News articles of interest

Rand Merchant Bank Nigeria Launches ₦80bn Commercial Paper Programme

2017-06
Rand Merchant Bank (RMB) Nigeria has received approval from FMDQ OTC Securities Exchange to register its N80 billion Commercial Paper (CP) Programme on the FMDQ platform.
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Expert cautions NSE, operators on introduction of derivatives

2018-01-22
OPERATORS and regulators in the Nigerian capital market have been advised to be cautious about the proposed introduction of derivatives market.
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Operators mull building Nigeria’s LPG market to $10b

2018-01-22
Players in the Nigeria’s Liquefied Petroleum Gas (LPG) subsector are putting measures in place to grow the LPG market to $10 billion in the next five years.
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CBN to slow liquidity mop-up as DMO kick-starts bond issuance with N110bn offer

2018-01-22
THE Debt Management Office (DMO) will, this week, offer N110 billion worth of FGN bonds in commencement of its 2018 bond issuance programme, prompting expectations of reduced liquidity mop-up operations by the Central Bank of Nigeria (CBN).
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Special forex window, others attract N7.406tn investments to stocks

2018-01-22
Nine months after the Central Bank of Nigeria introduced the foreign exchange window for investors and exporters, the equities market has witnessed an unprecedented growth by N7.406tn, which has led to the near doubling of the Nigerian Stock Exchange’s market capitalisation.
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Money Supply Hits 17-year High At N24trn

2018-01-22
In a bid to curb inflation and achieve stability in the nation’s economy, broad money rose to 17-year high of about N24 trillion in 2017, data obtained by LEADERSHIP from the Central Bank of Nigeria (CBN) has revealed.
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Senate’s stance on Magu leads to cancellation of Nigeria’s Monetary Policy Committee meeting

2018-01-22
The first meeting of the Monetary Policy Committee, MPC, for 2018 scheduled for Monday and Tuesday has been cancelled due to inability of members to form a statutory quorum.
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With Equities Market Sustaining Gains, Elumelu Confident of Nigeria’s Economic Recovery

2018-01-22
On the eve of his departure for the World Economic Forum (WEF) in Davos, Switzerland, the Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, Mr. Tony Elumelu, has expressed confidence in Nigeria’s economic recovery on the back of fiscal and monetary policies that have steered the country in the right direction.
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PIGB’ll reduce N200bn oil revenue losses – NEITI

2018-01-22
The Nigeria Extractive Industries Transparency Initiative on Sunday welcomed the decision by both chambers of the National Assembly to pass the Petroleum Industry Governance Bill and stated that it would help reduce the country’s over N200bn oil sector revenue losses.
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Crude oil: NNPC account in red as petrol landing cost nears N180/litre

2018-01-22
The account of the Nigerian National Petroleum Corporation (NNPC) is increasingly over-burdened as the landing cost of Premium Motor Spirit (PMS), otherwise called petrol, has risen following the recent surge in global oil price, analysts have said.
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Nigeria's central bank says won't hold interest rate meeting, rate to be held at 14 pct

2018-01-21
Nigeria’s central bank said on Monday a key interest rate setting meeting intended for January 22-23 will not be held due to an inability to form a quorum, adding that the benchmark rate will be maintained at 14 percent.
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African Devt Bank Forecasts 2.1% GDP Growth for Nigeria in 2018

2018-01-21
Nigeria is in a good position for growth this year, so says the African Development Bank. In its economic outlook for 2018, AfDB says despite slow and difficult recovery from recession and paltry Gross Domestic Product growth in 2017, rising oil prices and output as well as growing agricultural performance stand Nigeria in good stead and place it well to grow in 2018.
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Leverage for Monetary Policy Easing as Inflation Inches Down

2018-01-21
There are signs that the standard of living of Nigerians may get better in the days ahead as the consumer price index (CPI) recorded a huge drop in December 2017.
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FG to borrow N385bn via local bonds

2018-01-20
The Federal Government is planning to borrow between N315bn and N385bn ($1bn-$1.26bn) in the first quarter of the year through sales of naira-denominated bonds, the Debt Management Office has said.
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DMO to raise N385bn bonds in Q1 of 2018

2018-01-19
The Debt Management Office has said it will raise between N315billion to N385billion from the federal bonds issuance in the first quarter of 2018.
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AfDB will invest $2bn in Nigeria by 2019 – Adesina

