Monday, November 29

Tag: Nigerian Market

Shoprite Sells Nigerian Business To Property Company
Business

Shoprite Sells Nigerian Business To Property Company

A Nigerian property company will be taking over Shoprite’s local business in Nigeria, Reuters reported on Wednesday, citing multiple sources. Persianas is buying Shoprite’s Nigerian business after the South African retailer decided to retreat from other African markets. Shoprite, with more than 2,300 stores across Africa, is awaiting regulatory approval on the sale of its Nigerian supermarket operation, though no further details about the deal have been disclosed. The company in August 2020 announced that it will be exiting the Nigerian market after over 15 years. Shoprite said that its business in Nigeria operated under Retail Supermarkets Nigeria Limited “may be classified as a discontinued operation.” The company said it has been approached by potential investors willing to...
American Fast-Food Franchise, Burger King Set To Open Outlets In Nigeria
Business

American Fast-Food Franchise, Burger King Set To Open Outlets In Nigeria

International burger franchise, Burger King has announced interest and plans to open outlets in Nigeria. This was revealed by Antoine Zammarieh, the Franchisee of Burger King in Nigeria. He stated that the hamburger maker in a show of interest in the Nigerian market had signed a development agreement for the Nigerian market. Antoine Zammarieh said, “It is with great pleasure that we announce our signing of a development agreement with Burger King for the Nigerian market. I believe this would be a tremendous step towards giving more confidence to the Nigerian market and consumers in general, especially during these hard times. I always believed in Nigeria and in its people. I am confident this venture will go a long way and prove successful for Burger King, Nigeria and our comp...
CBN Facilitates Release Of 50,000 MT Of Maize
News

CBN Facilitates Release Of 50,000 MT Of Maize

The Central Bank of Nigeria (CBN) has made good its word, as it has released 50,000 metric tonnes of Maize into the Nigerian market. The Bank's February 2021 release of Maize in fulfilment of its pledge to reduce the price of the commodity, was done through the Anchor Borrowers' Programme (ABP) to major poultry feed producers and poultry producers in the country. The CBN facilitated the release of the 50,000 metric tonnes of Maize in the second week of February, which has made an impact as the Maize Market has recorded a reduction in price from N200,000.00 per metric tonnes to about N180,000.00 per metric tonnes. It is still anticipated that the current will further reduce. Major beneficiaries of the February release include Premier Flour Mills, Crown - Olam, Grand Cereals, Anima...
Crypto Restriction Opens Nigeria To Fresh Foreign Scramble
Business

Crypto Restriction Opens Nigeria To Fresh Foreign Scramble

Foreign techies and innovators have renewed the historic scramble for the Nigerian market, following official restriction of local transactions in cryptocurrencies. The Guardian learnt that the number and intensity of online meetings with young traders on how they can circumvent the Central Bank of Nigeria’s (CBN)’s restriction on banks and other financial institutions from transacting have increased in several folds since last week. In one of the meetings in which The Guardian participated by proxy last week, Nigerian youths were invited to subscribe to a credit card launched a few months ago. The selling point of the card described as a lifestyle card is that it enables users to convert cryptocurrencies to five different benchmark currencies – dollar, pound, euro, yen and yuan....
COVID-19: CFL To Release 20-Minute Result Oriented Test Kit Into Nigerian Market
Health

COVID-19: CFL To Release 20-Minute Result Oriented Test Kit Into Nigerian Market

As part of its Corporate Social Responsibility, one of Nigeria’s leading facilities management and marketing companies, Confederated Facilitators Limited, CFL is set to launch fast result oriented medical test kit into the Nigerian market. The facility company, which is doing this in partnership with its British partner, would on Wednesday launch the lofty project. These are Rapid Antigen test kits produced in South Korea and have been highly effective in the testing of suspected cases of Coronavirus in United Kingdom, USA and other parts of Europe as well as flashpoint in Asia like China The product turns out result in 20 minutes after application on suspected Covid-19 cases. It tests for the existence of current and live infections in individuals. The Managing Director of CF...
Ghanaian President Begs Buhari To Open Border
News

