NEWS AGENCY OF NIGERIA
FG inaugurates governing board to strengthen sugar council
Economy/Business

FG inaugurates governing board to strengthen sugar council

305 total views today

By Vivian Emoni

The Federal Government has inaugurated a Governing Board for the National Sugar Development Council (NSDC), to strengthen and enhance its activities.

Minister of State for Industry, Sen. John Owan Enoh, while inaugurating the Governing Board of the NSDC in Abuja on Thursday, said that the council should intensify efforts in its activities, to achieve its mandates and goals.

The minister said that the inauguration of the board would help to strengthen the council and enhance its activities.

He urged the board to work assiduously to ensure that within the next three months, they would be able to achieve good results.

“I mean urgent work needs to be done.

“We need to be committed and work together to ensure we strengthen the growth of the council.

“As the reporting minister, I must be ready to brief the President on the level of steps that have been taken to make sure that we are able to achieve the goals and mandates of the council.

“We must ensure that we make progress and ensure that the purpose of the inaugurating the board is achieved respectively,” he said.

The minister also urged the board to be committed to ensuring effective implementation of the brownfield backward integration projects.

“We must ensure that the sites are being worked upon. We should identify if there are sites that are fertile enough for the growing of sugarcane.

“If they are not, the council will provide guidance to know the land that is available.

“We must all be committed to doing the work, to make sure that we progress,’’ he said.

The minister reminded the council of how competitive the market was.

“We are competing with countries like Brazil that have been in this business for upwards of several years.

“So, our competitors are our seedlings that we are planting.

“We are not just talking about producing in-country, but the cost effectiveness of that production is important because of the competition that we are all involved in,’’ he said.

Responding, Chairman of the board, Sen. Surajudeen Basiru, thanked the minister and the President for the opportunity given to him and other members of the board.

Basiru said that the board would work hard to offer good performance and ensure the council’s achieve its goals and mandates.

“We have been given three months to make sure we deliver and bring a positive result.

“We will try our best to ensure that we don’t disappoint the minister and Nigerians at large,’’ he said. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Long-term financial planning, risk management crucial to secure retirement – NAICOM 
Economy/Business

Long-term financial planning, risk management crucial to secure retirement – NAICOM 

251 total views today

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

The National Insurance Commission (NAICOM) says long-term financial planning and risk management are crucial for securing a comfortable retirement.

 

 

 

Its Chief Executive Officer, Mr Olusegun Omosehin, said this during the 2025 edition of Inspenonline Retirement Summit on Wednesday, in Lagos.

 

 

 

Omosehin, who was represented by Mr Julius Odidi, Lagos Director of NAICOM, said individuals must prioritise early planning and saving for their retirement to ensure financial stability and security in their golden years.

 

 

 

The theme of the summit is “Attaining Good Retirement Amid Economic Headwinds”.

 

 

 

The Commissioner for Insurance said that financial planning was essential due to growing complexities retirees face in an era defined by inflationary pressures, market volatility, and shifting demographic patterns.

 

 

 

He said, “The reality today is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings.

 

 

 

“These economic headwinds are not merely statistics, they represent the lived experiences of millions of our citizens. As regulators, insurers, pension administrators, and policymakers, we must rise to this challenge with innovation, empathy, and resilience

 

 

 

“From the insurance sector’s perspective, retirement planning must be rooted in long-term financial protection and risk management.

 

 

 

“Products such as annuities, life insurance, and retirement savings plans are not just financial instruments, they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and align with the evolving needs of our aging population.”

 

 

 

According to Omosehin, the economic headwinds confronting retirees could be surmounted through coordinated action, strategic foresight, and trust in financial instruments, institutions and systems.

 

 

 

He said to navigate the period effectively, policy alignment and regulatory reforms must be focused on.

 

 

 

He noted that product relevance and accessibility as well as financial literacy and consumer empowerment must also be priotised.

 

 

 

“We must ensure that our policies across the insurance, pension, and financial sectors are not working at cross-purposes.

 

 

 

“Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains.

 

 

 

“Industry must invest in designing affordable, relevant, and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of our population.

 

 

 

“Micro-insurance and digital platforms hold tremendous potential in this regard,” he said.

 

 

 

Omosehin urged insurers, and regulators to collaborate, innovate, and advocate for policies and practices that will ensure every Nigerian retiree have the means to survive and the resources to thrive.

 

 

 

“At NAICOM, we remain committed to deepening insurance penetration, strengthening consumer confidence, and fostering partnerships across the financial services system.

