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 Business Forecasts in Nigeria


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Non-oil sector to Drive Nigeria’s GDP growth in 2012

The Non-oil sector will drive Nigeria’s economic growth in 2012 with Gross domestic product (GDP) expected to grow at 8.1 per cent.

NSE all-share index to increase in 2012

FBN capital has expressed confidence in the Nigerian capital market, predicting a 14% increase in the All-share index from its December 31, 2011 position, to 23,500 points by the end of 2012.

 

Cocoa to continue to Top Nigeria’s non-oil exports in 2012

Cocoa has been dominating non-oil exports products in Nigeria from 2006 to date and the trend is expected to continue in 2012, according to the Nigeria Export Promotion Council (NEPC). In 2010 cocoa yielded $822.8 million export proceeds while ssame seeds and oil yielded $188.8 million, rubber $150.4. In 2011 cocoa still tops the released figures for January to June with $533.3 million. This trend is projected to continue throughout 2012.

 

Cashless Economy to Grow in 2012

The cashless economy in Nigeria will continue to gather momentum through 2012 and beyond.  More and more citizens and businesses are gradually and fast adjusting to the new regime as cashless transactions hit excess of N70.2 billion daily. These include ATM transactions, mobile payments, POS transactions and cheque payments. The CBN has explained that it intends to drive the POS density in Nigeria in 2012 to 2,247 per 100,000 people

 

FGN Plans new funding framework for SMEs

A new funding framework that will enable SMEs to contribute significantly to the economy will soon be unveiled by the Federal Government, so said the Federal Minster for Trade and Investments, Dr. Olusegun Aganga.  According to a report compiled by SMEDAN in conjunction with the bureau of Statistics, there  are presently in Nigeria more than 20 million SMEs accounting for over 80% of the number of enterprises in the country and over 75% of the Nations employment base. The framework being worked out by the FGN includes removing barriers inhibiting banks from lending to SMEs and redesigning products to enhance access to finance by SMEs.

 

Monorail for Onitsha

Anambra  State Government has signed an agreement with the GLOBIM Corporation for the construction of Onitsha Metropolitan Monorail. The ceremony took place in the Governor’s conference room, Government House Awka. The project which will be executed under Public, Private Partnership arrangement will cover Onitsha and extend to Nkpor and Obosi.


N500m for Kwara SMEs

Governor Abdulfatah Ahmed of Kwara State has earmarked about N500 million to flag off programmes aimed at boosting  SMEs in the state.

Boost for Brewing Business in ABa
Guinness begins operation in Aba, launches Dubic beer. Guinness Nigeria Plc, has resumed full operation in Aba, Abia state with the launch of its latest product, Dubic Lager beer.

Zero Account Opening Balance for New Bank Customers

The Central Bank of Nigeria, CBN, has ordered all banks in Nigeria to allow new customers to open account with zero amount to attract more people into the banking system.

 

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