Business Archives - Page 22 of 50

Nigeria’s Revenue falls by N1.89tn

The gross oil and gas federation revenue for the first four months of 2022 failed to meet the expected target, falling from N3.12 trillion to N1.23...

Manufacturing companies have said they cannot access loans at the Central Bank of Nigeria’s five per cent lending rate under its intervention scheme for manufacturing and other critical sectors. According to them, the loans have structural framework problems and are almost never accessed in banks at five per cent. They added that banks were more open to giving manufacturers loans at their official market rates. Speaking with The PUNCH, the Chairman of Manufacturers Association of Nigeria’s Electrical/Electronic sectoral group, Mrs Ijeoma Oduonye, said efforts made by her firm towards accessing the intervention funds through one of its designated commercial banks had proved abortive. She said, “Before now, we tried to work through one of the banks, but it didn’t materialise, now we are talking with another bank. It is a sector intervention fund that was going for nine per cent before but now they brought it to five per cent. But we as a company have not accessed it because the commercial banks we wanted to process it in could not process it. “I do not understand the details from their end. I don’t know the regulation between the bank and the CBN. But the bank told my firm they won’t be able to process it. Ordinarily, commercial banks would prefer you use their funds, it is at a higher interest rate.” Also, according to the Sectoral Chairman of the Manufacturers Association of Nigeria’s Gas users and the Executive Director of Haffar Industries, Michael Ola-Adebayo, the structural framework of the CBN intervention leading has complexities that limit manufacturers from accessing them through the designated commercial banks. He said, “We have not been getting the loans. Has any manufacturer been borrowing this money? The commercial banks have not provided the facility to borrow money at five per cent, or even 10 per cent. According to a The PUNCH report, the CBN agreed to leave interest rates at five per cent per annum for critical sectors and manufacturing industries until March 2023. This decision followed the resolution of the Monetary Policy Committee to increase the benchmark interest rate to 13 per cent from 11.5 per cent. When contacted, the Director of Corporate Communicatios, CBN, Mr Osita Nwanisobi, disagreed with the position of the manufacturers. Read Also CBN’s rate hike portends harder times for SMEs We’ll no longer route sensitive election materials through CBN – INEC Bank customers to produce indemnity for online transfers above N1m – CBN According to him, more than N1tn has been disbursed under the intervention scheme for the manufacturing sector and others. He said, “I don’t know who the manufacturers are, because if we have a fund, and the payout as of today is over N1tn, is it not manufacturers that collected this money? “If over N1tn has been disbursed, are they ghosts? It couldn’t have been a ghost. Under the Differentiated Cash Reserve Requirement, over N1tn has been given out. The one for manufacturers, we call it the DCCR, and it is also at five per cent.” Nwanisobi added that the manufacturing firms that might have been unable to obtain funds through the scheme were not able to pitch convincing proposals on the projects that the funds would be used for. He stated, “The banks would have to do due diligence on those projects. Somebody else has to carry that credit risk.”

Business3 years ago

CBN panel panics over Nigeria debt repayment capacity

The Monetary Policy Committee of the Central Bank of Nigeria has raised concerns over the nation’s debt sustainability in light of current global uncertainties. The Federal...

Business3 years ago

Amazon sues more than 10,000 Facebook Group Administrators

Amazon said it filed a lawsuit on Tuesday against more than 10,000 Facebook group administrators for allegedly orchestrating fake reviews on Amazon in exchange for money...

Non-Payment: Gencos Lose N1.66trillion over Unused Power

Business3 years ago

National grid collapses again, makes 18th times

The National Grid on Wednesday suffered another system collapse, resulting in blackout in many parts of the country. This current collapse, makes the 18th time a...

Business3 years ago

Twitter Sues Elon Musk, Trial set for October

Twitter Inc (TWTR.N) sued Elon Musk for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the...

Commodity Prices Heighten Inflation to 15.63 Percent in December

Business3 years ago

Nigerians groan as food inflation hits 20.60%

Nigerian traders and buyers have expressed dismay over soaring prices of food items as food inflation hit an upward height, moving from 19.50 percent recorded in...

Business3 years ago

NERC says consumers pay N193.53bn to Discos amid blackouts

The Nigerian Electricity Regulatory Commission (NERC) on Monday announced that power distribution companies collected a total revenue of N193.53bn from consumers across the country in the...

NIMASA DG to be arrested over $9.305bn loss

Business3 years ago

NIMASA DG to be arrested over $9.305bn loss

The Nigerian Senate through its Panel on Public Accounts has ordered the arrest of the Director-General of the Nigerian Maritime and Safety Agency, Dr Bashir Jamoh,...

Business3 years ago

mediaReach OMD Shines At 2022 Pitcher Awards, Cannes; Remains Number One Media Agency In Nigeria

In true mediaReach OMD fashion, it has retained the number one media agency position in Nigeria with more major awards on its shelf. The agency snagged...

Business3 years ago

Choice Dental Opens in Ikeja, Harps On Preventive Dentistry

Choice Dental, a digital dental clinic with state-of-the-art equipment has opened at GRA Ikeja, Lagos with services focusing on preventive dental care. “Our preventive dentistry includes...

Earth News

Nigeria’s Revenue falls by N1.89tn

CBN panel panics over Nigeria debt repayment capacity

Amazon sues more than 10,000 Facebook Group Administrators

National grid collapses again, makes 18th times

Twitter Sues Elon Musk, Trial set for October

Nigerians groan as food inflation hits 20.60%

NERC says consumers pay N193.53bn to Discos amid blackouts

NIMASA DG to be arrested over $9.305bn loss

mediaReach OMD Shines At 2022 Pitcher Awards, Cannes; Remains Number One Media Agency In Nigeria

Choice Dental Opens in Ikeja, Harps On Preventive Dentistry

Soludo’s Disruptive Change through Anambra’s Strategy Evaluation and Execution Office for optimal service delivery

Governor Soludo Grieves the Death of Elder Statesman, Chief Edwin Clark

A New Community Healthcare Centre for Nawfia, As Soludo Completes Afor Nawfia Bypass Road

Governor Soludo Welcomes President Tinubu to Southeast, Hails His Liberal Leadership

Enraged Soludo Talks Tough, Offers N10 Million Bounty for Information on Ihiala Gunmen Attack

Soludo Clarifies Position on Native Doctors Involved in Criminal Activities

Facebook