African Development Bank to boost Nigeria’s economy with additional loans of $2bn
Andy Nssien
January 23, 2018
Akinwumi Adesina, the president of African Development Bank announced the plans on the bank to increase its loans to Nigeria by more than $2 billion next year with investments in energy, infrastructure, and agriculture. This was said in an interview on Jan. 18 in Abuja, the country’s capital, according to Bloomberg. “The total portfolio we […]
Nigerian market outlook: Analysts upbeat, entertain no fears of election risk
Steve OmanufemeJanuary 23, 2018
There appears a no fears outlook for the Nigerian market and economy despite rising geopolitical tensions and the coming general election, according to a cross section of market and economic analysts who spoke to businessamlive.com The analysts say growth in the economy is anticipated to strengthen as commodity prices firm up and domestic demand gradually […]
Oando crisis: Sanusi brokers peace between company’s CEO, Tinubu, major shareholder
Ajose SehindemiJanuary 22, 2018
The chief executive officer of Nigeria’s oil firm, Oando Plc, Wale Tinubu, has reconciled with Dahiru Mangal, an estranged shareholder of the company. A notice posted by the company to The Nigerian Stock Exchange (NSE), on Monday said the peace accord was mediated by Muhammadu Sanusi, the Emir of Kano, and was concluded on January 7, […]
Nigerian stocks’ climb halted as market index opens week 0.4% lower
Andy NssienJanuary 22, 2018
The Nigerian stocks market reversed previous positive performance Monday, trading low at 40 basis points as the All Share Index (ASI) settle at 44,912.53 points from the 45092.83 points recorded Friday. Market year-to-date (YTD) gain consequently moderated to 17.4 percent just as market capitalization lost N64.6 billion to close lower at N16.1 trillion. The day’s […]
IMF sees brighter global prospect, optimistic markets on U.S tax policy changes
Bukola OdufadeJanuary 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 […]