2018-01-19
The level of investments in Nigeria by the African Development Bank (AfDB) will grow to $8billion from the present $6 billion, the President of the Bank, Akinwumi Adesina has said.
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SEC extends free e-dividend registration till Feb 28

2018-01-19
The apex regulator of the Nigerian capital market, the Securities and Exchange Commission has announced an extension of the period for the free e-Dividend registration exercise till February 28, 2018.
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NSE Fines 31 Listed Firms N425m For Failure To File Financial Statements

2018-01-19
The Nigerian Stock Exchange (NSE) has fined 31 quoted companies the sum of N424.9 million for failure to file their financial statements after the regulatory due date in 2017.
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Nigeria passes major oil reform bill after 17 year struggle

2018-01-18
Nigeria has moved closer to turning an oil industry bill into law after a 17 year struggle to complete the legislation which aims to increase transparency and stimulate growth in the country’s oil industry.
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Nigeria’s balance of $2.32b in ECA as at Jan. 15 – Adeosun

2018-01-18
Finance Minister, Mrs. Kemi Adeosun, has said that Nigeria has a balance of $2.32b in the Excess Crude Account, ECA, as at January.
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Naira depreciates further to N360.70/$ in I&E as external reserves gain $405.5m

2018-01-18
The naira Thursday appreciated to N360.70 per dollar in the Investors and Exporters (I&E) window, even as the nation’s external reserves recorded $405.5 million increase Week-on-Week.
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NSE indices hit N16tr mark, up 1.9 per cent

2018-01-18
Transactions on the Nigerian Stock Exchange (NSE), sustained rising profile, following heavy price gains recorded by virtually all the highly capitalised stocks, causing market indices to hit N16trillion mark yesterday.
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AfDB Foresees Stronger Naira in 2018

2018-01-18
The African Development Bank Group, (AfDB) has stated that it expects a stronger naira in 2018, just as it applauded the measures taken by the Central Bank of Nigeria to ensure price stability.
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Growth, digitisation, innovation top priority for banks in 2018 – EY Report

2018-01-18
Banks in Nigeria and across the world are expected to shift priorities towards growth, digitalisation, and innovation as top priorities in 2018 to be able to remain in business and make remarkable profit.
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Increased shale production threatens oil price ramp, OPEC cuts

2018-01-18
The rising oil price has not only brought market stability to the global oil industry but joy to oil producing countries, especially those whose economies depend on oil proceeds for survival but this joy is being threatened increased output from shale.
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FG To Boost National Grid With 2000MW To National Grid

2018-01-18
Power outages may soon become a thing of the past as the federal government has approved a framework of investments to add another 2000mw to the national grid.
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Naira depreciates to 360.56/$ in I&E

2018-01-17
The naira Wednesday depreciated to N360.56 per dollar in the Investor and Exporter window, in spite of 98 per cent increase the volume of dollars traded.
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NSE Boss Explains 2017 Impressive Performance, Bullish on 2018

2018-01-17
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema yesterday said the Nigerian stock market recovered from the macroeconomic overhang to become the third best performing market in 2017 globally.
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2018 budget contains N460bn wasteful expenditure – Group

2018-01-17
The Centre for Social Justice on Tuesday picked holes in the 2018 budget proposals presented by President Muhammadu Buhari to the National Assembly, stating that the fiscal document contained over N460bn “frivolous, inappropriate, unclear and wasteful” expenditure.
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Investors stake N1.27tr on equities in 2017

2018-01-17
Turnover at the Nigerian equities market rose by 121 per cent to N1.27 trillion as quoted equities rebounded from a three-year consecutive downtrend with average return of 42.3 per cent.
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Savings Bond opens grassroots investment window

2018-01-17
For investors, both local and foreign, returns on investments remain key consideration at all times. The high yields that come with investing in the monthly Federal Government Savings Bond have continued to excite investors interested in building sustainable wealth.
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Inflation rate drops for 11 consecutive months to 15.37%

2018-01-17
The National Bureau of Statistics on Tuesday released the Consumer Price Index, which measures inflation, with the rate dropping from 15.9 per cent in November to 15.37 per cent in December 2017.
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Oil propels Nigerian shares to 9-year peak

2018-01-16
Nigerian stocks have jumped to a nine-year high as Africa’s biggest economy emerges from its worst recession in 25 years, buoyed by the high price of oil at $69 a barrel.
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Nigerian Rates Easing Still Some Way Off Even as Inflation Slows

