Flour Mills of Nigeria closed its first quarter operations with a drop in profit, which has extended the company’s three-year falling profit trend into the fourth year. The flour milling company’s profit has been dropping rapidly since its 2010/11 financial year. Growing revenue and declining profit has been the company’s earnings trends since 2011. This year, a drop in revenue has worsened the situation, giving an unimpressive earnings outlook for 2014/15.
Twenty-three companies have signed commitments with technical partners to assemble cars, minibuses, pickups, buses and trucks in the country, under the a new Automotive Industry Development Plan, NAIDP.
Nigerian Automotive Council, NAC, Director-General Aminu Jalal gave the cheering news while speaking at the South African Automotive Week conference, in Midrand, recently.
Former Deputy President General of the Trade Union Congress, TUC, Dr. Brown Ogbeifun, has said the Petroleum Industry Bill, PIB, remains the best option to move Nigeria’s petrol industry forward. Ogbeifun, who was also an ex-president of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, argued that PIB would definitely add value to the country,s national hydrocarbons if passed and the sole beneficiaries would be Nigerians and Nigeria.
Nigeria’s drive to overcome a mismatch between demand for electricity and generating capacity is prompting the nation’s lenders to sell dollar bonds to finance power projects.
Despite skepticism expressed in some quarters over the benefits the World Economic Forum, WEF would bring for Nigeria and Africa in general, the African Development Bank, AfDB has said the forum has potential of closing the inequality existing between countries in the continent. The presence of many economic stakeholders in the continent and beyond present at the forum could be seen as a perfect avenue for such cooperation to be sealed.
The theme of the AGM “The Role of the Legislature in a Growing Economy- Reference to the Manufacturing Sector” was timely. The Chairman of the Branch, Chief Godfrey C. Ekenma set the tone for the meeting. In his address, he urged government at all levels to provide cheap and long term funds for its bonafide members. Ekenma also called on governments to grow manufacturing in order to create jobs and wisely improve their Internally Generated Revenue (IGR).
When Nigerian women were still groping in the kitchen because of ignorance and lack of empowerment, Chief Bola Kuforiji – Olubi was one of the first women to pride themselves in the banking profession which was an exclusive for domain for men in the country.
From north to south and east to west, maize is planted in Nigeria. It is one of the staple foods; it is either boiled and eaten or processed into flour for several food uses. Aside being a food crop, maize is also a raw material for industrial production. This dual nature of the crop puts it in high demand.
Two types of maize are planted in the country, the yellow and white varieties and due to its rate of adaptability; it is not a seasonal product.
In order to curtail incidences of tax evasion, the federal government says it has contracted an international tax firm to assist the Federal Inland Revenue Service, FIRS, in strengthening tax collection in the non-oil sector.
Under the arrangement, additional N75 billion is expected t be raked into the FG’s revenue within the 2014 fiscal year. The increase will be through tightening the lapses in tax collection. Also, the drive will increase the FIRS revenue target which is put at N2.2 trillion in 2014 by another N75 billion, making it a total of N2.95 trillion.
Locally produced goods hardly catch the fancy of most Nigerians due to what the market observers blame on the passion for foreign goods.
Interestingly in recent times, rising campaign for Nigerian made items is reversing the situation. In this vein, series of exhibitions are being organized by the stakeholders in the country.
For instance, the made -in-Aba fair which will begins this week, it is expected to show case leather works, steel fabrication and garment home made goods.