GLOBAL TARGETT

LIFTED BY : SALAKO YUSUF. • As bad governance, unchecked population growth, others fueling poverty trap As part of solutions for Nigeria to end its poverty trap, the country requires about N5 to N7 trillion yearly to fund the operation of a thorough well-managed social security system. Experts are of the view that Nigeria with a Gross Domestic Product (GDP) of $440 billion and being the largest economy in Africa, but caught in a deep poverty cycle, rethinking social protection that is well-organised, expertly planned and supported by national law remained necessary. A report on ‘Nigeria’s Poverty Trap – And How To End It’ by the Institute for Governance and Economic Transformation (IGET), identified poorly designed social protection measures, limited coverage, lack of consistency, lack of data and corruption as some of the causes of inadequate social protection. It stated that such a comprehensive social protection system needed to be independently and expertly examined, reviewed and m...

BY: HUNPE YEMAREN GABRIEL  * WHEN DID YOU START YOUR BUSINESS AND WHAT IS YOUR INSPIRATION  My name is Abagun oluwakemi suliyat, the CEO of Bire Couture, I am a fashion designer. I started this business fully in 2017 after learning for 2(two) years, my Dad was of great inspiration to me because he was also a fashion designer. Also the way people look elegant and stunning when they dress in different styles also inspired me to venture into fashion designing. * HOW MUCH DID TOU START WITH, TO SET UP YOUR BUSINESS? As at 2017, I started the Business with the sum of #70,000.  Then in 2017, #70,000 was a lot of money because I was able to get a manual machine and some other tool that I need unlike now even #200,000 can’t start up a business. There was a lot of struggle and challenges starting the business but later it was a success. * DO TOU SHARE YOUR PROFIT WITH ANOTHER PERSON OR IT’S SOLE PROPRIETORSHIP  I started Bire Couture with my own capital, I own my business and...

by Abdulganiu idris   2 months ago People hold banners as they demonstrate on the street to protest against police brutality in Lagos, Nigeria, Thursday Oct. 15, 2020. Protests against Nigeria's police continued to rock the country for the eighth straight day Thursday as demonstrators marched through the streets of major cities, blocking traffic and disrupting business. People hold banners as they demonstrate on the street to protest against police brutality in Lagos, Nigeria, Thursday Oct. 15, 2020. Protests against Nigeria's police continued to rock the country for the eighth straight day Thursday as demonstrators marched through the streets of major cities, blocking traffic and disrupting business. Almost two years after the Igbosere High Court in Lagos was razed and vandalised by suspected hoodlums during the 2020 #EndSARS protest, the Chief Judge of Lagos State, Justice Kazeem Alogba on Monday called on the state government to reconstruct the court. Justice Alogba maintain...

MOFEMAX Auto is set to lunch carqlink.com Mr OJO AYOTIMOFE ABRAHAM, the CEO of Mofemax auto is set to lunch a big online car business platform come may 2023. He disclose this at annual general meeting of Lagos state motor dealers association ikorodu chapter which held recently at the meeting secretariat in ikorodu Lagos state. MOFEMAX narrate that, carqlink.com is a one time automobile business interactive marketplace with both physical and online office,with convergence of the auto technician, Auto mechanic,AC engineer, other auto services and their costumers converge to participate in all kinds of automobile goods and services business transactions at ease.  When he is responding to the association's chair person's question, he said,"I AM READY TO SET UP A ONE OF IT'S KIND CAR BUSINESS PLATFORM IN NIGERIA AND THE WHOLE WORLD" everything has been in place to kickstart the online automobile business. He maintains that, Carqlink.com encompass sales of a...

By: Arikewuyo Hamdalah Motunrayo How much capital did you use to set up this business?#50,000Did you share the capital with another person or its sole proprietorship?No, it is a Sole proprietorshipHow have you been able to cope with the constant power outage in this location?YesWhat other challenges did you face?Constant increase in price of product.How satisfied are you with the sales traffic?Not really satisfiedHow do you procure your products?I send orders to my customer and they get it deliveredHow much is the estimated sales per month?#150,000Where did you see yourself in the next 5 years?In a bigger place, a success in processHow did you intend to support the Nigerian Economy and the society?By giving back to the non-privilege.