2018-01-16
The slowdown in Nigeria inflation to a 20-month low may not be enough to prompt the central bank to start easing just yet.
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Nigeria expects $700 mln from international sources -DMO

2018-01-16
Nigeria expects to raise $700 million from international sources as part of a $3.5 billion in borrowing earmarked in the 2017 spending plan, the Debt Management Office (DMO) said on Tuesday.
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Power: AfDB to invest $30m in off-grid energy

2018-01-16
The African Development Bank (AfDB) has formed partnerships with Calvert Impact Capital (CIC), Global Environment Facility (GEF) and the Nordic Development Fund (NDF) to drive investments in off-grid energy across Africa.
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CBN Injects Fresh $210m into Forex Market

2018-01-16
The Central Bank of Nigeria (CBN) on Tuesday injected another sum of $210 million into the interbank foreign exchange market, to meet customers’ requests in various segments of the market.
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Fed Govt targets more tax revenue from VAIDS

2018-01-16
The Federal Government expects to net considerable tax revenue this year through the implementation of the Voluntary Assets and Income Declaration Scheme (VAIDS). The scheme, an initiative of the Federal Ministry of Finance that provides a time-limited window for taxpayers with undisclosed income and assets to regularise their tax status.
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Asset reallocation triggers N1.43trn decline in fixed income market

2018-01-16
Activities in the fixed income market fell by N1.43 trillion in December, 2017 following asset reallocation by investors hunting for better returns offered in the stock market.
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Stock market maintains upward trend as investors gain N79bn

2018-01-16
The Nigerian stock market yesterday continued its upward trend with investors gaining additional N79 billion, in the first trading day of the week.
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Naira Closes N360.65 At I & E Fx Window

2018-01-16
The Investors and Exporters (I&E) foreign exchange window depreciated by 0.07 per cent on Monday to close at N360.65 amid Central Bank of Nigeria (CBN) sustained injection.
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Crude oil prices now $70

2018-01-15
The price of brent crude oil rose to 70 dollars a barrel on Monday, supported by ongoing output cuts led by OPEC and Russia, and ignoring a rise in U.S. and Canadian drilling activity that points to higher future output in North America.
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PFAs invest 70% of N7.41tr pension assets in FG securities

2018-01-15
PENSION Fund Administrators (PFAs) have invested N6.28 trillion out of the N7.41 trillion pension assets in Federal Government’s securities, as at the end of November 2017.
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Nigeria attracted $6.8bn investments in nine months – NBS

2018-01-15
The nation attracted $6.85bn worth of investments in the first nine months of 2017; while some state governments took advantage of portfolio investors’ appetite for the Nigerian market, others allowed the opportunity to slip, IFEANYI ONUBA writes.
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116 quoted companies to fall under one-kobo pricing rules

2018-01-15
More than two-thirds of quoted companies will come under the pricing band of one kobo. The Nigerian Stock Exchange (NSE) is set for the implementation of new pricing rules that will remove the current stop-gap that has supported stocks at their nominal value and allow shares of quoted companies to trade for as low as one kobo.
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Nigeria’s World-Beating Stocks Are Riding on Oil

2018-01-15
The world-beating rally in Nigerian stocks may not be over yet.
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All indicators point to brighter economic outlook this year — Udoma

2018-01-15
The economy will be significantly better in 2018, going by the consistent positive trend of key indicators since the country emerged from recession in the second quarter of last year, Minister of Budget and National Planning, Senator Udoma Udo Udoma, has predicted.
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Equities Gain N1.5tn on Sustained Rally

2018-01-15
The Nigerian equities market recorded an unprecedented surge of 10.2 per cent last week against the backdrop of rising oil prices and strong portfolio flows. The Nigerian Stock Exchange (NSE) All-Share Index(ASI) hit a 10-month high of 42,898.90, while market capitalisation added N1.5 trillion to close higher at N15.368 trillion. Having recovered from a three-year decline last year, the market has remained bullish in 2018, recording gains in the first two weeks on sustained positive sentiments.
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Forex: CBN releases $262.5 to retail market

2018-01-15
In its first Retail Secondary Market Intervention Sales (SMIS) for the year, the Central Bank of Nigeria (CBN), on Friday, intervened in the inter-bank Foreign Exchange Market (FEM) with the total sum of $262,500,000.
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Oil Marketers Canvass for Total Deregulation of Petroleum Downstream Sub-sector