 

 

 

“We are actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems, especially in addressing longevity risks and post-retirement income security,” he said.

 

 

 

Also, Mr Akinjide Orimolade, Managing Director, Stanbic IBTC Insurance Ltd. explained the rudiments of the company’s new plan known as “Sunset Benefit Plan”, which allows for effective planning ahead of retirement.

 

 

 

The Chairperson, Nigeria Labour Congress, Lagos Chapter, Funmi Sesi, called on all levels of government to ensure full compliance with the Contributory Pension Scheme (CPS) as only six states were currently complying.

 

 

 

Sesi also emphasised the importance of prompt payment of gratuity to workers, stressing that delayed payments could cause financial hardship and uncertainty for affected employees.

 

 

 

Meanwhile, Mr Chuks Okonta, Publisher of Inspenonline and organiser of the Retirement Summit, stated that the event aimed to shift the narrative around retirement.

 

 

 

According to Okonta, many people view retirement as a daunting prospect, fearing financial uncertainty.

 

 

 

He said: “We want to change this perception, our goal is to empower individuals to plan effectively for retirement, enabling them to look forward to this phase of life with joy and confidence, rather than fear and uncertainty.” (NAN)

 

Edited by Olawunmi Ashafa

Lagos MSME tripartite agreement to spur finance access for entrepreneurs – BoI
Economy/Business

Lagos MSME tripartite agreement to spur finance access for entrepreneurs – BoI

259 total views today

By Rukayat Moisemhe and Aderonke Ojediran

The Managing Director, Bank of Industry (BoI), Dr Olasupo Olusi, has described its tripartite agreement with the Lagos State Government and Sterling Bank Plc’s Micro, Small and Medium Enterprises (MSMEs) as a new chapter for entrepreneurs in the state.

Olusi said this at the signing of the Memorandum Of Understanding (MOU) of the Lagos State Access to Finance for SMEs through Cooperatives on Wednesday in Lagos.

He said the development would spur access, opportunity and inclusion for entrepreneurs in Lagos.

The News Agency of Nigeria (NAN) reports that the development comes as a groundbreaking partnership bringing together the public and private sectors in a shared mission to empower entrepreneurs.

Olusi stated that the strategic initiative would enhance the potential of Lagos’ MSMEs by dismantling structural barriers that had long constrained access to opportunity.

Olusi revealed that BoI currently had over N500 billion in investment footprints across Lagos State, which was more than any other state in Nigeria.

This development, he asserted, reflected the bank’s longstanding confidence in the energy, resilience and entrepreneurial spirit of the Lagos people.

“This strategic effort will unlock the creativity, resilience, and potential of Lagos’ MSMEs by dismantling the structural barriers that have long constrained access to opportunity.

“At the Bank of Industry, we believe MSMEs are the engine of economic growth; driving innovation, creating jobs, and expanding opportunities.

“However, we also know that without access to finance, their potential remains limited.

“This is why the Government of President Bola Tinubu is focused on delivering access to financeto the MSME segment of Nigerian enterprises and this programme is designed to change that,” he said.

Olusi said the MSME scheme targeted key sectors central to Lagos State’s development including healthcare, manufacturing, agribusiness, creative industries and the digital economy.

He, however, stressed that beyond the funding, the programme aimed to support the entire working ecosystem built for success.

He stated that the initiative was fully technology-driven, from application to disbursement, ensuring speed, transparency, and real-time impact tracking.

He added that up to 50 per cent of the fund was backed by a bank guarantee, therefore de-risking the lending process and building stakeholder confidence.

Olusi said that access to the funds would be facilitated through certified cooperatives, which will ensure structure, trust, and accountability.

“Finally, there is an accelerator programme, offering MSMEs mentorship, training, and digital tools to help them grow and compete.

“At the heart of it all is accessibility as under this scheme, MSMEs can access up to N10 million at a single-digit interest rate of nine per cent per annum, without collateral.

“This removes one of the biggest obstacles facing small businesses and brings inclusive finance within real reach. It’s an approach backed by experience.

“The N10 billion fund is the first partof a scalable, performance-based agreement and as goals are met, the fund can grow, fostering continuous growth and empowerment,” he said.

The Governor of Lagos State, Mr Babajide Sanwo-Olu, in his remarks, lauded the BoI and Sterling Bank for the partnership.

Sanwo-Olu charged beneficiaries to use the funding to grow their businesses, repay on schedule to engender more access to funding opportunities.

