2020 Fiscal Act Comes With Plenty of Goodies but Also Some Baggage

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2020 Fiscal Act Comes With Plenty of Goodies but Also Some Baggage

President Buhari has signed the finance bill into law. This comes days after assenting to the 2020 budget. The new law amends a number of extant tax laws including the Company Income Tax (CIT), Value Added Tax (VAT), Petroleum Profit Tax, customs and excise tariff, Personal Income Tax, Stamp Duties Tax and the Capital Gains Tax.

The main objective of the finance bill is:

  1. To promote fiscal equity
  1. Reform the domestic tax laws to align with global best practices
  1. Introduce tax incentives for investments in infrastructure and capital markets
  1. Support MSMEs
  1. Increase Government revenues

Key Highlights

  1. VAT to increase to 7.5% from 5%
  1. Companies with a turnover of less than N25 million pa are tax-exempt from CIT (Progressive tax)
  1. Companies that earn between N25 million – N100 million annually will pay 20% of their profit as CIT
  1. Companies with annual income in excess of N100 million annually will pay 30% of their profit as CIT
  1. To avoid double taxation, tax on dividends is no longer applicable
  1.  Tax Identification Number (TIN) is a prerequisite for operating a bank account
  1. The threshold for stamp duty on online transactions increased to N10,000 from N1,000
  1. Stamp duty removed for bank transfers below N10,000 9. Goods and services redefined to cover intangible items

The Goodies

The introduction of a bill that amends various tax laws is a welcome development in the tax system. This could boost the economy by stimulating the growth of small and medium scale enterprises and increase foreign direct investments into the country.

In addition, the VAT increase is expected to help fund the minimum wage implementation by state governments. State and local governments will receive 85% of the revenue while the federal government will receive 15%.

The baggage

It is no news that consumer demand has been relatively weak, the revised VAT would have a knock-on effect on consumer disposable income due to the additional 2.5% VAT on most consumer goods. The wage increase and higher VAT will exacerbate inflationary pressures.

Inflation has increased consecutively since September 2019 and an increase in consumer price inflation is imminent. If the higher VAT leads to a spike in inflation in January, the MPC would be left with no alternative but to commence a tightening cycle and raise the MPR.

Finally, the onus is on the government to address tax revenue shortfalls, eliminate leakages and improve transparency in expending the collected revenue.

Financial Derivatives Company (FDC)

Nigeria’s Demands from Post-Brexit Britain

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Nigeria’s Demands from Post-Brexit Britain

By Ayo Akinfe

Next week when President Muhammadu Buhari meets with Prime Minister Boris Johnson at the UK-Africa Summit in London he should present a 10-point list of demands that look like this:

(1) Given that Britain sold Cadbury to Kraft Foods in 2010 and no longer has a chocolate firm, she should now open a confectionery company in Nigeria to process our cocoa on site. We want a joint venture corporation between UK and Nigerian that will be floated on the London Stock Exchange. The aim is to make Nigeria a leading chocolate supplier

(2) British car manufacturer Aston Martin should take out a 50% stake in Innoson Motors and turn it into an international automobile manufacturer that can compete with the likes of Toyota, Nissan, Peugeot, Citroen, Renault, etc

(3) BA and Virgin Atlantic should each take out a 30% stake in the proposed Nigerian national carrier. The aim should be to create an unprecedented African airline that will rival the likes of Emirates with the Nigerian government holding a 30% stake in the venture

(4) Rolls Royce must commit to investing in an engine manufacturing plant in Nigeria to supply both its automobile and aviation customers. We want a manufacturing facility that employs about 10,000 skilled workers

(5) Vickers Shipbuilding and Engineering should open the world’s largest ship-breaking factory in the Niger Delta and then follow it up with the opening of a shipyard to manufacture merchant vessels, speedboats, fishing trawlers and naval vessels

(6) Nigeria’s power sector is in trouble because it failed to attract investors when it was privatised in 2005. President Buhari should be demanding at least $10bn in investment from Britain’s big six energy suppliers British Gas, EDF Energy, E.ON, Npower, Scottish Power and SSE. If they take over our dysfunctional Discos and invest in them, it will be a win-win situation for everyone

