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The inefficiency of the various major stakeholders in Nigeria Power sector is having a negative impact on the financial inflow into the sector as billions of naira is been used in providing alternative sources of electricity to power major industries in the country.

Nigeria’s electricity sector is losing N24 billion monthly to the diesel generator market, which consumers especially heavy electricity users like industries, embrace as alternatives to power their homes and operations, the federal government has disclosed.

Speaking on Monday, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, who was represented at the February 2018 edition of the monthly power sector operators meeting in Katampe Abuja by the Minister of State for Power, Works and Housing, Mr. Suleiman Hassan, explained that on the average, 300 million litres of diesel were consumed monthly to power these generating sets.

Fashola stated this shortly after commissioning a 100 mega volt-amp (MVA) transformer installed by a power firm — MBH Power Limited — for the Transmission Company of Nigeria (TCN) at its Katampe transmission substation.

The high voltage transformer, which is expected to increase the transmission capacity of the substation by 48 megawatts (MW), was reportedly financed by the World Bank at a cost of N59.6 billion.

The minister noted that the expenditure made on diesel consumption in Nigeria, acquisition and maintenance of the generators were huge losses to her grid power market.

He explained that the government was making efforts to ensure that up to 2,000 megawatts (MW) of stranded power in the system were transmitted and distributed to target consumers who need them the most but do not have that much of power yet.

SOURCE: https://brandspurng.com/power-sector-loses-n24bn-monthly-to-diesel-generators/

On July 1st, 2017, the Federal Government of Nigeria (FG) launched the Voluntary Asset and Income Declaration Scheme-VAIDS, granting a 9-month amnesty period to all defaulters to voluntarily declare their assets and income within and outside Nigeria for the purpose ascertaining their outstanding tax liability or face criminal prosecution at the expiration of the grace period.

Nigeria Tax/GDP ratio is lowest in the world at 6% (compared to 15-30% for peers). Thus, the Scheme provides a one-time opportunity for defaulters to regularize their tax status relating to previous tax periods; pay all outstanding taxes and prevent/stop tax evasion.


The 9-month amnesty period is expected to expire on 31-March-2018. Hence, the FG has vowed not to extend the deadline. To help our clients navigate their way through the process, United Capital Research Daily insight will be focused on key provisions of the scheme over the next few days while further creating awareness on the importance of adherence to the provisions of VAIDS.

Specifically, we will look at;

Benefits of compliance vs. penalties for non-complianceEligible assets, incomes, and participantsThe requirement for valid declaration; and methodology, structuring, and flexibility of payment under VAIDS.Other issues such as declaring anonymously, tax already paid, confidentiality.


SOURCE:https://brandspurng.com/voluntary-assets-and-income-declaration-scheme-vaids-what-you-need-to-know/

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The National Bureau of statistics has said that average price paid by consumers for automotive gas oil (diesel) increased by 3.89% month-on-month and decreased by -5.89% year-on-year to N213.82 in January 2018 from N205.81 in December 2017.

The NBS revealed this in its Automotive Gas Oil (Diesel) Price Watch report, January 2018.

The report stated that states with the highest average price of diesel were Sokoto (N256.00) Kebbi (N255.45) and Taraba (N250.25). While states with the lowest average price per litre of kerosene were Bayelsa (N181.67), Ondo (N183.75) and Abia (N190.56).

The report further said that states with the highest average price per gallon of kerosene were Adamawa (N1, 185.83), Benue (N1, 175) Ondo (N1, 160) while states with the lowest average price per litre of kerosene were Lagos (N912.11), Sokoto (N918.33) and Anambra (N927).



SOURCE: https://brandspurng.com/price-of-diesel-jumps-by-3-89-in-january-nbs/

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The price of cooking gas in Nigeria decreased by -3.21% month-on-month and decreased by -14.70% year-on-year in January 2018 and in December 2017. a National Bureau of Statistics, NBS, report has shown.

The report titled, Liquefied Petroleum Gas (Cooking Gas) price watch, was published on the bureau and made available to Brand Spur Nigeria.

The report said that the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -3.21% month-on-month and decreased by -14.70% year-on-year to N2190.07 in January 2018 from N2,262.79 in December 2017.

Borno (N2688.89), Yobe (N2513.25), and Gombe (N2500) had the highest average prices for the refilling of a 5kg cylinder, while Kebbi (N2,000.00), Plateau (N2,000.00) and Taraba (N2,000.00) recorded the lowest average prices for the month of January.

The NBS report also showed that average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by -2.81% month-on-month and decreased by -21.40% year-on-year to N4327.89 in January 2018 from N4,452.83 in December 2017.

Akwa Ibom (N4,791.67), Borno (N4,785.71) and Kogi (N4,780.00) had the highest average prices for the refilling of a 5kg cylinder, while Oyo (N3750.00), Sokoto (N3750.00) and Lagos (N3,653.85) recorded the lowest average prices for the month of January.

