China grew 7.3 percent in 3Q of 2014, the lowest since 2009. The government said it was quite comfortable with a slowdown from a 7.5 percent growth in the previous period, as all of its partners in the emerging markets and in the EU are losing steam. The Chinese Government called the third quarter result a ‘new normal’, as they expect the full year result to be at 7.5 percent. The fresh data released Tuesday by the Chinese National Bureau of Statistics comes at a time when other emerging economies are slowing and the EU member states risk falling into a triple – dip recession.
Updated 5 Years ago

The concept of maintenance involves understanding and optimising the performance of a built environment. In particular, the maintenance of mechanical and electrical services in any building is a significant overhead, making it essential to maintain installed equipment cost effectively without compromising the building’s ability to function. The facilities manager therefore, requires a maintenance programme to ensure all equipment is operating correctly and efficiently. Maintenance activities fall into two basic categories – planned (routine maintenance) and unplanned (breakdowns).
Updated 5 Years ago

For the first time in five years, returns on investment in residential properties on the mainland areas of Lagos, Nigeria’s commercial capital, has tumbled to 2 percent over declining capital values and tottering demand, a new report on Asset Class Performance in the Nigerian Investment Portfolio by Residential Auctions Company (RAC) has revealed. The report which defines expected total returns from an investment as a combination of the capital growth (appreciation in value) of the security over a time period, says that the income return depends on the asset class which could be dividends for equities, coupons for bonds and rental income for property.
Updated 5 Years ago

One of the major highlights of the recent rebasing of the Nigerian Gross Domestic Product (GDP), now valued at $510, was the revelation of the performance of the various sectors of the national economy and their impact or contribution to the overall performance of the economy. For the mortgage sector and its operators, it was not cheering news that the sector which, in developed economies of the world, is a major contributor to economic growth and development, makes less than one percent contribution to the GDP.
Updated 5 Years ago

The International Monetary Fund (IMF) has warned African countries against rushing to issue Eurobonds, saying they may face exchange rate risks and problems repaying debts. African governments facing falling levels of foreign aid are on a borrowing spree to pay for new roads, power stations and other infrastructure, prompting concern from many analysts that this could raise debt levels and undermine growth.
Updated 5 Years ago

Perception of Nigeria still remains downbeat within and abroad in spite of socio-economic development trajectory in the recent time. But thought leaders at a recent forum on the Nigeria brand believe that change in mental model of Nigerians, especially the youth who form about 70 percent of the population, will impact positively on the image. The discussants, who recognise the strong economic position of Nigeria that has made it the strongest economy in Africa and frontier market that attracts international investment community, say that it is important to allow Nigerians see the opportunities instead of problems and “make them understand that every country has its peculiar challenges.”
Updated 5 Years ago

According to African folklore, a long time ago when animals spoke and lived like humans, the Tortoise committed a sacrilege. By the law of the land, the punishment for such an offence was a public whipping for the culprit from sunrise to sunset. When the day arrived for the said public whipping, some women set out for the market that morning as the Tortoise began to receive his punishment. They were unanimous in criticising him for his offence and equally remarked that the punishment served him right.
Updated 5 Years ago

LASACO Assurance plc has recorded a growth of 12 percent in gross premium income in the financial year ended December 31, 2013. The figure rose from N4.43 billion in 2012 to N4.96 billion at the end of the review year. It also witnessed a positive performance in net premium earned, which increased from N3.3 billion in 2012 to N3.6 billion in 2013, an 8 percent increase.
Updated 5 Years ago

Wema Bank’s third quarter (Q3) 2014 profit has risen by 28.86 percent, a positive signal that the Nigeria lender’s strategic objective of giving higher returns on shareholders’ investments is yielding fruits. The bank has been consistently recording impressive results since rebounding from the debt crisis of 2009, which nearly brought the banking industry to the verge of collapse.
Updated 5 Years ago

Industry experts are of the view that the development of appropriate local content policy is required to propel Nigeria’s telecommmunications industry forward. The telecoms sector has so far attracted over $40 billion invest-ments and employed over one million Nigerians, 13 years after its deregulation, according to the Bureau of Public Enterprise (BPE). Mobile subscriber base has grown from less than 500, 000 lines in 2001 to 130 million active lines in 2014, according to the Nigerian Communications Commission (NCC). To further sustain this enormous growth, Austin Okere, group chief executive officer, CWG Plc, has advise stakeholders in the industry to desist from stampeding the regulator into taking actions that will impede the much needed Foreign Direct Investment (FDI) in the sector.
Updated 5 Years ago