Nigeria’s Business Outlook Drops in October as Businesses Expect Borrowing, Inflation Rate to Surge
Businesses surveyed by the Central Bank of Nigeria in the month of October expect the borrowing and inflation rates to increase in the country.
In its October 2020 Business Expectations Survey Report, the majority of 1,050 companies surveyed expressed pessimism on the macro fundamental of the nation.
The report noted that the business confidence index dropped in October but slightly better at 37.9 for the month of November.
“Respondents’ outlook on volume of total order, volume of business activity, average capacity utilisation and financial condition (working capital) were positive. However, their outlook on access to credit was negative in October 2020,” it said.
The central bank said it conducted the survey online between October 12 and 16 using a sample size of 1,050 businesses nationwide.
It said, “Respondent firms expect the naira to depreciate in the current month, but appreciate in the next month, next two months and next six months, as their confidence indices stood at -6.6, 8.4, 18.3 and 35.0 index points respectively.
“Respondent firms expect borrowing rates to rise in the current month, next month, next two months and the next six months with indices of 16.2, 13.5, 16.2 and 15.8 points respectively.”
According to the apex bank, the companies expect the average inflation rate to expand in the next six months to 13.30 while they predicted it would hit 13.55 percent in the next 12 months.
“Respondent firms expressed dissatisfaction with the management of inflation by the government, with a negative net satisfaction index of -24.2 in October 2020,” it said.
The central bank, however, said the companies surveyed were optimistic about the volume of business activities for the months of November and December, with 56.2 and 62.7, respectively.
Conoil Thrives in H1 2021, Grows Profit by 213.7 Percent to N1.063 Billion
Conoil, an indigenous oil company based in Nigeria, completely flipped things in the first half (H1) of 2021 as revenue expanded by 17.7 percent from N57.456 billion reported in the first half of 2020 to N67.638 billion in H1 2021.
The company disclosed in its unaudited financial results released through the Nigerian Exchange Limited and obtained by Investors King.
Profit before tax rose by 213.7 to N1.563 billion in the first half of 2021, up from N498.084 million filed in the corresponding period of 2020.
The leading indigenous oil company paid N500.045 million in income tax in the period under review, a 213.7 percent increase from N159.387 million paid in the same period of 2020.
Profit for the year also surged by 213.7 percent from N338.697 million in H1 2020 to N1.063 billion in the period under review.
Similarly, Conoil posted N16.411 billion in retained earnings, represent a 5 percent increase from N15.635 billion achieved in H1 2020.
Conoil share capital remained unchanged at N346.976 million in H1 2021, the same amount posted in H1 2020.
Shareholders’ funds expanded by 3.9 percent from N19.806 billion in H1 2020 to N20.583 billion in H1 2021.
Chevron Appoints Eimear Bonner As Vice President Following Joe Geagea Retirement
Chevron Corporation today announced the appointment of Eimear Bonner as vice president, reporting to Chairman and CEO Michael Wirth, effective August 2. Bonner will also continue as president, Chevron Technical Center, and chief technology officer, overseeing the application of technology, research and development, and Chevron’s digital strategy.
“I welcome Eimear to Chevron’s executive leadership team,” Wirth said. “Eimear is an accomplished leader. Her perspective, earned through numerous assignments managing some of the company’s most significant assets, prepares her to serve our company and our stockholders well in this key role.”
Bonner, 47, served as general director of Chevron’s largest joint venture, Tengizchevroil (TCO), in Kazakhstan from 2018, an organization of approximately 5,000 direct employees and a total workforce exceeding 40,000. She was responsible for ensuring strong business performance, advancing TCO’s FGP/WPMP expansion project, managing relationships with stakeholders in the Kazakhstan government, partner companies and the communities, and leading TCO’s organization transformation.
She began her career as an offshore petroleum engineer in the United Kingdom, and over her 22-year career with Chevron, Bonner has held numerous leadership and engineering positions in the United Kingdom, Thailand, Kazakhstan and the United States, as well as general manager, Strategy, at the company’s headquarters. Bonner received her bachelor’s degree in chemical engineering from Queen’s University Belfast and her master’s degree in advanced chemical engineering and petroleum engineering from Imperial College London.
Chevron also announced today that Joseph C. (Joe) Geagea, executive vice president, Technology, Projects and Services, will retire from the company after 40 years of outstanding service. Geagea will continue as an executive vice president and serve as senior advisor to chairman and CEO Michael Wirth until his retirement on or about March 1, 2022.