Based on a zonal analysis, the North East recorded the highest price average for refill five-kilogram cylinders with cooking gas at N2, 325.36 and at a price average for refilling 12.5-kilogram cylinders at N4,433.72. North West recorded the lowest price average for refill five-kilogram cylinders with cooking gas at N2,126.19.

The south-south had the highest average price for refilling a 12.5-kilogram cylinder with cooking Gas at N4, 554.79 as well as the second lowest average price for refilling a five-kilogram cylinder at N2,137.73.

Click here to download the full report…



SOURCE:https://brandspurng.com/nigerians-paid-less-for-cooking-gas-in-january-nbs/

First Bank of Nigeria Limited said its 894 quick banking, a USSD-based mobile telephony channel that enables customers to access banking services using any type of phone and without data or internet recorded transactions worth N1 trillion done by 4.5 million customers in 2017, a 250 percent increase compared to what it recorded in 2016.

The bank said it plans to increase its customer base on the USSD platform to over 6.5 million before the end of this year, with over N3 trillion worth of transactions projected to be processed this year. According to FirstBank’s group head, e-business, Chuma Ezirim, over 60 percent of its customers currently use the bank’s digital platforms (FirstMobile, Firstonline, and 894 Banking) to transact accounting for about 21 percent of transactions on the NIBSS Instant Payment platform.

Ezirim noted that a major element of the bank’s strategy is to make payments and collections easier for businesses around the country. Digitizing payment and collections processes not only improve transparency and efficiency but also helps a business to grow. “That is why our 894 service is very useful for our Corporate and SME customers because every Nigerian can pay using 894 irrespective of the type of phone he/she uses, and without the barrier of internet access.”

Speaking on the impact of the bank’s financial inclusion services on customers and the economy, Ezirim said that in addition to providing FirstBank customers a more convenient and faster way to carry out basic banking transactions, the 894 banking service has led to the creation of over 500 new jobs for young Nigerians who assist customers to adopt digital platforms at the various branches of the bank nationwide.

The 894 service is simple, secure, and easy to use, which is why the adoption rate by customers is very high. The channel is enabling the Bank to provide more efficient banking services to its customers and offers a cost-effective growth of the Bank’s retail and commercial banking businesses.

Customers who use 894 are able to check their balance, send/transfer money to any bank account in Nigeria, buy airtime for themselves and for their loved ones, confirm payments, open accounts, and do lots more. The “894 Collection and CashOut” service is effectively designed for businesses to receive payments for goods and services, and to address their cash management challenges.

SOURCE : https://brandspurng.com/firstbank-records-n1trn-transactions-on-its-ussd-platform/

Ogun State Government is collaborating with the Federal Ministry of Water Resources, for the establishment of two irrigation dams, to boost farming in the state.

Commissioner for Agriculture, Mrs. Adepeju Adebajo, who disclosed this, while receiving the management of Ogun-Osun River Basin Development Authority, in her office at Oke-Mosan, Abeokuta, said preliminary work was underway for the irrigation projects, sited at the Ikenne and Ijebu-Idode Farm Settlements.

Her words: ‘’The Ikenne irrigation dam will be 2,500 hectares of farmland, while that of Ijebu Idode will cover 1,000 hectares. Aside from this, the dam will also assist the state government intervention programme in the area,’’ she said.

Mrs. Adebayo added that the projects which are expected to be completed by the end of the year would benefit the host communities and the farmers.

Earlier, the Managing Director, Ogun-Osun River Basin Development Authority, Otunba Olufemi Odumosu, commended the state government for its readiness at all times, to accommodate Federal Government’s interventions. She said this has made the state a destination of choice, not only for Federal projects but other industrial and international interventions.

Odumosun said the project would improve on the existing infrastructures at the two farm settlements, as well as internal road network, leading to the settlements.

SOURCE: https://brandspurng.com/fg-ogun-partner-to-establish-2-irrigation-dams/

Executive Summary:

FSDH Research forecasts a Real Gross Domestic Product (GDP) growth rate of 3.16% in 2018 and 4.09% in 2019Agriculture, Trade, and Mining & Quarrying sectors, with forecast growth rates of 4%, 2%, and 3.2% respectively, would lead to the growth in 2018. Other leading sectors of the economy that would contribute to the growth are: Information and Communication (I&C): 2.2%; Real Estate: 2.5%; Construction: 4% and Manufacturing: 1%The growth in the equity market has created additional wealth that would stimulate effective demand in the economy. Some light manufacturing activities are also taking the place-stimulating demand for raw materials from Agriculture sector. The current crude oil price above US$65/b will encourage investment activities in the oil and gas sector. Trade sector would also benefit from the expected increase in the consumer purchasing powerThe major opportunities in the growth projections are: Investment opportunities to increase production activity and to create value addition across most of the profitable segments of the agriculture value chain; Import substitution strategies in agro-allied industries; manufacturing sector should receive a boost following the relative stability in the foreign exchange market; FGN and state governments to sign more Public Private Partnership (PPP) deals to promote infrastructure development; a rebound in the corporate and infrastructure bond markets, and real estate sector should attract more investments as the economy improves.The major downside risks to the growth are: the rising social unrest in some parts of the country may affect economic activities and lead to escalating inflation rate; external factors that can lead to a significant drop in the crude oil price may have adverse impact on the economic activities in Nigeria and possible capital flight out of Nigeria if there is excessive interest rate increase in the advanced economies. Although we do not expect any political instability in the country, electioneering activities may slow down economic activities and exert upward pressure on pricesThe outlook for the equity market remains positive in 2018 as FSDH Research expects the macroeconomic environment in Nigeria to strengthen further. Thus we forecast a growth of 27.43% in 2017, lower than the growth of 42.30% recorded in 2017. We expect a strong rally in the first half of the year 2018. We see investment opportunities in the Banking, Building Materials and Consumer Goods sectors of the marketFSDH Research expects the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to ease monetary policy as inflation rate declines and exchange rate remains stable. This development will lead to growth in credits to the private sector, rebound in the activities in the corporate bond market, increase in the issuance of commercial paper and a growth in the equity market. We expect the average yields on the fixed income securities to drop substantially lower in 2018 than the levels attained in 2017.