(7) Britain owes Nigeria one big time when it comes to railways. They left us with a criminal narrow gauge network that belongs to the early 19th century. Even British coal and US cattle were transported on more modern lines than what they left us. We want the British railway companies to open a Nigerian subsidiary that will address this anomaly. Nigeria has got to be one of the most “under-railed” countries on earth

(8) GlaxoSmithKline is Britain’s largest company with a market capitalisation of $4.59trn. We want them to open the world’s largest tropical disease drug manufacturing plant in Nigeria. We have all the raw ingredients for drugs to treat malaria, ebola, yellow fever, etc

(9) Britain’s NHS must undertake to train 500 Nigerian doctors every year. They make millions from Nigeria through medical tourism as all our public officials go for medical treatment in the UK every year, so it is payback time

(10) Nigerian students are one of the biggest sources of revenue for the UK’s education industry. It is payback time here too. Oxford and Cambridge must undertake to train at least 500 lecturers each annually with the aim of bringing our universities up to Ivy League standards.

Written by: Ayo Akinfe

A London-based journalist who has worked as a magazine and newspaper editor for the last 20 years.

Nigeria Investment Guide: The Facts That Matter About Nigeria

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Nigeria Investment Guide: The Facts That Matter About Nigeria

There are many reasons why Nigeria remains a compelling consideration for any investor seeking to participate in the economic potential that the African continent represents.

Nigerians are entrepreneurial, hard-working and have a can-do spirit that translates to energetic optimism. The Nigerian economy, the largest on the continent, is powered by a private sector which regularly innovates to meet the growing needs of the large domestic market. The increasingly sophisticated needs of Nigerian consumers in the retail, entertainment and service sectors are as likely to be served by innovative and ambitious small and medium companies, as by large local and global brands.

Then there is the scale and demographic structure of its 196 million population, which is estimated to become the world’s third-largest by 2050. With a median age under 19, Nigeria has a large population of tech-savvy, hard-working, optimistic and mobile youth. About 90% of the population is under 50, providing the assurance of a large, English-speaking talent pool for many years into the future.

Nigeria also has abundant natural resources. The country is ranked as one of the world’s top 10 for proven oil and gas reserves and is wealthy in minerals such as tin and iron ore. Nigeria is also home to some of Africa’s most productive agricultural land: its agricultural zones, which stretch from the tropical savanna in the north to the coastal rainforest in the south, the mangrove of the Niger Delta complemented by tropical and semi-temperate weather prevalent across the country, support the cultivation of a wide variety of agricultural produce from exotic fruits, vegetables and tree crops to root crops. Just as important, many of its current economic growth drivers are unashamedly 21st Century, including telecoms and financial services, media and manufacturing.

It is well located strategically, just one hour ahead of GMT and within easy trading distance of Africa’s largest business centres, from Cairo to Johannesburg, Addis Ababa to Casablanca. Its land borders with Benin, Cameroon, Chad and Niger make it a natural hub for the West African region. And its trading infrastructure is strong and resilient, with four international airports, three major seaports and fast-improving road and rail networks.

Although the above factors all combine to make Nigeria an essential component of any pan-African strategy, the country’s growing economic success is about much more than population, geology and geography.

The value of Nigeria’s trade has more than quadrupled during two decades of stable civilian government. In 2018 alone, the economy grew by US$21.1 billion – that’s more than the combined GDP of Rwanda and the Niger Republic. The cost of doing business in Nigeria is also competitive, in comparison to similar developing markets across the world.

Growth is accelerating as the government’s recent reforms, aimed at improving the business climate, take firmer hold. In the last three years, 140 such reforms have significantly streamlined many important processes, from a 360% reduction in the time taken to file corporate income taxes to a 26% fall in the cost of registering a business and a 30% reduction in import documentation.

These changes are reflected in how Nigeria is perceived externally. It is rising rapidly up the World Bank’s ‘Doing Business’ league table, moving 36 places since 2016 and with the goal of being ranked in the world’s top 70 countries by 2023. The Government’s commitment to improving the business climate and institutionalising its broad-based reform efforts are important for meeting this ambition. This is supported by generous incentives and investor protections, improving the attraction for anybody aiming to realise the opportunities offered by doing business in Nigeria.

