Nigeria central bank’s N50bn fund fails to revive textile sector despite 88% disbursement
Nse Anthony-Uko in Abuja
November 1, 2018
By Nse Anthony-Uko in Abuja A N50 billion fund provided by the Central Bank of Nigeria (CBN) to manufacturers in the country’s cotton, textile and garment industry appears to be failing to do the business of reviving the sector, operators in the industry have suggested. They said they would need more than funding to revive the […]
Positive Nigeria October PMI seen to rub off on rest of 2018 as festive period sets in
Afolabi OluwaseunNovember 1, 2018
The Nigerian business environment got off to a great start for the last quarter of 2018, as the Central Bank of Nigeria (CBN) monthly purchasing managers’ Index (PMI) for October showed sustained expansionary trajectory for the nineteenth consecutive month. Analysts at Cordros Capital have expressed enthusiasm about the recently released PMI figures and have suggested […]
Weak investor appetite weigh on Nigerian stock market, sell pressures on bellwethers continues, forcing index down 2.1%
Adesola AfolabiOctober 31, 2018
A weak investor appetite weighed negatively on the Nigerian stock market Wednesday with Tuesday’s sell pressures on bellwethers continuing for a second day and forcing the market’s All-Share Index down by as much as 2.1 percent. Sell pressures in DANGCEM (-3.2%), STANBIC (-10,0%), and NIGERIAN BREWERIES (-6.4%) contributed to dragging the All Share Index (ASI) southwards by 2.1 […]
Improved score, four new reforms fail to lift Nigeria’s Ease of Doing Business ranking
Businessam StaffOctober 31, 2018
Nigeria’s Ease of Doing Business ranking dropped by one point to 146 even though it executed four new reforms and improved its score to 52.89 from 51.52 the previous year. The latest World Bank Ease of Doing Business 2019 ranking released on Wednesday themed ‘Doing Business 2019: A Year of Record Reforms, Rising’ showed that […]
Insecurity of investment scares Nigerian lenders away from local farmers
Temitayo AyetotoOctober 31, 2018
The lack of security on investment into agricultural activities in Nigeria has been identified as one of the top issues that scare the outflow of financial institution’s lending to teeming Nigerian farmers. Financial institutions will only deploy funds to economic sectors that prove to be profitable and position as a safe outlet for credit, Emeka Emuwa, the […]
Shale won’t just go away, it would drive oil prices along with new demands, geopolitics in 2019 – IEA predicts
Bukola OdufadeOctober 31, 2018
Oil prices will be largely driven by US shale, demand from new consumers led by India and the return of geopolitics in 2019,Fatih Birol, the executive director of the International Energy Agency, predicted on Tuesday in Singapore. Under such a scenario, Birol said this would be bad news for oil markets as they are likely to become […]
Nigeria oil firm Seplat returns from red as N1.6bn 2017 9-months’ losses turn blue in 2018 with N28bn profit after tax
Adesola AfolabiOctober 31, 2018
A N1.6 billion loss recorded by Seplat Petroleum Plc in the nine-month period which ended September 30, 2017 has been erased following improved earnings recorded by the firm one year later. On Tuesday, Seplat announced profit after tax of N28 billion in its unaudited financial statements for the nine months period ended 30 September 2018, […]
Elevated sell pressure on Nigerian stocks puts a stopper to 3-days bull’s run as index drops 0.1%
Adesola AfolabiOctober 31, 2018
Nigeria’s equities market Tuesday halted a three-day bullish run which began last Thursday as elevated sell pressures impacted market performance. Consequently, the All Share Index (ASI) shed 0.1 percent to settle at 33,167.88 points while year-to-day loss increased marginally to -13.3%. Major drags to the performance were FBNH (-8.3%), ZENITH (-3.1%) and SEPLAT (-4.6%) while gains in DANGCEM (+1.7%) […]
Nigeria state oil firm, NNPC, back to international crude oil shipping as NIDAS returns after 7 years
Nse Anthony-UkoOctober 31, 2018
By Nse Anthony-Uko The Nigerian National Petroleum Corporation (NNPC) on Tuesday announced the re-entry of its subsidiary, NIDAS Shipping Services, into the international shipment of crude oil and petroleum products, seven years after falling out of reckoning in the global oil freighting trade. Ndu Ughamadu, NNPC group general manager, group public affairs division, explained that […]
Growth in African economies struggles to be proportional with development
Businessam StaffOctober 30, 2018
The growth in the gross domestic products (GDP) of African countries have continued to struggle with being proportional with sustainable economic opportunities, Yvonne Mensah, head of Africa and Governance directorate, Commonwealth Secretariat, has said. Mensah giving her analysis of the 2018 Ibrahim Index of African Governance (IIAG) said while few African countries were realising real […]