He reiterated the state government’s commitment to creating an environment that supported the growth and development of MSMEs.(NAN)(www.nannews.ng)

Edited by Chinyere Joel-Nwokeoma

CFG Africa introduces Naira fixed income fund  
Business

CFG Africa introduces Naira fixed income fund  

290 total views today

 

By Olawunmi Ashafa

 

As a response to the growing need for stable and reliable investment opportunities in the nation’s dynamic economic landscape, CFG Africa has introduced the GFG AM Naira Fixed Income Fund.

 

The launch event, which took place in Lagos on Wednesday, gathered key stakeholders, investors, and the CFG Africa leadership team.

 

The CFG AM Naira Fixed Income Fund is a managed open-ended unit trust scheme designed to provide investors with investment liquidity, diversification, and competitive returns through investments in high-quality Naira-denominated fixed income securities.

 

This fund is tailored for individuals, corporates, high net worth investors, and institutions seeking stable and reliable investment growth.

 

Speaking during the launch, Mr Babajide Lawani, the Managing Director of CFG Africa Ltd., emphasised the strategic importance of the Fund.

 

“The introduction of the CFG AM Naira Fixed Income Fund is a deliberate step in expanding our capacity to serve a broader spectrum of investors.

 

“It allows us to channel capital into stable, Naira-denominated assets, contributing to a more resilient and inclusive financial market in Nigeria.

 

“This launch demonstrates our proactive approach to addressing market dynamics and providing solutions that meet the long-term investment goals of our clients.

 

“We believe this fund offers a crucial avenue for Nigerians to participate in stable investment opportunities, contributing to their financial well-being and the broader economic landscape.”

 

Also, Mr Adedoyin Wilson-Diamond, Chief Investment Officer of CFG Africa Ltd., added, “In a dynamic economic environment, preserving capital and achieving consistent returns are paramount.

 

“The CFG AM Naira Fixed Income Fund has been meticulously structured to navigate market fluctuations and deliver competitive yields through prudent investment in quality Naira-denominated assets.

 

“Our active management approach will ensure we capitalise on opportunities while effectively managing risk,” he said.

 

CFG Africa views the current macroeconomic landscape as an opportune moment to introduce such a fund, providing a hedge against volatility while offering consistent returns.

 

The fund’s assets will be held by an independent custodian, Rand Merchant Bank Ltd., with AVA Trustees Ltd. acting as the independent trustee, ensuring the highest standards of security and governance.

 

CFG Africa remains committed to providing innovative and accessible financial solutions that empower individuals and institutions to achieve their financial goals. (NAN)

 

Edited by Folasade Adeniran

SMEDAN creates 90,000 jobs in Q1 2025
Economy/Business

SMEDAN creates 90,000 jobs in Q1 2025

295 total views today

By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) says it created more than 90,160 jobs and empowered 116,661 entrepreneurs across the country in the first quarter (Q1) of 2025.

Mr Charles Odii, Director-General of SMEDAN, made this known in a statement on Tuesday in Abuja, noting that the figures were contained in the agency’s Q1 performance report.

Odii attributed the achievements to targeted empowerment programmes and strategic collaborations with stakeholders in both the public and private sectors.

He said SMEDAN partnered with organisations such as Google, Wema Bank, and members of the National Assembly to train entrepreneurs in digital and financial literacy.

The partnerships, he said, also facilitated access to finance, markets, and essential tools for small businesses.

“SMEDAN also supported the formalisation of thousands of small businesses by assisting them with registration through the Corporate Affairs Commission (CAC), thereby enhancing their chances of accessing funding and participating in supply chains.

“In Q1 alone, we distributed 123,743 work tools, including laptops, mini-buses, industrial sewing machines, generators, and tricycles, to entrepreneurs in all 36 states,” Odii said.

He also highlighted the success of the SMEDAN Garment and Textile Hub at the Idu Industrial Development Centre in Abuja, which he described as a model for inclusive industrial development.

“The solar-powered hub, made possible through a partnership with the UNDP, enables fashion entrepreneurs to access affordable industrial machines and stable power supply, thereby increasing productivity and job creation.”

Odii reiterated the agency’s commitment to the “GROW Nigerian” strategy, focusing on Guidance, Resources, Opportunities, and Workforce support for SMEs.

“The result is more jobs, stronger businesses, and greater value unlocked within communities nationwide,” he added.

He noted that several strategic partnerships signed during the review period would begin to yield results in subsequent quarters, especially in areas like financing and value chain development.