This Nigerian Investment Guide has been created to help you understand these opportunities and find out about the organisations, processes and services in place to help you make the most of them. This is necessarily a high-level introductory overview – if you need more detailed guidance on specific industries or market sectors, further resources are available at www.nipc.gov.ng, the website of the Nigerian Investment Promotion Commission (NIPC), the government agency mandated to encourage, promote and coordinate investments in Nigeria. I hope you find this guide informative and useful.

I hope it gives you the insights you need into the prospects of doing business in one of the world’s most exciting developing economies.

Download the full Nigerian Investment Guide here

British Airways Appointed Official Airline Partner Of Team Gb And Paralympics Gb

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British Airways Appointed Official Airline Partner Of Team Gb And Paralympics Gb

British Airways has been appointed the official airline partner of Team GB and ParalympicsGB ahead of the Tokyo 2020 Olympic and Paralympic Games this summer. 

The airline will fly hundreds of athletes and support team, along with their equipment to and from the Games as part of the partnership. British Airways has been supporting British Olympic and Paralympic athletes for over a decade, since the Beijing 2008 Games.

To mark the announcement, athletes from a range of sports officially launched the partnership at London Heathrow airport. Representing skateboarding, which is being introduced at Tokyo for the first time, was 11-year-old Sky Brown who is set to be GB’s youngest summer Olympian, athlete Dina Asher-Smith, and boxer Cheavon Clarke who hopes to represent Team GB. In addition, Ali Jawad, powerlifter, Maisie Summers-Newton, Para swimmer and Alfie Hewett, wheelchair tennis player, were also in attendance and all hope to represent ParalympicsGB.

With a long-standing history in supporting national sporting events and teams, British Airways will ensure Great Britain’s medal hopefuls arrive in Japan refreshed and ready to perform at their best. The airline will fly hundreds of athletes back to the UK ready for a warm welcome at the end of the Games.

Carolina Martinoli, British Airways’ Director of Brand and Customer Experience, said: “We’re so proud to be the official airline of Team GB and ParalympicsGB for the fourth consecutive Games. The Olympic and Paralympics Games always instil a sense of national pride and it’s an honour to fly the best of British talent in sport and be part of their journey – from start to finish.”

British Olympic Association CEO, Andy Anson, said: “British Airways is one of the most recognisable and prestigious brands in the world, so it is with great pride that we partner with them for the fourth consecutive Games.

“Tokyo 2020 promises to be an incredible event and securing a partnership of this calibre can only assist with our preparations ahead of the Games in July.”

The Olympic Games will take place between 24 July – 9 August 2020 and for the first time will include skateboarding, sport climbing, surfing, karate and baseball/softball. The Paralympic Games will take place from 25 August – 6 September 2020, and for the first time will include Para badminton and Para taekwondo.

Nick Webborn, Chair of the British Paralympic Association, said: “We are delighted to be flying to and from the Tokyo 2020 Paralympic Games with British Airways and believe that, once again, the ParalympicsGB team couldn’t be in better hands.

“Partnering with British Airways will undoubtedly mean that our Para athletes get the best possible start to their journey to Tokyo 2020 and a truly memorable celebratory return home.”

Countdown to 2030: A race against time to end extreme poverty

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Countdown to 2030: A race against time to end extreme poverty

Imagine you are in a race, running at a steady pace during the first two-thirds. However, you notice that your pace is slowing, and you realize that unless you make changes you are not only not going to win, but you risk not even completing the race.

I find this analogy to work well while narrating the story about the reduction in global extreme poverty to my family and friends. As we move into 2020, we only have a decade to make extreme poverty history.   Even though this is when we should be ratcheting up the pace, it has been slowing for the last few years, so that the world not only risks missing out on its extreme poverty reduction goals but in some cases, we are seeing a reversal in the gains achieved.

For several years, we’ve been warning that the pace of extreme poverty reduction has slowed considerably. From 1990 to 2015, global extreme poverty declined, on average, by a percentage point. However, from 2013 to 2015, poverty declined only by 0.6 percentage points per year. And initial estimates for 2018 show that extreme poverty dropped just 1.4 percentage points in the three years between 2015 and 2018.

One could point to the uneven progress across regions as well as in countries. The two regions with the most poor people in 1990 were East Asia and Pacific and South Asia, accounting for 80 percent of the extreme poor.  With China’s rapid reduction of poverty, the concentration of the global poor shifted from East Asia in the 1990s to South Asia in 2002, and then to Sub-Saharan Africa in 2010.

