Your Companion

Actis commends Chamber for deepening Nigeria/South African Relationship The Nigerian-South African Chamber of Commerce (NSACC) has been commended for its role in deepening the understanding between Nigeria and South Africa. Speaking at a Breakfast Forum of the Chamber, sponsored by UBA Metropolitan Life Insurance, Mr. Simon Harford, CEO, Actis, while making a presentation on Multilateral Financial Support for Private Sector Development in Nigeria, stated that the Chamber had played a pivotal role in the relationship between business people from both countries, noting that both stood to gain a lot from each other. He said that the business relationship between Nigeria and South Africa was exciting, and would get more exciting in the next few years, as lots of companies from South Africa now saw reasons to invest in Nigeria, with the success recorded so far by South African companies in Nigeria. According to Harford, Actis would help to build the image of Nigeria, using the success tha...

IBG Nigeria/Infoplus (www.ibgnigeria.com) has joined hands with Benin Marina Hotel, formerly Benin Sheraton Hotel (www.benin-marina.com) to provide you with a relaxed weekend offer, away from hustles and bustles; at the Benin Marina Hotel situated right at the beach in Cotonou, Benin Republic. The hotel prides itself on its superb cuisine, attentive staff and luxurious accommodation. Enjoy a game of tennis, tee off on the golf course, relax by the pool or have a drink at the bar. Please find hereafter the weekend package rates. Accommodation on half board basis, standard room, including 1 buffet breakfast per person in "le POPO" restaurant + lunch or dinner at Tanekas restaurant + taxes. * Single occupancy : 74,000 CFA (USD 178) * Double occupancy : 93,000 CFA (USD 224)) * Rates are up to June 2008. USD rates are subject to change NB : All drinks during meal are in extra and charged upon consumption Check-in time : 3.00 pm Check-out time : 1.00 pm Late check-out: - Until 3.00...

One of the basic tools to achieving the Millennium Development Goals is Information and Communication Technology. This terminology has commonly been used to refer to newer technologies of wireless phones, networked computer and internet other than the more traditional communication media such as radio and television. However, digital convergence has brought in devices to the market that increasingly blur the distinction between old and new ICT in what may be referred to as Communication revolution. Communication revolution is profoundly democratic and liberating, leveling the imbalance between large and small, rich and poor, urban and rural, educated and uneducated, old and young, male and female among other exclusions. It is about opportunities and increasing human contact. It enhances a knowledge-based society and makes it easier to learn new things and acquire new skills. It amplifies brainpower and has the power to change social and physical space. It has the potential to raise the...

It is our pleasure to welcome you to this special seminar on doing business in Benin Republic, facilitated by the Embassy of Benin Republic, Lagos, the International Business Group (IBG) and My Companion, a business and leisure magazine. Many people that we spoke to in the course of putting together this seminar wondered why the focus should be on Benin Republic. Many even wonder why we should abandon Nigeria, our turf to promote doing business in another country. Well for the benefit of those that are not familiar with our services, the IBG advances a concept whereby companies from across the world can benefit and interact with existing global network, with the capacity to assist with market evaluation and locating the best potential in- country partners. Benin Republic is a member of the Economic Community of West African States (ECOWAS), our mandate with the International Business Group to promote business activities from the sub-region. Benin’s economy has entered a new era. With r...

Nigeria-Israel business and cultural relationship is on the upward swing. In recent years since the renewal of diplomatic ties between both countries, many Israeli firms have located in the country while increase in trade and commerce have been recorded. On the cultural front, there seem to be one-way traffic of Nigerian Christians visiting the Holyland. The same may not be said of Israelis coming to Nigeria on tours. Our correspondent, Festus Owete met with Yair Frommer*, Deputy Head of Mission, Embassy of Israel at Abuja. Below is an excerpt of the interview. What would you consider the major achievements of your embassy in forging business relationship with Nigeria in 2006 and what are your projections for this year, 2007? During the past year, we meant to make very important steps in strengthening the strong economic and commercial relations between Israel and Nigeria and this was manifest in many events that we held in Nigeria and Israel. First and perhaps the most important is th...

Smooth transition from one civilian president to another, first in the history of the country, a population of about 150 million people, an educated (and sophisticated) middle class and abundant natural resources with oil and gas on top of the chart, Nigeria is gradually emerging as the preferred business destination in sub Saharan Africa, and would overtake South Africa shortly. The Chinese National Oil Company, Petrobras, Korean and Singapore Oil companies have in recent times joined the likes of Shell, Exxon Mobil, Chevron Texaco, Totalelfina, Amoco, and Halliburton etc in upstream and downstream oil and gas activities. The Russians are asking themselves why it took them this long to enter the booming Nigerian oil industry. Well, with the Asian Tigers here, the Russians may have to work a bit harder. MTN, a South African mobile phones company, Celtel, UAE owned, Glo, an indigenous company amongst others are slugging it out in the competitive world of mobile telephony. Visafone, the ...

Nigeria has emerged as Austria’s leading trading partner in Africa. According to the Commercial Counsellor, Dr. Albrecht Zimburg, Austria recorded over 70% increase in export to Nigeria up till the last quarter of 2007. Achieving this feat took the joint efforts of the Austrian Embassy through its indefatigable Commercial Counsellor, Dr. Zimburg and the Austrian Government during its tenure as the President of the EU, 2006. During this period, the Austrian Government mobilised the EU machinery to inform and educate its business community to engage in doing business in Nigeria and Africa, with a newsletter, Go Africa to boot. On the part of the Commercial Counsellor with an office in Lagos, its task is Herculean for the fact that he has over fifteen African countries under his jurisdiction. It is therefore worthy of note that despite this busy schedule, momentum at promoting Nigeria-Austria business has been sustained. Part of the Counsellor’s responsibilities include creating awarenes...

Singapore is a place where information and communication technology (ICT) works seamlessly and efficiently, with people from all walks of life using ICT in one way or another. Today, more than 63 per cent of Singapore’s population are computer users. Over 74 per cent of its households own a computer and more than 83 per cent of companies in Singapore adopt IT for work. Over 93 per cent of the population owns a cell phone. The ICT industry is also a significant economic generator in Singapore. The ICT industry contributed 6.4 per cent to the country’s GDP in 2002, but by 2008, its contribution will increase to 7 per cent. To get on this journey of growth, Singapore is focusing on building capabilities in new growth areas such as Grid and Utility computing, Web Services, Infocomm Security and Radio Frequency Identification (RFID). Strategic projects include: • A Digital Exchange that rides on the country’s excellent state of connectivity to distribute, manage and process digital assets, ...

Nigeria has a bad press, no doubt about it. Nigerians are involved in corrupt business practices, so are others. Nigerian cities are unsafe but so are other cities; infact, it is in the character of cities, it depends on the reporting. Nigeria is a poor country and half its nationals live below a dollar or two a day, well in the words of one of the former presidents, they still have their two square meals and should they choose reverse migration may have three. These are some of the negative perceptions that have scared away the chicken hearted from Nigeria…a country that is so unregulated that tax evasion is commonplace even among well known multinational companies and money laundering is largely unchecked. Where else in the World can you walk in and the next day, you are on the phone to a Senator. Welcome to Nigeria, the home of the daring, where a thousand percent return on investment is guaranteed, and thanks to economic liberalization policy of the Government, a foreign investor w...