Inflation to slow further in May as analysts’ position mixed on rate cut
Adesola Afolabi
June 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 […]
Analyst sees silver prices hitting $18 by Q3
Temitayo AyetotoJune 9, 2018
Silver prices will likely reach $18.50 an ounce in the third quarter of 2018, and perhaps even hit 2016 highs of $21.50 an ounce by the fourth quarter, based on a combination of technical, sentiment, seasonal, and fundamental factors, according to Florian Grummes, an analyst at Midas Touch Consulting in a monitored report. The white […]
Nigeria’s president Buhari appoints Shonubi as CBN deputy governor
Businessam StaffJune 9, 2018
President Muhammadu Buhari has appointed Folashodun Adebisi Shonubi, managing director of the Nigeria Inter-Bank Settlement System Plc (NIBSS), as deputy governor of the country’s apex bank, CBN. Shonubi, who heads the financial payments, facilitation and settlement platform, was appointed Friday, according to a statement by the presidency, which also notes that the appointment is subject to […]
IMF projects economic growth in sub-Saharan Africa at 3.4% in 2018 on improved global growth
Businessam StaffJune 8, 2018
The International Monetary Fund (IMF) has projected that economic growth in sub-Saharan Africa at 3.4 percent in 2018 from 2.8 percent in 2017, as the recovery gradually strengthens in the continent’s largest economies. Papa N’diaye, chief of IMF’s regional studies division, stated: “Growth is expected to rise to 3.4 percent in 2018, from 2.8 percent […]
Chinese investment helps Egypt top Africa’s FDI inflows
Adesola AfolabiJune 8, 2018
Egypt emerged Africa’s most preferred investment destination in 2017 as a large increase in Chinese investment across light manufacturing industries, supported inflows from investors, to make the country first in Africa in terms of foreign direct investment (FDI) flows. According to the ‘World Investment Report 2018: Investment and Industrial Policies’ released recently by the United […]
Nigeria to step-down reliance on U.S. dollar for imports from Asia as CBN starts auctioning Chinese yuan
Businessam StaffJune 8, 2018
Nigeria’s central bank will start to auction the Chinese yuan within the next month at an exchange rate to be set via book building, the bank official said Thursday. This, according to the official, is to reduce the country’s reliance on the U.S. currency for imports from Asia. The dollar is Nigeria’s main trade currency. […]
Nigeria’s equities market cap gains N219bn as bull-run lifts NSEASI 1.6%
Adesola AfolabiJune 7, 2018
The bullish run in the Nigerian bourse continued Thursday with the benchmark index, the NSEASI, rising 1.6 percent to settle at 39,042.11 points while month-to-date and year-to-date (YTD) return strengthened to 2.46 percent 2.1 percent respectively. The market performance, which was buoyed by buy interest in DANGCEM (+4.0%), ETI (+4.5%) and STANBIC (+3.0%), edged market […]
More women in US labour force could add about $6trn to global stocks over a decade, says S&P Global
Adesola AfolabiJune 7, 2018
Acceleration in US gross domestic product growth could add $5.87 trillion to global market capitalization in 10 years, if more women entered the workforce, according to economists at S&P Global. In a report released recently, S&P says an increase in U.S. women’s labour force participation rate (LFPR) to that of other advanced countries would drive […]
NEPC, ITC target $38m from empowerment of women-owned enterprises by 2020 through “She Trades” initiative
Businessam StaffJune 7, 2018
The Nigerian Export Promotion Council in collaboration with the International Trade Center is looking at generating $38 million worth of sales from the empowerment of women-owned businesses by the year 2020 through an initiative tagged “She Trades”. “She Trades”, a project of the Commonwealth to deliver better economic returns for Nigerian women entrepreneurs, is aimed […]