[Nigeria Business Week] Calling for free-trade, efficient energy
The possibility of free trade within Africa is an ongoing one, to which several African countries have pledged their support and signed their agreements. Though Nigeria has shown caution in joining The Agreement, its one champion is Aliko Dangote, Nigerian industrialist and wealthiest African. He has made a point of stating, at any and every opportunity, that domestic and intra-African trade a key element to our economic independence and development.
The Nigerian economy is however largely dependent on oil and gas sale and export, which has risen by 35% as of June this year.
Still in the Oil sector, Sirius Petroleum secured a drilling rig in Ororo field in the western state of Ondo.
More effort is being put into entrepreneurship as always, and Everest this week partnered with 1000 Alternatives to spur a good number of incubators in Nigeria, as well as Rwanda and Kenya.
A more efficient source of energy and power generation remains a challenge in the country. Channeling into what we have, sunlight – and therefore solar- is a possibility that can and should be explored. A report by the Nigerian Economic Summit Group and the U.S.-based sustainability NGO, Rocky Mountain Institute has given insight into how much Nigerian businesses could save by using off-grid solar systems.
In Construction, building materials company Lafarge Africa, has issued a new rights issue in an effort to strengthen its position.
Healthcare was not left begging this week, as Piggybank.ng partnered with Avon HMO to provide better healthcare access in Nigeria, through flexible insurance plans.
MTN remains tied up in a legal web. The Central Bank is at the negotiation table with the Telecoms giant with a proposal for annual interest payments on the fine placed on the latter. Meanwhile the international community is lacing its boots to address conflict riddled North-East Nigeria, with the United Nations Development Programme leading the charge.