FAO urges Nigeria to improve value addition in agriculture
Businessam StaffOctober 9, 2018
As the World Food Day approaches, the UN Food and Agriculture Organisation (FAO) has urged the federal government to upscale and support value addition activities in agriculture to achieve zero hunger by 2030, it said in a report monitored by business a.m. Suffyan Koroma, the country representative of FAO, during a walk on Tuesday to commemorate the 2018 World […]
Nigerian equities index up 0.2% as investors begin week with bargain hunting in banking stocks
Adesola AfolabiOctober 8, 2018
The Nigerian Stock Exchange (NSE) opened the trading week on a positive note as bargain hunting in banking stocks drove the All Share Index (ASI) 0.2 percent higher Monday. Specifically, bargain hunting in bellwether banking stocks such as ZENITH (+0.9%), FBNH (+1.7%) and STANBIC (+1.1%) drove the positive performance as the ASI settled at 32,444.96 […]
Buhari’s N5trn subsidy leakages seen in petrol, forex, power tariffs
BY OUR REPORTERSOctober 8, 2018
Healthcare, education suffer Rewane, Chike-Obi call for scrapping Nigeria has been losing about N5 trillion annually for the past three and half years as a result of unofficial subsidy leakages inadvertently created by the President Muhammadu Buhari government by a failure to allow the markets determine price in three essential areas of the economy, namely […]
FG orders investigation into Skye Bank’s failure, says those culpable would be prosecuted
Businessam StaffOctober 5, 2018
The Federal Government has promised to persecute all those found to be responsible for the failure of the erstwhile Skye Bank. Zainab Ahmed, minister of finance, made this known Friday while on familiarization visit to the Nigerian Deposit Insurance Corporation (NDIC), in Abuja. The minister specifically directed Umaru Ibrahim, the managing director/CEO of the NDIC, […]
Nigeria faces looming rice shortage over flood unless farmers replant, warns agriculture minister
Shalom AnthonyOctober 4, 2018
Scarcity of rice is imminent in Nigeria next year with resultant hike in prices unless farmers take appropriate measures to replant the commodity after the recent flood mayhem in some states including Kebbi, Jigawa, Anambra and Kogi, which destroyed farmlands. Nigeria declared a national disaster last month after severe flooding across 10 states left about […]
Nigeria’s August revenues at N745.5bn fell 32.7% below budget
Adesola AfolabiOctober 4, 2018
The Federal Government of Nigeria earned N745.52 billion, as its gross federally collected revenue (gross) in August, 2018. This figure fell below both the 2018 monthly budget estimate of N1,107.12 billion and the receipt in the preceding month of N947.62 billion by 32.7 and 21.3 percent respectively. According to the August economic report published by […]
Supply anxiety raises aluminium price to one month high
Temitayo AyetotoOctober 4, 2018
Aluminium touched its highest price in more than three months on Thursday, supported by concerns over potential shortages after the world’s biggest producer of alumina announced a shutdown. Three-month aluminium on the London Metal Exchange gained two percent to $2,250 a tonne in official open outcry trading, having touched its highest since June 14 at […]
Sell-offs hit Nigerian blue chips as market year-to-date loss worsens to 15%
Adesola AfolabiOctober 3, 2018
Continued sell-offs in Nigerian blue chips Wednesday worsened market year-to-date loss to 15 percent as investors weigh investment options on political development in the country. Analysts who spoke to business a.m. say the bearish sentiments would linger till after the 2019 elections, which comes at the end of the first quarter of the year. Specifically, […]
World Bank slashes SSA’s growth forecast to 2.7% on not-too good progress in continent’s big economies
Afolabi OluwaseunOctober 3, 2018
The World Bank Wednesday slashed its sub-Saharan Africa’s economic growth forecast from 3.1 percent to 2.7 percent. The World Bank said the slash in the forecast is due mainly to slower-than-expected growth in the continent’s bigger economies. “The slower pace of the recovery in Sub-Saharan Africa is explained by the sluggish expansion in the region’s […]
CBN survey shows Nigeria manufacturing still expanding, but at slower pace
Adesola AfolabiOctober 2, 2018
Nigeria’s manufacturing sector is still expanding but it is doing so at a slower pace, a new Central Bank of Nigeria (CBN) monthly purchasing manager’s index (PMI) covering September has shown. At 56.2 index points, the PMI indicated expansion for the eighteenth consecutive months, although the rate of growth was slower compared to the month […]