AfDB’s Adesina talks up double digit growth for Africa at WEF in Davos
Andy Nssien
January 24, 2018
Akinwumi Adesina, head, African Development Bank( AfDB) believes the continent will grow by around 4.2% next year, compared to 2.2 % in 2016, even as he says this is not fast enough. The former Nigerian agriculture minister who is at the forefront of selling Africa to foreign investors at the World Economic Forum (WEF) said […]
World top bankers, economists, investors warn of next global financial crisis in Davos
Businessam StaffJanuary 24, 2018
A decade on from the start of the last global financial crisis, interest rates remain at rock-bottom levels, while central banks have barely considered returning balance sheets bloated by quantitative easing to pre-crash levels. Amid the Davos chatter of strong global growth, Anne Richards, chief executive of M&G Investments, said that the custodians of financial stability […]
Nigeria’s forensic accountants bill passes second reading at Senate
Shakirat RemilekunJanuary 24, 2018
A bill seeking to establish the Chartered Institute of Forensic Accountants in Nigeria on Wednesday passed its second reading at the Senate. Senator Dino Melaye moved the motion for the establishment of the institute and other related matters, which was debated by other senators. The bill was sponsored by Senator Gbenga Ashafa. According to senator Barau […]
Nigerian stocks down 1.2% on sell-offs in big cap banks
Andy NssienJanuary 23, 2018
Nigeria stocks decreased Tuesday with the benchmark NSEASI Index down by 1.16 percent to close at 44,389.85 points. Big cap banking stocks, as well as mid and small caps, had broad-based sell-offs, which dragged market performance. The day’s performance thus brought the bears on the charge in two consecutive trading sessions. Specifically, the banking index […]
S&P sees uncertain outlook for global Sukuk market in 2018 as Nigeria relishes success in first attempt
Steve OmanufemeJanuary 23, 2018
The favourable outcome of Nigeria’s tapping the Sukuk market for the first time in 2017 may well position the country seeing it as a veritable financing option going forward. However, global rating and research firm, Standard & Poor’s says its outlook for the market remains uncertain in 2018, adding that issuance volumes may moderate to […]
Nigeria’s small market size holds back global equipment manufacturers from setting up factories
Ajose SehindemiJanuary 23, 2018
The apparent small size of Nigeria’s market for original manufactured new hardware goods such as electronics and cars is holding back many global producers of these items from establishing plants in Nigeria. The country’s huge population, often touted as a huge market, is known to have 90 percent of the people patronising mainly used or […]
ExxonMobil to spend highest CAPEX per barrel in Africa’s Chad Republic in $39.2bn budget to 2021
Bukola OdufadeJanuary 23, 2018
In an expenditure outlay of $39.2 billion for its upstream crude oil production projects estimated to 2021, oil major, ExxonMobil, plans to deploy its highest capital expenditure per barrel on Nigeria’s north-easterly neighbour, Chad Republic, according to recently released data seen by Businessamlive.com. Capital expenditure per barrel for Chad oilfield productions see the ExxonMobil spend […]
African Development Bank to boost Nigeria’s economy with additional loans of $2bn
Andy NssienJanuary 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, […]