Click here for the full report.

SOURCE: https://brandspurng.com/economic-and-financial-markets-outlook-2018-2022-strong-growth-prospect-with-downside-risks/

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Online retail in Nigeria came into the scene about six years ago and became very popular about 3 years ago with the advent of key players like Jumia and Konga, over time the sector became flooded with different niche markets and according to Startupdaily it was recorded that there have been at least 500 e-commerce businesses launched across Nigeria.

At a point, the sector was one of the major contributors to the country’s growing GDP, however, with the seemingly impressive opportunities in this industry, there were obvious challenges that were impeding accelerated growth. Some of these challenges include

Lack of proper infrastructure, taxation, security issues, privacy concerns, high cost of shipping goods to and from Nigeria, low penetration of credit cards usually required to shop online (debit cards are the common payment cards available in Nigeria), unreliable distribution and delivery processes, residual distrust of paying online in a society where cash is the king, etc.

All these issues are generally common with E-Commerce in any other developing country, but it takes time and effort to build trust and make the most out of it. Since most of this e-commerce firms depend largely on external funding/investment it has been very difficult to keep up with these challenges which are not cost-effective to manage.

It’s not long we begin to see the results of some of these unsurmountable hills played out in this industry, some companies engaged in mass retrenchment over and over again in a bid to cut costs and stay in business. Despite all, it was difficult for some to stand the wind of economic quagmire that besieged Nigeria last year.

The wind blew really hard and some companies couldn’t stand the test of time, some went into extinction and some mergers and acquisitions, the question is what is the future of online retail in Nigeria? Not long we began to see dispirited headlines

Some of the headlines

Efritin left first Efritin shuts Nigeria office, blames bad economy — Technology — The …

Dealdey acquired Ringier and Silvertree buy DealDey and form Ringier Africa Deals Group

Jumia’s sister company Kaymu also folded up Jumia Market (formerly kaymu) is folding up – Tech – Pulse

Not long we heard about Konga’s acquisition by Zinox  Zinox acquires Konga in shock deal

Just yesterday we were greeted with a shocking news from the stables of OLX Nigeria OLX closes shop in Nigeria – Punch Newspapers

There is no gainsaying that e-commerce companies in Nigeria haven’t broken-even, while customers and fans are usually carried away by the glamour of amazing ads and products displayed on the site, it’s only the management of these organizations that know where the shoes are pinching them.

For some of these companies, you cannot divorce their mergers or fold up from gross mismanagement which is a general syndrome that plagues Nigerian business. No doubt that those ones that still have the cash to spend will continue to thrive, but it’s only a matter of time, to tell if online retail in Nigeria is truly a lucrative business at this time.

Written by: Oluwatobi Adekunle(Digital Marketing | Brand Communication | PR & Online Reputation Management)

SOURCE: https://brandspurng.com/the-rise-and-fall-of-online-retail-in-nigeria/

Construction of the first phase of the mixed luxury development of the Eko Development Company Limited has kicked off. The mega project dubbed Azuri Peninsula comprises of 12 super-luxury simplexes, two villas and 120 luxury apartments including another 7 townhouses.

The responsible Chief Officer EDC, Ms. Ibiene Ogolo confirmed the reports and said that Azuri Peninsula offers the optimum place to live, work, play and invest, and offers a unique and luxurious urban lifestyle by the delightful marina-front of the Marina district in the vibrant new Eko Atlantic City.

She further pointed out that the first phase of the project will take nothing less than 13,000 square meters, and another 130,000 square meters for the built up area. The project alone will take at least 127,507 square meters for building constructions on the site.

Azuri Peninsula

The development will also constitute of a five-star marina and yacht club, with an attractive promenade, high-end shops, cafes and a wealth of amenities in a curate and sophisticated environment.

Azuri has currently been fully occupied, as 80% of the available buildings have been taken, while the remaining 20% deals are not yet completed for the final owners.

