President Buhari has signed the Federal Competition and Consumer Protection Act into law. According to Senator Ita Enang, the Presidential Liaison Officer to the National Assembly, the new law is meant to promote economic efficiency, maintain a competitive market, protect Nigeria’s economy, protect the interest and welfare of consumers by providing consumers with wide variety of quality products at competitive prices as well as prohibit restrictive or unfair business practices in the Nigerian economy. It also establishes the Federal Competition and Consumer Protection Commission as well as the Consumer Protection Tribunal to try violations.
The Nigerian Air Force has ordered 12 A-29 Super Tucano military aircraft from Brazil’s Embraer SA and partner firm, Sierra Nevada Corp, a securities filing according to Reuters showed on Wednesday. The planes, which will be manufactured by Embraer in Jacksonville, Florida, and customized by Sierra Nevada at its Centennial plant in Colorado, will be used by the Nigerian Air Force in tactical operations.
The CBN has financed a total of 568 agricultural projects valued at ₦577.3 billion under the Commercial Agriculture Credit Scheme. Data from the regulator shows that as at the end of Q3 2018, the fund was disbursed for the projects through 20 banks. Up to ₦120.16 billion, the highest amount, was disbursed through Zenith Bank to finance 75 agriculture projects, followed by UBA with ₦81.06 billion for 50 projects. Sterling Bank, First Bank, and Union Bank had ₦72.17 billion, ₦42.89 billion and ₦28.91 billion for 42, 99 and 39 agricultural projects respectively. The CACS commenced in 2009 as part of the developmental role of the CBN to the economy to stimulate funding for the agricultural sector.
Greif, a manufacturer and marketer of metal drums and plastic containers, has suspended its operation in the country. The firm’s Chairman, Adebayo Olowoniyi disclosed this in its 2018 full-year statements released Wednesday. The company, which had tried to stay afloat through price increases and embarking on cost reduction initiatives, said it has been operating well below operating and direct material costs and sees no signs of improved market conditions. Halfway through its financial year, Greif lost a key customer and had to reduce prices to retain volumes, leading to an under recovery of costs. The company in June 2018, had notified the NSE of its intentions to shut down its operations in Koko, Delta State, and Kaduna State. The result of the firm’s 12 months ended October shows revenue fell from ₦1.4 billion in 2017 to ₦534 million in 2018. It recorded a loss before tax of ₦245 million in 2018, as against a profit before tax of ₦77.5 million in 2017.