TRADE AND INVESTMENT

The Wealthiest Cities In The World In 2022 -Report

The Wealthiest Cities In The World In 2022 -Report

TRADE AND INVESTMENT
Lagos is showing signs of making it to the list of wealthiest cities in the world as a global ranking report indicates that Nigeria’s leading cosmopolitan city is performing well. In the latest rating, the United States of America (USA) dominates the world’s top 20 cities with the most millionaires in 2022, with New York taking the crown with 345,600 millionaires, and five other American cities – San Francisco, Los Angeles, Chicago, Houston, and Dallas – securing places on the coveted world’s wealthiest cities ranking. Tokyo is in 2nd place with 304,900 resident high-net-worth individuals worth over USD 1 million, and London, the wealthiest city in the world for many years, drops to 4th place below the San Francisco Bay Area with just 272,400 millionaires, according to the latest Hen...
Here’s What You Need To Know About The Cost Of Living Crisis In Nigeria, Kenya, Ghana, Rwanda, And S.A.

Here’s What You Need To Know About The Cost Of Living Crisis In Nigeria, Kenya, Ghana, Rwanda, And S.A.

TRADE AND INVESTMENT
The cost-of-living crisis had rocked Africa's prosperous countries before Russia invaded Ukraine. Now, many businesses and households are being squeezed even harder to make ends meet. With the region's currencies weakening against the dollar and central banks pushing rates up, the people of Africa face a cost of living crisis. Here is a look at the recent developments in key markets across the continent. Rwanda - food prices have risen by 29% According to the latest Consumer Price Index released by the National Institute of Statistics of Rwanda, food and non-alcoholic beverage prices in urban areas increased by 29.2 percent during August compared to the same period last year. The report revealed that prices for bread and cereals increased by 27.9 percent, meat increased by 19.4 pe...
Nigeria’s Total Trade In Q2 Drops To N12bn –NBS

Nigeria’s Total Trade In Q2 Drops To N12bn –NBS

TRADE AND INVESTMENT
National Bureau of Statistics (NBS), yesterday, said that Nigeria’s total trade stood at N12,841.54 billion, in the second quarter of 2022. This, it said, was lower than the value recorded in the first quarter of 2022 (N13,001.28 billion) but was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion. NBS also said that total exports were N7,406.53 billion of which re-exports stood at N9.63 billion, while total imports stood at N5,435.01 billion. “In the quarter under review, total exports increased by 4.31 percent when compared to the first quarter of 2022 (N7,100.46 billion) and by 47.55 percent of the value recorded in the second quarter of 2021 (N5,019.68 billion). On the other hand, total imports decreased by 7.89 percent in the s...
Lagos Accounts For 25% Of Nigerian Economy – GCR Ratings

Lagos Accounts For 25% Of Nigerian Economy – GCR Ratings

TRADE AND INVESTMENT
With a relatively high yet growing debt profile, Lagos State has been noted to be contributing 25% to national gross domestic product (GDP), GCR Ratings said in a note on Wednesday, following recent upgrades to the cosmopolitan city ratings. The national scale long and short-term issuer ratings of the state that houses some of the nation’s critical infrastructure were upgraded to AA-(NG) and A1+(NG) respectively, according to the rating note which indicates that the state government program 3 series 2 with two tranches, as well as series three and four senior unsecured bond issuance were also upgraded to AA- each. Although the high debt position of the state is negative to the rating, the leverage position is noted to be reduced by strong revenue generation resulting in ratings being...
Nigeria’s Private Sector Activity Growth Slowdown –PMI

Nigeria’s Private Sector Activity Growth Slowdown –PMI

TRADE AND INVESTMENT
In August, business conditions in Nigeria’s private sector improved modestly midway through the third quarter, but the rate of growth slowed from that seen in July 2022 according to Stanbic IBTC Purchasing Manager Index (PMI) delivered by S&P Global today. The PMI report says softer upticks in output, new orders and purchasing activity while employment rose at a quicker pace last month. At the same time, it noted that overall input price inflation rose at the second-fastest rate on record while sentiment moderated to the weakest since last November. The report says that the headline PMI registered at 52.3 in August, down from 53.2 in July, signaling another improvement in business conditions. It added that the rate of growth was weaker than the long-run series average. New ord...
FX Crisis Raises Production Cost Beyond 30%

