sector

2020: Economy Set To Ride On Non-Oil Sector For Growth

December 29, 2019 7:04 am

The prospects for economic growth in 2020 seem bright, but the growth is expected to be fragile. As it was the case in 2019, non-oil sector driven by agriculture, ICT and manufacturing among others, will deliver the expected result, writes Bamidele Famoofo

The economy is expected to expand beyond the record achieved in 2019. Economic experts have predicted a modest 2.25 percent GDP growth for the economy in 2020, noting that key driver of growth in the fiscal year would be the non-oil sector. The non-oil sector continued to keep overall GDP afloat for much of 2019, having supported overall …

2019: Race For Capital Raising For Insurance Sector

December 25, 2019 7:36 am

The insurance industry in its continued struggle to realise its potential in 2019, met a lot of challenges.
Top among these challenges was harsh business climate which manifested itself in lull in underwriting business as not many of the expected policy renewals came the way of insurers during the year.

The problem was compounded by the regulator’s demand for over 300 per cent increase in the minimum paid up share capital of operating firms and persistent apathy of Nigerians to insurance.

Indeed, as the industry operators were about to heave a sigh of relief from the trauma of the …

Education Sector in 2019: Specks Of Sunshine

December 23, 2019 9:30 am

For a long time in Nigeria’s history, the education sector in an election year did not witness a disruptive quake at the federal level as a result of change in leadership. Malam Adamu Adamu was Minister of Education before the election and emerged Minister of Education after the election. The importance of this should not be lost on us. Projecting from the traditional trend, a change in leadership would have translated into a halt in the direction of the trajectory of Adamu Adamu. The new actors would begin to set new course for themselves. By year’s end, we would …

Budget: Wike Explains Increased Health Sector Allocation

December 21, 2019 3:47 am

Rivers State Governor, Nyesom Wike, has stated that his administration increased the budgetary allocation to the health sector in the 2020 budget because of his commitment to universal health coverage in the state.

Speaking during a courtesy visit by the World Health Organisation (WHO) Country Representative for Nigeria at the Government House Port Harcourt, , Governor Wike said his administration was committed to improving healthcare delivery in the state.

He said: “We have increased the budgetary allocation to the health sector in the 2020 fiscal year. We have placed priority on health. We are expanding our health facilities for the …

Power Sector: Nigerian Govt Inaugurates Task Force

December 19, 2019 1:47 pm
The Minister of Power, Mr. Sale Mamman, on Thursday, inaugurated a Ministerial Task Force on Power which will serve as an advisory team on policies and innovative technology in the sector.

The 22 member Task Force has Prof. Abubakar Sambo as Chairman, Mr. Lateef Ogunleye as Vice Chairman and Chief Executive, while Mr. Haruna Ladan, Deputy Director, Appointment, Promotion and Discipline (APD) in the Ministry of Power will serve as its secretary, NAN reports.

Inaugurating the committee in Abuja, Mamman said that the Task Force became necessary following plans by the Federal Government to accelerate the pace of reforms

…

NSE Boss, Onyema, Bullish On Insurance Sector

December 11, 2019 8:20 am

The Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema yesterday said the ongoing recapitalisation exercise in the insurance sector will present new opportunities for mergers and acquisitions and bring about efficiency, innovation and profitability.

Onyema stated this at the NSE Insurance Sector Forum with the theme: “Recapitalisation: A Panacea for Insurance Industry Growth,” held in Lagos, which was sponsored by Coronation Merchant Bank.

According to him, the upward review of the paid-up capital of the insurance sector would strengthen the growth and development of the sector, noting industry has grown remarkably over the years, generating a gross premium …

Obaseki

Obaseki Advocates Long-Term Financing For Housing Sector

December 2, 2019 3:53 am

With housing deficit in the country estimated at 17 million, Governor of Edo State, Mr. Godwin Obaseki has advocated a long-term financing model that will give room for single digit interest rate in the housing sector.

This is just as experts in the estate and surveying industry reiterated the need for a robust mortgage system in the country, flexible for every citizen to own a house.

The Governor, stated this at the send fourth and investiture event organised by Knight Frank, Nigeria, for its outgoing and new Senior Partner/Chief Executive Officer (CEO), held over the weekend in Lagos.

Obaseki, …

FEC

FEC Okays Justice Sector Reform, 500m Euro Loan For BOI

November 21, 2019 11:49 am
To improve the ongoing reform in the country’s judicial sector, the Federal Executive Council (FEC) has approved what it called as a Justice Sector Policy for Nigeria.The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, made the disclosure yesterday while briefing State House correspondents after the meeting presided over by President Muhammadu Buhari in Abuja.He explained that the policy would ensure speedy administration of justice, quality administration and access to justice.

Malami said FEC also approved a memo seeking to amend the Geneva Convention and re-enact it to grant access to justice by prisoners of war (POW).The

…

NSITF Targets Informal Sector In Expansion Project

November 11, 2019 6:17 am

In a bid to ensure that all workers in the country are well protected and taken care of from injury, the Nigeria Social Insurance Trust Fund (NSITF) has commenced widening its net to cover workers in the informal sector.

This is even as the organization has paid over N3 billion by September 2019 as compensation to different degrees of injury including death.

Speaking at the Fund’s special day at the just concluded Lagos International Trade Fair at the weekend, the NSITF Lagos General Manager, Mrs. Olufunke Alesinloye said the Fund is already holding meetings with members of the informal sector …

Stakeholders Back CBN move To Revive Textile Sector

Stakeholders Back CBN Move To Revive Textile Sector

November 4, 2019 3:54 am

The Central Bank of Nigeria’s (CBN) efforts to resuscitate the country’s moribund cotton, textile and garment (CTG) industry has reached a climax with the recent signing of two memoranda of understanding involving critical stakeholders in the entire value chain.

The first Memorandum of Understanding (MoU) between the National Cotton Association of Nigeria (NACOTAN) and ginning companies, seeks to guarantee steady off-take and processing of cotton lint and cotton seeds while the agreement between the Nigerian Textile Manufacturers Association and the armed forces, police, paramilitary Institutions and the National Youth Service Corps (NYSC) was to facilitate long-term contracts (five years or …

‘Discrimination Is Stalling Growth In The ICT Sector’

October 23, 2019 2:46 am

The Information and Communications Technology (ICT) sector has been identified as a major frontier for the economic development of the country.

According to experts, technology will play major role in Nigeria’s economic developments but has been stunted majorly because of the various challenges in the country, especially those that are making it difficult for companies to thrive.

These challenges are largely becoming discriminatory, especially, against young companies in the country.

But to bridge this challenge, experts have charged the government to implement frameworks that support local companies and ensure global competitiveness. They also called for more adoption of indigenous technology.…

Nigeria Needs More Private Sector Investment - Atiku

Nigeria Needs More Private Sector Investment – Atiku

October 21, 2019 10:56 am

Mr. Olusegun Adeyemi-Showunmi, who is the spokesperson of the presidential candidate of the Peoples Democratic Party (PDP) in the 2019 elections, Alhaji Atiku Abubakar, has stressed the need for the federal government to focus more on attracting private capital.

Speaking in an interview on the sidelines of the just-concluded International Monetary Fund/World Bank Annual Meetings in Washington DC, Adeyemi-Showunmi, who is also the Managing Director of Right Dev, expressed dismay over the federal government’s aggressive tax drive, saying it was focused on impoverishing Nigerians.

He said his participation at the meetings was to see precisely where the world was going …

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