If we further explore, half of the world’s poor live in just five countries — India, Nigeria, Democratic Republic of Congo, Ethiopia, and Bangladesh. The top two countries — Nigeria and India — are showing diverging trends. Nigeria may have already overtaken India as the country with the most extreme poor while India has been rapidly reducing extreme poverty and estimates forecast that the country can achieve the extreme poverty goal.

Projections also show us that the last mile to reduce poverty is going to be the toughest because extreme poverty is beginning to be concentrated in Sub-Saharan Africa and in fragile economies, places where poverty has become entrenched. 

That’s why in 2020, we will be launching a new Poverty and Shared Prosperity Report that will look at what will it take for countries to expedite poverty reduction, focusing on both policies choices and implementation challenges. The report will also let us know based on the latest data if the world is back on track to ending extreme poverty or if urgent course-correction is required.

While the report will deliberate specific policy choices for pathways out of poverty, we also know from successful country experiences some common building blocks for poverty reduction. Six broad policy actions emerge that have proven to work across countries at various levels of development:

  • Help the poor build assets such as real estate, small businesses, and the health and education that will enable them to be productive workers
  • Create and increase access to inclusive markets
  • Leverage technology to broaden access to finance
  • Build resilience to shocks
  • Involve the private sector in raising opportunities for the poor including improving the business climate for private sector growth and investment
  • Strengthen macroeconomic stability and debt management

It goes without saying that for countries to adopt these policy interventions requires strong and stable growth. However, if the benefits of such growth aren’t shared widely, there is no way a country can sustain its progress.

We now know that nations with a widening gap between those who can and cannot access opportunities in life have difficulty sustaining economic growth and social stability over time. To date, no country has managed to transition beyond middle-income status while maintaining high levels of inequality. That’s why acting on inequality isn’t only beneficial for poverty reduction but also for ensuring social cohesion. 

Going back to my race analogy, we are entering the final phase of the race and our collective actions will determine if we can take the checkered flag or not by 2030. Of course, extreme poverty isn’t the only goal on which the world will be judged. 2030 will also mark the culmination point for 16 other Sustainable Development Goals adopted by the United Nations. From tackling inequality to curbing climate change, these goals provide an urgent call for action to ensure that we build a better future for everyone. It is now up to all of us — governments, businesses, civil society, and the general public — to ensure prosperity and peace for the people and the planet.

Hyundai and Kia Make Strategic Investment in Arrival to Co-develop Electric Commercial Vehicle

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Hyundai and Kia Make Strategic Investment in Arrival to Co-develop Electric Commercial Vehicle
  • Agreement accelerates Hyundai and Kia’s clean-mobility transformation

€100 million investment enables co-development of eco-friendly vans and other products for logistics, on-demand ride-hailing, and shuttle service companies

The partnership takes advantage of Arrival’s scalable ‘skateboard’ platform technology to underpin future Purpose Built Vehicles (PBV) from Hyundai and Kia

Arrival has developed in-house software, materials, components and other technologies for the development of Generation 2.0 electric vehicles

  • Boosts Hyundai-Kia strategy for deployment of electrified commercial vehicles 

Hyundai Motor Company and Kia Motors Corporation today announced a strategic investment of €100 million (US $110 million) in a new partnership with Arrival, a UK-based electric vehicle startup.

Through the partnership, Hyundai and Kia plan to introduce competitively priced small and medium-sized electric vans and other products for logistics and on-demand ride-hailing and shuttle service companies. Arrival’s scalable electric platform can be adapted for multiple vehicle categories and types which Arrival, Hyundai and Kia will explore for development of a range of Purpose Built Vehicles (PBV).

The partnership with Arrival will help Hyundai and Kia meet rapidly growing demand in Europe for eco-friendly commercial vehicles, and accelerate the brands’ transformation from carmakers to clean-mobility providers.

(from the right) Edward Lee, EVP and Head of Hyundai Commercial Vehicle Business Division, Albert Biermann, President and Head of Research and Development Division for Hyundai Motor Group, Denis Sverdlov, CEO of Arrival, Avinash Rugoobur, CSO of Arrival,

Albert Biermann, President and Head of Research and Development Division for Hyundai Motor Group, and Denis Sverdlov, Chief Executive Officer of Arrival, signed a contract for investment and the joint development of electric vehicles at the headquarters of Hyundai and Kia in Seoul. Of the total investment, Hyundai will contribute €80 million; Kia €20 million.