Using digital platforms to promote food sustainability in Africa By Demilade Ajiboye IFC and Microsoft have partnered to support digital transformation in Africa’s agriculture sector. A suite of digital agriculture solutions addresses capacity constraints and inefficiencies in the supply chain of African agribusinesses. The partnership makes digital tools and training resources more accessible to small-scale farmers and agriculture-linked small businesses. The United Nations identifies Zero Hunger as one of its Sustainable Development Goals. This goal seeks to end hunger, achieve food security and improved nutrition and promote sustainable agriculture. In a session during Adaptation and Agriculture Day at COP27 in Egypt, the International Finance Corporation (IFC) and Microsoft through its Africa Transformation Office (ATO) showcased their partnership to support digital transformation in Africa’s agriculture sector to support the achievement of this goal. The partnership is...

U.S economy grow at 26% annual rate. By Demilade Ajiboye The U.S. economy grew at a 2.6% annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue. Thursday’s better-than-expected estimate from the Commerce Department showed that the nation’s gross domestic product — the broadest gauge of economic output — grew in the third quarter after having shrunk in the first half of 2022. Stronger exports and consumer spending, backed by a healthy job market, helped restore growth to the world’s biggest economy at a time when worries about a possible recession are rising. Consumer spending, which accounts for about 70% of U.S. economic activity, expanded at a 1.4% annual pace in the July-September quarter, down from a 2% rate from April through June. Last quarter’s growth got a major boost from exports, ...

By Awotunde Bukola Chairman Economic and Financial Crimes Commission, EFFC, Abdurasheed Bawa, Monday said he has appealed the contempt of court ruling by an FCT court on him. It would be recalled that Justice Chizoba Oji, of the FCT High Court in a ruling held that Bawa disobeyed court order made on November 21,  2018, where it directed the commission to return a Range Rover and the sum of N40 million to an applicant. The court which viewed it as willful disobedience held that Bawa should be committed to Kuje Correctional Centre, Abuja. But reacting to a question by journalists during the 2023 budget defence with the House of Representatives Committee on Anti-Corruption, Bawa said he has filed an appeal, saying the law should be allowed to take its natural cause. “Well, we have appealed against it, so we allow the natural course of law to take its effect”, he said. On its budget, Bawa appealed to the committee to increase funding for EFCC to enable it fight corruption effectively. ...

By line  Awotunde Bukola Grace The name of the brand and the year it was established? Teequinn’s Collection, it was established in the year 2021, January. The collection deals with unisex wears and gift packages and surprises.   How much was your capital for this business? I started with the sum of 20,000 naira. I later invested with 50,000 naira for branding.  What are your challenges over the years? The major challenge is inflation due to the poor economy of the country. Secondly, there’s no fixed price for goods and services , which occasionally brings customer’s dissatisfaction.  Where do you procure your goods? I mostly ship my goods from Turkey and China for quality products. Were you able to meet up with targeted profit and goals? Not yet, the sales rate are unstable for now and I’m yet to attain to my target due to the changes in price and economy. Were did you see yourself in the next five years? As a multiple award winner in entrepreneurship  And someo...

 Story by Awotunde Bukola Vice-President Yemi Osinbajo says Nigeria’s exchange rate regime remains a subject of concern which needs monitoring. Osinbajo expressed this view in his address at the opening of the 28th Nigerian Economic Summit (NES) where he represented President Muhammadu Buhari on Monday in Abuja. The 2-day summit, with the theme, “2023 and Beyond: Priorities for Shared Prosperity”, was organised by the Nigerian Economic Summit Group (NESG), in collaboration with the Federal Ministry of Finance. The vice-president said that real improvements had been seen in the non-oil revenues but focus must be on productivity or encouraging value addition. He said: “Productivity and value addition means creation of traceable value;  it means jobs, and opportunities and it means more tax revenues. “To increase productivity, we must free up our environment for business, make local and  international  trade easier by fixing the ports and effecting the National single w...

