Nigeria to pull out of 90 international organizations due to $120m backlog of financial obligations
Businessam Staff
September 27, 2017
Nigeria’s federal government has announced its decision to stop its membership of 90 international organisations due to a backlog of $120 million debt in membership dues and other financial commitments. The decision was reached at the federal executive council (FEC) meeting presided over by President Muhammadu Buhari Wednesday. Kemi Adeosun, finance minster who address the […]
Mauritius’ lender, SBM, eyes Nigerian market in expansion drive
Businessam StaffSeptember 27, 2017
SBM Holdings Ltd., Mauritius’s second-largest lender, is planning to venture into the Nigerian market as part of its plans to double its 147 billion rupees of assets in the next three years by entering into more markets in East Africa and West Africa. According to reports, SBM plans to execute its West African markets venture […]
Nigeria’s N100 billion Sukuk bond oversubscribed despite controversies in its wake
Businessam StaffSeptember 27, 2017
The Debt Management Office (DMO) has announced that its offer for the N100 billion 7-year debut Sukuk, which closed last week Friday, was oversubscribed. A statement issued by the DMO Wednesday said the bond, which had been a subject of controversy in recent time, was oversubscribed by about N6 billion. The DMO specifically disclosed that […]
Nigeria needs $142bn in contribution to meet 2030 climate change target
Businessam StaffSeptember 27, 2017
Nigeria needs a whopping $142 billion to meet its climate change target under the international climate agreement at the UN Framework Convention on Climate Change (UNFCCC), otherwise known as the intended Nationally Determined Contributions (NDC). Ibrahim Jibril, minister of state for environment, according to the News Agency of Nigeria (NAN), disclosed this at the UN […]
Nigerian stocks trade lower with index dipping 1.2% as investors hedge their bets awaiting policy outcome
Businessam StaffSeptember 26, 2017
Nigerian stocks closed trading Tuesday on a negative note with benchmark index dipping 1.2 percent to settle at 34,951.27 points as investors hedge their bets awaiting monetary policy outcome. Consequently, year-to-date gain fell to 30.1 percent. As a result, investors lost Market capitalization was pared by N140.5 billion to moderated at N12.0 trillion. However, the […]
Nigeria MPC heeds analysts’ calls, keeps policy steady
Businessam StaffSeptember 26, 2017
In tandem with analysts’ expectations, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) Tuesday kept monetary policy steady by leaving the benchmark interest rate, the monetary policy rate (MPR) and other key monetary indicators unchanged. This is just as it maintained its upbeat view of the economy, signalling its conviction that a […]
Nigeria’s domestic economy shores up outlook for Q3
Businessam StaffSeptember 26, 2017
Nigeria’s recovery is firming up, according to recently released data by the National Bureau of Statistics (NBS). The performance of the economy has given reasons for analysts to foresee further improvement in the third quarter and in 2018. “Growth should increase next year thanks to greater oil production and higher oil prices,” analysts at FocusEconomics, […]
Economic recovery in sub-Saharan Africa picks up steam as Nigeria returns to growth
Businessam StaffSeptember 26, 2017
Recent data confirms that the slow economic turnaround of the sub-Saharan Africa (SSA) region continued in the second quarter buoyed chiefly by recovery in Nigeria. According to a preliminary estimate compiled by FocusEconomics, a Spain-based leading provider of economic analysis and forecast, regional GDP increased 2.4 percent annually in Q2, an acceleration from Q1’s 2.0 […]
Dangote Group to invest $4.6bn in Nigeria’s agriculture, calls for youth involvement in sector
Businessam StaffSeptember 25, 2017
The Chief Executive Officer, Dangote Group, Aliko Dangote, has said that the company would invest $4.6 billion in nation’s agricultural sector in the next five years. Dangote, according to News Agency of Nigeria (NAN) report, listed sugar, rice, tomatoes and oil palm as some of the agricultural sectors where the monies would be invested. He […]
Nigeria’s GTBank launches invitation to repurchase $400m debt
Businessam StaffSeptember 25, 2017
Nigeria’s Guaranty Trust Bank (GTBank) has indicated that it is seeking to deploy dollars to repurchase its $400 million 6 percent notes due 2018. In a notice released to the Nigerian Stock Exchange (NSE) Monday, the bank indicated its intent to launch an invitation to holders of its $400 million 6 percent notes due 2018, […]