“The eco-friendly vehicle market in Europe is expected to grow rapidly due to the introduction of further environmental regulations,” said Biermann. “Through the joint development of electric commercial vehicles with Arrival, we will be able to gain a competitive advantage and progressively establish our leadership in the global eco-friendly vehicle market, with Europe at the forefront.”

Arrival’s CEO Sverdlov added: “Arrival has created a game-changing product category – Generation 2.0 electric vehicles. Hyundai and Kia have been making amazing vehicles with uncompromising quality and share our vision for an electric mobility future. Our Strategic Partnership with Hyundai and Kia means we will scale Generation 2 electric vehicles globally and importantly – in the very near future.”

Hyundai and Kia to use Arrival’s modular, scalable ‘skateboard’ EV platform

Founded in 2015, Arrival has production plants and R&D centres in the US, Germany, Tel Aviv, Russia and the UK. The company’s strength lies in its ‘skateboard’ vehicle platform with a modular component structure, a cost-effective base which incorporates a battery pack, electric motor and driveline components.

(from the right) On January 16, Albert Biermann, President and Head of Research and Development Division for Hyundai Motor Group, and Denis Sverdlov, CEO of Arrival, signed an agreement to invest in the joint development of electric vehicles at Hyundai Motor Group’s headquarters in Seoul.

Fully-scalable to accommodate multiple vehicle types, the platform can be used to accelerate vehicle development to meet diverse customer needs. Currently, Arrival is carrying out pilot projects with multiple logistics companies in Europe using cargo vans manufactured with the technology.

With the rapid global growth in online shopping, the volume of light commercial vehicles in urban areas has increased. The demand for eco-friendly commercial vehicles is expected to continue growing as environmental regulations tighten. From 2021, the EU will introduce the world’s most stringent vehicle emissions regulations, limiting each automaker’s fleet-wide average CO2 emissions by around 27%, from 130 g/km to 95 g/km.

By working with Arrival, Hyundai and Kia plan to supply eco-friendly vans and other commercial vehicles – built-in volume and based on Arrival’s platform – to European logistics companies and mobility companies that provide on-demand ride-hailing and shuttle services.

PBVs to underpin growth in the eco-friendly commercial vehicle sector

Hyundai and Kia recently announced the development of a fully-electric Purpose Built Vehicle (PBV). Hyundai presented its PBV concept as one of the smart mobility solutions at CES 2020 earlier this month. At its CEO Investor Day on January 14, Kia also announced its plan to develop a PBV for shared-service companies and logistics companies.

Youngcho Chi, President and Chief Innovation Officer at Hyundai Motor Group said: “This investment is part of an open innovation strategy pursued by Hyundai and Kia. We will accelerate investment and cooperation with companies with advanced technology such as Arrival, to respond to the rapidly changing eco-friendly vehicle market.”

“We are excited to come out of stealth mode with our partnership with Hyundai and Kia, a globally respected OEM with brilliant products on the road, and our complementary expertise will allow us to rapidly transition to full-scale global production. Accelerating electric vehicle adoption is good for everyone – for people, business and the planet and we are pleased to undertake this mission with our partners Hyundai and Kia”, added Avinash Rugoobur, Chief Strategy Officer of Arrival.

The partnership with Arrival enables Hyundai to accelerate its ‘Two-track’ strategy to deliver battery electric and hydrogen fuel cell solutions for the European commercial vehicle market. To further support that strategy, Hyundai recently established Hyundai Hydrogen Mobility (HHM), the joint venture between Hyundai and Swiss hydrogen energy company H2 Energy. It aims to export 1,600 hydrogen fuel cell trucks to Europe by 2025, following the first export to Europe on January 3 as part of a pilot program.

Under ‘open innovation’ spirit, Hyundai and Kia are exploring partnerships with various businesses to build a leadership position in the rapidly expanding global EV market. In May 2019, Hyundai and Kia invested KRW 100 billion (the US $90 million) in Rimac, a Croatian high-performance electric vehicle company, focusing on collaborative research to secure capabilities to lead the global high-performance electric vehicle market. In September 2019, Hyundai and Kia also invested in IONITY, Europe’s largest high-power electric vehicle charging network, and set the stage for sales expansion of EVs within Europe.

