Nigeria needs $3 trillion to bridge infrastructure gap – Official
Businessam Staff
April 11, 2019
The federal government says a minimum of $3 trillion investment would be needed if the country is to bridge the infrastructure gap in the next 30 years. The director general of the Bureau of Public Enterprises (BPE), Alex Okoh, said the country would require an average of $100 billion per annum for the next six […]
Equities market rebounds, as bargain hunting in big caps begins
Adesola AfolabiApril 10, 2019
Nigeria’s equities market settled in the positive territory on Wednesday as buying interests in big cap stocks materialised, to halt a two day losing streak. The All Share Index (ASI) gained 0.12% to settle at 29,202.54 points while market capitalisation advanced N16.5 billion to settle at N10.97 trillion. This was on the back of buying […]
Beware of loans from China, IMF cautions Nigeria, others
Busineessam StaffApril 10, 2019
The International Monetary Fund has cautioned Nigeria and other developing countries from taking loans from China due to unfavourable loan conditions. The Financial Counsellor and Director of the monetary and capital markets department of the IMF, Mr. Tobias Adrian, said this on Wednesday during the launch of the Global Financial Stability Report for April 2019 […]
Updated: IMF ranks Nigeria second worst in the world in use of sovereign wealth fund
Businessam StaffApril 10, 2019
The International Monetary Fund has ranked Nigeria as the second worst country in the world in the use of sovereign wealth funds. According to the Fiscal Monitor report released on Wednesday, Qatar was the only country worse than Nigeria on the index. The Bretton Wood institution said the index was compiled using the corporate governance […]
U.S. bank CEOs face off with Congress for the first time since financial crisis
Businessam StaffApril 10, 2019
Chief executives of some of the largest U.S. banks appeared before Congress on Wednesday, giving lawmakers their first opportunity to grill the lenders since the 2007-2009 financial crisis. JPMorgan Chase & Co’s Jamie Dimon, Bank of America Corp’s Brian Moynihan, Citigroup Inc’s Mike Corbat, Goldman Sachs Group Inc’s David Solomon and Morgan Stanley’s James Gorman […]
FG spent N731bn to subsidise inflated petrol imports, says W’Bank
Businessam StaffApril 10, 2019
A World Bank report called the “Nigeria bi annual Economic Update” for 2018, which was released in Abuja has disclosed that Nigeria spent N731 billion to subsidise petrol consumption in the year under review. The report, which is a product of the staff of the World Bank and tells of key developments in Nigeria’s economy […]
CBN Defends Position On Agriculture Financing, MSMEs commits N40bn to agric financing
Businessam StaffApril 10, 2019
The Central Bank of Nigeria (CBN), says it is directly involved in financing agriculture, infrastructure and Micro Small and Medium Enterprises (MSMEs) to ensure real growth in the economy. Isaac Okorafor, CBN’s director, corporate communication, said this on Wednesday in an interview with the News Agency of Nigeria (NAN) on the sidelines of the IMF/World […]
Oil up on tight supply, but economic slowdown weighs
Businessam StaffApril 10, 2019
Oil prices rose on Wednesday back toward five-month highs hit the previous day, as OPEC production cuts and U.S. sanctions on Iran and Venezuela continued to tighten supply, though economic worries increased. International benchmark Brent futures were up 18 cents, or 0.25 percent, at $70.79 a barrel by 1220 GMT. U.S. West Texas Intermediate (WTI) […]
N33bn probe: PenCom ignoring demands for bank statement – Lawmakers
Business StaffApril 10, 2019
The House of Representatives’ Ad Hoc Committee investigating the activities of the National Pension Commission and violation of the PenCom Act has alleged that the regulatory body has refused to provide the statement of its accounts with the Central Bank of Nigeria. At the investigative hearing of the committee in Abuja , there was also […]
IMF cuts global growth outlook amid trade tensions, Brexit worries
Businessam StaffApril 9, 2019
The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2019 and said growth could slow further due to trade tensions and a potentially disorderly British exit from the European Union. The global lender said some major economies, including China and Germany, might need to take short-term actions to prop up growth […]