- Prof. Umar Danbatta, the vice chairman of the NCC, has said that he is looking for ways to resolve interconnectivity debts, which stand at ₦165 billion. Danbatta said that there was a need to put a pragmatic plan in place to mitigate the incidence of interconnectivity debts in the industry, “as it is causing a lot of unnecessary distractions for the commission.” He added that the commission would appreciate suggestions from the Association of Telecommunications Companies of Nigeria that would help to address the issue before it gets worse.
- African Trade Insurance expects its annual insured trade and investment portfolio to double to $7 billion within five years, driven by new members including Ghana and Nigeria. CEO, George Otieno said the annual portfolio would rise by $1 billion this year to $3.5 billion and double to about $7 billion by 2022. The investment risk insurer is owned by 14 African countries, and other organisations such as the African Development Bank. It was formed in 2001 with World Bank support to offer insurance for large investment and financing projects against risks such as sovereign default, war and insolvency, to spur investment by companies and private equity into Africa.
- The Manufacturers Association of Nigeria says that local input sourcing in the manufacturing sector dived to 65.70 percent in H2 2017, from 60.72 percent recorded in the first half period of the year. In the second half of 2016, percentage of local sourcing had risen to 59.98 percent from 46.3 percent recorded in the first half of the same period. BusinessDay reports that the spike in local sourcing in the second half of 2017 was driven by aggressive activities of Dangote Group, Flour Mills of Nigeria, Nigerian Breweries, Nestlé, Unilever, and FrieslandCampina WAMCO, Dufil Prima, Lafarge Africa, PZ, among others. “The upward movement was linked to the implementation of resource-based industrialisation and backward integration policy as contained in Nigeria’s Industrial Revolution Plan (NIRP),” MAN said. According to the report, industries in Kano Bompai and Imo/Abia industrial zones beat those in Lagos, Ogun and others in local raw materials sourcing within the period under review. Imo and Abia recorded 73.6 percent as against 51.7 percent in the corresponding half of 2016. Similarly, Kano Bompai’s local input preference was 75.5 percent, while Ogun zone stood at 68.7 percent as against 68 percent recorded in the corresponding period of 2016.
- International Breweries has announced the composition of a new board of directors following the merger of Intafact Beverages and Pabod Breweries. The new board of directors is to reflect the new ownership structure of the company. The company also announced a change in registered address which was previously Lawrence Omole Way, Ilesa, Osun State to 22/36 Glover Road, Ikoyi, Lagos. The new board is to be chaired by the Obi of Onitsha, Igwe Nnaemeka Achebe. He replaces Sunday Omole. Shareholders also approved the appointment of Annabelle Degroot as the new Managing Director.