Odii reaffirmed SMEDAN’s alignment with President Bola Tinubu’s Renewed Hope agenda, stressing that the agency remained committed to supporting MSMEs as drivers of inclusive economic growth. (NAN)

Edited by Abiemwense Moru

FG, AFD partner to boost project delivery
Economy/Business

FG, AFD partner to boost project delivery

294 total views today

By Nana Musa

The Permanent Secretary of the Ministry of Budget and Economic Planning, Dr Emeka Obi, says collaboration with the French Development Agency (AFD) will improve project implementation.

 

He stated this during a training programme on AFD Procurement Guidelines, held on Tuesday in Abuja.

 

The programme was organised by the AFD in partnership with the Federal Ministry of Budget and National Planning.

 

Obi, represented by Director of Economic Growth, Auwal Mohammed, said both agencies aimed to enhance implementation at federal and sub-national levels.

 

He added that the Nigerian Government and AFD remained committed to supporting projects to achieve their objectives.

 

Obi stressed that procurement was vital to project delivery and urged participants to take the training seriously.

 

“Procurement involves sourcing, purchasing, receiving, and inspecting goods and services needed for operations, including materials, software, and office supplies,” he said.

 

He warned that procurement is often overlooked until challenges arise, making prevention more important than cure.

 

“That is why we always say, prevention is better than cure,” Obi noted.

 

He explained the training aimed to equip officers with full understanding of AFD procurement procedures and processes.

 

This knowledge, he said, would support informed decisions about products or services – considering price, quality, quantity, and timing.

 

Obi noted the training would also address consultancies, goods, and works contracts covered by the guidelines.

 

He added that there would be a comparative review of Nigerian Procurement Regulations and AFD Procurement Guidelines.

 

He praised AFD for its support towards the government’s development goals and public service delivery.

 

AFD Country Director in Nigeria, Xavier Muron, said two billion euros in development projects were ongoing in the country.

 

Muron said AFD had operated in Nigeria since 2008 and had funded over three billion euros in projects to date.

 

He noted the current projects include infrastructure, education, vocational training, water, and healthcare.

 

“Some of the projects were concluding, while others were just beginning.

 

“Our financing has grown. Currently, two billion euros are in active investments across Nigeria,” Muron said.

 

He encouraged implementing agencies to actively engage in the training for effective project delivery.

 

Muron said sectors supported include infrastructure, water, governance, education, and vocational training – which is a new focus.

 

“Agriculture is not yet covered, but we plan to expand with value chain and growth programmes,” he added.

 

He emphasised that procurement was critical for the success of AFD-funded initiatives.

 

The training, he said, aimed to build capacity among implementation partners on AFD procurement standards.

 

“Our guidelines follow international best practices and help partners comply with procurement requirements,” Muron explained.

 

The training would also allow partners to share experiences, challenges, and possible areas of improvement.

 

“We want Nigerian agencies to fully understand our procurement rules to avoid project delays,” he stated.

 

Muron warned that incorrect procurement procedures could slow down programme delivery.

 

“We want you updated on regulations so we don’t waste time due to procurement setbacks,” he added.

 

The News Agency of Nigeria (NAN) reports that the training aligns Nigeria’s procurement standards with those of international donors like the World Bank.

 

AFD Procurement Specialist, Mr Antonio Velasco, said the training would cover finance and consultancy procurement procedures.

 

He said participants would be trained on bidding documents, applicable rules, and procurement security.

 

NAN also reports that the training included AFD staff, government officials, and state-level MDA representatives. (NAN) (www.nannews.ng)

Edited by Josephine Obute / Kamal Tayo Oropo

Customs integrates Form M into B’Odogwu portal
Economy/Business

Customs integrates Form M into B’Odogwu portal

449 total views today

By Martha Agas

The Nigeria Customs Service (NCS) has successfully integrated the Form M process into the B’Odogwu Trade Portal through a pilot scheme across three commands.

The pilot scheme was implemented at Port and Terminal Multiservices Limited (PTML), Tin Can Island Port, and Apapa Area Command.

Spokesman Abdullahi Maiwada confirmed the development in a statement issued on Monday in Abuja.

He explained that these sites were selected to enable strategic testing, close monitoring, stakeholder engagement, and effective performance evaluation.

During the pilot, 544 Form M entries were processed. Out of these, 283 were registered, 10 validated, and 26 stored for future action.

