IMF sees brighter global prospect, optimistic markets on U.S tax policy changes
Bukola Odufade
January 22, 2018
The International Monetary Fund (IMF) has revised its forecast global growth by 0.2 percentage points to 3.9 percent in 2018/19 on increased global growth momentum and new U.S tax policy changes. It, however, had modest growth upgrade for Nigeria in the two-year forecast horizon. The Bretton Woods institution, in its World Economic Outlook Update, January […]
Nigeria SMEs, commuters hard hit as fuel scarcity returns
Bukola OdufadeJanuary 22, 2018
The lingering fuel scarcity, which returned at the weekend, has taken a toll on small businesses, commuters and households as average pump price has gone up to ₦200 per litre, if available, at most areas in Lagos State. After what seemed like a relief after the scarcity in December, the queues were back in the […]
Oil rises as Saudi Arabia sees OPEC, allies Cooperation beyond 2018
Businessam StaffJanuary 22, 2018
Oil prices climbed on Monday, an effect of comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies would continue beyond 2018. Strong global economic growth and a drop in U.S. drilling activity also supported crude, traders said. Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 […]
Nigeria’s apex bank cancels interest rate meeting, says rate to be held at 14%
Businessam StaffJanuary 22, 2018
Nigeria’s central bank said a key interest rate setting meeting intended for January 22-23 will not be held due to an inability to form a quorum, adding that the benchmark rate will be maintained at 14 percent. In a statement signed by Godwin Emefiele, Central Bank of Nigeria (CBN), in Abuja on Monday, said that […]
NNPC targets huge investments in Nigeria’s oil sector to boost economy, create jobs
Andy NssienJanuary 21, 2018
The Nigerian National Petroleum Corporation (NNPC), in a move to revamp Nigeria’s ailing economy, is targeting massive investments in the nation’s oil and gas Industry aimed at boosting the country’s revenue and creating jobs for the citizenry. Maikanti Baru, group managing director of the corporation disclosed at a regional technology sharing workshop on hydrocarbon potentials […]
Nigeria’s equity market bubbles, closing the week with N45.8bn shares
Andy NssienJanuary 19, 2018
The Nigerian Stock Exchange All-Share-Index recorded 5.11% week-on-week (wow) in the third week of the year at 45092.83 points, while market capitalization sized up to a present close of 15.69 trillion naira. The trading sessions during the week all treaded along a positive lane with 51 basis points (bps), 217bps, 189bps and 55bps respectively save […]
Nigeria’s real estate investment market slows on ambiguous taxes, mispricing
Businessam StaffJanuary 19, 2018
The Nigerian real estate investment trust market is bogged down by a lack of assurance on ambiguous ‘tax pass through’ laws, that have not provided comfort to institutional investors, both local and foreign, as well as a traditionally opaque market, which has resulted in mispricing and undermining confidence in real estate assets. These were the […]
Nigeria seeks to recover $21bn from, Shell, Chevron, ExxonMobil, Eni, Total, Agip
Ajose SehindemiJanuary 19, 2018
Nigeria’s House of Representatives has ordered an adhoc committee to look into recovering $21 billion in oil revenues from international oil companies (IOCs) operating in the country. Ibe Kachikwu, the country’s petroleum minister, in December 2017, said the government had not enforced a provision that entitles it to a higher share of oil revenues when […]
Nigerian bank stocks in stellar performance, gain 154.5% in price appreciation y-o-y
Businessam StaffJanuary 19, 2018
Banking stocks dominated the Nigerian equities market and remained the toast of most investors in 2017, chalking up average price gains of 154.5 percent year-on-year as at January 18, 2018, according to a review of the market by Proshare. The banking stocks led among the stocks listed within the financial services sector in particular and […]
Nigeria, frontier markets climb $700bn in value, set to outpace emerging market stocks
Businessam StaffJanuary 19, 2018
Market and policy reforms in Nigeria, Argentina, and Kuwait are setting the tone for investors’ interest in frontier markets whose combined market value exceeded $700 billion in 2017 for the first time in a decade, according to Bloomberg reports. Although the emerging markets are still capturing much of the attention, the frontier group has begun to […]