Naira has weakened by 34% in 10 months, closing at N710 to a dollar on Wednesday in the parallel market, with a margin of N280 from the official rate. This is a pounding headache for manufacturers who are no longer able to get dollars from the official market to import their raw and packaging materials. At the Investor & Exporter forex window, the naira hit a high of N444 before closing to the dollar at N430. The I&E market recorded a total turnover of $126.69m on Wednesday.The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, told The Punch on Wednesday evening that, “the rate closed at N710/$.”Some Bureau de Change operators who spoke to one of our correspondents from Ikeja, Lagos, said a dollar was bought and sold for N700 and N710 respectively.At Zone 4 in the Federal Capital Territory, Abuja, a dollar hovered between N705 and N710 between 11am and 4pm yesterday. “Dollar is really very scarce today. You cannot find it anywhere,” said Ab...

From December 15, 2022, Nigerians would welcome a newly redesigned naira currency notes which the Central Bank of Nigeria (CBN) said would replace the ones currently in circulation in N200, N500 and N1000 denominations. All things being equal, the notes are expected to go into circulation from December 15, alongside the old ones which will cease to be a legal tender by January 31, 2023. Zainab Ahmed attempted to distance the supervisory authority from the project while appearing before the National Assembly, President Muhammadu Buhari’s recent affirmation that the initiative has his backing appears to have taken the debate far beyond the realm of speculation and conjectures to action points. From the CBN’s analysis of the monetary aggregates, volume of cash outside the banking system has severe implication for policy formulation especially in present inflationary dispensation where too much money is chasing too fewer goods and services.Nigerians in the public and private sectors have b...

The Lagos State government yesterday restated its commitment to the regeneration of Lagos Island Central Business District, giving traders and business owners one week to remove all illegal extensions on all buildings within the Lagos Island Central Business District (CBD). Governor Babajide Sanwo-Olu, who handled down this directive at an inter-ministerial stakeholder meeting at the Onikan Youth Centre, said this is necessary as the government intends before year-end to begin the massive renewal of the Lagos Island CBD, arguably Nigeria’s foremost commercial nerve centre. Sanwo-Olu, represented by the Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, said it is unacceptable that despite its centrality and importance, in the nation’s economy, Lagos Island remains categorized as a slum area due largely to the inordinate planning and other challenges arising from the attitudinal disposition of the people. Sanwo-Olu said the stakeholder’s summit was called to hel...

What prompted you to start your business? I started my business in 2020 during the covid’19 pandemic. The disaster the pandemic caused everyone which cuts across the stay home policy by the government, this rendered my activity at the time useless as I couldn’t go out. In order to make ends meet and stay productive, I had the idea to start my business and I started in 2020. How much capital did you use to set up this business? My business scope didn’t entail a lot of capital to set up. I only had to spend some amount to create a workspace and other essential gadgets. It took a sum of #100,000 to start my business. Did you share the capital with another person or its sole proprietorship? I didn’t share the capital with anyone. I decided to venture into the business without a partner as I was capable of setting up the business on my own and also personal  reasons and deductions didn’t make me do partnership. How have you been able to cope with the constant power outage in this locati...

By *Akeredolu Itunu O* *WHAT IS YOUR INSPIRATION AND WHEN DID YOU START YOUR BUSINESS?* My name is Akeredolu Abiola Hodel,The CEO of MAGICBRUSH Studio,I’m a makeup artist. I started this business fully in 2015 while in school and what inspired me into learning this skill is how people look when they get their makeup done and I’ve always envisage how it will look on me and that was the main reason why I ventured into makeup *HOW MUCH DID YOU START WITH,TO SET UP BUSINESS?* As at 2015, I started the business with the sum of #50,000 Back in 2015,#50,000 was a lot of money unlike now that you can’t start business with a hundred thousand naira  There was a lot of struggle starting the business but later it was a success  **DO YOU SHARE YOUR PROFIT WITH ANOTHER PERSON OR IT’S SOLE PROPRIETORSHIP** I started MAGICBRUSH Makeover with my own capital, I own my business and I don’t share ownership with anyone  *WHAT ARE THE CHALLENGES YOU FACED IN THE BUISNESS* The challenges faced ...

