Naira posts mixed fortunes in Nigerian currency markets
Adesola Afolabi
May 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 […]
Brent, WTI hold gains as markets tighten amid signs of strong oil demand, Iran sanction
Businessam StaffMay 15, 2018
Crude oil prices held firm on Tuesday as ongoing production cuts by OPEC and looming U.S. sanctions against Iran tightened the market amid signs of ongoing strong demand. Brent crude futures, the international benchmark for oil prices, were at $78.30 per barrel at 0432 GMT, up 7 cents from their last close and not far […]
OPEC revises global oil demand forecast to 1.65mbpd amid rising prices
Businessam StaffMay 14, 2018
OPEC has revised its forecast for global oil demand growth this year, noting that sanctions, tariffs, and the U.S. withdrawal from the Iran nuclear deal point to rising uncertainty over the global economic growth momentum. In its Monthly Oil Market Report released Monday, May 14, 2018, OPEC raised its global oil demand growth estimate by […]
Nigeria’s state oil firm issues crude oil contracts expected to last for two years
Ayobami AdedinniMay 14, 2018
Nigeria’s state oil company, Nigerian National Petroleum Corporation (NNPC), has issued crude export contracts that are expected to last two years instead of the usual one year, trading sources familiar with the matter said on Monday. A partial preliminary list showed 30 companies including the world’s largest energy traders Vitol, Trafigura and Glencore. The final […]
Nigerian stocks edge lower 0.84% as sell-offs trail bellwethers
Businessam StaffMay 14, 2018
Nigerian stocks started the week Monday on the low as losses in market bellwethers – NESTLE (-3.2%), DANGCEM, (-0.6%) and NIGERIAN BREWERIES (-2.0%) – dragged benchmark index, the NSEASI, down by 84bps to close at 40,677.61 points. The bourse’s year-to-date (YTD) return consequently contracted to 6.4 percent, indicating market rally is a long way off, […]
Nigeria, Africa’s largest telecom market, poised for increased investment, BuddeComm study reveals
Chukwuemeka ObiomaMay 14, 2018
Africa’s largest telecom market, the Nigerian telecom industry, has been tipped for increased foreign investments. a study by BuddeComm, a telecommunications research organisation, has shown. This comes on the heels of government’s pledge to deploy 18,000km of fibre to extend broadband to rural areas. According to the study,”given the potential for further growth, Nigeria’s telecom […]
Canada’s Thor Explorations, Australia’s Kogi Iron hunt for $422m to invest in Nigeria’s gold, iron ore mining
Temitayo AyetotoMay 14, 2018
Nigerian mining sector appears to be gaining the attention of foreign investors as Canadian-listed Thor Explorations and Australian-listed Kogi Iron seeks to consolidate their investments in gold and iron mining in Osun and Kogi states respectively. Both companies are said to be on the hunt for a combined sum of $422 million in funds to […]
Experts urge Nigeria to sign AfCTA, say pact indispensable to trade expansion
Chukwuemeka ObiomaMay 14, 2018
Nigeria has been advised to reconsider its reluctance to sign the African Continental Free Trade Area (AfCFTA) agreement. According to a wire report, the call was made by some economic analysts in separate interviews in Addis Ababa. The analysts argued that AfCFTA is in the interest of Nigeria and wondered why the country suddenly decided […]
Nigeria’s failure to count, a stall on economic growth
Steve OmanufemeMay 14, 2018
Abba Eban, an Israeli diplomat, and politician, and a scholar of the Arabic and Hebrew languages, is often ascribed an old and popular line: “The Arabs never miss an opportunity to miss an opportunity.” This has rung true in Nigeria’s 58 years as a nation, where both leaders and the led demonstrate a humongous aptitude of […]