Nestlé creates market for food-grade recycled plastics, launches fund to boost packaging innovation

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Nestlé creates market for food-grade recycled plastics, launches fund to boost packaging innovation

Nestlé today announced that it will invest up to CHF 2 billion to lead the shift from virgin plastics to food-grade recycled plastics and to accelerate the development of innovative sustainable packaging solutions.

Building on its 2018 commitment to make 100% of its packaging recyclable or reusable by 2025, Nestlé will reduce its use of virgin plastics by one third in the same period whilst working with others to advance the circular economy and endeavour to clean up plastic waste from oceans, lakes and rivers.

Food quality and safety are paramount, and packaging plays a major role in assuring this. Most plastics are difficult to recycle for food packaging, leading to a limited supply of food-grade recycled plastics. To create a market, Nestlé is therefore committed to sourcing up to 2 million metric tons of food-grade recycled plastics and allocating more than CHF 1.5 billion to pay a premium for these materials between now and 2025. Nestlé will seek operational efficiencies to keep this initiative earnings neutral.

Packaging innovation, including new materials, refill systems and recycling solutions, is another key challenge on the path towards a waste-free future. In addition to its significant in-house research through the Nestlé Institute of Packaging Sciences, the company will launch a CHF 250 million sustainable packaging venture fund to invest in start-up companies that focus on these areas.

These two initiatives come in addition to Nestlé’s major ongoing efforts in research, sourcing and manufacturing to make its packaging recyclable or reusable and contribute to its goal to achieve zero net greenhouse gas emissions by 2050. As part of the company’s packaging commitment and to increase transparency, Nestlé will continue to outline further initiatives and provide regular progress updates.

“No plastic should end up in landfill or as litter,” said Mark Schneider, CEO of Nestlé. “Making recycled plastics safe for food is an enormous challenge for our industry. That is why in addition to minimizing plastics use and collecting waste, we want to close the loop and make more plastics infinitely recyclable. We are taking bold steps to create a wider market for food-grade recycled plastics and boost innovation in the packaging industry. We welcome others to join us on this journey.”

“We are pleased to see Nestlé commit a CHF 2 billion investment toward creating a circular economy for plastics, alongside a reduction of its use of virgin plastic in packaging by one third by 2025. By eliminating the plastics we don’t need, innovating in areas like reuse models and new materials, and circulating the plastics we do need – also in more challenging food-grade applications – we can create an economy where plastic never becomes waste. Achieving the commitments announced today will significantly contribute towards realizing this vision,” said Andrew Morlet, CEO, Ellen MacArthur Foundation.

EAT’N’GO Shares Plans To Expand Operations To 14 Cities Across Nigeria

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EAT’N’GO Shares Plans To Expand Operations To 14 Cities Across Nigeria

Lagos, January 2020 –  Eat’N’Go Limited, leading franchisee for world-class food brands, Domino’s Pizza, Cold Stone Creamery and Pinkberry Gourmet Frozen Yoghurt, has today announced that it is looking to establish itself in new cities across Nigeria, following its successful capital raising through bonds for the organization.

With this development plan, the company aims to set up 38 new outlets across Kaduna, Benin, Awka, Asaba Owerri, Warri, Onitsha, Sagamu, Choba, Umuahia, Osogbo, Lagos Island, Ejigbo, Ado Ekiti and is calling for interested parties with properties for lease in high profile sites in these cities.

According to Olusola Adeeko, Head of Development Eat’N’Go Limited, all interested parties with properties to lease should get in touch and send in information if the site is an existing building or bare land in a non-flooding area, has a parking space for a minimum of 15 – 20 cars and has a lease period of 10years and above available.

Commenting further, he said “The opening of new outlets in these new cities we have identified, represents a very exciting time in the growth of our business. Our goal is to keep investing strongly and creating more opportunities to provide access to all our customers across the country, while also creating employment.”

Eat’N’Go has, over the years maintained its position as the leading food franchisee in Nigeria with 104 stores, currently employing over 2600 individuals. As it looks to expands its presence to touch all regions of the country, the organization also places a strong focus in the quality of its products and services of all its three brands. The expansion to these new cities is in line with the company’s plans to increase its physical outlets by up to 50 outlets a year over the next five years and progressively grow its workforce across Nigeria.