Vees apparel was established on february 9th 2021, i deal on different female bralettes, lingeries, underwear, ; i believe many ladies stuggle with wearing bra 2/4/7.. i myself don't like wearing bra; that's why i decided to start this journey to help encourage ladies to embrace bralettes as a new trendy underwear How much capital did you use to set up this business? I started my business with 20k, then as time goes on, i increased to 30k, 50k Did you share the capital with another person, or it’s sole proprietorship? It is sole proprietorship  How have you been able to cope with the constant power outage in this location? My business doesn't need light, so its not affecting me What other challenges do you face? Dull sales, no orders for days, weeks, and the stress of restocking cause my market place is far How satisfied are you with the sales traffic? I am satisfied, sometimes its booming, sometimes its not How do you procure your products? I go to katanguwa market to buy,...

by Chidinma Temitope Abosede  The price of rice of 50kg of foreign rice sold between N32,500 and N35,000 early this month is now 40,000,while the local rice of the same size has increased from 28,000 to 37,000. This price increase has made it difficult for distributors to add money so as not to scare customers away.It made it difficult for them to gain more profit. A rice dealer at oshodi market, Lagos,Mr Goodwin expressed the shock of the sudden increase of the price of rice and said the price has negative impact on his business.  Another trader at ikorodu market Iya Kemi said the local rice which was sold 500 per derica measure of rice is now 600 and some other sell it 700 per derica.she also added that they can no longer get foreign rice because of the face off between the customs officers and the smugglers and she don’t have a choice than to sell the local rice which is available.She also complained about the bad state of the roads which make it difficult to transport good...

Fabric_Art_Store(Our passion your fashion) Fabric_art_store was established on 10 of January,2022 by Chidinma Temitope Abosede.It an online based store where different types of fabrics are sold fabrics like Ankara,lace,cashmere,Italian silk,chiffon etc. How much capital did you use to set up this business? I started with 20k and as time goes on I increase it. Did you share the capital with another person, or it’s sole proprietorship? It is sole proprietorship  How have you been able to cope with the constant power outage in this location? My business doesn't need light, so its not affecting me What other challenges do you face? Dull sales, no orders for days, weeks, and the stress of restocking cause my market place is far and the rate of dollar affect prices which also make customers complain a lot  How satisfied are you with the sales traffic? I am not satisfied sometimes its booming, sometimes its not which isn’t good  How do you procure your products? I go to eko mark...

Byline- Alimi Rahab Mosebolatan  Matric No: 2109072035 👉How much capital did you use to set up this business? I’m Owoade Barakat,Ceo Baocrown fashion Empire.To start with,I will need a lot of capital to set up my fashion brand so that I can be able to get differents euipment and machines to deliver a perfect and neat work. 👉Did you share the capital with another person, or it’s sole proprietorship? It’s a sole proprietorship. 👉How have you been able to cope with the constant power outage in your area?  The Nigeria power system cannot be predicted so with the use of generator I can easily work perfectly. 👉What other challenges do you face? Delivery issues at times are frustrating and customers issues. 👉How satisfied are you with the sales traffic? All I can say is  Alhamdulilahi so far. 👉How do you procure your products? By going to a tailoring market and ordering of some online. 👉How much is the estimated sales per month? We don’t have a fixed estimated price, it’s...

FTX crypto trade have being a promising one attracting different investor and stakeholders in the past year given the audience insight of comparing the Chief executive officer, Sam bankman fried to the famous Jeff Bezos builder of Amazon because SBF started the coding from scratch living and sleeping in is office but it all went wrong after getting to it climax stage. The FTX company and other affiliated company have commence a volunteer proceeding under chapter 11 of the United States Bankruptcy code in order to begin a proper proceeding to review and monetize asset for the benefit of all global investor and stakeholders. Since the resignation of Sam bankman fried SBF, the necessary arrangements to appoint  another CEO have being made and john j ray is the new appointed CEO of FTX company. Upon being appointed he announce the immediate commencement of work for every employees of FTX group from various country to continue working for the FTX group and assist the new CEO john j ray ...

