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Nigeria to spend $143bn on ICT imports by 2019 – NITDA DG

If the trend of importation of ICT products is not stopped or at least reduced to a barest minimum, Nigeria would be spending $143.8bn on ICT imports in 2019, the Director General of the National Information Technology Development Agency [NITDA] Dr Isa Ali Ibrahim has said.So far the country loses approximately N1.52trillion ($3.8bn) every year through importation of Information and Communications Technology products, services and software.Dr Ibrahim, who disclosed this in an interview with Daily Trust in Abuja yesterday, said…

Reason Why Gtbank Bans Paypal Services On Their Mastercard

Reason Why Gtbank Bans Paypal Services On Their Mastercard MD of Guaranty Trust Bank, Segun Agbaje at an event on Friday gave insight as to why the bank stopped its customers from having access to PayPal services. According to him, some fraudsters opened multiple accounts in people’s names, collected dollars at the official rate, and then sold the dollars in the black market. He however said, that the bank was working on a way to filter out genuine business people and…

Nestle Nigeria In Big Loss In Exchange Rate As Naira Depreciate

Nestle Nigeria In Big Loss In Exchange Rate As Naira DepreciateNestle Nigeria Plc released its 2016 results showing revenues rose 20% to N181.9 billion (2015: N151.2 billion). Profit after tax however declined by 67% to N7.9 billion (2015: N23.7 billion).Nestle blamed the drop-in profits on the impact of forex devaluation after the company incurred a N20.8 billion interest expense. Foreign exchange loss made up about N16.3 billion of this loss.Nestle currently has a total external borrowing of about N50.5 billion…