Dangote plans cement grinding plants across West Africa, pays shareholders 90% of 2017 profits as dividends
Chukwuemeka Obioma
June 21, 2018
Dangote Group, the conglomerate controlled by Africa’s richest man, Aliko Dangote, is planning to build a number of cement grinding plants across the West African coast. The grinding plants, analysts say, represents a major push by the cement giant to cement its hold on both cement production and distribution on the continent with an eye […]
NACCIMA calls on Nigeria’s MDAs to accelerate N9.12trn budget implementation to cover lost time
Temitayo AyetotoJune 21, 2018
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged ministries, departments and agencies (MDAs) to expedite the implementation of the 2018 budget to make up for lost time. Alaba Lawson, the national president of the association in a statement said the budget was a fundamental framework for strategic planning and […]
Supply worries ahead of OPEC summit outcome as analysts see risk in a lack of consensus
BusinessamJune 21, 2018
Analysts and investors are in bated breath as they await the outcome of this week’s three-day OPEC summit, which ends Saturday. In the spotlight, oil-producing powerhouses Saudi Arabia and Russia are broadly expected to push through an output increase ahead of the expiration of a pact to keep supply under control. Analysts at Barclays, say […]
British Pound falls to 7 month low before BoE meeting
BusinessamJune 21, 2018
The British pound sank to a 7 month low on Thursday before a Bank of England monetary policy meeting where officials could indicate if interest rates will be raised this year despite a weak spell for the economy, Reuters reports. No economists polled by Reuters expect the BoE to raise rates and some are getting […]
815m people in the world are hungry – UN report
BusinessamJune 21, 2018
No fewer than 815 million people are hungry in the world, the Sustainable Development Goals (SDGs) Report 2018 has revealed. The report stated that conflict and climate change were major contributing factors to increased hunger and forced displacement, among other challenges. “For the first time in more than a decade, the number who are not […]
Investors maintain profit taking appetite as losses persist on Nigeria bourse
Adesola AfolabiJune 20, 2018
The bearish run on the Nigeria’s equities market continued for the fourth consecutive session on Wednesday as the benchmark index dipped, by 0.15 percent to 38,605.07 points, amidst continued profit taking. The Month-to-Date and Year-to-Date returns consequently moderated to 1.31 percent and 0.95 percent respectively. Trading activities showed the day’s top sectoral loser was the […]
Nigeria’s total debt rises marginally to N22.7trn ($74.3bn) in Q1 ’18, says debt office, DMO
Adesola AfolabiJune 20, 2018
Nigeria’s total debt rose marginally by 4.5 percent to N22.7 trillion or N74.28 billion in the first quarter of 2018, the country’s debt management office (DMO), said in a total debt profile it released Wednesday. The percentage increase was in comparison with the total debt profile recorded as at the end of December 2017. The […]
Global aluminium market suffers 91 kilo tonnes shortfall in first four months of 2018
Temitayo AyetotoJune 20, 2018
Global primary aluminium market suffered a slight deficit of 91 kilo tonnes between January and April, a modest loss compared to the 1022 kilo tonnes deficit recorded in 2017, the latest data released by the World Bureau of Metal Statistics (WBMS) has shown. The demand for primary aluminium for the months under review was 19.77 […]
Nigerian stakeholders in agriculture back government plan to shut border against smugglers
Temitayo AyetotoJune 20, 2018
Some stakeholders in agriculture have lent their support to the renewed commitment of the Nigerian government to shut border with a yet-to-be identified neighbouring country to address smuggling activities, according to monitored reports. Aminu Goronyo, president of Rice Farmers Association of Nigeria (RIFAN), responding to the plan announced by agriculture minister, Audu Ogbeh, said it […]
BREAKING! President Buhari finally signs Nigeria’s 2018 budget
Bukola OdufadeJune 20, 2018
Muhammadu Buhari, Nigeria’s president on Wednesday signed the 2018 appropriation bill into law. This comes after Nigerian senate sent the bill in May, over 6 weeks ago. The president, however, expressed concern over changes the Nigerian senate made to the budget on three issues, namely projects to be undertaken, compensation related issues and statutory transfers. […]