The Federal Government said it is working to activate the full potential of the mining sector to improve the diversification of the economy. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, stated this during the presentation of a gold coin to her by the Lagos Futures and Commodities Exchange (LCFE) in Abuja. Ahmed expressed the government’s commitment to continue to improve the diversification of the economy by steadily growing other sectors, particularly the commodities trading ecosystem. Activating potentials of the mining sector: She described the presentation as one of the results of the Federal Government’s commitment to continuing to…
Author: Oladi Samuel
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Nigerian singer, Tems, made history on Sunday February 5th, after becoming the first Nigerian female singer to win a Grammy. The singer, whose real name is Temilade Openiyi, won her first Grammy at the 65th Annual Grammy Awards for her work on Future’s song “Wait For U,” which also features Drake. The musical sensation triumphed over performers like Latto (“Big Energy (Live)”), Jack Harlow (“First Class”), Kendrick Lamar (“Die Hard”), and DJ Khaled in the category of Best Melodic Rap Performance. At 27-years old, she has accomplished so much in the global music industry. Tems, who has made a big…
BUA Foods Plc has released its unaudited financial statement for the year that ended 31st December 2022. The consumer goods maker grew its net profit after tax by 29.5% to N90.4 billion from N69.8 billion in 2021. See more details of the financial report below. Turnover 2022 FY: N417.817 billion 2021 FY: N333.272 billion Change: +25.4% Cost of sales 2022 FY: N282.311 billion 2021 FY: N230.312 billion Change: +22.6% Gross Profit 2022 FY: N133.505 billion 2021 FY: N102.959 billion Change: +29.7% Operating profit 2022 FY: N108.754 billion 2021 FY: N79.894 billion Change: +36.1% Pre-tax profit 2022 FY: N100.637 billion 2021…
Thirteen industries in Nigeria have been identified as the top industries to watch out for in 2023 due to the tendency they have to provide opportunities to the surging population of the country. This is according to Nairametrics Founder, Ugo Obi-Chukwu. He said this during his presentation at the Nairametrics Economic Outlook webinar, held on Saturday, February 4. These industries include; Agriculture, Renewables, Transport, Security, Telecomms, Data/Artificial Intelligence (AI)/Cloud Computing, Vocational and Education, Fintech, Infrastructure, Entertainment, Trade (e-Commerce/Hybrids), Fast Moving Consumer Goods (FMCG), and Real Estate. During his presentation, Mr. Obi-Chukwu said that although Nigeria faces a tough…
Investors appear to have shunned MTN’s impressive N2 trillion revenue recorded in the financial year that ended in December 2022. MTN Nigeria Communication Plc on Wednesday, February 1, 2023, released its audited results for the 2022 FY ended December 31, 2022, reporting a 21.64% year-on-year revenue growth in 2022FY. The company also reported a profit after tax of N358.777 billion in 2022 FY from N298.654 billion a year ago, representing a 20.16% year-on-year growth and earnings per share of N17.79 from N14.67 reported a year ago. Despite this, the share price which closed at N230.9 on the day the…
The Standard Organization of Nigeria (SON) has praised the management of Mamuda Group a leading multi-industry company in Nigeria comprised of 5 main strategic business units: Mamuda Beverages Nigeria ltd (Carbonated Soft Drinks, Energy Drinks, and Bottled Water), Mamuda Agro & Allied Products Nigeria ltd (Sacks, and Mats), Mamuda Foods Nigeria ltd (Biscuits, Wafers, Candies, and lollipops), Mamuda Industries Nigeria ltd (Leather Tannery), Mamuda Care Nigeria ltd (Soaps and Detergents), for its contribution to the economic development and Strong International Quality and Food Safety Standards in Nigeria, while visiting the state of the art manufacturing plants of the company, describing…
The Independent Marketers Association of Nigeria (IPMAN) has told its members to consider shutting down filling stations this week. The advisory followed a resolution reached last week by NNPC Limited, Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Independent Petroleum Marketers Association of Nigeria (IPMAN), security agencies and downstream regulatory agencies to fix pump price at N195 per litre. Consequently, many filling stations operated by independent marketers could be shut down because their cost price is above N195 per litre and they need to sell higher than that. Their decision to shut…
Once upon a time, in the not-so-distant past, it was nearly impossible to get a loan in Nigeria without going through an agent or being a salaried employee. Much like it was impossible to have a retirement savings account or get a pension plan if you weren’t attached to an employer. As early as 2015, for example, if you wanted to get a loan from legitimate sources, like a bank, you would have had to fill out reams of paperwork and answer questions ad nauseam, all with no guarantee you would get what you needed. But times have changed, and…
The world is today actively pushing for sustainable and inclusive growth on the heels of the unprecedented disruption occasioned by the COVID-19 pandemic. The road to recovery has been slow. Businesses are reevaluating their processes and procedures to better position to compete in the world that the pandemic created. Remote work, increasing use of digital technology, and new risk assessment and management are the order of the day. The bulk stops at the door of the Board of Directors. Directors are thus faced with a plethora of concerns, primarily, ensuring the company is a going concern, the effectiveness of the…
Nigerian Maritime company, Nigerdock, has said it is displacing 40% of its daytime energy use following recent solar installations at its Snake Island office in Lagos state. In a statement seen by Thisday, Nigerdock’s Chief Executive Officer, Maher Jarmakani noted that the migration to solar energy is also helping the company to cut down on its greenhouse emission. He said: “As a self-sustaining economic hub, improving our energy consumption and reducing our carbon footprint is pivotal to our long-term operations and success. Our renewable energy solution will provide us and our growing clientele with consistent power and greater ease to…