Growth in population may worsen Nigeria’s economic expansion as government is seen doing nothing
Businessam Staff
July 13, 2017
*Economic policy trust has floundered without requisite actions…. Though Nigeria has been projected to grow by 2.5 percent this year after contracting 1.6 percent in 2016, the news is not cheery as population expansion at the same rate may pressure growth in per capita terms, according to a report by the London-based Financial Times (FT). […]
Nigeria raises N106bn from local bonds at high 16.25% amid gloomy outlook on revenue
Steve OmanufemeJuly 13, 2017
Nigeria’s Debt Management Office (DMO) Wednesday raised about N106 billion through the Federal Government of Nigeria (FGN) Bonds. The 5, 10 and 20-year bonds denominated in the local currency were sold at an average 16.25 percent interest liability, same as the prevailing inflation rate, according to the auction data seen Thursday. The N106 billion raised […]
Google outpaces Apple to world number one as US brands continue global dominance
Businessam StaffJuly 13, 2017
For the past five years, Apple held on to the title of the world’s most valuable brand. Then this year, the iPhone maker lost the top spot to Google, according to consultancy Brand Finance’s Global 500 rankings. While Apple’s brand value tumbled 27 percent to $107.1 billion in 2016, Google’s increased to $109.5 billion. Amazon, […]
Nigeria gets 2018 budget alert in OPEC’s ominous global demand warning
Phillip IsakpaJuly 12, 2017
Nigeria, Africa’s largest economy by gross domestic product, presently on a crude oil life support, owing to decades of dependency on the commodity and current uncertainties in the global market, got a rude 2018 budget alert from the Organisation of Petroleum Exporting Countries (OPEC), when the oil cartel warned that world demand for its members […]
World Bank says it could not monitor Abacha-loot expenditure as it was built into Nigeria’s national budget
Businessam StaffJuly 12, 2017
The World Bank has clarified its role in the monitoring of the expenditure of the recovered loot by the late General Sani Abacha, saying its role was limited and different from the type of comprehensive audits it does in funds spent on projects supported by it. This is contained in a signed response to Socio-Economic […]
Nigeria stocks close higher on sustained buy interest in heavyweights as benchmark index rise 0.5%
Businessam StaffJuly 12, 2017
The Nigerian equities market Wednesday extended its rally to the fifth consecutive session with the bourse’s benchmark index rising 0.5 percent to settle at 32,981.63 points, thus nudging YTD gain to 22.7 percent. Wednesday’s performance was largely buoyed by interest in market heavyweights – GUARANTY (+1.9%), NIGERIAN BREWERIES (+0.6%) and DANGCEM (+0.1%). Consequently, stock prices […]
Nigeria’s Zenith Bank offloads insurance business to British Prudential in a bancassurance deal
Businessam StaffJuly 12, 2017
British insurer, Prudential, said it had bought a majority stake in Nigeria’s Zenith Bank insurance business, Zenith Life, to give it access to the African country’s fast-growing insurance market. The deal, which involves Zenith Life being rebranded Zenith-Prudential Life Insurance, would involve the insurer’s parent, Zenith Bank, going into bancassurance as it is expected to […]
Tourism sector holds $76bn promise for Africa, despite terrorism- New report
Businessam StaffJuly 12, 2017
With the promise of an estimated foreign visitor spending of $76 billion by 2027, Africa’s tourism sector has been described as holding promise for the continent. Last year, foreign visitor spending stood at $40.7 billion, an amount that is expected to grow by 5.3 percent this year to $42.9 billion, before reaching $76.0 billion by […]
Nigeria’s non-oil revenues already below budget, say analysts
Businessam StaffJuly 12, 2017
Analysts at FBNQuest have raised the alarm that non-oil revenues for the prosecution of the 2017 budget are already running below projection. Citing Central Bank of Nigeria (CBN) data, which indicate that the N252 billion non-oil revenue flows into the federation account in February were 49 percent below the projection in the 2017 budget proposals, […]
Aliko Dangote, Africa’s richest man, plans $4.6bn new investments in agriculture
Phillip IsakpaJuly 11, 2017
Aliko Dangote, Africa’s richest man by assets, is ramping up his interest in agriculture in his home country with planned new investments of $4.6 billion in the next three years, it has emerged. The investments will be made through the company that he controls, Dangote Group, and it has earmarked $3.8 billion of the funds […]