Nigeria has made impressive economic gains over the past decade, mostly driven by oil. According to Nigeria’s Finance Ministry, oil constitutes more than 80 percent of revenue and 95 percent of export income. Other revenue streams are emerging with investment in telecoms, e-commerce, and more recently, agriculture. But Nigeria’s growth may be hampered by the concentration of its investment and trading partnerships in Europe, Asia and America, and its absence in Africa.
Updated 5 Years ago

Crimea's parliament voted to join Russia on Thursday and its Moscow-backed government set a referendum within 10 days on the decision in a dramatic escalation of the crisis over the Ukrainian Black Sea peninsula. The sudden acceleration of moves to bring Crimea, which has an ethnic Russian majority and has effectively been seized by Russian forces, formally under Moscow's rule came as European Union leaders gathered for an emergency summit to seek ways to pressure Russia to back down and accept mediation.
Updated 5 Years ago

An outright military clash between the U.S. and Russia may be off the table for now, but the risk of economic sanctions and even asset seizures poses a threat to major consumer companies from Ford to PepsiCo. Adidas AG CEO Herbert Hainer said Wednesday the German sportswear company "cannot ignore the significant weakness of the Russian ruble since the beginning of the year as well as the current uncertainty in the region, both of which have had a considerable risk to our results." While the company said it had not seen any impact from the political situation so far in 2014, it added it was reviewing plans to open new stores in the country.
Updated 5 Years ago

President Goodluck Jonathan Wednesday swore in 11 new ministers who had been cleared by the senate last month.
Updated 5 Years ago

Some major blue chips on the Nigerian Stock Exchange (NSE) on Wednesday recorded price depreciation as a result of profit taking by investors.
Updated 5 Years ago

Lotus capital won the Africa Deal of the Year category as the lead issuing house for the N11.4bn Osun State Sukuk issue which was listed on the Nigerian Stock Exchange (NSE) in September 2013, at the 2013 Islamic Finance News (IFN) Awards on Monday, February 24, 2014 in the United Arab Emirates.
Updated 5 Years ago

Nigerian dollar millionaires will increase in number by almost 47 percent over the next four years as higher house and stock prices complement a booming economy, according to New World Wealth.
Updated 5 Years ago

Qatar Airways Ltd. said its initial Airbus Group NV (AIR) A380 doubledecker plane will operate from the carrier’s Doha base to London Heathrow, Europe’s busiest hub. Qatar Air’s first superjumbo, one of three due in June, will replace an aging Airbus A340 on the route, Chief Executive Officer Akbar Al Baker said at a press conference in Berlin.
Updated 5 Years ago

The total assets and liabilities of Deposit Money Banks (DMBs) stood at N24.335 trillion at the end of the fourth quarter of 2013, according to the latest Central Bank of Nigeria (CBN) economic report.
Updated 5 Years ago

If a company posting to Asia is on the cards, be forewarned, rental accommodation in the region's major cities is among the world's most expensive. Despite a recent softening in rental prices, Hong Kong remains the priciest location to lease a three-bedroom apartment globally, according to a ranking published by human resources consultancy ECA International on Thursday.
Updated 5 Years ago