Nigeria’s budget implementation faces funding crisis as oil, non-oil revenues shrink
Businessam Staff
July 18, 2017
Nigeria’s federally-collected revenue (gross) in the month of May 2017 was estimated at N458.42 billion falling below the monthly budget estimate of N894.76 billion by 48.8 percent and lower than the receipt in April 2017 by 13.4 percent, according to the Central Bank of Nigeria monthly economic report for May. The fall in revenue relative […]
Shareholders of Access, Zenith, UBA, StanbicIBTC, GTB on queue for interim dividends
Phillip IsakpaJuly 18, 2017
Shareholders of five Nigerian banks, namely, Access, Zenith, UBA, StanbicIBTC and Guaranty Trust Bank, are lining up in wait to hear news of the amount of interim dividends they would be paid this year by their banks and they should be hearing news anytime soon, a call by Nairametrics suggested Tuesday. Nigeria banks closed their […]
Oil trades near $46 as Nigeria, Libya await decision to cap crude output
Businessam StaffJuly 18, 2017
Oil traded near $46 a barrel as crude production rebounded in Libya, an OPEC member exempt from output kerbs. Futures gained 0.3 percent in New York after sliding 1.1 percent Monday. Libya has increased output to 1.1 million barrels a day, according to a person familiar with the matter. The country will attend a meeting with […]
Unilever, Forte Oil, 7Up lift Nigeria’s equity market as benchmark index gains 0.12%
Businessam StaffJuly 17, 2017
The positive sentiments that dominated the Nigerian equities market last week continued Monday, with fast moving consumer goods (FMCG) stocks rallying to edge benchmark index north by 0.12 percent. The Nigerian Stock Exchange all-share index closed higher at 33,301.43 points from 33,261.66 it stood Friday, helping to nudge year-to-date (YTD) to 23.9 percent. Monday’s performance […]
UK lawmakers want disclosure of Toyota investment reassurances
Businessam StaffJuly 17, 2017
The British government should disclose what post-Brexit reassurances it offered Japanese carmaker Toyota ahead of a 240-million pound ($313 million) investment in its English car plant, two parliamentary committee heads said on Monday. On Friday, Reuters cited two sources saying that Britain had helped to secure an investment in the firm’s Burnaston car plant with […]
Nigeria’s inflation slows for fifth consecutive month to 16.10% as rise in food index continues unabated
Steve OmanufemeJuly 17, 2017
Updated: 14:59– Nigeria’s inflation rate for the month of June 2017, according to data released by the country’s statistical organisation, the National Bureau of Statistics (NBS), is 16.1 percent, a 15 basis point slowdown when compared to the 16.25 percent it recorded in the month of May 2017. Though this is the fifth consecutive month […]
Oil prices edge up on strong China demand, signs of U.S. output slowdown
Businessam StaffJuly 17, 2017
Oil prices inched up on Monday, supported by strong refinery demand from China and a slowdown in the growth of rigs looking for crude in the United States, according to Reuters. Brent crude futures were at $49.02 per barrel at 0656 GMT, up 11 cents, or 0.2 percent, from their last close. U.S. West Texas […]
Unilever involved in bidding war for Reckitt Benckiser’s £2bn-valued food business
Businessam StaffJuly 16, 2017
Anglo-Dutch conglomerate Unilever is involved in a £2bn bidding war to buy Reckitt Benckiser’s food business. The London and Amsterdam-listed firm is among a handful of companies understood to be competing for the operation behind French’s mustard. Reckitt Benckiser, which makes Durex condoms and Nurofen, confirmed in April that it had initiated a strategic review of its food […]
U.S.-China trade talks sputtering at 100-day deadline
Businessam StaffJuly 16, 2017
Bilateral talks aimed at reducing the U.S. trade deficit with China have yielded some initial deals, but U.S. firms say much more needs to be done as a deadline for a 100-day action plan expires on Sunday. The negotiations, which began in April, have reopened China’s market to U.S. beef after 14 years and prompted […]
Corruption can hurt growth and ruin people’s economic chances, warns IMF
Steve OmanufemeJuly 15, 2017
*Estimates global cost of bribery at $2trn annually…. A research by the International Monetary Fund (IMF) shows that in countries with greater levels of corruption, infant mortality and dropout rates are especially high, partly due to less spending on health and education. It says that reduced investment in health and education tends to hurt poor […]