Improved lending to Nigeria MSMEs seen as banks register N392bn movable assets on the National Collateral Registry
Businessam Staff
September 22, 2017
The Central Bank of Nigeria is hopeful that increased acceptance of registry of movable assets as collateral by financial institutions would reduce funding gaps of medium and small-scale enterprises (MSMEs). In a foreword to the maiden edition of the NCR Newsletter, released Thursday, Godwin Emefiele, the governor of the CBN disclosed that as at 24 […]
No end in sight for skills shortage as Nigeria’s policy environment for education poor with score of 23.7%
Steve OmanufemeSeptember 22, 2017
A new worldwide educating for the future index created by the Economist Intelligence Unit (EIU) and commissioned by the Yidan Prize Foundation, indicates that the policy environment for education in Nigeria is poor at a score of 23.7%, which accounts for the country’s overall low rank of 32 in a survey of 35 global economies. The […]
AFIG, African private equity fund managers, takes stakes in Nigeria’s FSDH Merchant Bank
Businessam StaffSeptember 22, 2017
FSDH Merchant Bank (FSDH), a financial services group in Nigeria, has announced that Advanced Finance and Investment Group (AFIG Funds), a leading African private equity fund manager has, through the Atlantic Coast Regional Fund (ACRF), completed an investment in the bank. By this development FSDH becomes an AFIG portfolio company. In a statement released late […]
WTO upgrades trade forecast for 2017 on resurgent Asian flows
Businessam StaffSeptember 22, 2017
The World Trade Organization (WTO) on Thursday revised upward its forecast for global trade growth in 2017 to 3.6 percent, from the previous estimate of 2.4 percent, citing a sharp acceleration in global trade growth in the first half of the year. According to WTO economists, stronger growth in 2017 was attributed to a resurgence […]
OPEC meets to see over need for oil cuts extension as Nigeria considers output cap soon
Businessam StaffSeptember 22, 2017
OPEC and its allies indicated that they’ll wait a bit longer to see if further action is required in their bid to clear a global oil glut, while the Nigerian Minister of State for Petroleum Emmanuel Ibe Kachikwu said that his country would accept an output cap once security in its oil-producing region has fully […]
Investors’ profit booking sell-offs in Dangote Cement dip Nigeria equities index 0.05%
Businessam StaffSeptember 21, 2017
A raft of investors’ profit booking on Wednesday’s price gains by Nigeria’s most capitalised company, Dangote Cement plc, saw sell-offs of shares in the company that led to a reversal of fortune for the country’s equities index, which went down 0.05 percent at the close of Thursday’s trading. At the close of trading the Nigerian […]
Rising cost of funds, tight liquidity put interest earnings outlook on edge for Nigerian banks
Steve OmanufemeSeptember 21, 2017
Despite the recovery in the Nigerian economy, as indicated by Q2 2017 gross domestic product growth numbers, earnings prospect for banks look tough as system liquidity remains tight for banks owing to aggressive open market operations by the Central Bank of Nigeria (CBN), analysts at Renaissance Capital have said in a banking sector update obtained […]
Nigeria’s ease of doing business policy faces fresh hurdle as Customs places ‘red alert’ at ports, borders
Businessam StaffSeptember 21, 2017
Government policy on ease of doing business at the ports faced fresh hurdles Thursday following a red alert placed by the Nigeria Customs Service (NCS) on all seaports, land borders and airports across Nigeria over increasing illegal importation of arms into the country. The Federal Government this year issued an Executive Order directing that operators […]
Power minister data show only 65.7% of electricity generated in Nigeria gets distributed
Businessam StaffSeptember 21, 2017
Although the Nigerian power sector has witnessed increased generation in recent times, the actual power distributed to homes and businesses is only 65.7 percent of total generation, according to data provided by Babatunde Fashola, minister of power, works, and housing. Fashola who delivered a speech at the National Council on Power, Thursday in Jos, said […]
Banks back Dangote’s cash, shares bid for South Africa’s PPC
Businessam StaffSeptember 21, 2017
Dangote Cement Plc, has firmly put forward its takeover bid of PPC as it has written to the cement maker offering cash and shares as part of a takeover deal that is seen fueling a bidding war. “We are waiting for them to get back to us, hopefully early next week,” Aliko Dangote, chairman of […]