Nigeria’s manufacturing index expands for 13th consecutive month to 56.9 points
Businessam Staff
May 1, 2018
The manufacturing purchasing managers’ index (PMI), an indicator of the economic health of the manufacturing sector, grows to 56.9 index points in April 2018, indicating expansion in the manufacturing sector for the 13th consecutive month, a Central Bank of Nigeria (CBN) PMI report for the same month released Monday has shown. This, the central bank […]
Nigeria stocks index down 0.57% in April as investors gain N8.4bn on last trading day
Businessam StaffApril 30, 2018
April was a bearish investment month at the equities segment of the Nigerian Stock Exchange (NSE). Although the equities market on Monday began the first day of trading for the week on a positive note. The performance indicator at the NSE, the All Share Index (ASI), gained 0.06 percent to close the day at 41,268.01 […]
Over 35% of financial services’ revenue at risk by 2025
Businessam StaffApril 30, 2018
The digital revolution sweeping through the banking sector is set to wipe out about 35 percent of earnings on some financial products by 2025 as new technology companies (fintechs) drive down prices and erode traditional lenders’ profit margins. This is one of the main submissions of Akinsope Roberts, lead, digital and robotics practice, Ernst &Young, […]
Nigeria Inter-bank Settlement Systems Plc. ready for instant clearing of cheques
Steve OmanufemeApril 30, 2018
The disruptive impact of technology on the financial services industry would soon usher in instant clearing of other bank cheques in the country, according to Yele Okeremi, the chief executive officer of Precise Financial Systems Limited. Yele disclosed this at the maiden business a.m./GTI Finance and Investment Dialogue held on Thursday in the Marina Central […]
GE led consortium signs rail concession agreement with Nigerian government
Businessam StaffApril 30, 2018
An international consortium, comprising General Electric (initiator), SinoHydro, a leading infrastructure construction services corporation, Transnet, a leader in transportation and logistics infrastructure management, and APM Terminals, a global port, terminal and intermodal inland services provider, has signed an agreement to proceed with the interim phase of the Nigerian narrow-gauge railway concession. The signing of the […]
Why OML 30 communities are protesting removal of Salvic Petroleum as operator
Businessam StaffApril 30, 2018
There have been ongoing community protests at Oil Mining Lease (OML) 30, Nigeria’s second largest onshore oil & gas asset, located in the Niger Delta about 35km east of Warri. Central to the unrest is the success story of a young technical services operator, Salvic Petroleum Resources Limited. Investigations reveal that SALVIC, a relatively young […]
Nigeria’s tax agency records N1.171trn in three months
Goddey OdinApril 30, 2018
Tunde Fowler, the executive chairman, Federal Inland Revenue Service (FIRS), said the agency collected N1.171 trillion between January and March 2018, N393 billion more than it collected during the same period in 2017. The N1.171 trillion collection in the first quarter of 2018 represented 51 percent increase, compared to N778.1 billion collected in same quarter […]
Millions of urban Africans still don’t have electricity: here’s what can be done
Businessam StaffApril 29, 2018
At least 110 million of the 600 million people still living without access to electricity in Africa live in urban areas. Most are within a stone throw from existing power grid infrastructure. In Nigeria, Tanzania, Ghana and Liberia alone there are up to 95 million people living in urban areas. All in close proximity to the grid. […]
US faces risk of debt crisis, Deutsche Bank says
Businessam StaffApril 28, 2018
The US budget and current account deficits raise the risk of a debt crisis. America’s fiscal situation right now as measured by its debt-to-GDP ratio is not very dissimilar from the average of other G20 countries over the past five years, said Quinn Brody and Torsten Slok of Deutsche Bank in a note. But that […]
Analysts foresee single world currency in growing technology disruption
Ajose SehindemiApril 26, 2018
Financial and technology analysts say a single world currency is imminent given the growing technology disruption in the financial services industry typified by the popularity of blockchain adoption and its offshoots, cryptocurrencies. Yele Okeremi, managing director and chief executive officer of Precise Financial Systems and Akinsope Roberts, lead, digital and robotics practice, Ernst &Young, Nigeria, […]