FX Crisis Raises Production Cost Beyond 30%

TRADE AND INVESTMENT
The Manufacturers Association of Nigeria (MAN) has revealed that the crisis in the country’s foreign exchange (forex) market has pushed local manufacturers’ costs of operation and production up between 30 and 100 percent. Consequently, the association noted that the acute scarcity of foreign exchange and currency depreciation is now showing that many businesses have suffered serious dislocation as a consequence of foreign exchange liquidity challenges, volatility and the depreciation of the currency. The Director-General of MAN, Segun Ajayi-Kadir, noted that these have severely affected businesses across all sectors of the economy, mostly in the sector. Ajayi-Kadir pointed out that the costs of operation and production which are now between 30 and 100 percent as a result of the ex...
15 African Countries With The Highest Food Inflation As Of Half-Year 2022

15 African Countries With The Highest Food Inflation As Of Half-Year 2022

TRADE AND INVESTMENT
A recent report by Business Insider examined the skyrocketing costs of food across the globe, including in Nigeria and other African countries. It's a trend that seems to be getting out of hand, exacerbated by the ongoing war in Ukraine and macroeconomic factors like high food inflation. As you may know, inflation means a rise in the prices of goods and services. It's a major indicator of the decline in people's purchasing power over a given period. On the other hand, food inflation specifically has to do with the rise in the cost of food items over a given period. Food inflation is a major driver of inflationary pressure. And this is not surprising, after all, food is an essential need. Even when prices of food items soar out of control, we continue to buy them because we need to ea...
Nigerian e-Commerce Platform, Omnibiz, Raises $15 Million Pre-Series A

Nigerian e-Commerce Platform, Omnibiz, Raises $15 Million Pre-Series A

TRADE AND INVESTMENT
Omnibiz, a Nigerian B2B e-commerce company, has recently secured a $15 million pre-Series A investment led by Timon Capital. The raise is structured as a $5M equity and $10M debt investment deal and saw participation from Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria Capital, and Musha Ventures. Present in over 12 cities in Ghana and Nigeria, Omnibiz provides retailers with a fully integrated digital platform. Retailers can purchase and restock conveniently from over 200 product brands, such as Coca-Cola and Nestle, through the Omnibiz app. The fund was raised to begin further regional expansion, starting this month. Rustagi said the company wants to expand to second-tier cities in Nigeria like Ilorin, Asaba, and Akure, where retail is growing. He added that there is no...
Nigeria Economy Comes Full Circle To 1999

Nigeria Economy Comes Full Circle To 1999

TRADE AND INVESTMENT
Twenty-three unbroken years into Nigeria’s democratic experiment, it’s looking like déjà vu all over again for Africa’s most populous nation as current economic realities begin to resemble the difficult conditions pre -1999. When ex-President Olusegun Obasanjo was elected on February 27th, 1999, he had the hapless task of overseeing an economy and political system largely destroyed by 16 straight years of brutal military rule. A largely stagnant economy in that time period meant that income per person fell from $788 in 1980 to $679 in 1999 even as Nigeria’s population surged to nearly 100 million people. Today, income per head has also been sliding from $2,693 in the year 2015 to $2,099 last year (2021) even as the Nigerian population crosses the 200 million mark. Nigeria’s cur...
100 MSMEs Secure Export Certifications — NEPC

100 MSMEs Secure Export Certifications — NEPC

TRADE AND INVESTMENT
The Nigerian Export Promotion Council (NEPC) has said that over 100 Medium, Small and Micro Enterprises (MSME) have received export certifications to qualify them for the exportation of their products. The Executive Director of NEPC, Dr Ezra Yakusak, revealed this while speaking with the News Agency of Nigeria in Jos on Sunday. Yakusak, who visited the Plateau regional office of the council, commended the team for effectively managing and executing the mandates of the organisation. He also praised the office for its efforts in empowering and sensitising the public to the opportunities in export. On some developments in the sector, the ED noted that the organisation had addressed some of the limitations to the export business with the Introduction of the “Go Global Go certificat...