2018-01-15
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) have called for the total deregulation of the downstream sub-sector of the country’s oil and gas industry.
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9Mobile Sale Hits Rock, As Court Nullifies Appointment Of Interim Board

2018-01-14
The planned sale of 9moblie may have ran into troubled waters, as Justice Ibrahim Buba of the Federal High Court in Lagos has nullified the appointment of an interim board for Emerging Markets Telecommunications Service (EMTS), owners of the company.
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With Foreign Reserves’ Steady Rise, CBN Policies Yielding Fruits

2018-01-14
Following the significant accumulation of external reserves to $40.4billion, the highest since 2014, Kunle Aderinokun and Bamidele Famoofo examine factors responsible for the quantum leap and the benefits to the economy.
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Oil's Path to $70 Defied Pressures That Still Threaten Prices

2018-01-12
Oil’s rise to $70 a barrel for the first time in three years had clear triggers as supplies tighten and demand climbs, yet it still surprised many traders because there were so many reasons for prices to falter.
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W/Bank, TCN agree on $486m loan for power transmission

2018-01-12
The Interim Managing Director (IMD) of the Transmission Company of Nigeria (TCN), Mr Usman Gur Mohammed, says they have completed negotiations with the World Bank for $486 million loan to improve transmission infrastructure under the Nigeria Electricity Transmission Project (NETAP) last December.
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FMN to begin N39.86bn share sale on Monday

2018-01-12
Flour Mills of Nigeria Plc plans to start marketing a share sale to existing investors aimed at raising N39.86bn ($130m) on January 15, 2018, the Nigerian Stock Exchnage said on Thursday, after granting approval.
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Buying pressures prevail in T-bills market

2018-01-12
Bullish sentiments prevailed in the secondary market for Treasury bills on Thursday as the average T-bills yield declined by 0.13 per cent to close at 14.51 per cent.
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Total pension assets rise to N7.4tn

2018-01-12
The total pension assets under the Contributory Pension Scheme rose to N7.4tn as of the end of November 2017.
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Shareholders approve 7-Up’s takeover by Affelka

2018-01-12
Shareholders of Seven-Up Bottling Company Plc have approved the scheme of arrangement by which the majority shareholder, Affelka S.A. will acquire the outstanding 26.8 per cent shares of the company.
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Stock market hits 9year high as investors gain N1.7tr in 8days

2018-01-12
The Nigeria Stock Exchange, NSE yesterday continued its record breaking performance with total market capitalisation rising by N437 billion, thus extending investors gain to N1.7 trillion in the first eight trading days of the year.
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Edo, Chinese firms sign 5,500bpd modular refinery deal

2018-01-11
The Edo State Government on Wednesday said it had signed a Memorandum of Understanding with a Chinese consortium for the construction of a modular refinery in the state.
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Oil price hits $70 per barrel, raises hope for N8.6trn 2018 budget

2018-01-11
THE price of crude oil has risen from $68 to $70 per barrel in the international market as a result of rising demand, thus raising hope for the implementation of the nation’s N8.6 trillion 2018 budget.
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Naira appreciates to N360.43/$ in I&E as external reserves gain $664m

2018-01-11
The naira Thursday appreciated to N360.43 per dollar in the Investors and Exporters (I&E) window, even as the nation’s external reserves recorded $664 million increase in the first ten days of the year.
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No anointed bidder for 9Mobile – NCC

2018-01-11
The Nigerian Communications Commission (NCC) on Thursday dismissed reports alleging that a preferred bidder has been anointed for the acquisition of telecom giants, 9Mobile.
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Nigeria’s manufacturing index may feed into global forecast

2018-01-11
Nigeria’s improving manufacturing and non-manufacturing sectors’ indices may feed into the latest global growth forecast of the World Bank Group, if sustained.
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Budget: Crude oil prices above 2018 benchmark by $22/b

2018-01-11
With the crude oil price crossing $69 per barrel yesterday, the federal government has recorded $22 per barrel extra above its 2018 budget benchmark.
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NNPC seeks 1.46 million MT of petrol for January-April

2018-01-11
In a sign that the scarcity of petrol in Nigeria could be more widespread than first expected, the Nigerian National Petroleum Corporation has issued a spot tender seeking 1,480,000 metric tonnes of petrol from January to April, on top of the existing term volumes it imports.
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NIPS to attract new oil, gas investors to Nigeria

