- Join other multinationals in rice production
Local suppliers cannot meet Nigeria’s large demand for rice, creating viable opportunities for investment.
December, 2009 African Business News
“You are the one that is responsible for your own image. America is not going to start saying good things about Nigeria! Nigeria has to say good things about Nigeria!” – Tuface Idibia
In the last few years, Nollywood has grown into one of the most financially viable and popular movie industries across the globe. From Africa, all the way to the Caribbean Islands, the movie industry has grown in leaps and bounds, and now the music industry is starting to show real signs of attaining such international recognition.
Source(s): NotJustOK.com
There are strong indications that the on-going wind of massive job cuts in banks will blow unabated before the end of the year.
Investigations by the Nigerian Tribune indicated that apart from the two banks that sacked over 4,000 workers over the weekend, four banks have also concluded plans to distribute sack letters today.
Nigerian Tribune learnt that two of the four banks fall in the category of those declared safe and sound by the recent special audit instituted by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC). Read the rest of this entry »
The Nigerian Stock Exchange (NSE) has been underperforming despite the recent intervention by the Central Bank of Nigeria (CBN).
There are also plans by the CBN to set up an asset management company (AMC) to help with toxic loans with the banks. See recent interview with CBN Governor Lamido Sanusi regarding AMC.
Stanbic IBTC’s two new fixed income funds are the Stanbic IBTC Money Market Fund and the Stanbic IBTC Bond Fund.
Read more on Banking in Nigeria
Source(s): CNBC Africa
Standard Bank Group Ltd., Africa’s largest lender, says it’s looking at Nigeria for possible acquisition opportunities as a banking crisis in the West African country slashes valuations.
“The current situation in Nigeria does present opportunities, and we are watching developments with interest,” said Erik Larsen, spokesman for Johannesburg-based Standard Bank, in an e-mailed response to questions today. “Nigeria is a key strategic market for Standard Bank.”
Standard Bank already operates in Nigeria through its controlling stake in Stanbic IBTC.
Nigeria’s banking crisis began in August when the Central Bank of Nigeria (CBN) sacked eight chief executive officers and injected N620 billion ($4.1 billion) into those and two other distressed lenders to boost their capital and liquidity. Read the rest of this entry »
South Korea’s STX Group said it signed a $10 billion deal Wednesday to build 200,000 homes in Ghana over the next six years.
The construction group said in a statement it signed the agreement with the Ghanaian government in Seoul on the housing project, which would extend to 10 cities including the capital Accra from 2010 to 2015.
It said the two sides also signed a deal to launch a joint venture for the project at a ceremony attended by STX Group Chairman Kang Duk-Soo and Albert Abongo, Ghana’s Housing Minister.
The South Korean group said Ghana suffers from a chronic housing shortage but is stepping up efforts to build more homes under President John Atta Mills.
It said the government would provide free land for the houses and purchase 90,000 of them in advance, with the remaining 110,000 to be sold to the public. Ghana’s HFC Bank would finance the project, it added.
“The group will continue to enhance cooperation with Ghana, which is abundant in natural resources, in the future,” Kang said, calling the deal “a significant achievement” in Africa.
Nigeria’s state-run oil firm Nigerian National Petroleum Corporation (NNPC) on Friday reassured Oando, ONGC Mittal Energy (OMEL), and other oil firms that it fully supported building the OPEC member’s first crude refinery in more than 20 years.
Mohammed Barkindo, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), said NNPC will partner investors to develop the Lekki Greenfield Refinery near the commercial capital Lagos with the aim of starting production in 2017.
Nigeria’s four state-owned refineries have failed to keep pace with surging domestic demand for electricity and gasoline, forcing Africa’s biggest energy producer to import 85% of its fuel needs. Read the rest of this entry »
- Investors invited to process cassava into glucose syrup
Investors have the opportunity to invest in the processing of cassava into glucose syrup in Kwara State, situated in central Nigeria.
- Motel development holds exciting potential
Local and foreign investors have the opportunity to invest in the upgrading of the Patigi Motel, situated in central Nigeria.
- Tricks of the trade – invest in skills training
The Kwara State Government is looking for investors to invest in the state’s education sector by establishing skills training facilities.
- Invest in the cultivation and processing of maize
Investors have the opportunity to capitalise on the current high demand for staple foods by investing in the cultivation and processing of maize in Kwara State, situated in central Nigeria.
- Traditional and renewable power companies invited to invest
Investors with strong credentials in the energy sector have the opportunity to invest in power generation and distribution in central Nigeria.