Africa agriculture is experiencing unbalanced growth because of somethings that are important but not available and also ignored such as technology, quality seeds and implementation of government policies. Many organisations have been providing various solutions which will be use in addressing and positioning agriculture on the continent as the main hub or part of Africa transformation.  The African agricultural technology foundation (AATF) new introduction to engage various stakeholders on the identification and possible solution needs to be focused on . AATF just started an interactive agricultural talk show called/named KIKAO, the show analysis and identify practical solutions to the problems that has made the continent efforts to make agriculture one of the mainstay of her economy useless. The show is anchored by AATF executive director in person of Dr camsius kanangire and experts to discuss how the African continent can advance in agriculture.  Agriculture is the hub of ...

News by  Abdulganiu idris Olamide Again, fire on Sunday morning, gutted a building at the popular Balogun Market on Lagos Island, area of the state. It was said by the Eyewitnesses that the fire started from the building from one of the market buildings, on Martins Street, Lagos. The cause of the inferno which could not be ascertained as of press time, have started spreading to other apartments. Operatives of the Lagos State Emergency Agency (LASEMA), Lagos State Fire and Rescue Services, as well as other responders, have swung into operation to put out the fire. Again, fire on Sunday morning, gutted a building at the popular Balogun Market on Lagos Island, area of the state. Eyewitnesses told Vanguard that the fire started from the building from one of the market buildings, on Martins Street, Lagos. The cause of the inferno which could not be ascertained as of press time, have started spreading to other apartments. Operatives of the Lagos State Emergency Agency (LASEMA), Lagos Sta...

 A economic professor in Harvard and an ex- director of national economic council  Said in the month of march. The federal serve has hike from the virtuality of zero to average of 3% and 3.25% today and penciled in a terminal rate and high as 4.9% NEXT year  He has warned.  the US interest rate will probably peak above 5% and the market will has mostly priced in the hike ahead from federal reserve. He tweeted higher interest rate make borrowing more expensive and encourage savings over spending or investing.  Which has made the US. Central bank to start raising rate to cool inflation which surged to a 40 - year high of 9.1 % in June and remained above  18% in September  Summer believes backing down would be disastrous has he have been ringing the inflation alarm for a while and urging the fed to keep the hiking rate.  Reference: The Wall Street Journal  Byline Shodolamu olawale quadri 

“Something urgent has to be done to prevent the naira from falling beyond what it is today. As we speak today, the rising cost of food is worrisome.” Elder statesman Edwin Clark has called on the governor of the Central Bank of Nigeria, Godwin Emefiele, to take urgent steps to stop the downward spiral of the naira.  On Wednesday, the currency’s value deteriorated further against the dollar at the parallel market at N855 to $1. The elder statesman expressed concern over the high exchange rate, which he said had led to the rising cost of goods and services and stressed that Nigerians are finding it difficult to afford life’s necessities. On redesigning the naira, Mr Clark urged the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to put short-term plans in place to mitigate any negative effect. “On the redesigning of the naira, I am not a financial expert to say whether the decision was right or wrong, but reports have it that the exchange rate further increased the mo...

Petrol scarcity hit different parts of Nigeria on Tuesday, forcing motorists to spend hours at filling stations while battling to get the product. Black marketers had a field day, selling a litre of fuel at N300-N400 in many parts of the country. Many motorists were forced to patronise them as the unpleasant alternative was to wait for hours in filling stations. Amid long queues and waiting hours in Lagos, some filling stations sold a litre of the Premium Motor Spirit at N200/litre as against the approved price of N180-N185/litre. Filling stations around Ikotun, Egbeda and Ojodu Berger on Monday and Tuesday witnessed long queues at the few stations that managed to sell. I was lucky to buy a 10-litre gallon at N3,500. Others said they bought at higher prices from the black marketers,” an eyewitness said. A tricyclist, Ade, who operates between Ago Palace Way and Second Rainbow Bus Stop at Amuwo-Odofin, said, “Black marketers sell five litres at N1,700 at Ago Palace during the day and N2...