With this expansion plan, Eat’N’Go will be establishing its footprint in new regions including the Northern part of the country.

Interested parties are advised to contact development@eatngo-africa.com and/or 08135343091.

Eat’N’Go is Nigeria’s master franchisee for the Domino’s Pizza, Cold Stone Creamery and Pinkberry Gourmet Frozen Yoghurt brands. Renowned for being a master deliverer of high-quality food & services, Eat’N’Go has established 103 stores in Lagos, Abuja, Oyo, Ogun, Ondo, Kwara, Enugu, Uyo and Rivers states. The company continues to expand its presence in key markets by fusing company goals with new strategic development goals.

Eat’N’Go is dedicated to bringing the best global food brands and concepts to Nigeria and Africa at large.

Headline Inflation in 2020: A Cocktail of Negative Pressures?

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Headline Inflation in 2020: A Cocktail of Negative Pressures?

After moderating to a 43-month low of 11.02%y/y in Aug-2019, the direction of the headline inflation rate turned northwards, spiking to 11.85%y/y in Nov-2019. This was as the Nigerian Government ordered the complete shutdown of all land borders, to check activities of smugglers, which had kept local price of staple foods relatively low.

Source: CBN, NBS, United Capital Research

Ahead of the publication of the Dec-19 inflation report, we expect the inflation rate to trend northwards to 12.1% due to the border closure. Also, increased spending linked to the year-end festivities is likely to pressure general price level northwards.

Looking into 2020, the headline inflation rate is likely to climb in H1-2020, even if m/m inflation moderates from 1.0% to 0.8%. The structural issue that may sway the increase remains tighter conditions around all land borders. Also, possible implementation of minimum wage and cost-reflective electricity tariffs in Q1-2020, as well as monetary expansion by the CBN during the period, are negative pressures to watch. As such, we estimate headline inflation to peak at 12.16% in H1-2020 and potentially moderate to an average of 11.06% in H2-2020. This is, however, in the absence of further structural changes that may trigger a fresh uptick in m/m inflation. In all, we expect headline inflation rate to average 11.9% in 2020.

United Capital Plc Research

Nominations For 20th Anniversary Laureus World Sports Awards Announced

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Nominations For 20th Anniversary Laureus World Sports Awards Announced

  • Nominees
    unveiled in seven categories following vote of over 1000 global sports media,
    with legends of Laureus World Sports Academy to select winners
  • Winners
    announced at landmark 20th anniversary     Laureus World Sports Awards, which will celebrate a ‘Sport Unites Us’ theme in
    Berlin on February 17
  • Apply for media
    accreditation for the 2020 Laureus Awards at     laureus.com/accreditation
  • For more
    information and the full list of Nominees,     click here

BERLIN, GERMANY – Media OutReach – January 16, 2020 – The
world’s sports media have cast their votes and the Nominees for the landmark 20th
Anniversary Laureus World Sports Awards have been confirmed. The greatest
sportsmen, sportswomen and teams now have just over a month to wait to see if
they have won a prestigious Laureus Statuette at the world’s pre-eminent
international sports Awards Ceremony in Berlin on February 17.

The Nominations List of Laureus World Sports Awards 2020

 

Three-time Laureus Award winner and world No. 1 tennis star Rafael
Nadal is in contention for the Laureus
World Sportsman of the Year Award
alongside six-time Formula 1 World champion Lewis Hamilton, six-time World
MotoGP champion Marc Márquez and six-time FIFA World Footballer of the
Year Lionel Messi. Also nominated are Eliud Kipchoge, the first
athlete to run a marathon in under two hours and golf legend Tiger Woods,
who won his 15th Major Championship at The Masters.   

 

In the Laureus World Sportswoman
of the Year category, FIFA Women’s World Cup Golden Ball and Golden
Boot winner Megan Rapinoe is joined by gymnastic great Simone Biles,
track and field stars Allyson Felix and Shelly-Ann Fraser-Pryce, the
first Asian tennis player to be ranked No. 1 in
the world, Naomi Osaka and US skiing great Mikaela Shiffrin.

