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UNIDO reveals why 80% of Nigerian SMEs, new businesses do not survive after one year


More reasons have been adduced as to why about 80 per cent of new enterprises in Nigeria hardly survive after one year of beginning. The Coordinator, ARCEIT Programme, United Nations Industrial Development Organisation’s Investment and Technology Promotion Office in Nigeria (UNIDO ITPO), Bahrain, Mr. Afif Barhoumi, during the opening ceremony of a four-day training programme organised by UNIDO ITPO Nigeria ...

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Why we asked for Office of the Valuer-General of the federation—Ukpong, NIESV boss

NIESV logo

The Chairman of Lagos State Chapter of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Offiong Ukpong has given fresh insights on why the professional body came up with the need for the creation of the Office of the Valuer General of the Federation. According to him, considering the fact that the global public sector financial accounting standard ...

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Manufacturers, others reject CBN’s retention of interest rate at 14%, calls for review

Jacobs MAN Boss

Barely less than 24 hours after Central Bank of Nigeria (CBN) kept its Monetary Policy Rate (MPR), its base interest rate, at 14 per cent, reactions have started to trail the decision. Firing the first shot was the Textile companies in Nigeria who have decried the increase in cost of raw materials, saying it, has affected the level of production. ...

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New 5% charge on tax defaulters to become effective July 1—FG


Federal government has become more serious in fighting tax evasion following the recent introduction measures to sanction tax defaulters who delay transmission of annual returns. Otherwise, it would from July 1, 2017, impose additional 5 per cent charge on firms that fail to honour their tax obligations as and when due. Whereas experts see the move as draconian and counterproductive, ...

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More confusion trail power distribution as Discos demand tariff hike, Gencos cry for debts

fashola switches op transmiter

The growing confusion in the nation’s power sector may be getting out hand when latest developments in the industry are pout on the table. Before now, the Distribution Companies (Discos) had been calling for tariff hike which was not allowed. The Generation Companies are also being crippled by a debt of over N504bn and the worst case scenario can be ...

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Making Naira convertible international trading currency’ll lift rating, value—Mailafia

Obadiah-Mailafia, former Deputy Gov at CBN

Leading finance analyst and former Deputy Governor of Central Bank of Nigeria (CBN), Dr Obadiah Mailafia, has presented another tactical solution to the myriads of efforts to save Nigerian Naira. In an interview on Monday in Abuja, he advised the Federal Government to take measures that will make Naira convertible international trading currency. He recalled that about 40 years ago, ...

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Recession bites harder as Nigeria’s first quarter GDP growth ebbs by -0.52%


The National Bureau of Statistics (NBS), Tuesday released the Gross Domestic Product (GDP) growth rate report for the first quarter, showing that the economy shrunk by -0.52 per cent in the first quarter of this year. Analysts say the implication of the negative growth rate of -0.52 per cent, simply means that the economy is still in recession. The rate ...

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More Nigerians decry serial takeover of industrial warehouses by churches in Lagos, others

CAN Exco

Since few years back when ease of manufacturing in Nigeria started getting out of hands, it resulted in gradual closure of industries in some parts of Lagos. Lagos residents or people who had lived in some parts of Ikeja, Apapa industrial layout or even the Ilupeju and Oshodi axis will understand that chimney smokes and industrial production noise then, were ...

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Dangote Flour Mills’ back to profitability, unveils pasta to substitute rice in Nigeria

Dangote Flour

Dangote Flour Mills has returned to comfortable profitability after posting a profit before tax of N11.82bn for its financial year ended December 31, 2016, thus encouraging shareholders to thank the management team for the feat. Chairman of Dangote Flour Mills, Asue Ighodalo, who addressed shareholders at the 11th Annual General Meeting in Lagos said “Despite the tough business environment, I ...

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Berger Paints gets ECOWAS Trade Liberalisation Scheme (EETLS) certification

Berger Paints

Leading indigenous paint makers, Berger Paints Plc has secured the coveted ECOWAS Trade Liberalisation Scheme (EETLS) certificate. The certification, will among other things, enable the company’s products be distributed freely across sub Saharan Africa, starting with Ghana. Already, excited shareholders of the company approved N144.9 million dividends, culminating to 50 kobo per share for the 2016 financial year. In his ...

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