Some soldiers of the Nigerian Army on Wednesday morning beat up a policeman and an official of the Lagos State Traffic Management Authority along Eko Bridge in Lagos.   According to information gathered, the soldiers were on one-way when the policeman and the LASTMA official stopped their vehicle and ordered them to turn back and take the right lane.   It was learnt that the situation became tensed after confrontations as both parties could not come to an agreement.   The soldiers, who refused to turn back, reportedly pounced on the two officials and began to beat them. According to an eyewitness Mr bola, he said that another set of soldiers in a different vehicle, who were driving on the right lane, stopped when they noticed the scene and joined their soldier colleagues in beating the officials.   Although calm has been restored to the area and both parties are said to have apologised to each other, it was learnt that the wounded officials are presently receiving me...

Nigeria biggest economy has expressed an early interest in United States carbon offset plan that would allow corporations to fund renewable energy projects in developing countries that are struggling to transition away from Remnant fuel. The Energy Transition Accelerator was announced by John Kerry, US presidential Representative for Climate, in partnership with philanthropic groups like the Rockefeller foundation and the Bezos Earth fund and will it will be finalized the coming year.        The us plan for carbon offset are open to supports and partnerships with countries that have already advanced in terms of establishing a purpose carbon offset Plan, “Salisu Mohammed Dahiru, director general of the Nigeria Climate Change Council, confirmed to BusinessDay at the sideline of an event at COP27 with the support from the US and its partners, we would easily transit from Remnant fuel. The country’s energy sector accounts for about 65 percent of Nigeria’s total greenhous...

The truck drivers within nigeria port system known as Amalgamation which is an adopted umbrella body of maritime trucking association whose major activity is to move import and export goods in and out of Lagos, has begged the lagos state governor "Babajide sanwo olu " for quick intervention, to save them and their business from immoral people known as hoodlums,that everyday extort and assault them and also damage their truck and cause serious road accident. The truckers called on the governor to make law against ganging up on trucks and extortion of drivers by hoodlums. They made the appeal in an open letter signed by their coordinator "Ridwan Bello" and copied to the commissioner of police, lagos state police command ikeja. Department of state service (DSS) lagos command, lagos state House of assembly and lagos state commissioner for transport.  The appeal was made because of the recent accident that happened on the 7th of November 2022 along lagos badagry express ...

November 06, (THEWILL) – The International Air Transport Association (IATA) has put the current aviation industry’s blocked funds at USD1.9 billion globally, as of September 2022, adding that the risk that this number will rise is elevated. According to IATA, the US dollar has seen a sharp appreciation over the past two years, against most of its trading partners, in a move that was accelerated by Russia’s invasion of Ukraine in February 2022. On the contrary, the euro, for example, has depreciated by nearly 14% against the US dollar this year. IATA further explained that a depreciating currency adds to inflation by making imports more expensive. The International aviation body noted that any debt held in foreign currency, notably the USD in the current situation, becomes more expensive to pay back and to service, in line with the size of the depreciation, adding that higher nominal interest rates add another challenge in this regard. But IATA noted that unless the country in question ...

What prompted you to start your business? I started my business in 2020 during the covid’19 pandemic. The disaster the pandemic caused everyone which cuts across the stay home policy by the government, this rendered my activity at the time useless as I couldn’t go out. In order to make ends meet and stay productive, I had the idea to start my business and I started in 2020. How much capital did you use to set up this business? My business scope deals with the fashion industry and since I’m just starting out, I would be needing to procure machines of different types  for production and materials. With all these in consideration, I set up my business with a sum of #1.5 million naira (#1,500,000). Did you share the capital with another person or its sole proprietorship? I didn’t share the capital with anyone. I decided to venture into the business without a partner as I was capable of setting up the business on my own and also personal  reasons and deductions didn’t make me do pa...