Thursday, October 20, 2016
Video - Nigerian banks impose restrictions on debit and credit card payments
Nigeria's economy is battling acute dollar crisis. It has prompted banks to suspend the use of Nigerian debit and credit cards in foreign currency transactions. The government has also suspended access to forex at the central bank. Locals use this service to pay tuition fees for Nigerian students in the diaspora.
Video - Buhari vows to redouble efforts to free remaining Chibok girls
Nigerian President Muhammadu Buhari says Nigeria will double efforts to rescue the rest of the girls still missing two years after they were kidnapped by Boko Haram. Buhari spoke when he visited the 21 Chibok girls rescued this week from the militants.
Uber in Nigeria to offer drivers low-interest used-vehicle loans
According to Ebi Atawodi, General Manager for Uber in Nigeria, the used vehicle finance offering is the first of its kind to be made available to Uber driver-partners in the country and this is in keeping with Uber’s stated commitment to constantly develop forward-thinking partnerships that benefit its driver-partners.
“We are absolutely committed to making it as easy as possible for our driver-partners to start and maintain their own successful and profitable businesses,” Atawodi explains, “and these used vehicle finance options make it possible for those with a demonstrable performance commitment to build sustainable businesses without incurring the high costs often associated with new vehicle purchases.”
The move is set to create significant business growth opportunities for driver-partners by allowing them to access used-car finance from First Bank of Nigeria Limited at a very competitive interest rate of just 20% per annum over a 24 month repayment period. Alternative offers for used-vehicle finance on the Uber Vehicle Solutions Programme will attract 22% per annum, with a maximum repayment term of 36 months.
According to MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Adesola Adeduntan, the Bank is committed to supporting entrepreneurs to build sustainable businesses which are pivotal in stimulating economic development. “It remains our business to foster the growth and development of small and medium scale businesses in Nigeria as the No1 SME Bank. This is the reason why we have partnered with Uber by empowering operators to own vehicles and build profitable businesses,” he further stated.
In order to qualify for this preferential used-vehicle finance from First Bank of Nigeria Limited, Uber driver-partners will need to be able to demonstrate an average driver performance rating of higher than 4.5 and have earned more than N2,400,000 in the preceding 6 months.
Atawodi is quick to emphasise that Uber’s commitment to helping its driver-partners build their businesses extends far beyond just making innovative vehicle finance available to them. Rather, these offerings come on the back of Uber’s existing range of innovative business-building solutions, including Uber Marketplace, which is a one-stop national vehicle access solution designed to connect driver-partners and investors to suitable vehicles at discounted rates. Uber Nigeria also recently launched its well-received UberMomentum Partner Rewards Programme that delivers localised discounts, preferential deals and rewards exclusively to driver-partners and small business owners.
“The growing suite of vehicle finance, business and lifestyle solutions that Uber Nigeria is making available to driver-partners and other business investors reaffirms our commitment to supporting and partnering with them to ensure their success,” Atawodi explains, “not just in terms of helping them to increase their income and profits, but more importantly by affording them every opportunity to truly transform their lives by establishing and expanding viable and sustainable businesses of their own.”
“By linking these solutions to the performance of our driver-partners, we further increase their chances of long-term business success, while at the same time building a network of transport professionals that Nigerians know they can trust to get them to their destinations safely and comfortably,” she concludes.
South Africa surpasses Nigeria as Africa's biggest economy
A new report from the International Monetary Fund (IMF) has projected Nigeria as Africa’s biggest economy, in spite of its current challenges.
Nigeria is placed ahead of South Africa and Egypt which are second and third respectively.
In August, Nigeria was reported to have lost its position as Africa’s biggest economy to South Africa, following the recalculation of the country’s Gross Domestic Product (GDP).
But the IMF’s World Economic Outlook for October, puts Nigeria’s GDP at 415.08 billion dollars, from 493.83 billion dollars in 2015, while South Africa’s GDP was put at 280.36 billion dollars, from 314.73 billion dollars in 2015.
According to the report, Egypt’s 2016 data is not available, but its 2015 size remained at 330.159 dollars while that of Algeria, one of the largest economies on the continent, is put at 168.318 billion dollars.
The United States, China and Japan maintain their spots as the largest economies in the world, ahead of Germany, United Kingdom and France.
According to a review in September, the current economic recession will outlast 2016, with a Gross Domestic Product (GDP) contraction of 1.7 per cent.
The IMF had predicted that Nigeria’s economy would grow away from a recession in 2017.
The country last witnessed a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and lasted until 1984.
President Muhammadu Buhari’s administration has so far disbursed over N700 billion in capital expenditure this year, part of a record N6.06 trillion (30 billion dollars) budget for 2016.
Nigeria is placed ahead of South Africa and Egypt which are second and third respectively.
In August, Nigeria was reported to have lost its position as Africa’s biggest economy to South Africa, following the recalculation of the country’s Gross Domestic Product (GDP).
But the IMF’s World Economic Outlook for October, puts Nigeria’s GDP at 415.08 billion dollars, from 493.83 billion dollars in 2015, while South Africa’s GDP was put at 280.36 billion dollars, from 314.73 billion dollars in 2015.
According to the report, Egypt’s 2016 data is not available, but its 2015 size remained at 330.159 dollars while that of Algeria, one of the largest economies on the continent, is put at 168.318 billion dollars.
The United States, China and Japan maintain their spots as the largest economies in the world, ahead of Germany, United Kingdom and France.
According to a review in September, the current economic recession will outlast 2016, with a Gross Domestic Product (GDP) contraction of 1.7 per cent.
The IMF had predicted that Nigeria’s economy would grow away from a recession in 2017.
The country last witnessed a recession, for less than a year, in 1991, and experienced a prolonged one that started in 1982 and lasted until 1984.
President Muhammadu Buhari’s administration has so far disbursed over N700 billion in capital expenditure this year, part of a record N6.06 trillion (30 billion dollars) budget for 2016.
Wednesday, October 19, 2016
Video - Nigerian government expects oil production to rise by 22% by end of the year
Nigeria expects its oil production rate to jump by 22% by the end of the year to 2.2 M barrels per day. Apart from the impact of low oil prices, whose sales account for 70% of the Nigerian government's revenue, the country's energy facilities have been crippled by attacks from militants calling for a greater share of the oil wealth. Qua Iboe, Nigeria's largest export stream, and Forcados remain under force majeure. Nigeria's petroleum minister Ibe Kachikwu anticipates that oil prices will rise from current levels by December. He is meeting his Indian counterpart Dharmendra Pradhan to discuss expanding energy ties between the two countries.
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