Eko Atlantic is a new coastal city being built on Victoria Island adjacent to Lagos, Nigeria, to solve the chronic shortage of real estate in the world’s fastest-growing megacity. It is a focal point for investors capitalizing on rich development growth based on massive demand and a gateway to emerging markets of the continent.

SOURCE: https://brandspurng.com/construction-of-the-first-phase-of-eko-development-in-nigeria-begins/

With a resolve to foster love and affection this Valentine’s Day and connect with the young-at-hearts, leading broadband and internet services provider, Spectranet 4GLTE is launching a limited edition EVO MiFi, with unheard of bundled Data benefits for carefree communication.

Artistically designed for younger people, EVO MiFi comes bundled with two different data plans at #20,000 with 40GB Data and at #25,000 with Unlimited Data respectively.  In addition, customers will enjoy 50% data bonus in their next 6 renewals within 210 days of activation. With limited edition, Spectranet encourages all Nigerians especially women, to walk into any of the Spectranet exclusive shops or Dealers and purchase one for their loved ones. The offer is till the stocks last.

According to Chief Executive Officer, Ajay Awasthi, the launch of EVO MiFi is aimed at fostering love and bonding among the young-at-heart this Valentine season.  With this innovative offer, we would like to encourage the Nigerians to express their love freely with affordable, high quality, high-speed 4G data connectivity.

He added “ EVO MiFi is specifically designed as a perfect gift for women. As a mark of tribute to the entrepreneurship of Nigerian women. Spectranet plans to launch two “women only “stores in Lagos before Valentine’s day.  By extending the high-speed broadband connectivity to the Nigerian women, EVO MiFi will help achieve the  30% broadband penetration target set by the Nigerian Communications Commission. The target can be only attained when more people, especially women, are connected to broadband and internet services”

EVO MiFi is the latest addition to Spectranet MiFi family which comprises; Freedom and Pebble. The portability of the device makes it suitable for indoor and outdoor purposes.

Customers can purchase the EVO MiFi at any of Spectranet shops, sales outlets in Lagos, Abuja, Port Harcourt, and Ibadan.

Spectranet Limited was the first Internet Service Provider (ISP) to launch 4G LTE internet service in Nigeria. The brand is known for providing an affordable, faster and more reliable internet broadband to Nigerian homes and offices. Its internet service is currently available across Lagos, Abuja, Ibadan and Port Harcourt. The state of the art network ensures high-speed internet connectivity for the customers.

SOURCE: https://brandspurng.com/spectranet-launches-evo-mifi-to-celebrate-valentines-day/

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German carrier Lufthansa has unveiled a new brand identity as part of its airline’s first livery refresh for its fleet in more than three decades.

The new logo no longer bears the crane and is written completely in capital letters, “to offer optical neutrality for all companies”, the company disclosed.

Also, this year is the 100th anniversary of the crane logo’s design, and it was reworked to make it “slimmer and fit for the digital world”, a press release said.

While the blue-yellow color combination of Lufthansa will be retained, the blue, now darker, will become the leading brand color.

Seeking to marry a hundred-year heritage defined by a pictographic representation of a crane, the company has kept this connection to its past intact while tweaking the color scheme to give it a fresh look.

Carsten Spohr, chairman of the executive board of Deutsche Lufthansa AG, said: “Lufthansa has changed and is more modern and successful than ever. From now on, this will also be visible to the public through a new design.

“The crane has always been with us and clearly stands for the promising performance from Lufthansa. To this day, it still stands as a symbol of highest quality, excellent service, flying expertise, reliability, innovative spirit; and it stands for trust.”

Designed by graphic artist Otto Firle the crane trademark has become Lufthansa’s defining symbol but has been slimmed down with a thinner ring for a more elegant look and blues darkened.

The Lufthansa Group recently ribbed rivals Ryanair with a pun-centric capitalization on the Irish carrier’s spate of woes, including high levels of flight cancellation.

SOURCE: https://brandspurng.com/lufthansa-launches-new-brand-identity/

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WhatsApp Payments feature has made its way to the Indian market which will mean that messaging app users can start sending money to other users on the platform. The digital peer-to-peer payments service dubbed WhatsApp Payments is available to select users in India which will mean that you can now start sending money to other WhatsApp users. WhatsApp’s over 200 million monthly active users in India can benefit from the new digital payment service.

The WhatsApp Payments feature is currently available to limited users in India. The new feature integrates with Unified Payments Interface (UPI). This will also mean that WhatsApp may start competing with Paytm, Google Tez, PhonePe, MobiKwik and other wallet companies. Though the WhatsApp Payments will be limited to peer-to-peer payment and may not initially offer merchant payment.

WhatsApp seems to have launched the digital payments service in India before rest of the world. A few weeks back, the company focusing on how small businesses communicate with their customers in India launched WhatsApp Business, a free-to-download Android app for small businesses.

Notably, the instant messaging company was rumored to be working on the digital payments feature for a long time. Last month an ET report claimed that WhatsApp was in the process of integrating its Unified Payments Interface (UPI) with several Indian banks such as HDFC, State Bank of India, ICICI and Axis bank.