Also, 41 entries were submitted, 120 returned for corrections, 11 queried, 14 had PAARs locked, and 39 were recommended for approval.

Maiwada said the figures show strong testing and learning across all participating commands during the pilot exercise.

He added that 37 Pre-Arrival Assessment Reports (PAARs) were generated from the Forms M processed during the pilot.

Of these, seven PAARs were registered, 12 had their SGDs processed, and two were fully approved.

Eight PAARs were recommended for further review, four submitted for processing, and four were queried.

He said the outcome confirms B’Odogwu’s capacity to support complete trade documentation during live operations.

Maiwada noted the initiative marks a major milestone in the NCS’s tech-driven reform agenda to modernise trade processes.

He stated that the Form M pilot success indicates the start of a nationwide shift in Customs operations.

According to him, the transition aims to simplify documentation, improve transparency, and reduce cargo clearance timeframes.

The News Agency of Nigeria (NAN) reports that following the pilot’s success, carriers are now advised to begin transmitting manifests to the B’Odogwu platform.

“To enhance trade facilitation, NCS urges all carriers, including shipping lines and airlines, to adopt the new platform,” Maiwada stated.

He emphasised the need for stakeholder readiness, particularly among banks and traders, ahead of full implementation.

Maiwada described the Comptroller-General, Adewale Adeniyi, as a forward-thinking leader focused on strategic service automation.

NAN also reports that the Trade Modernisation Project introduced the B’Odogwu platform.

The platform automates trade operations and enables traders to track transactions from initiation to final delivery. (NAN) (www.nannews.ng)

Edited by Kamal Tayo Oropo

Manufacturers lauds FG’s “Nigeria First” policy directive, seeks collaboration on implementation
Economy/Business

Manufacturers lauds FG’s “Nigeria First” policy directive, seeks collaboration on implementation

221 total views today

By Rukayat Moisemhe

Manufacturers Association of Nigeria (MAN) has commended the Federal Government on the “Nigeria First” policy directive aimed at prioritising patronage of Made-in-Nigeria goods and services.

Mr Segun Ajayi-Kadir, Director-General, MAN, on Tuesday in Lagos, noted that the policy directive also supports the local content development.

The News Agency of Nigeria (NAN) reports that policy, soon to be backed by an executive order, states that the country must come first in all procurement processes.

It means that no foreign goods or devices that are already being produced locally will be procured without a clear and justified reason.

Ajayi-Kadir, describing the initiative as a welcome development in the right direction, called for joint efforts to ensure its effective and sustainable implementation.

He said the initiative demonstrated government’s commitment to promoting local industries, boosting economic growth, and creating jobs for Nigerians.

According to him, by giving preference to locally produced goods and services, the country can stimulate demand, increase capacity utilisation, and attract investments into the manufacturing sector.

“It is a cheering news and long awaited relief to resilient Nigerian manufacturers, who, in spite of the tough economic environment, have demonstrated enduring faith in the potential greatness of the Nigerian economy.

“MAN believes that this policy will have a multiplier effect on the economy, leading to increased economic activity, improved Gross Domestic Product (GDP) growth, and enhanced competitiveness of Nigerian industries,” he said.

Ajayi-Kadir said the new directive was long overdue, and government, being the biggest spender, would do well to lead by example.

This, he stated, would certainly send the right signals and raise consumer confidence in Made-in-Nigeria products.

The MAN DG added that from earlier survey, the effective implementation of such an initiative, which he said should be stipulated in the consequential executive order, would scale investments and potentially boost GDP by 56 per cent.

He said the development would also reduce unemployment by 37 per cent and increase firms’ willingness to employ from 1.5 per cent to 22.6 per cent.

Ajayi-Kadir urged all tiers of government, private sector entities, and individuals to support this initiative by patronising Made-in-Nigeria goods and services.

“This is with a special focus on uniformed government agencies and institutions (including the military and police), the legislature and quite importantly, the Presidency.

“All government contracts should prioritise the patronage of Made-in-Nigeria materials and government needs to consult with manufacturers on the way forward to achieve effective and efficient implementation,” he said.

Ajayi-Kadir said MAN, as the umbrella organisation for manufacturers in Nigeria, looked forward to working with all tiers of government and private sector organisations to actualise the “Nigeria First” project. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

NGX honours Pascal Dozie with heartfelt tributes
Business

NGX honours Pascal Dozie with heartfelt tributes

289 total views today

 

 

 

 

 

By Taiye Olayemi

 

The Nigerian Exchange Group (NGX) on Tuesday gathered capital market stakeholders to honour late financial icon, Dr Pascal Dozie, who passed on April 8, aged 85.

