Nigeria, China, India to account for 35% growth of world’s urban population between 2018, 2050
Businessam Staff
May 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 […]
Nigeria’s state oil firm records ₦1.6bn operating loss as retailing, refining arm fail to generate profit
Bukola OdufadeMay 16, 2018
Nigeria’s state oil company, Nigerian National Petroleum Corporation (NNPC), made an operating loss of N1.6 billion in January 2018, while it had budgeted N600 billion as its operating income. According to data from the NNPC’s monthly financial report for the year 2017, the company operated at a deficit of N82 billion for the period under […]
Nigeria’s new gas, oil policy to stimulate competitive environment for local, foreign investors, says oil minister
gas policy, Ibe Kachukwu, oil policyMay 16, 2018
Ibe Kachikwu, Nigeria’s minister of state for petroleum resources said Tuesday that the country’s new gas, oil policy, bold steps to restructure the country’s industry, would play a critical role in the industrialisation initiative, particularly stimulating competitive environment that will be attractive to foreign and local investors. The minister who made the disclosure at Light […]
Nigeria awards $7bn Lagos-Kano rail project to Chinese state firm
Businessam StaffMay 16, 2018
Nigeria has awarded a $6.68 billion contract to the China Civil Engineering Construction Corporation (CCECC) for work on a major segment of a railway linking the country’s commercial hub Lagos, in the southwest, and Kano in the north, according to a report seen by business a.m. “The signing of the segment contract agreement today (Tuesday) […]
Investors see share value drop by N22.5 billion in second day bearish Nigerian equities trading
Businessam StaffMay 15, 2018
Investors on the domestic bourse remained bearish, with the ASI dropping further by 0.12 percent, as sustained sell pressures in banking stocks outweighed renewed interests in other value stocks. The market capitalisation, which tracks the overall worth of equities investment, slumped N22.5 billion from N14.734 trillion to N14.712 trillion recorded at the close of trade […]
Naira posts mixed fortunes in Nigerian currency markets
Adesola AfolabiMay 15, 2018
The Nigerian naira remained flat at N363 to the dollar in the parallel market, but continued to dip in value at the Investors and Exporters (I&E) window where it exchanged at N361.61 to the dollar. Total turnover in the I& E window surged 171.62 percent to $341.45 million, with trades executed within the N358-N363/$ range. […]
Nigeria Inflation rate slows to 12.48% in April
Businessam StaffMay 15, 2018
The National Bureau of Statistics, Tuesday declared that the annual inflation rate in Nigeria stood at 12.48 percent for the month of April, a welcome deceleration from 13.34 percent in March, Inflation rate slowed for a 15th straight month in April, taking consumer-price growth further below the benchmark interest rate set by the Central Bank […]