Known for early WhatsApp leaks, WABetainfo points out that the Airtel users in India have mostly seen the new feature. “Don’t worry. If you haven’t the Payment option in WhatsApp, you have to wait. The rollout is very slow and it may be necessary one day, two days or also weeks. I don’t know if this is a coincidence but seems many Indian users with the “Airtel” Carrier have Payments in WhatsApp,” WABetainfo said in a tweet.

How to get started with WhatsApp Payments

Currently, select users have received the new digital payments service dubbed “WhatsApp Payments” but in the coming weeks, it is likely to be available to a wider user base.

Users can check their Settings page for WhatsApp which will start showing a brand new option for Payments. Notably, the digital payment feature is visible to users on both iOS and Android.

To get started with “WhatsApp Payments,” people will have to tap on the Payments option from the Settings page of the app. Users then will be taken to a brand new page with a tag that will say “Send and receive money securely with UPI.” Here users will have to tap on “Accept and Continue” to start accepting the WhatsApp Payments. The users will be also offered the Terms and Privacy policy and the payment provider’s terms and privacy policy.

Users then will have to verify their phone numbers by choosing “Verify via SMS” and that can be done by tapping on the green colored send button on the next screen to send a verification SMS from your phone. It’s worth noting that the SMS charges will be applicable.
Once configured, users will be able to send money to other users on WhatsApp from within the chat. The screenshots confirm that users can tap on the menu in any chat to access Payment option apart from offer options like send photo, video, file, contact, or location.

Based on the leaked screenshots, it is clear that WhatsApp has managed to get all major banks for its new WhatsApp Payments feature. Some of the Indian banks listed in the WhatsApp Payments for supported UPI integration include Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, Yes Bank, Airtel Payments Bank, Allahabad Bank, Andhra Bank, Bank of Baroda, and more.

SOURCE: https://brandspurng.com/whatsapp-payments-via-upi-in-india-starts-rolling-out-heres-how-you-can-start-sending-money-on-whatsapp/

Fitch Ratings-London-07 February 2018: Fitch Ratings has affirmed First City Monument Bank Limited’s (FCMB) Long-Term Issuer Default Rating (IDR) at ‘B-‘. The Outlook is Stable. All FCMB’s other ratings have also been affirmed. A full list of rating actions is at the end of this rating action commentary.

KEY RATING DRIVERS 

FCMB’s IDRs are driven by the bank’s intrinsic creditworthiness as defined by its Viability Rating (VR). FCMB’s VR considers its resilient asset quality, with an impaired loans ratio well below the sector average at 4.7% at end-June 2017. Asset quality performance is healthy, particularly given challenging operating conditions in Nigeria, including tight local and foreign currency liquidity. Tight liquidity stems from the sharp fall in oil prices, which has adversely impacted asset quality sector-wide.

FCMB’s VR also considers its modest franchise, with a market share of around 4% of loans and deposits. In our view, this drives a high-risk business model, including high concentrations and a higher volume of lending down the credit curve to smaller corporates and commercial customers.

The franchise also drives weak earnings metrics and a weaker funding and liquidity profile than larger Nigerian banks. Operating profitability is well below the sector average and among the weakest of all rated Nigerian banks. FCMB has a reasonable retail deposit franchise, but deposits have to be supplemented by short- and long-term wholesale funding to support operations.

FCMB’s National Ratings are a reflection of its creditworthiness relative to the best credits in Nigeria. FCMB’s National Ratings consider generally weaker financial metrics than peers and the bank’s modest franchise.

SUPPORT RATING AND SUPPORT RATING FLOOR 

Fitch believes that sovereign support to Nigerian banks cannot be relied on given Nigeria’s (B+/Negative) weak ability to provide support, particularly in foreign currency. In addition, there are no clear messages from the authorities regarding their willingness to support the banking system. Therefore, the Support Rating Floor of all Nigerian banks is ‘No Floor’ and all Support Ratings are ‘5’. This reflects our view that senior creditors cannot rely on receiving full and timely extraordinary support from the Nigerian sovereign if any of the banks become non-viable.

RATING SENSITIVITIES
IDRS, VIABILITY RATING, AND NATIONAL RATINGS

FCMB’s IDRs are sensitive to a rating action on its VR. FCMB’s VR is sensitive to a material weakening of liquidity in either foreign or local currency. It is also sensitive to a sharp deterioration in asset quality that would erode capital and threaten the bank’s viability. This is not Fitch’s base case. An upgrade of the bank’s VR would require a material improvement in the Nigerian operating environment and/or a significant expansion of the bank’s company profile.
An upgrade of FCMB’s IDRs may also result from sovereign support being factored into the bank’s ratings.

FCMB’s National Ratings are sensitive to a change in its creditworthiness relative to other Nigerian banks.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating is potentially sensitive to any change in assumptions around the propensity or ability of the sovereign to provide timely support to the bank.