 

 

 

Born on April 9, 1939, Dozie was a pioneer in Nigeria’s financial landscape, revered for founding Diamond Bank and chairing Pan-Atlantic University.

 

 

 

Dozie also served as President of the Nigerian Stock Exchange, now NGX Ltd, where he led pivotal reforms and inspired market transformation.

 

 

 

The event, with the theme ‘An Afternoon of Tribute and Closing Gong Ceremony‘, celebrated Dozie’s enduring legacy and visionary leadership.

 

 

 

NGX Group Chairman, Alhaji Umaru Kwairanga, praised Dozie’s impact on Nigeria’s capital market, describing him as a leader of unmatched humility.

 

 

 

“Today, we celebrate a life of integrity, purpose, and service,” said Kwairanga, encouraging others to mirror Dozie’s entrepreneurial spirit.

 

 

 

He recalled Dozie’s presidency of the Exchange as a cornerstone in building a transparent and sustainable financial ecosystem.

 

 

 

Kwairanga added that Dozie’s foresight and institutional reforms extended confidence across Africa’s markets.

 

 

 

Dr Ernest Ndukwe, MTN Nigeria Chairman, hailed Dozie’s strategic leadership, which catalysed innovation and broadened market participation.

 

 

 

He praised Dozie’s economic insight and philanthropy in healthcare, education, and community development.

 

 

 

“His influence at MTN was stabilising and profound. Nigeria must now carry his torch,” Ndukwe urged.

 

 

 

Chairman, Lagos Chamber of Commerce and Industry, Gabriel Idahosa, described Dozie as a steward of institutions whose leadership transcended borders.

 

 

 

Nigerian Economic Summit Group (NESG) Chairman, Mr Olaniyi Yusuf, noted Dozie’s founding role in the Summit Group, driving transformative economic dialogue since 1993.

 

 

 

Mrs Elizabeth Ebi of Futureview Financial Services called Dozie a mentor and praised his groundbreaking Exchange leadership.

 

 

 

She encouraged his children to advance his legacy through their work in the capital market.

 

 

 

“I called him Uncle — his support shaped my career,” Ebi said, recalling his influence before she became Nigeria’s first female stockbroker.

 

 

 

NGX Regulation Ltd. Chairman, Mr Olufemi Akinsanya, remembered Dozie as a humble reformer and trailblazer in digital banking.

 

 

 

“Diamond Bank, under Dozie, pioneered banking digitisation. His quiet leadership changed the financial sector forever,” he said.

 

 

 

Uzoma Dozie, speaking for the family, thanked NGX for the honour and described his father as a servant leader.

 

 

 

“He was a hustler and a servant—always working so others could rise. His story is of resilience and reinvention.

 

 

 

“Pascal Dozie is remembered not just as a banker, but as a builder of futures, economies, and hope,” Uzoma said. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

UK services sector sees first decline in 18 months
Economy/Business

UK services sector sees first decline in 18 months

229 total views today

The United Kingdom’s services sector shrank last month for the first time since October 2023 as concerns over trade tensions weighed on firms, according to new figures.

Service sector companies reported their weakest levels of new work from overseas for more than four years as recent US tariff plans caused caution globally across the sector.

The S&P Global UK services PMI survey scored 49 in April, down from 52.5 in March. It was the weakest reading for more than two years.

Any reading above 50 means the sector is growing while a score below means it is contracting.

The monthly reading was below the 49.9 level predicted by economists.

Tim Moore, economics director at S&P Global Market Intelligence, said: “UK service sector output slipped into contraction for the first time in one-and-a-half years as heightened business uncertainty weighed on order books during April.

“Export conditions were particularly weak, with new business from abroad falling to the greatest extent since February 2021.

“Survey respondents often commented on the impact of global financial market turbulence in the wake of US tariff announcements.”

He added that businesses in the technology and financial service sector highlighted “risk aversion and delayed spending decisions among clients.”

US President Donald Trump announced wide-ranging tariffs at the start of the month, although many services are expected to be exempt from the import tax.

The latest industry figures showed that new business decreased in April for the third time in the past four months.

Businesses continued to report “unfavourable domestic demand conditions” but stressed that a marked decline in overseas markets was the main cause of recent weakness.

Reduced workloads and delayed spending conditions also resulted in cautious hiring activity, the research found.(dpa/NAN)

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email