Stakeholders, Service, NSC, Mr Celestine Akujobi, said “the sensitisation exercise was important for the council to enable us bring all the port stakeholders together”.
According to him, this is to avoid challenges during the implementation of the council’s responsibilities.
“By the time we introduce sanctions on defaulters, no operators will complain that he or she is not aware of the registration.
“I’m happy with the turnout of this sensitisation. This shows that the operators are well informed of the statutory friction of the council as the port regulator.
“The final implementation will commence as soon as we discover that all the operators have keyed into the portal.
“We are engaging other ports across the country and we’re hopeful that before the last quater of 2024, the council will implement sanctions on defaulting operators”, Akujobi said.
Earlier, Vice Chairman, National Association of Government Approved Freight Forwards (NAGAFF), Dr Ifeanyi Emoh, said  port challenges were enormous, adding that they originated from some of the government agencies.

Emoh urged the council to look into regulating other government agencies, so that there could be a window through which they can collect port charges collectively instead of indiscriminately.

By: Chinedu Wosu

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Business

Chivita, Hollandia Reward Outstanding Trade Partners At Annual Conference

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Chivita| Hollandia (CHI Limited) leading fruit juice and value-added dairy manufacturer in Nigeria has rewarded its long standing distributors at the recently held 2024 Distributor Conference. The event with the theme, “Break Boundaries Exceed Expectations” served as a platform to recognise and reward the exceptional contribution of the distributors and wholesalers who play a critical role in Chivita|Hollandia (CHI Limited) success and business goals for the year.
The Distributor Conference was held in two sessions. While the morning session featured keynote addresses, industry insights and brand immersion experience, the evening session was a cultural display of elegance and funfair that culminated in the award presentation and recognition of the contribution the trade partners made to the company in the 2023 year under review.
A key highlight of the event was the award ceremony which acknowledged outstanding trade partners in various regions across the country. The awards recognized commitment, dedication, and outstanding performance in areas of sales growth, brand promotion, and market expansion.
Eelco Weber, Managing Director, Chivita|Hollandia (CHI Limited), stated that the company’s success story is incomplete without the strong partnerships it has built with trade partners. “Today, we celebrate not only the achievements, but the collaborative spirit that has made our growth possible” he said.
Bola Arotiowa, Chief Commercial Officer, Chivita|Hollandia (CHI Limited), in his statement revealed that, the event which was first of its kind will continue to be an annual meeting to enable the company work more closely with its distributors, share insights and action points, help the trade partners familiarize themselves with the company’s goals and objectives for each year, and serve as a driver for mutual success.
“Our distributors are the backbone of Chivita|Hollandia (CHI Limited). Their relentless efforts in distributing our products, promoting our brands, and expanding our reach across the nation is truly commendable. As the bridge between us and our valued consumers, it is very important to reward their hard work and dedication for being an essential part of the Chivita|Hollandia (CHI Limited) family. Together, we will continue to deliver great products to our conusmers which in turn will deliver value to them”, Mr. Arotiowa added.
Speaking at the conference, HajiyaBilikisuSaida, Chief Executive Officer of Smabirm Nigeria Limited, who won the Outstanding Distributor of the Year in North 1 region, and got a reward of two million Naira worth of Chivita|Hollandia (CHI Limited) products expressed delight at the company’s recognition, and stated that the awards served as a way to inspire distributors to do more and put in more effort, which in turn would help both the distributors and the company to grow.
Other outstanding performance distributors of the year rewarded with a two million Naira worth of Chivita|Hollandia (CHI Limited) stock include, Sunny Chuks Limited for East 1 region, MRS FA & Sons Limited for East 2 region, Hussakas Ventures for North 2 region, Rookee 1388 Ventures for Lagos 1 region, Pik N Pil Ventures for Lagos 2 region, FaithJoe Event Management Limited for West 1 region, and Progress Family Nigeria Enterprise for West 2 region.
The annual Distributors Conference aims to strengthen the bond between Chivita|Hollandia (CHI Limited) and its trade partners. This collaborative approach fosters mutual growth and ensures the continued success of the brands in the Nigerian market.
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Business

AXA Mansard Backs Female-Owned MSMEs With N1.4m Grant

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A global leader in insurance and asset management, AXA Mansard, has supported three female-owned MSMEs with business grants totaling 1.4 million to boost their operations.
This, the company said, is part of its commitment to women and the Medium, Small, and Medium-scale Enterprise (MSME) sector in the country.
The three businesses were successful at the International Women’s Day Pitch Competition, organised in partnership with SME 100 Africa in Lagos.
According to the Head of Marketing, AXA Mansard, Olusesan Ogunyooye, the competition, which is aimed at supporting female entrepreneurs in Nigeria, “is another way AXA is demonstrating its commitment to the causes of women and stimulating the MSME sector in Nigeria”.
The business pitch competition received numerous entries from women across different sectors, but after a rigorous selection process, shortlisted participants were selected to participate in the competition.
Ogunyooye said “the programme provided a unique opportunity for women from various works and socio-economic classes to showcase their innovative ideas and solutions in sectors such as food, tech, fashion, and fragrance, creating an atmosphere filled with excitement, enthusiasm, and a strong sense of community”.
He stressed the importance of investing in women, saying it is not just the right thing to do, but also aligns with AXA’s purpose of acting for human progress.
He explained that AXA believes the future of women should not be at risk, hence investing in their economic empowerment is a crucial part

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