Nigeria’s energy sector records N861.67bn products importation in Q1 2018
Businessam Staff
June 13, 2018
Nigeria’s energy sectors, oil, gas and solid minerals recorded over N861.67 billion worth of products importation during the first quarter of 2018, according to the latest foreign trade statistics from the National Bureau of Statistics. The data released on Tuesday showed that the value of oil products imported in the first quarter of 2018 was […]
Clouds over the global economy are ‘darker by the day’, IMF’s Lagarde warns
Businessam StaffJune 13, 2018
Christine Lagarde, the managing director of International Monetary Fund, IMF, has warned that clouds accumulating on the horizon of the global economy are “getting darker by the day” amid the threat of a trade war and tit-for-tat tariffs. The comments came after Trump left the G7 summit early calling Canadian Prime Minister Trudeau “dishonest and […]
Nigeria signs cooperation agreement with Morocco to enhance capacity for agricultural management
Businessam StaffJune 12, 2018
Audu Ogbeh, Nigeria’s minister of agriculture and rural development, and his Moroccan counterpart, Aziz Akhannouch, have signed an agreement on vocational training and technical support to enhance capacity for agricultural management in the West Africa country. This is coming after the two countries Monday signed a regional gas pipeline agreement, which would see to Nigeria providing […]
Oil prices steady as markets await Trump, Kim Singapore meeting outcome
Businessam StaffJune 12, 2018
Oil prices were little changed in early Asian trading Tuesday as markets awaited the outcome of a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore. Traders, according report seen by business a.m, also said they were reluctant to take on large new positions ahead of a meeting between […]
Nigeria equities start week positive as benchmark index advances 0.5%
Adesola AfolabiJune 11, 2018
The Nigerian equities market, having recorded an uptick from a 5-week losing streak last week to record its highest weekly gain in the last 10 weeks, began the second week of June on a positive note with the benchmark index, the NSEASI advancing 0.45 percent to close at 38,844.32 points on Monday. Consequently, year-to-date (YTD) […]
Adidas looks to Russia 2018 to boost sales after revenue from country plummeted on sanctions, weak currency
BusinessamJune 11, 2018
Adidas is looking to Russia 2018 to boosts sales after closing 50 percent of its retail outlets over sanctions and weakened currency in the country. According to Bloomberg, the company’s business boomed in the country but sanctions in recent years have caused revenue there to plummet. Adidas’ faith in the country goes back to the […]
EXCLUSIVE! Innovate or die: Banks caught between a rock and a hard place
Businessam StaffJune 11, 2018
The macroeconomic and policy environments are putting banks on horns of a dilemma. They either increase risk assets creation or mark up investment in securities to earn incomes. Whichever way they choose they would be faced with challenges of maintaining healthy interest margins. The macroeconomic environment where businesses are struggling to run as going concerns […]
Oil prices mixed amid Russian production output rise, strong demand in Asia
Businessam StaffJune 11, 2018
Oil prices were mixed Monday amid rising Russian production and strong demand in Asia. Crude Oil WTI Futures for July delivery were trading at $65.7 a barrel at 04:02 GMT, down 0.11 percent. Brent Oil Futures for August delivery, traded in London, were up 0.05 percent at $76.50 per barrel. Shanghai Crude Oil WTI Futures for […]
Inflation to slow further in May as analysts’ position mixed on rate cut
Adesola AfolabiJune 10, 2018
Financial Derivatives Company (FDC), an economic think tank and financial advisor led by Bismark Rewane, has projected that headline inflation in Nigeria is expected to slow further in May by 68bps to 11.8 percent from 12.48 percent in April. The forecast, if accurate, is expected to increase the possibility of a rate cut at the […]
Nigeria’s new excise duties not targeted at local manufacturers, says finance ministry
Businessam StaffJune 10, 2018
Nigeria’s ministry of finance said the new excise duty rates recently approved by the government on alcoholic beverages and tobacco were not targeted at local manufacturers The ministry in a statement released Sunday, June 10 said it was reacting to media reports on the issue, which seem to suggest local manufacturers are affected by the […]