Business (58)

MineAfrican economic superpowers, Nigeria and South Africa exploring collaborative ventures to develop artisanal and small-scale gold mining in Nigeria.

Although, South Africa is featured as the largest gold miner on the continent and the sixth largest miner of the mineral globally;
Nigeria is not buoyant in mining gold and majority of gold mining that takes place in the country are carried out by artisans.

The partnership will see Nigeria acquire mining equipment and expertise from South Africa owing to the many artisans operating in the country’s developing mining sector, Nigeria’s Minister of Steel and Development, Musa Sada said.

Tuesday, 08 April 2014 10:11

SA cheers Nigeria's growth jump

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Nigeria-South-AfricaNigeria's new status as Africa's economic powerhouse is proof that Africa is on the rise, the ministry of finance said in a statement on Monday.

On Sunday Nigeria claimed the crown as the biggest economy in Africa overtaking South Africa.

"The announcement gives concrete expression to the fact that Africa is indeed rising."

The ministry noted that South African firms have contributed to the growth of Nigeria's wholesale and retail and the telecommunications sectors, which is also the two largest components of the services sector.

Nigerian Oil  RefineryThe World Bank, International Monetary Fund (IMF) and African Development Bank (AfDB) have endorsed Nigeria's new Gross Domestic Product (GDP) of approximately 509.9 billion U.S. dollars released on Sunday and placing the West African country as the biggest economy in Africa, said an official who spoke for the three financial institutions.

According to the figures released by the National Bureau of Statistics after a rebasing, Nigeria surpassed South Africa with a 2013 rebased figure of 370 billion U.S. dollars, to emerge as Africa's biggest economy.

The new figures show that the biggest oil producer in Africa climbed to the 26th largest economy in the world.

nigerian economyNigeria has overtaken South Africa as Africa's largest economy after a rebasing calculation almost doubled its gross domestic product to more than $500bn, data from the statistics office showed.

GDP for 2013 in Africa's top oil producer was 80.22 trillion naira, or $509.9bn, the Nigeria Bureau of Statistics said on Sunday, up from the 42.3 trillion estimated before the rebasing, according to the Reuters news agency.

Most governments overhaul GDP calculations every few years to reflect changes in output, but Nigeria had not done so since 1990, so sectors such as e-commerce, mobile phones and its prolific "Nollywood" film industry - now worth 1.4 percent of GDP, Kale said - had to be factored in to give a better picture.

nigerian economyNigeria could leapfrog South Africa to become Africa's biggest economy this weekend, when the results of a new way of calculating national output are announced.

The National Bureau of Statistics (NBS) said it will unveil the new figures on Sunday, with widespread expectations that the recalculation will catapult the continent's most populous nation into top spot.

United Nations statisticians recommend that countries rebase their gross domestic product calculations every five years to reflect changes in production and consumption, but Nigeria has not recalculated GDP since 1990.

The new figures will take into account new and fast-developing sectors and industries such as telecoms and the local film industry, Nollywood.

UntitledSouth African companies and investors have made the news in recent years with their continuous investment and expansion in the rest of Africa to tap into the continent’s growth story and seek higher returns. However, Standard Bank – which operates in 18 African countries – has seen an increasing trend of individuals in the rest of Africa investing in South Africa, especially by high net worth individuals.

According to Margaret Nienaber, global head of Standard Bank’s Private Clients business, while many African HNWIs are looking to diversify their offshore investment exposure in areas like the UK or Jersey, they are also expressing interest to increase their investment in South Africa.

Ethanol RefinerySouth African firm Industrial Development Holding is set to build an ethanol refinery plant in Edo State, Nigeria, Mxolesi Mbetse, Executive Chairman of the company says.

Mbetse in a courtesy visit Edo state Governor Adams Oshiomole said through the investment the company will eliminate the importation of palm oil and ensure that Nigeria becomes a “major exporter of not only palm oil and sugar, but of ethanol.”

Edo state is well-endowed with abundant agriculture and natural resources that could sustain industrialisation and industrial growth, not only in the state and the geo-political zone but the entire country, Mbeste said.

Saturday, 25 January 2014 06:39

Nigeria set to be Africa's largest economy

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Nigerian Currency_NairaSouth Africa could soon lose its status as Africa’s biggest economy to Nigeria, but in the race to be the continental powerhouse, being biggest may not be everything.

Nigeria, Africa’s top oil producer, will complete a rebasing of its gross domestic product (GDP) by next month, its statistics office says, which economists estimate could expand the size of its economy by between 20 and 60 percent.

This exercise, which has missed a string of previous deadlines, looks set to transform Nigeria into the continent’s most important economy measured in terms of GDP size.

With a current economic output of around $290 billion, the W

WoolworthsWhile Woolworths has canned its three-store pilot project in Nigeria, citing a mismatch with the Nigerian consumer and climate, Broll Nigeria says this need not deter South African retailers from profiting in the country.

In fact, Broll expects more South African retailers, especially value retailers, to seek opportunities in the Nigerian market in the coming months and years.

“Yes, doing business in Nigeria is a challenge. But if you can offer middle class Nigerians the right price, product, service, quality and choice, the sky is the limit,” says Norman Sander of Broll Nigeria, who manages Ikeja City Mall in Nigeria.

South African retailer Shoprite is notching up exceptionally strong trading at Ikeja City Mall, according to Sander.

nigerian economyWhile South Africa remains the most appealing investment destination on the African continent, the economy of the continent's most populous nation, Nigeria, is growing quickly. A new survey from a major South African bank predicts that, within the next couple of years, Nigeria will be the most attractive country to investors.

For three straight years, South Africa has topped the "Where to Invest in Africa" survey done by Rand Merchant Bank, but this year the survey predicted the West African nation of Nigeria may overtake South Africa within the next two to four years.

Nigeria is currently the leading African oil producer.

abuja districtOn one of the most exclusive streets in Nigeria’s capital sits a crumbling mansion with an unwelcoming message painted at its entrance: "Beware! this house is not for sale".

The warning refers to a popular property scam. In the most elaborate version, robbers break into your house while you are away, change the locks, and then produce multiple copies of fake title deeds. Posing as estate agents, they show buyers around your house and sell as many copies of the deeds as possible.

When you get back, your house belongs to six people.

This sort of deception epitomises the tricky nature of Nigeria’s real estate business, but despite the risks, there are huge returns to be had in a market where about 16-million homes are needed just to meet current demand.

Thursday, 12 September 2013 12:04

Jonathan kicks off Diaspora Export Programme

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Nigeria-diasporaPresident Goodluck Jonathan has kicked off the implementation of the Diaspora Export Programme, designed to improve trade between Nigeria and other countries of the world in favour of Nigeria.

The President said the programme, which was laid down by the Ministry of Industry, Trade and Investment, would encourage the growth of Small and Medium Enterprises owned by Nigerians at home and abroad.

President Jonathan, who made the disclosure during a meeting with the Nigerian community in Nairobi, Kenya, on Friday, said the two countries are putting mechanisms in place to establish the Nigeria-Kenya Trade and Investment Council, expected to double trade between them within two years.

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