Video - Nigeria approves operations for over 170 digital lending platforms

The move comes as more Nigerians grow more comfortable and knowledgeable in accessing the digital economy. Mobile lending apps have become an easy source of credit in Nigeria, with the country ranked among the fastest-growing markets in Africa.

CGTN

Video - Indomie Noodles Banned In Nigeria

Nigeria's National Agency for Food and Drug Administration and Control (NAFDAC) has provided additional clarifications on the issues raised by the allegations that the chicken flavor of Indomie noodles contained carcinogens discovered by Malaysian and Taiwanese health officials. Director General, Mojisola Adeyeye, a professor, confirmed that indomie noodles remain banned in Nigeria. 

TVC 

Related story: Malaysia, Taiwan recall Indomie noodles over cancer-causing substance starts investigation in Nigeria

 

Manufacturing activity rebounds in Nigeria as cash crisis eases

Nigeria’s manufacturing activity pulled off a sharp growth last month, shaking off successive contractions in the two months preceding April.

The growth was recorded as the squeeze resulting from the central bank’s push to wean Africa’s largest economy off dependence on physical cash softened.

The country’s Purchasing Manager Index (PMI) came in at 53.8 for the month on increased production level and improvement in new business, according to newly issued factory activity data.

A reading higher than 50 points to growth, while any below that threshold implies a shrinking in PMI, which assesses the overall direction that business condition in the manufacturing industry is headed.

Hiring was restrained and employment consequently slowed as companies still grappled with uncertainty in some way, following the crisis.

“The easing of the cash shortage challenge in April saw improvement in both output and consumer demand,” Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank, said.

Stanbic IBTC Bank works alongside S&P Global and Nigeria’s statistics office every month to provide the data.

“While the easier access to cash caused business activities to expand across key sectors (Agriculture, manufacturing, services and wholesales and retails sectors), firms however maintained caution in increasing staff head count,” Mr Oni further stated.

His optimism for activity in the near term is measured, considering that sentiment remains relatively weak and given the signals that access to cash will be steady, not dramatic.

The document highlighted a steep jump in input costs for manufacturers in April, not altogether unanticipated as Nigeria’s inflation climbed to 22 per cent in the preceding month, closing in on its 18-year peak.

Even though firms passed on the increased cost to customers, that was done sensitively in order to attract them, leading to the slightest rate of selling price increase in three years.

“Business sentiment remained subdued in April, despite a slight pick-up from March. In fact, optimism was among the lowest seen since the survey began in January 2014,” the report said.

By Ronald Adamolekun, Premium Times

Related story: Cash shortage in Nigeria due to redesigned currency push

Video - Nigeria targets US$500 million from cashews exports in 2023

Nigeria is looking to increase earnings from the export of cashews to 500 million U.S. dollars this year. The sector is said to have a potential of generating up to 1 billion U.S. dollars by 2030. However, experts say the government needs to ensure it explores all the potential of the cashew market if it is to achieve its goal.

CGTN

Ese Brume wins women's Long Jump at Botswana Golden Grand Prix

 

 

 

Nigerian long jump sensation, Ese Brume, got off to a very bright start in her first outdoor competition on Saturday at the prestigious Botswana Golden Grand Prix.

Brume won the women’s Long Jump event at the star-studded Meet and she did that in style with a world-leading distance of 6.77m.

The reigning African and Commonwealth champion saved her best jump for the last with her final round jump, defeating Burkina Faso’s Marthe Koala, who had led until that moment with 6.69m in the third round.

Brume had jumped into an early lead with her opening round distance of 6.65m but after failing to build on that momentum with subsequent failed attempts, she was overtaken after
Koala registered a leap of 6.69m.

However, Brume in her characteristic way of delivering when it mattered most leapt to a distance of 6.77m in her final jump to the delight of the crowd at the National Stadium, Gaborone.

Saturday’s winning mark took Brume to the top of the world list ahead of India’s Shaili Singh’s 6.76m.

Before her outing in Botswana, Brume has been testing the waters and improving her speed.

She made an appearance at the Texas Relays where she was part of a 4x100m relay team and also raced in the 400m event at the Cameron Burrell Alumni Invitational also in Texas.

Having hit the group running with a winning jump in Botswana, the long jump multiple medallist will be hoping to stay in good shape as she targets another rewarding season that would end at the World Championships in Budapest.

Brume has been improving with every of edition of the World Championship; winning the bronze medal in Doha and stepping up to silver at the subsequent edition in Oregon.

Many will be waiting to see if Brume can go another notch higher in Budapest by winning the gold this time.

By Tunde Eludini, Premium Times