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FedEx Establishes Direct Presence in Nigeria to Support Customers with International Trade

Customers in Nigeria now have greater access to a wider portfolio of FedEx Express shipping solutions

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Fedex

FedEx Express (FedEx), a subsidiary of FedEx Corp. and the world’s largest express transportation company, has announced that it has established a direct commercial presence in Nigeria, to meet the country’s growing international shipping demands.

With a direct presence in the country, businesses and customers in Nigeria now have greater access to a wider portfolio of FedEx Express shipping solutions, while Red Star Express Plc, our service provider in Nigeria continues to provide the infrastructure for ground operations.

Customers will also have access to a range of FedEx digital tools that makes shipping easier and more efficient through www.FedEx.com.  These services include opening a new account, tracking shipment status, creating shipping air waybills, scheduling courier pickups, and managing billing. Additionally, FedEx will now have dedicated Sales and Customer Technology teams on ground to interact and provide enhanced logistics expertise to help local businesses grow internationally.

Nigeria is the largest and fastest growing economy in Africa, and the African Development Bank projects that the average growth rate for the country’s economy will increase by 3.2% between 2022 through to 2022.

Taarek Hinedi, vice president for FedEx Middle East and Africa operations, said, “Today we are closer to our customers than ever before. This strategic step makes it easier for local businesses to ship with us as they look to tap more import and export opportunities and grow their customers around the world.”

“Nigeria is on the right path for further growth and FedEx is committed to supporting this growth and connecting Nigeria to some of the biggest trading partners located in Asia and Europe. The FedEx network is crucial to provide businesses with greater connectivity between Africa and Europe as well as within the Asia Pacific, Middle East and Africa (AMEA) region,” said Hinedi.

“As Nigeria continues with its 2021 to 2025 National Development Plan to increase the share of its exports to Africa up to 35% from a base figure of 20%, businesses will require a range of international services and solutions to help boost the economy.”

FedEx has been facilitating trade in Nigeria since 1994, offering its international solutions through Red Star Express Plc. With this latest initiative, FedEx will continue to leverage the capabilities and infrastructure of the service provider, Red Star Express Plc, that will continue to provide pick-ups, deliveries, customs clearance services, and retail locations across the country.

FedEx remains committed to supporting the Nigerian Government’s Economic Recovery and Growth Plan (ERGP), to drive structural reforms to diversify its economy and reduce dependency on oil. The FedEx direct presence in the country will help connect Nigerian business owners, exporters, importers, and consumers to more than 220 countries and territories worldwide, covering more than 99% of the world’s gross domestic product.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigeria’s Paper Import Bill Hits $3 Billion Annually, Reveals FAE Limited MD

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Funlayo Okeowo, the Managing Director of FAE Limited, a prominent paper manufacturing firm, has disclosed that Nigeria’s annual expenditure on paper imports stands at $3 billion.

Okeowo made this revelation during a recent press conference held in Lagos to commemorate the company’s 50th anniversary.

Addressing reporters, Okeowo explained the crucial role of manufacturing in driving economic growth and underscored the challenges faced by the sector, particularly concerning operational costs.

She highlighted that a significant portion of manufacturers’ profits, up to 80%, is being consumed by diesel expenses, making it increasingly difficult for businesses to remain profitable.

Expressing concern over the financial strain faced by manufacturers, Okeowo called upon the government to take decisive action to alleviate the burdens faced by the industry.

She emphasized the need for policies and interventions aimed at reducing operational costs and fostering a conducive environment for manufacturing growth.

In addition to addressing the pressing issues surrounding manufacturing, Okeowo also unveiled plans for the establishment of ‘World Envelopes Day,’ an initiative aimed at raising awareness about the significance of envelopes in various aspects of human communication and expression.

The initiative, set to be celebrated annually on April 16th, reflects FAE Limited’s commitment to promoting the cultural and practical importance of envelopes in society.

As part of the company’s anniversary celebrations, FAE Limited will host a special roundtable event featuring key stakeholders from diverse sectors to discuss the past, present, and future of the paper manufacturing industry in Nigeria.

This event is expected to provide valuable insights and recommendations for driving

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Economist Intelligence Unit Warns Indigenous Oil Companies of Investment Gap

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Oil

The Economist Intelligence Unit (EIU) has issued a cautionary note to indigenous oil companies eyeing the acquisition of assets from divesting international oil companies, warning them of potential investment challenges.

In its latest Country Report on Nigeria, the EIU underscored that local companies may not match the financial prowess of multinational firms, historically significant players in Nigeria’s oil industry.

Citing concerns over Nigeria’s business environment, characterized by corruption, insecurity, and infrastructure deficits, the EIU projected a possible net withdrawal of foreign direct investment (FDI) in 2024, following a similar trend observed in the previous year.

The report pointed to multinational corporations scaling back or exiting Nigeria altogether, exacerbating the economic landscape’s challenges.

Foreign oil companies, including Shell, ExxonMobil, Equinor, and TotalEnergies, have announced plans to divest their onshore oil assets, signaling a shift toward offshore operations.

This trend aligns with the broader industry shift and poses significant implications for indigenous players.

While government officials like the Minister of State for Petroleum, Heineken Lokpobiri, view these divestments as opportunities for local capacity development, concerns remain over indigenous firms’ ability to fill the investment void left by departing multinationals.

The EIU emphasized the positive potential for local participation in the sector’s indigenization, but cautioned that indigenous companies might struggle to match outgoing multinationals’ investment capabilities.

This warning underscores the imperative for strategic planning and support mechanisms to ensure indigenous firms can navigate the evolving landscape and contribute meaningfully to Nigeria’s oil industry sustainability.

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Appointments

Heirs Technology Appoints Obong Idiong as Chief Executive Officer (CEO)

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Obong-Idiong

Heirs Technology, the latest subsidiary of investment powerhouse Heirs Holdings, has announced the appointment of Obong Idiong as its Chief Executive Officer (CEO).

This move marks a significant step in the company’s mission to spearhead Africa’s digital transformation through innovative and locally tailored solutions.

Idiong, who previously served as the Managing Director/CEO at Africa Prudential Plc, brings a wealth of experience and a visionary approach to his new role.

During his tenure at Africa Prudential Plc, he led the digital transformation of its registrar services, positioning the company as a technology-driven organization.

His track record of success and expertise in the technology sector make him well-suited to lead Heirs Technology into a new era of growth and innovation.

In his statement following the appointment, Idiong expressed pride in bringing Heirs Holdings’ core values and business approach to the tech sector.

He highlighted the company’s commitment to excellence, execution, and enterprise, aiming to bridge the gap in the technology ecosystem by delivering local relevance to a global market and offering cutting-edge solutions to enhance competitiveness.

Also, Dr. Fumbi Chima has been appointed as the Chair of Heirs Technology. With her extensive experience in technology leadership roles across global organizations, including Adidas, Fox Network Group, and Walmart, Chima brings a wealth of knowledge and insights to her new role.

She expressed enthusiasm for the opportunity to unlock Africa’s potential through Heirs Technology, confident that the company will make a meaningful impact on the continent’s digital landscape.

Heirs Technology’s strategic appointments underscore its commitment to driving Africa’s digital agenda forward and positioning the continent as a leader in technology innovation and entrepreneurship.

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