External reserves lowest in six months, at $42.84bn
Businessam Staff
September 16, 2019
The nation’s foreign exchange reserves have declined further, falling to the lowest level since March 12, latest data obtained from the Central Bank of Nigeria on Sunday showed. The external reserves, which rose to a high of $45.18bn June 10, 2019 from $43.17bn January 1, dropped to $42.84bn as at September 12. The reserves dipped […]
Planned increase in VAT anti-people, anti-development – Labour
Businessam StaffSeptember 13, 2019
Organised Labour has on Friday rejected government planned increase in value added tax, VAT, from 5 percent to 7.2 percent, describing the planned increase as anti-people and anti-development. Labour, Speaking through the Union Labour Congress of Nigeria, ULC, Labour asked government to jettison the plan as it would not only weaken the citizens’ purchasing power, […]
Nigeria received $5.820bn offshore investment in Q2’19
Businessam StaffSeptember 13, 2019
… amount 31.41% lower than Q1’19 record Omobayo Azeez The total value of capital importation into Nigeria stood at $5.820 billion in the second quarter of 2019, the National Bureau of Statistics (NBS) has revealed in its Nigerian Capital Importation Report for Q2, 2019. This represents a decrease of -31.41% compared to Q1 2019 and […]
DisCos Q1 revenue collection hits N116.9bn
Businessam StaffSeptember 13, 2019
The 11 distribution companies (DisCos) collected N116.9 billion from customers out of the total bill of N182.8 billion in the first quarter (Q1) of this year, it was learnt on Thursday. Despite the increase in the amount of energy received by DisCos and a higher billing efficiency recorded relative to the preceding quarter, there is […]
Nigeria more exposed to global economic crisis — Rewane
Businessam StaffSeptember 13, 2019
Bismarck Rewane,an economic and financial expert, says Nigeria has become more vulnerable to global economic downturn. Rewane, who is the managing director/chief executive officer, Financial Derivatives Company Limited, said the country used to be insulated against global developments, but had become integrated with the global markets in terms of foreign portfolio investment, foreign direct investment […]
Equities market sustain positive trend on post-election tribunal outcome
Businessam StaffSeptember 12, 2019
The Nigerian Stock Exchange (NSE) on Thursday sustained positive trend on post-election tribunal ruling. Specifically, the market capitalisation rose by N142 billion to close at N13.351 trillion against N13.209 trillion. Also, the All Share Index rose by 273.11 points or 1.01 percent to close at 27,426.64 compared with 27,153.53 achieved on Wednesday. Nigeria’s president Muhammadu […]
Proposed VAT increase: Senate to invite Ahmed, Fowler
Businessam StaffSeptember 12, 2019
The senate committee on finance says it will invite Zainab Ahmed, minister of finance ; and Babatunde Fowler, the chairman, Federal Inland Revenue Service,to provide reasons for the proposed increase in Value Added Tax. Solomon Adeola,the chairman of the committee, disclosed this in a statement issued by Kayode Odunaro, his media adviser, in Abuja on […]
Oil prices fall after OPEC+ talks, ECB rate cut
Businessam StaffSeptember 12, 2019
Oil prices fell on Thursday after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas. Oil came under further pressure after the European Central Bank cut its deposit rate to a record low -0.5% from -0.4% and […]
FG approves $5.3bn for Ibadan-Kano rail project
Businessam StaffSeptember 12, 2019
Rotimi Amaechi, minister of transportation, says the federal government has approved $5.3 billion for the construction of Ibadan-Kano standard gauge rail line. He said this at the third maritime stakeholders interactive forum in Lagos on Thursday. “Just yesterday, we got approval to complete the $5.3bn Ibadan to Kano rail project. We have also applied for […]
Nigeria records N8.6trn merchandise trade in Q2 —NBS
Businessam StaffSeptember 12, 2019
Exports of various types of products dominated Nigeria’s trade structure as the country’s merchandise trade hits N8.6tn in the second quarter of this year, figures released by the National Bureau of Statistics have revealed. The NBS in its second quarter merchandise trade report which was released on Thursday said the second quarter trade of N8.6tn […]