“I’d like to thank Joe for four decades of significant contributions to Chevron,” Wirth said. “Joe’s career has spanned the globe as well as Chevron’s many businesses. He has left an enduring mark on the company, and we are better for it.”
Geagea joined Chevron in 1982 as a design engineer. Prior to his current role, Geagea was senior vice president of Technology, Projects and Services. He served as a corporate vice president and president of Chevron Gas and Midstream, responsible for commercializing Chevron’s natural gas resources and overseeing the company’s shipping, pipeline and power operations as well as supply and trading operations. Previous positions include managing director, Chevron Asia South Ltd., responsible for Chevron’s upstream activities in Bangladesh, Cambodia, China, Myanmar, Thailand and Vietnam; vice president, Upstream Capability, responsible for improving the delivery of support services to Chevron’s global upstream operations; vice president, Chevron International Exploration and Production Company; president, Fuel and Marine Marketing, as well as president, downstream operations in East Africa, the Middle East and Pakistan.
Outside of Chevron, Geagea serves on the board of directors of the National Action Council for Minorities in Engineering. He is a member of the American Society of Civil Engineers and the Society of Petroleum Engineers. He previously served on the board of trustees of the San Francisco Ballet Association. Geagea earned a bachelor’s degree and a master’s degree in civil engineering from the University of Illinois in 1981 and 1982, respectively.
Sterling Bank Partners Helium Health and Ekiti State On Digital Healthcare Service
Sterling Bank Plc has partnered with the Ekiti State Government and Helium Health on the installation of an Electronic Medical Record (EMR) system in hospitals in Ekiti State for digital health care service delivery to the people of Ekiti.
The bank and the state signed a Memorandum of Understanding (MoU) at the Data Bank Building, Ministry for Health in Ado-Ekiti, Ekiti State.
Sterling Bank had outlined the health sector as one of the five sectors where it is focusing investments under ‘HEART’ one of Sterling programme in a bid to make an impact in the Nigerian economy. The other sectors are education, agriculture, renewable energy and transportation.
Group Head for Health in Sterling Bank, Mrs Ibironke Akinmade noted that health care will greatly improve in Ekiti by the time the EMR is fully in place.
“This will bring an end to the practice of carrying files from office to office in hospitals and clinics across the state. She added that mismanagement of data would also become a thing of the past,” Akinmade said.
enjoy better medical attention. Sterling Bank had set aside money for this project six months ago. We had already done it in other states and we plan to go to as many states as possible.
“Health is one of the five pillars of Sterling Bank. It is a sector that is very dear to us as a bank because we are very passionate about the well-being of every Nigerian. Rather than just do our traditional business, we want to enrich lives,” Akinmade said.
Head, Regional Growth, Public Sector, Helium Health, Mr. Abiola Osunniyi said the agreement will enable critical health infrastructure for digitisation of four hospitals in Ekiti that will be used as pilots before expanding to other hospitals.
“The essence is to digitise the patients’ data so that our doctors can access them easily for improved and quick healthcare delivery. One of the core mandates of the state government is the delivery of quality health care to the citizens. So, as a private organisation, we want to support the state government through the provision of technology in hospitals.
“We have done this partnership with Akwa Ibom and Lagos, primarily around bridging the existing gap that exists in patients’ data because there is usually a gap. The old days when patients’ data are kept primarily on papers are over.
“In most cases, patients’ records got lost, but with the provision of this digital infrastructure, their data can be protected. In cases of lost patient data, doctors may ask patients to repeat treatments (operations, tests, etc. ) that might be deleterious to the patients. We plan to introduce an electronic medical record (EMR) system so that at the mention of a patient’s name, the records will be displayed. Accurate health care data and storage can affect healthcare administration positively,” Osunniyi said.
Ekiti State Commissioner for Health, Dr. Oyebanji Filani said the project will remove redundancy in hospitals and inject modernity into the healthcare system in the state.
He said technology is a critical weapon that can strengthen the health sector through accurate collection, processing and storage of health care records that will improve the quality of healthcare services by providers.
“Digitisation process in health system all over the world helps to reduce wastages and redundancy as well as inject transparency and accountability into medical facilities. I know there will be a tremendous improvement in the keeping of health care records and significantly improved turnaround time in the delivery of healthcare services in our facilities with this technological intervention,” Filani said.
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