American foremost beer brand, Bacardi Breezer has joined other international brands that are leveraging Nigeria’s large market as a hub to expand their footprint into Africa. Convinced of the strong Nigerian growing beer market, owner of the Bacardi Breezer is determined to compete strongly in the local beer market as it is already investing over $100 million (N150bn) in its manufacturing factory in Ijebu Ode, Ogun State, BusinessDay has learnt.
Updated 5 Years ago

The African Export-Import Bank (Afreximbank) in Cairo, Egypt, announced the successful closing of a $150 million financing facility for Econet Wireless Global Limited, Mauritius, to enable the company fund its expansion programme. The syndicated facility was arranged by Afreximbank, acting as global coordinator and mandated lead arranger, while Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG), acting co-arranger, mobilised funding from a pool of European development finance institutions comprising DEG, Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. and Societe De Promotion Et De Participation Pour La Cooperation Economique (PROPARCO).
Updated 5 Years ago

A new report from Ernst & Young (EY) reveals that by 2030, half of the world’s top 50 cities will be in rapid growth markets just as the report also suggests that over two-thirds of people in Nigeria, Ghana and Indonesia will live in cities by 2030. While the world needs to get used to a slower pace of growth across rapid-growth markets (RGMs) relative to the past decade, a gradual recovery will see growth above 4.5 percent next year. This is according to EY’s latest Rapid-Growth Markets Forecast (RGMF) released recently, a quarterly forecast for 25 markets that are becoming more important globally in terms of their overall weight in the world economy, their global influence and the business opportunities they offer to large corporations.
Updated 5 Years ago

Improved margins have driven Ashaka Cement half-year profit as the unit of Lafarge SA is aggressively expanding operations with the aim of burgeoning growth. For the first six months through June 2014, pre-tax profit surged by 166.16 percent to N4.39 billion, from N1.65 billion the same period of the corresponding year (HY) 2013.
Updated 5 Years ago

In what has become an annual ritual, the Lagos State Government penultimate week brought together accomplished entrepreneurs from around the world to inspire budding entrepreneurs in the state during the 2014 Enterprise Day. Gboyega Akinsanmi writes No fewer than one thousand students of Lagos State Government Technical Colleges gathered at the NECA House, Alausa recently. Apparently, almost all of them came in search of antidotes to Nigeria’s socio-economic problems, which often cripple businesses and undermine dreams of potential entrepreneurs.
Updated 5 Years ago

With the introduction of Fox Sedan and Amazon car brands by the Innoson Vehicles Manufacturing Company into the Nigerian and West African markets recently, Nigeria has made history as the first country in the sub-Saharan Africa to manufacture the continent's first indigenous cars. Solomon Elusoji writes What started only as a dream is now, gradually, becoming a reality. What many described as ‘pure fantasy’ has now worn the cloak of truth: that Nigerians would start manufacturing cars locally, talk less of exporting these cars to other countries, was seen by many as ‘foolish talk’, due to the economic and political problems assailing the nation. However, problems notwithstanding, history has been made.
Updated 5 Years ago

Delays and outright cancellation of scheduled flights have nearly paralysed activities in the Nigerian aviation industry in the last two weeks. As a result, passengers scheduled to travel to domestic and foreign destinations have been expressing dismay at the increasing cases of interruptions to their flight schedules and the consequent toll on their business activities.
Updated 5 Years ago

Ecobank Transnational Inc’s unit in Nigeria sold $200m of dated subordinated notes due in 2021 to join lenders in Nigeria raising funds through debt sales, Bloomberg News reported on Thursday. The issuance has a yield of nine per cent and a coupon of 8.75 per cent, according to information from a person with knowledge of the offering, who asked not to be identified because they weren’t authorised to speak publicly. Deutsche Bank AG and Standard Chartered Plc were the lead managers.
Updated 5 Years ago

As has become the norm with rival parties during Nigerian elections, accusations and counter accusations continued to fly over the Osun political space with just a day to the governorship election in the state. Yesterday, the All Progressives Congress (APC) said it had uncovered the Peoples Democratic Party's (PDP) manual to rig Saturday's governorship election in the state, complete with projected fake results in all the 30 local government areas of the state.
Updated 5 Years ago

The Osun State chapter of the All Progressives Congress (APC) yesterday raised the alarm over what it described as the surreptitious transportation of millions of ballot papers into the state with a bullion van by the Peoples Democratic Party (PDP) from Abuja on Wednesday. Also, a Physically Challenged Democratic Vanguard, (PCDV) in the state has equally tasked people with disabilities in the state to ensure they perform their civic rights on Saturday by voting for candidates of their choice.
Updated 5 Years ago