SOURCE: https://brandspurng.com/fitch-affirms-nigerias-fcmb-at-b/

The United Kingdom government, through its export credit agency, UK Export Finance (UKEF), says it will now accept naira payments from Nigerian business owners who make procurement in the UK.

The UK Department of international trade made this known in a statement sent to TheCable.

The statement said the local currency financing structure follows the same format as a conventional buyer credit in sterling or any other currency.

It added that Nigerian businesses buying British goods or services and taking out a loan in naira from a bank in Nigeria can benefit from the UK government-backed guarantee.

“UK government will now be able to support finance in naira to Nigerian projects procuring from the UK,” the statement read.

“This can enable businesses to manage foreign exchange risks and, many times, to negotiate better terms with local banks.”

Paul Arkwright, British high commissioner to Nigeria, said the arrangement shows the kind of value UK places on its relationship with Nigeria.

“This is a clear indication of how much value the UK places on its relationship with Nigeria. It will provide a firm foundation for a significant increase in trade and investment between both countries,” he said.

“The UK believes that no one intending to transact with British businesses should be hindered by lack of financing. By allowing Nigerian businesses easier access to world-class goods and services, we are supporting both the Nigerian and the British economy.”

Ben Ainsley, head of the department for international trade (DIT), Nigeria, said the agreement is the feedback from the UK trade envoy’s visit to Nigeria in November.

“We are excited to be able to offer Nigerian, as well as British, businesses the ability to enter trade arrangements that are financially feasible for both sides,” he said.

“This was a key issue raised by members of the local business community when the trade envoy was here last November.

“We listed and took this feedback to London. DIT is ready to work with Nigerian businesses to identify potential trade partners across the market.”

This development makes Nigeria one of the three West African countries on UKEF’s pre-approved currencies list.

“UKEF provides a range of innovative and flexible products, providing up to 85% funding for projects containing a minimum of 20% UK content,” he said.

“Requests will be assessed on a case by case basis through the UK Department for International Trade, Nigeria, and UKEF in London.

“Interested clients are encouraged to contact the UK Department for International Trade in Nigeria for guidance.”

SOURCE: https://brandspurng.com/uk-to-accept-naira-payments-from-nigerian-businesses/

Data from a new report series from the NBS, produced in collaboration with the CBN, reveal that 462 million transactions valued at N29trn were recorded on electronic payment channels in Q4 2017.

As expected, ATM transactions dominated with a volume of 240 million. Internet subscriptions directly correlated with electronic transactions stood at 98 million in December 2017, according to the Nigerian Communications Commission. This translates into a penetration of 53%.

Based on data from the Nigeria Inter-bank Settlement System (NIBSS), total active bank accounts as at February 2017 stood at 67 million, pointing to 36% exposure (of the country’s population) to electronic payment transactions. Financial inclusion is still far from its optimal level.

The volume of point-of-sale (PoS) transactions shows the impact of the cashless policy on the economy. The NBS data show that 47 million PoS transactions were recorded in Q4 2017, representing increases of 20% q/q and 113% y/y.

Meanwhile, mobile payments recorded 12 million transactions valued at N307bn (US$1bn) in Q4. The value of transactions grew by just 30% y/y and accounted for only 1.1% of total electronic transactions.

Mobile banking remains hugely untapped. Indeed, better synergy between telecommunication operators and banks would boost e-transactions. Kenya is the leader in this field through M-Pesa and other platforms. Ghana is worth a mention, too: its central bank has reported total mobile transactions in 2017 (12 months) of GHS156bn (US$35.9bn), compared with KES4.6trn (US$45.3bn) for the 12 months to June 2017.


SOURCE: https://brandspurng.com/nigeria-mobile-payments-still-hugely-untapped/

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The NSE welcomes interests from Nigerians and non-Nigerians alike on its platform. Over the years of operation, the NSE has evolved into a highly accessible market for both investors and dealing members.

THE 3 EASY STEPS

Investing in the NSE has undergone a thorough process of simplification over the years, many thanks to technology. To get started on investment in Nigeria, here are 3 easy steps to follow.

1.    Research and decide on a preferred stockbroker

A stockbroker is an appointed agent who is authorized to execute, buy or sell instructions on an investor’s account. Within the purview of the Nigerian stock market, a stockbroker will refer to a broker-dealer firm that is a dealing member of the NSE and is registered with the SEC.

In deciding a stockbroker important factors to consider include their ease of access, their affordability (since some firms place a minimum amount for opening an account), their integrity/reputation, and their status (active or inactive) with the NSE/SEC.

A list of stockbrokers and their contact details including their corresponding transaction fees will be provided in a subsequent article.

2.    Register with your chosen stockbroker

To register with a stockbroker, clients have to fill the registration form issued by the broker (either online or manually) and provide KYC (know your customer) documents namely;

•    Means of identification (PVC, National ID, Driver’s License or International Passport),
•    Proof of residential address (bill or receipt no later than 3 months),
•    Passport photograph and electronic signature (if filling the form online).
For non-Nigerian residents, notarized means of ID and proof of residential address will be required.