 

FIFA Women’s World Cup champions United States Women’s Football Team
and UEFA Champions League winners Liverpool FC are the football nominees in
the Laureus World Team of the Year
category. Joining them are six-time Formula 1 Drivers and Constructors World
Champions Mercedes AMG Petronas, Rugby World Cup champions South
Africa, the first Canadian team to win the NBA Championship Toronto
Raptors and two-time FIBA World Cup winners Spain Men’s
Basketball Team.

 

Teenage tennis sensation Coco Gauff is joined in the Laureus World Breakthrough of the Year
category by Canadian tennis player and the first woman to win the US Open on
her debut Bianca Andreescu, Colombia’s first ever Tour de France winner Egan
Bernal, Rugby World Cup trailblazers Japan Men’s Rugby Team, former
unified heavyweight boxing champion Andy Ruiz Jr and US swimming star Regan
Smith.

 

The Laureus World Comeback of
the Year Nominees personify the true spirit, determination and tenacity
of athletes who have overcome hurdles to return to the playing field. Andy
Murray, who won his first ATP title in 31 months at the European Open
following two hip operations, is in contention alongside UEFA Champions League
semi-final comeback kings Liverpool, unusually nominated in two
categories. Also nominated are 19-year-old German Formula 3 driver Sophia Flörsch,
who returned to racing after her car hit a fence at 170mph during a race in
2018, Australian rugby star Christian Lealiifano who returned to
represent his country in the Rugby World Cup after battling leukaemia,
basketball star Kawhi Leonard, who overcame injury to help the Toronto
Raptors to their first NBA Championship and US swimmer Nathan Adrian who
recovered from testicular cancer to win his 15th and 16th
world titles.

 

Six of the highest achieving para-athletes of 2019 make up the Nominees
for the Laureus World Sportsperson of
the Year with a Disability Award.
Cuba’s Omara Durand, the
world’s fastest female Paralympian in 2019, is joined by Dutch wheelchair
tennis star Diede de Groot, US Paralympic skier and
cyclist Oksana Masters, Dutch para-cyclist
and para-triathlete Jetze Plat, Swiss marathon star and T54
800m world record breaker Manuela Schär and British seven-time para-swimming
World Championships 2019 gold medallist Alice Tai.

 

In the Laureus World Action
Sportsperson of the Year category,
world surfing champions Italo Ferreira and Carissa Moore are
joined by 2019 Action Sportsperson winner and snowboarding world champion Chloe
Kim and 11-year-old Brazilian skateboarder Rayssa Leal, the youngest
Nominee for the 2020 Laureus Awards. Also in contention for the Action Award
are US skateboarding world champion Nyjah Huston and Canadian
snowboarding star and slopestyle X-Games gold medallist Mark McMorris.

 

Sports fans can also have a say in the 20th anniversary
Laureus World Sports Awards through the Laureus Sporting Moment: 2000 — 2020
public vote, which will celebrate the transformational power of sport and reinforce
Laureus’ 20th anniversary message that ‘Sport Unites Us’. The Laureus Sporting Moment
Award shortlists 20 sporting stories from the last 20 years that have
left their mark on the world, exemplifying sporting values such as fair play,
sportsmanship, humanity, overcoming adversity, dedication and the power to
unite through sport — all key values of the Laureus movement. Sports can vote
for their favourite of the 20 shortlisted moments now at laureus.com/vote.

 

The Laureus World
Sports Awards, which recognise sporting achievement during 2019, are the
premier honours on the international sporting calendar. The winners, as voted for by the 68 members of the Laureus World Sports
Academy, will be unveiled at the 2020 Laureus World Sports Awards in Berlin on
February 17.

 

It was at the inaugural
Laureus World Sports Awards in 2000 that Laureus Patron, Nelson Mandela, spoke
the words which sparked the creation of the worldwide Sport for Good movement. 20 years on, these words still guide Laureus
today – ‘Sport has the power to change the world; to unite people in a way
little else does’. From sports stars to sports fans and the young people in
Laureus Sport for Good programmes around the world: Sport Unites Us.

 

For more information on the Nominees and to stay updated in the build-up
to the 2020 Laureus World Sports Awards, visit laureus.com/world-sports-awards and follow #Laureus20 on social platforms. To apply for media
accreditation for the Awards, visit laureus.com/accreditation.

NOTES TO EDITORS


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