Nigeria bourse yields N43.4bn to investors on equities’ bargain hunting day
Chris Ikosa
July 8, 2021
The Nigerian equities market appreciated further on Wednesday, a day investors’ appetite for bargain hunting reigned and yielded N43.4 billion as gains from buying activities in Access Bank (+2.7%), Dangote Sugar (+2.0%), and Wapco Plc (+1.6%) drove the All-Share Index up by 0.22 percent to 38,501.31 points. As a result, the market year to […]
Kwara to build West Africa’s largest oncology centre with N2.5bn grant from ASR Africa
Onome AmugeJuly 8, 2021
ASR mandates completion before 2022 The largest oncology and diagnostic centre in West Africa is to be built in Kwara State, Nigeria, from an initial grant of N2.5 billion awarded recently by the Abdul Samad Rabiu (ASR) Africa Initiative under its Tertiary Health System Infrastructure programme. The ASR Africa Initiative, a corporate […]
Senate approves $6.1bn external loan request by President Buhari to fund key projects
Charles AbuedeJuly 7, 2021
The Nigerian Senate has approved an external loan request of $6.1 billion, about N2.34 trillion, by President Muhammadu Buhari for the funding of projects from priority sectors of the economy, The sectors include transportation, power, agriculture and rural development, health, education, the provision of counterpart funding for multilateral and bilateral projects, defence and water resources. […]
Nigerian Exchange half year indices review sees entry, exits of known firms
Charles AbuedeJuly 7, 2021
A musical chair of sorts has taken place in the Nigerian Exchange Group (NGX) half year review of its indices which has seen the exits and entry of known listed companies. Last week the bourse had announced it was rebranding its indices in line with its drive to standardise and ensure consistent expression of the […]
Just in: Nigeria Senate passes N895bn 2021 Supplementary Appropriation Bill
Charles AbuedeJuly 7, 2021
Sequel to the consideration and adoption of the report of the Senate Committee on Appropriations on the Supplementary Appropriation Bill, 2021, the Nigerian Senate has passed the supplementary appropriation bill sent to it by President Muhammadu Buhari with N895 billion approved to fund security agencies and procurement of Covid-19 vaccines for the nation. Senator Jibrin […]
Nigeria’s debt-to-revenue ratio now 98% as debt servicing gulps N1.8trn in 5 months
Charles AbuedeJuly 7, 2021
Analysts say revenue shortfall could lead to deepening crisis on infrastructure needs Nigeria’s debt-to-revenue ratio is now 97.8 percent following the announcement by the federal government that it spent a total of N1.8 trillion on debt servicing out of N1.84 trillion it generated during the first five months of 2021. This revelation points […]
International flights to resume at Port Harcourt airport as Wike lifts curfew
Ben EguzozieJuly 7, 2021
International flights look set to resume at the Port Harcourt International Airport, Omagwa, Port Harcourt following Governor Nyesom Wike’s announcement of relaxation of existing night time curfew on the entire state from 7 July. This is two months after the federal government approved resumption of international flights to the airport, and could not resume because […]
Running from banks, Nigerians face crisis with digital loan apps
Onome AmugeJuly 7, 2021
High interest rates, reputation damage Tedious loan requirements from traditional banks now a turnoff to Nigerians Harsh, unbearable economic realities raising loan demands A 2020 report by the Nigerian Living Standards Survey (NLSS) recorded a poverty line of N137,430 for each person per year, translating to an average of N376 per day which leaves […]
Nigeria bourse sees buying interests in bellwethers spur N103bn investors’ gain
Charles AbuedeJuly 6, 2021
The Nigerian bourse extended its gains on Tuesday from the previous session as buying interests in bellwethers – Seplat Petroleum (+7.1%), Zenith Bank (+2.9%), and Access Bank (+5.1%) – drove the All-Share Index higher by 0.52 percent to 38,418.04 points. As a result, the market year to date loss improved to -4.6 percent while market […]
OPEC deadlock forces oil to lose bullish grip
Onome AmugeJuly 6, 2021
Crude oil prices lost a sizable amount of gains following a fallout between major producers over future output levels to meet rising global demand. West Texas Intermediate (WTI) shed 0.8 percent at $74.56 a barrel, after earlier climbing to near seven-year highs, while Brent, the international benchmark under which two thirds of the world’s oil […]