To participate in the NSE, all investors have to be registered on the CSCS (Central Securities Clearing System). CSCS Ltd is an associate company of the NSE. The system is an electronic database that records ownership of Nigerian securities. On registration, the systems assign you an account number that will accompany every Nigerian stock trade you execute.
Opening an account on the CSCS is done through the platform provided by your stockbroking firm (typically, stockbrokers update client registration on their platforms, automatically in the CSCS registry).

3.    Fund your account and start trading

Your stockbroker will provide you with their bank account details and they will fund your account as soon as any payment you make is confirmed.  All transactions with the exchange are executed by your stockbroker. This can happen in one of two ways.

a. You can send trade instructions to your broker, usually by mail.
b. Some brokers provide online trading platforms that allow you execute transactions yourself.

Then there’s the obvious final step, reap the benefits of your investments!



SOURCE: https://brandspurng.com/how-to-invest-in-the-nigerian-stock-market/

Good one.

The man above just raised a question..
over to who it is over to.
smiles*

The rise in oil prices in recent months will pressure the profitability of airlines and will likely result in increased airfares in the coming months, according to airline executives.

The price of oil generally accounts for around 30 percent of the costs at an airline. Since June 2017, oil prices have risen by more than 50 percent to around $68 per barrel Brent on Monday.

The CEO of the International Air Transport Association (IATA), Alexandre de Juniac, told Bloomberg TV on Monday that the current range of oil prices—$60-$70—is an “acceptable” range. The IATA forecasts that oil prices will stay within this range this year, but if they rise too much over $70, it would result in increases in ticket prices, as usual, de Juniac said.

“It puts pressure on costs and it is more a fare inflation trigger,” the IATA chief executive told Reuters on the sidelines of the Singapore Airshow today.

Executives at Asian Pacific and European airlines think that rising oil prices will eat into their margins because the airfare hikes have been lagging the rise in the price of oil.

China’s Okay Airways, for example, saw its fuel costs increase by 20 percent last year compared to 2016, which affected its profits. Li Zongling, Okay Airways president, has estimated that the higher oil prices last year led to some 5 percent drop in earnings.

Australia’s Qantas Airways is adding more fuel-efficient jets and is cutting costs elsewhere.

“Despite fuel prices being higher than last year, we are digesting fuel very well at the moment,” Qantas CEO Alan Joyce told Reuters.

Low-cost air carrier Ryanair sees higher oil prices leading to a hike in short-haul airfares in Europe, but not until 2019, according to CEO Michael O’Leary.

As of January 26, the average global jet fuel price was at $85.5 a barrel, up by 7.9 percent from a month ago, and up 30 percent from a year ago, according to IATA data provided by Platts.

By Tsvetana Paraskova for Oilprice.com



SOURCE: https://brandspurng.com/airlines-warn-higher-oil-prices-will-raise-airfares/

Good one from the Pension industry, Secure your future.
Dont serve for years with no back-up.
The law says any registered Business/Company with 3 or more workers must take up a Contributory Pension Scheme.

Enough said, PM me for more..

The National Bureau of Statistics (NBS) says the power generation statistics showed that 94,627 Megawatts ( MWh) of energy was generated daily by power stations in the fourth quarter of 2017.

The NBS disclosed this in the ‘‘Power Sector Report: Energy Generated and Sent Out and Consumed and Load Allocation for the fourth Quarter of 2017,’’ made available to Brand Spur Nigeria. Energy The bureau stated that Daily energy generation attained a peak of 105,152 MWh on the 8th of December 2017. Thermal stations generated 84,026 MWh of this while the hydro stations generated 21, 126 MWh.

Similarly, it stated that however, the lowest daily energy generation, 73,246, was attained on 18 October 2017 as thermal stations generated 55,941 MWh of this while the hydro stations generated the remaining 17,305 MWh.

The metering data for all discos reflected that 3.45m customers, representing 46.16% of the total 7.48m customer captured have been metered. Benin have has the highest percentage of customer metered with 69.49% recorded. This is closely followed by Eko Disco with 60.73% and Ikeja Disco with 55.95% respectively while Yola and Enugu Discos recorded the least percentage of customers metered with 23.61% and 27.72% recorded respectively.

Click here to download the full report…

SOURCE: https://brandspurng.com/nigeria-generates-94627-mwh-of-energy-in-q4-2017-nbs/

Unity Bank has rolled out unstructured supplementary service data (USSD) shortcode: *7799# in order to enhance customer access to quality banking services. The service data according to a statement from the bank, was part of the effort to strengthen retail banking offering and expand channels for financial inclusion penetration.

Unity Bank’s USSD (*7799#) code is the first 4 digit code to be introduced to the banking market and it is designed not only for the fast, secure and mobile banking experience but also offers high-performance service options and appreciable degree of flexibility that enable customers to bank the easy way.

The services available on the USSD code according to the lender, including account opening, funds transfer, balance enquiry, airtime recharge and payment of utility bills. Account holders are equally able to verify their BVN on the platform.

