FG tees off social investment programme with N100bn housing fund for low-income earners
Businessam Staff
May 30, 2017
*To accommodate Nigerians who can afford N30,000 monthly as mortgages The Federal Government has announced the setting up of a N100 billion housing fund to assist low-income earners to own their houses. Yemi Osinbajo, acting president, disclosed this Monday in Abuja. He said the federal government’s social housing initiative would provide inexpensive mortgages to Nigerians […]
Nigeria bourse: Analysts expect investor appetite to stay strong this week
Businessam StaffMay 30, 2017
Going by recent macroeconomic indicators signaling improvements in the general condition of the economy, analysts at Afrinvest say investors’ appetite would remain strong this week, adding that its weekly sentiment indicator shows positive, rising two basis points from 2.3 points last week to 2.5. They however did not rule out the possibility of some investors […]
Nigeria’s 14 states insolvent, can’t generate 10% of revenues received from federation account – Report
Businessam StaffMay 30, 2017
Annual State Viability Index: 36 States Generate N801bn of IGR Against N2.6trn from Federation Account Lagos Generates More IGR than 30 States Combined … Economic Viable States: Lagos, Ogun, Rivers, Edo, Kwara and Delta States Poor IGR States: Borno, Ebonyi, Kebbi, Jigawa The Economic Confidential, an economic intelligence magazine, has released its Annual States Viability […]
Acting President Osinbajo expresses concern over country’s economy, says it’s Nigeria’s “worst challenge”
Businessam StaffMay 29, 2017
Nigeria’s acting president, Yemi Osinbajo reveals on Monday that the country’s economy is the “biggest challenge of all” for the government. This was said at an event to celebrate two years of the administration of President Muhammadu Buhari, whose repeated periods of medical leave have nevertheless raised concerns. The economy has contracted for five quarters in […]
High treasury bills yield rates crowding out real sector as lenders, investors look more to treasury market
Businessam StaffMay 29, 2017
The current returns on Federal Government bonds and treasury bills at between 13.6 percent and 18.5 percent are serving as disincentives for both lenders and investors to invest in the real sector, according to the Lagos Chamber of Commerce and Industry (LCCI) in its mid-term assessment of the Buhari-led government. Muda Yusuf, Director General of […]
Nigeria produced 5.7 million tons of rice in 2016
Businessam StaffMay 28, 2017
The total paddy production in Nigeria in 2016 has been estimated at 17,487,562 metric tons, leaving a balance of about 11.4 million metric tons after accounting for 12.4 per cent of rice production wasted due to post-harvest losses. It left a total of 5.7 million metric tons of milled rice, bringing Nigeria’s rice production closer […]
G7 leaders divided on climate change, closer on trade issues
Businessam StaffMay 27, 2017
Under pressure from Group of Seven allies, U.S. President Donald Trump backed a pledge to fight protectionism on Saturday, but refused to endorse a global climate change accord, saying he needed more time to decide. The summit of G7 wealthy nations pitted Trump against the leaders of Germany, France, Britain, Italy, Canada and Japan on […]
Africa ‘hemorrhaging’ billions in illicit financial flows- Experts
Businessam StaffMay 27, 2017
Africa loses an estimated $50 billion a year to illicit financial flows, leaving governments strapped for cash and dependent on development aid. The continent is “hemorrhaging” money because of the failure of countries to enact strong legislation to check money flows, says Rose Acha, Cameroon’s supreme state audit minister and secretary general of the African […]
Nigeria oil governance bill aims to split NNPC
Businessam StaffMay 26, 2017
The long-awaited oil governance bill passed by Nigeria’s upper chamber of parliament proposes breaking up the state oil company, NNPC into three commercial entities supported by a regulatory body and a fund to oversee the distribution of money. The Petroleum Industry Governance Bill, passed on Thursday by the Senate, is part of planned reforms that […]
“Challenging” talks expected as Trump, other G7 leaders meet in Sicily
Businessam StaffMay 26, 2017
Talks between U.S. President Donald Trump and other leaders of the world’s rich nations at the G7 summit on Friday were expected to be “robust” and “challenging” after he had lambasted NATO allies and condemned German trade policies a day earlier. Trump’s confrontational remarks in Brussels, on the eve of the two-day summit in the […]