Ghanaian President Begs Buhari To Open Border

GHANAIAN President Nana Akufo-Addo has pleaded with President Muhammadu Buhari to expedite the process of reopening the closed borders because of its effect on the economy of Ghana. President Akufo-Addo made the plea to Buhari during a bilateral discussion they had on the sidelines of the ongoing UK-Africa Investment Summit 2020 in London. President Akufo-Addo, while showing understanding of the need for Nigeria to protect her citizens, pleaded for “an expedited process, because the Nigerian market is significant for certain categories of business people in Ghana.” But the Nigerian President, Buhari said that the partial closure of the borders was to stop proliferation of arms, ammunition and hard drugs. In a statement by the Special Adviser to the President on Media and Pu...
Pres. Buhari Returns From South Africa
Politics

Pres. Buhari Returns From South Africa

President Muhammadu Buhari returned to Abuja on Friday after a three-day official visit to South Africa. News Agency of Nigeria (NAN) reports that while in South Africa, the Nigerian leader held bilateral meeting with his South African counterpart, Cyril Ramaphosa. The two African leaders also co-chaired the inaugural meeting of the 9th Bi-National Commission at the seat of government, Union Building, Pretoria, on Thursday. At the meeting, President Buhari urged the South African government to open up its economy to allow the influx of more Nigerian businesses. The Nigerian President also urged the South African government to create a business environment that would guarantee their safety. While stressing the need for reciprocity in promoting trade and investment between...
How Atiku Abubakar will crash price of fuel – PDP
Politics

How Atiku Abubakar will crash price of fuel – PDP

The Peoples Democratic Party, PDP, on Thursday assured Nigerians that its Presidential candidate, Atiku Abubakar, will crash price of fuel and other petroleum products if elected President in 2019. PDP disclosed that Abubakar has “worked out a pricing template that will immediately crash the pump price of fuel in the country,” since the President Muhammadu Buhari-led All Progressives Congress, APC, administration, “in its insensitivity, has failed to do the needful in the last three years.” How Atiku Abubakar will crash price of fuel – PDP In a statement by its spokesperson, Kola Ologbondiyan, PDP rejected the Buhari-led Federal Government’s “increase of the official prices of diesel and kerosene,” stressing that such will bring more “economic pressure on the already impov...
Virgin Atlantic Hints On Ambitious Plans For Nigerian Market
News

Virgin Atlantic Hints On Ambitious Plans For Nigerian Market

Virgin Atlantic Airways has reiterated its commitments to support social and economic growth in the country, coupled with ambitious plan for the air travel market. The airline thanked Nigerians for their supports of its daily service to London over the last 16 years, saying it is left optimistic and ambitious for 2018, doing business with Nigeria. Head of Virgin Atlantic in Nigeria, Samuel Lindfield, said the airline was about to embark on a further significant programme of investment to the fleet, with the introduction of the A350-1000 from early 2019. Linderfield said: "This aircraft will offer a superlative level of customer experience, a 25 per cent reduction in fuel consumption versus equivalent aircraft, and ambient mood lighting to reduce the effects of jetlag. When combined with...
FG Stops 571,000 Tonnes Of Rice From Entering Nigeria
Uncategorized

FG Stops 571,000 Tonnes Of Rice From Entering Nigeria

The Federal Government on Monday announced that 571,000 tonnes of foreign rice warehoused in neighbouring countries were being targeted for the Nigerian market for the Christmas and New Year season, but vowed to stop their entry. It also stated that Nigeria recently took delivery of 110 rice mills in its bid to enhance local production so as to commence the exportation of white rice from next year. The Minister of Agriculture and Rural Development, Chief Audu Ogbeh, who disclosed this in Abuja, stated that some of Nigeria’s neighbours, particularly the Republic of Benin, were not moving goods within the region as required by relevant treaties. He, however, stated that the Federal Government would henceforth check all illegal movements of food and non-food items into Nigeria from t...

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