Equities market appreciates 0.4% as investors hunt bargain

Investors at the equities segment of the Nigerian Stock Exchange kick-started the week searching for bargains in fundamentally sound stocks. Buying interest in bellwether stocks such as Nigerian Breweries (+5.3%), Access Bank (+1.6%) and Guaranty Trust Bank (+0.5%) improved the All Share Index by 0.4 percent to 30,745.05 points. Market capitalisation thus rose by N40.5 […]

FG Rakes in $9.5b from over subscribed bonds

Nigeria’s fund drive for project finance received a major boost on Wednesday as the country’s $2.86 billion Eurobond offering to international investors was over subscribed by 327 percent. The over subscribed figure stands at $9.5 billion. Zainab Ahmed, the minister of finance in a thread of tweets Thursday morning, noted that the fund raising was […]

AfDB approves $100m senior loan to Nigeria’s Indorama Fertilizer

The African Development Bank has approved $100 million senior loan to Nigerian firm, Indorama Eleme Fertilizer & Chemicals Limited, to support the company’s plans to double its fertilizer production from 1.4 million tons of urea to 2.8 million tons per annum. The Bank’s intervention follows a previous loan extended to Indorama Fertilizer in 2013 for […]

Election funds, minimum wage review to change inflation curve in Q2

The impending release of election funds, budget passage in May and the minimum wage review are seen feeding into prices, which would change the current inflation curve, according to analysts. They say the demand-pull effect of increased liquidity could exacerbate inflationary pressure despite headline inflation (year-on-year) declining for the 14th consecutive month to 13.34 percent […]

Nigeria’s Wema Bank secures $35m from AfDB, ICD to fund SMEs

Wema Bank

Nigeria’s Wema Bank Plc. announced Tuesday it has received total of $35 million from the African Development Bank (AfDB) and the Islamic Corporation for the Development of the Private Sector (ICD) to grow financial support to small and medium enterprises. It specifically said it signed a line of credit agreement with the African Development Bank […]

World Bank approves $486m for Nigeria’s electricity grid improvements

The World Bank Thursday approved an International Development Association (IDA) credit and an IDA scale-up facility credit in the tune of $486 million for the rehabilitation and upgrading of Nigeria’s electricity transmission substations and lines. The investments, which are under the Nigeria Electricity Transmission Project, would increase power transfer capacity of the transmission network and […]

Beijing kills Viacom’s $1bn movie-funding deal

Viacom’s Paramount Pictures said a $1 billion movie funding deal with China’s Huahua Media has been scrapped after Beijing tightened foreign investment policies. It’s the latest Hollywood-China tie-up to unravel due to regulatory pressure, following Wanda Group’s abandonment of a deal to buy production company Dick Clark Productions for $1 billion earlier this year. Under an agreement announced […]