Nigeria’s cocoa export rises 300,000 tonnes from 250,000 in 2016 triggered by naira devaluation
Businessam Staff
May 20, 2018
Over 300,000 tonnes of cocoa was exported from Nigeria in 2017, Dara Akala, the executive director, the Partnership in the Niger Delta, (PIND) said. Dara Akala, according to media report seen by business a.m., said this in Akure, Ondo State capital, during the Cocoa Value Chain Study Validation Workshop. “2017 saw an increase in the […]
IEA in talks with oil producers, consumers, pledges to ensure market remains well supplied
Businessam StaffMay 18, 2018
The International Energy Agency (IEA) says it is in discussions with oil producers and consumers amid rising oil prices, and that it is ready to act if “necessary to ensure that markets remain well supplied.” Keisuke Sadamori, the IEA’s director for energy markets and security, disclosed this when he spoke to S&P Global Platts Friday. […]
Nigeria’s GDP growth to accelerate to 2.4% in 2018, says Fitch
Businessam StaffMay 18, 2018
Fitch Ratings said Thursday that Nigeria’s gross domestic product, GDP, growth is expected to accelerate to 2.4 percent this year, as the country continues to climb out of the oil price shock recession that characterised 2016 and first quarter of 2017. The foremost rating agency noted that the growth turned positive in the second quarter […]
Global economy to expand faster than expected in 2018-19 at 3.2%, UN predicts
Businessam StaffMay 18, 2018
The United Nations, UN, is forecasting that the global economy will expand by more than 3 percent this year and next year, but it warns that increasing risks could trigger “a shock to investment and trade” and a sharp drop to 1.8 percent growth in 2019. The U.N.’s mid-year report on the World Economic Situation […]
Nigerian stocks slide 0.83% as sell-offs continue after dead cat bounce
Adesola AfolabiMay 17, 2018
Nigerian stocks traded lower Thursday as sustained profit taking pare gains of previous trading session by 0.83 percent. The continued climb of oil prices and the passing of the 2018 budget, which analysts thought would boost market confidence, could not stop investors taking profit on stocks that had previously appreciated. Thus the temporary recovery in […]
IEA cautions consumption decline as oil price advances to $80
Businessam StaffMay 17, 2018
The International Energy Agency (IEA) has cautioned that huge consumption decline may trail the surges in oil prices as the commodity advances to $80 a barrel in London for the first time since 2014. The agency trimmed its 2018 world demand growth projection by 40,000 barrel per day (bpd) to 1.4 million bpd, projecting total […]
Nigeria, China, India to account for 35% growth of world’s urban population between 2018, 2050
Businessam StaffMay 17, 2018
The United Nation Department of Economic and Social Affairs (UN DESA) has projected that India, China, and Nigeria will account for 35 percent of the future increases in the size of the world’s urban population between 2018 and 2050. The 2018 Revision of World Urbanization Prospects reveals that by 2050, India will have added 416 million urban […]
Oil hits highest level since 2014 on concerns about Iran supply
Businessam StaffMay 17, 2018
Oil prices surged on Thursday on Thursday for the first time since November 2014 on concerns Iranian exports could fall, reducing supply in an already tightening market as data showed that U.S. crude and gasoline stockpiles have fallen. Both Brent and WTI were near their highest levels since November 2014. U.S. West Texas Intermediate (WTI) […]
Investors gain N136.8bn as Nigeria equities market halts downtrend
Adesola AfolabiMay 16, 2018
The Nigerian equities market has halted a two-day downward trend as the growth indicator of the equities market swelled N136.8 billion at the close of Wednesday’s trading activities. Market capitalisation settled at N14.849 trillion from N14.712 trillion recorded at the end of the previous trading session, while lead market indicator, the All Share Index (ASI) […]
Nigeria Senate passes N9.12trn 2018 budget, awaits Buhari’s assent
Goddey OdinMay 16, 2018
The Nigerian Senate Wednesday passed the 2018 appropriation bill estimated to be N9.12 trillion and would be forwarded to President Muhammadu Buhari for his assent. Danjuma Goje, chairman of the Senate committee on appropriations, laid the report of the appropriation bill before the Senate on Tuesday. He briefed his colleagues on the components of the […]