United States rate hike may put Nigeria, others under pressure
Obodo Ejiro
June 15, 2017
The U.S. Federal Reserves decision to hike rates from 1.0 percent to 1.25 percent as announced by its chair, Janet Yellen, on Wednesday could put emerging economies, including Nigeria, under pressure, as the decision would redirect investment flows to the U.S. at their expense. The Fed’s rates hike is expected to redirect investments to the […]
Inflationary trend not positive yet as food prices rise 19% in May
Obodo EjiroJune 15, 2017
The rise of the cost of food continued unabated in May even as inflation dropped for the fourth consecutive month to 16.25 percent. Data released by the National Bureau of statistics Thursday showed that the country’s food index increased by 19.27 percent (year-on-year) in May 2017, down by 0.03 percent points from the rate recorded […]
Falling oil prices may hurt external reserves, CBN naira defence policy
Businessam StaffJune 15, 2017
The consistent fall in global oil prices in the past few weeks may hurt the nation’s external reserves and inhibit the Central Bank of Nigeria’s (CBN’s) naira defence policy, keen watchers of the Nigerian economy have said. The analysts who hailed the new forex policy put in place by the CBN are cautious that in […]
Customs funds withdrawal wont impact much on banks – treasurers
Obodo EjiroJune 14, 2017
Nigerian bank treasurers Wednesday told businessamlive that the were not expecting any major impact from the Federal Government directive to money deposit banks to immediately remit all revenues collected on behalf of the Nigerian Customs Services to the Central Bank of Nigeria (CBN) treasury single account (TSA). However, money market analysts say the removal of […]
Nigeria set to lead global growth in entertainment, media market over the next five years– PwC Report
Kelvin EgerueJune 14, 2017
Nigeria has been projected to become the world’s fastest-growing entertainment and media market in the next five years, according to a report by professional advisory firm, PwC. The report shows that Nigeria with a compound annual growth rate (CAGR) of 12.1%, strongly influenced by surging spending on mobile Internet access, will be the world’s fastest-growing […]
West African cocoa producers to boost local consumption as global market prices fall
Businessam StaffJune 14, 2017
Falling cocoa prices due to a glut in the market as well as falling demands from the developing world is forcing West Africa’s cocoa powerhouses to change their strategy and focus on local consumers. “What we are doing is to see to it that there is increased consumption in our local markets which are already […]
Nigeria interbank offer rate peaks at 126.7% as liquidity crunch hits banks
Niyi JacobsJune 13, 2017
Liquidity pressures are mounting in Nigerian banks as the Nigeria Interbank Offered Rate (NIBOR) for overnight loans, the benchmark for determining interest rate payments between financial institutions, rose 46 percent from 86.29 percent last week to 126.69 percent Monday, the highest in recent times, according to bank treasurers spoken to by Businessamlive.com The current market […]
Nigeria VATting her way out of recession as consumption tax grows to N204bn
Businessam StaffJune 13, 2017
Consumption as a component of gross domestic product has seen uptick in the past year as revenue from value-added tax (VAT) grew 10 percent year-on-year to N204.77 billion. To this end, analysts are saying that Nigeria may be gradually ‘vatting’ her way out of recession if the goods consumed are indeed locally produced. In economics […]
OPEC hopeful on outcome of production cuts, see uptick in demand, price rally
Kelvin EgerueJune 13, 2017
Member countries of OPEC, including Nigeria, which have continued to manipulate the quantity of crude oil pumped into the international market to fight off price decline, are still hopeful that surplus oil inventories will continue to decline in the second half of the year as their production cuts take effect. The OPEC members are also hopeful that demand would […]
Osinbajo rides on Buhari’s endorsement to sign N7.44trn budget
Businessam StaffJune 12, 2017
Acting President Yemi Osinbajo on Monday signed the 2017 appropriation bill into law thus ending a month long speculation on the whether the third force at the Aso Rock, Nigeria’s seat of power would prefer warehousing the budget pending the return of ailing President Muhammadu Buhari. Osinbajo had while appending his signature on the budget, […]