A statement from Unity Bank said that the introduction of the Quick code (*7799#) was intended to boost alternate banking channels currently being offered in the market; especially in terms of greater control and access, which the customers are able to exercise on the Bank’s USSD platform.

According to the General Manager, Products & Channels Directorate of Unity Bank, Mr.Bonaventure Okhaimo, the unique 4-digit code is easier to position in the mind of our customers. While attesting to the security of the platform, he noted that the mechanism for resolving challenges, which sometimes are associated with mobile banking platforms has been enhanced by increased automation.

The *7799# service is one of the platforms riding on Bank’s Retail Banking strategy to further drive financial inclusion. Unity Bank Plc recorded N65 billion in gross earnings for the third quarter ended September 30, 2017.

The bank in its statement to the Nigerian Stock Exchange posted gross earnings of N65.03bn and a pre-tax profit of N2.7 billion.

SOURCE: https://brandspurng.com/unity-bank-unveils-ussd-code-to-drive-mobile-banking/

Currently, there are an estimated 8.8 million deaths from cancer every year. Cancer has recently been recognized for the first time by the World Health Organization as the leading cause of global morbidity.

Low- to middle-income countries are bearing the brunt of that burden. Approximately 70 percent of cancer deaths occur in developing countries, which are the most ill-equipped to cope with this burden. The starkest area of inequity relates to childhood cancer — with survival rates over 80 percent in high-income countries and as low as 20 percent in low-income countries. Inequities are also experienced acutely in high- to middle-income countries, particularly within certain demographics, including indigenous, immigrant, refugee, rural, and lower socioeconomic populations.

These inequities are reflected in the rate of premature cancer deaths globally, which the WHO has targeted for a 25 percent reduction by 2025, along with other noncommunicable diseases such as cardiovascular diseases, chronic respiratory diseases, and diabetes. But in order to deliver on this global commitment to decrease the 4.3 million premature deaths from cancer worldwide, the current inequities in risk factor exposure — as well as in access to screening, early detection, and timely and appropriate treatment and care — must be addressed.

Nowhere is the global gap that affects the underserved and underprivileged more glaring than in access to radiotherapy. As one of the major methods of cancer treatment, radiotherapy is recommended for 52 percent of cancer patients — but 90 percent of cancer patients in low- to middle-income countries lack access to it. Within high-income countries, there are also internal disparities. Depending on where you live in England, patients can face significant variation — anywhere from 20 percent to 70 percent — in accessing Intensity Modulated Radiotherapy, an advanced form of radiotherapy treatment.

Gaps in access to pain relief are equally shocking. Of the 56.2 million people who died in 2015, 45 percent experienced “serious health-related suffering,” primarily due to lack of access to palliative care and pain relief. More than 80 percent of these individuals were from developing regions. The enormous gap between need and availability of opioid analgesics is growing and is increasingly skewed against people living in poverty: The Lancet Commission on Global Access to Palliative Care and Pain Relief estimates that there is a global shortfall of about 48.5 tons of morphine-equivalent opioids, of which the shortfall in low- and middle-income countries accounts for over 99 percent.

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If we aim to meet our pledge to avoid so many premature deaths from cancer, a strongly committed response from national governments will be key. And that means acknowledging the fact that the cancer burden cannot be alleviated exclusively through prevention to reduce cancer incidence. The tsunami of cancer cases anticipated in the coming decades requires a persuasive and robust response at all levels — global and national — to have any impact on people’s lives.

Treatment for all calls on the international cancer community to address the global equity gap in access to cancer services through strengthening health systems and encouraging governments to improve the provision of information, availability, and access to treatment and care. If one truly believes in the notion that treatment is for all, we need to address the global equity gap in access to cancer services by getting behind four essential pillars of cancer treatment and care:

1. Improving the quality of cancer data for public health use
2. Increasing the number of people with access to early detection and accurate cancer diagnosis
3. Providing timely and quality treatment for early and metastatic disease for all
4. Providing a basic supportive and palliative care service for all

In recent years, we’ve made great progress in putting the business of saving lives and getting people into quality care at the front and center of the political agenda. The inclusion of cancer and noncommunicable diseases in the Sustainable Development Goals in 2015 was a major breakthrough. The successful adoption of a cancer resolution at the World Health Assembly in 2017 was another big step.

We must continue to position cancer in the broader health and development agenda, especially around the issue of universal health coverage, and make the case for cancer to receive adequate funding. These global cancer commitments need to translate into national action. In September, world leaders will gather in New York for a special United Nations High-Level Meeting on NCDs. This is a big moment in global health: Expectations for commitment are high. So are the stakes for the 32.6 million people living with cancer.

Let World Cancer Day draw a line in the sand and let 2018 be known as the year that we began to close the treatment access gap at the national level. Let’s set ourselves firmly on the way to ensuring that at the very least, everyone living with cancer receives basic supportive and palliative care services.

Read more Devex coverage on global health.

 

CULLED FROM: DEVEX

SOURCE: https://brandspurng.com/opinion-70-of-cancer-deaths-happen-in-developing-countries-we-need-to-fix-access-gaps/