Nigerian lawmakers approve $74bn three-year spending plan
Businessam Staff
December 5, 2017
Nigerian lawmakers approved the government’s $74 billion expenditure plan for the next three years, paving the way for the adoption of the 2018 record budget aimed at spurring economic growth after a slump, according to Bloomberg’s report. President Muhammadu Buhari’s administration proposed a budget of 8.6 trillion naira ($23.9 billion) next year and 9 trillion […]
OPEC crude output drops to six-month low as total production fell 80,000 bpd in November
Businessam StaffDecember 5, 2017
Crude production from the Organization of Petroleum Exporting Countries dropped again in November to a six-month low. Total production fell 80,000 barrels per day (bpd) to 32.47 million last month, according to a Bloomberg News survey of analysts, oil companies, and ship-tracking data. That was the lowest level since May when output was 32.29 million. […]
Nigeria equities market opens week in green as index expands marginally 0.08%
Businessam StaffDecember 4, 2017
The Nigerian equities market Monday closed green as benchmark index added 0.08% to settle at 37,974.58 points. The day’s positive performance marked the 4th consecutive day of a positive close. As a result, market year-to-date gain expanded to 41.3 percent as market cap increased by N10.8 billion to settle at N13.2 trillion. The day’s positive […]
Mobile smartphone subscription fastest in Africa, to reach 850m by 2023
Businessam StaffDecember 4, 2017
Mobile smartphone subscription is rising faster in Africa than any other region in the world, according to data gleaned from Ecobank research in a tweet at the weekend. The tweet specifically projected that at a compound annual growth rate of 17 percent, about 850 million smartphones would be found on the continent by 2023, just […]
UK pushes to increase regulation of Bitcoin, to apply anti-money-laundering rules on digital currencies
Businessam StaffDecember 4, 2017
Britain wants to increase regulation of Bitcoin and other digital currencies by expanding the reach of European Union anti-money-laundering rules that force traders to disclose their identities and report suspicious activity, according to Reuters’ report. With demand for Bitcoin surging, fuelling a 1,000 percent rally in its value so far this year, the British finance […]
2018 budget lacks capacity to grow the economy, analysts say
Businessam StaffDecember 4, 2017
Despite commendations for the timely presentation of the N8.6 trillion 2018 National Budget to the National Assembly by President Muhammadu Buhari, analyst say the budget lacks the capacity to grow the economy. The analysts who identified varying flaws of the budget specifically noted that the budget does not seem to be expansionary and that Nigeria […]
Nigeria’s Vision 2020 goal of 20th world largest economy muted – analyst
Businessam StaffDecember 4, 2017
The target set by Nigeria to become the 20th largest economy in the world by the year 2020 may not be achievable as proposed. This was the submission of Alaba Olusemore, a top banker and financial analyst while speaking at the occasion of the 12th anniversary of Nigerian banking consolidation held at Chartered Institute of […]
Oil prices fall after U.S. shale drillers add more rigs
Businessam StaffDecember 4, 2017
Oil fell Monday after U.S. shale drillers added more rigs last week, but prices held not far off their highest since mid-2015, supported by an extension of output cuts agreed last week by OPEC and other producers. Drillers in the United States added two oil rigs in the week to Dec. 1, bringing the total […]
Ageing population ‘poses risks to global economy’
Businessam StaffDecember 3, 2017
An ageing global population could be putting the brakes on economic growth, resulting in an almost permanent squeeze on living standards, a leading investment bank has warned. Older workers are typically less dynamic than younger participants in the labour market, economists believe, while pensioners spend their investments rather than making new ones. Slower growth in […]
It’s too soon for Goldman Sachs to need a bitcoin plan, CEO Lloyd Blankfein says
Businessam StaffDecember 1, 2017
Lloyd Blankfein, Goldman Sachs CEO said it is too early for the bank to have a strategy for bitcoin, in reaction to report that the firm was exploring a possible bitcoin trading operation. The banker told Bloomberg Television the cryptocurrency is too volatile for the bank to consider it as an urgent matter, at least […]