2018-01-11
With about 37 billion barrels of oil reserves and 192 trillion standard cubic feet of gas reserves, there is no doubt that Nigeria remains a major petroleum producing and exporting destination in the Gulf of Guinea, the Project Director, Nigerian International Petroleum Summit (NIPS), Mr. James Shindi, has said.
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Investors’ wealth appreciates further by N517 billion in one day

2018-01-11
The bulls strengthen their hold on the equity sector of the Nigerian Stock Exchange (NSE), yesterday, as more blue chip stocks joined the league of gainers, causing market capitalisation to soar significantly by N517 billion.
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India Targets $100bn Investment, Nigeria Eyes Knowledge Economy Revenue

2018-01-11
India’s telecoms regulator TRAI, has opened a public consultation into a four-year plan designed to propel the country into being a front-runner in the fourth industrial revolution.
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Naira depreciates to 360.73/$ in I&E

2018-01-10
The naira Wednesday depreciated to N360.73 per dollar for the first time this week in the Investor and Exporter window, prompted by a 16 percent decrease in dollar supply.
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Seven-Up acquisition: Majority shareholder increases offer price by 11%

2018-01-10
The majority shareholder of Seven up Bottling Company, SBC Plc , Affelka S.A. has increased the proposed acquisition offer price by 11 percent to N125 per share from N112.70 per share initially proposed, in a bid to lure minority shareholders to sell their shares.
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Foreign portfolio inflows rise to $3.32b

2018-01-10
Foreign portfolio inflows reached an all-time high of $3.32 billion during the third quarter of 2017, a report by FBN Capital, has shown.
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Average T-bills yield settles at 14.64%

2018-01-10
Bearish sentiments characterised the secondary market for Treasury bills on Tuesday, as the yield on all tenors advanced.
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Nigeria’s oil production hits 2.5mb/d

2018-01-10
Nigeria’s crude production now stands 1.8 million barrel per day without condensate, and 2.5million per day with condensate, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC) , Dr. Maikanti Baru, has said.
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Oil rises above $68, highest since May 2015

2018-01-10
Global oil benchmark, Brent crude, extended its gains on Tuesday, trading near $69 per barrel on the back of production cuts led by the Organisation of Petroleum Exporting Countries and expectations that the United States’ crude inventories had dropped for an eight-week low.
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Afreximbank promotes trade financing

2018-01-10
The African Export-Import Bank (Afreximbank) has reiterated its commitment to promote and finance intra-and extra-African trade, its President, Benedict Oramah, has said.
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World Forecasts 2.5% Growth for Nigeria in 2018

2018-01-10
The World Bank has forecast that economic growth in Nigeria would edge up to at least 2.5 per cent in 2018, as the country benefits from improved commodity prices, investments and trade.
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Crude Oil Prices Are Up 49%, and It’s Not All Thanks to OPEC

2018-01-10
OPEC may get the credit for the longest winter decline in U.S. crude stockpiles in a decade, but other factors are also at play, including strong refining margins, frigid weather and robust foreign demand.
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Nigeria’s Bonny light rises towards $70 per barrel

2018-01-09
THE price of Bonny Light, Nigeria’s premium crude oil grade has risen to $68.03 from $67 per barrel, $23 in excess of the $45 per barrel benchmark price of the 2018 budget.
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Nigeria political parties to select presidential candidates by Oct. 7

2018-01-09
Nigeria’s political parties must select their candidates for the country’s 2019 presidential election between Aug. 18 and Oct. 7 this year, the electoral commission said on Tuesday in a timetable of the polling process.
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NSE All-Share Index Hits 40,362.97 After 3 Years

2018-01-09
The Nigerian Stock Exchange (NSE) on Tuesday crossed over 40,000 mark for the first time after October 2014 following sustained gains by blue chips.
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Naira appreciates to N359.38/$ as I&E records $26bn turnover in 2017

2018-01-09
The naira Tuesday recorded its biggest daily appreciation of N1.76 in the Investors and Exporters (I&E) window.
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Solid minerals contributed N3.5bn to Federation Account in 2017

2018-01-09
The solid minerals sector contributed N3.5bn to the Federation Account between January and November 2017, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said.
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Trading on CBN Investors &Exporters FX window hits $26bn

2018-01-09
The Central Bank of Nigeria’s Investors and Exporters foreign exchange window recorded approximately $26bn transactions in 2017, the FMDQ OTC Securities Exchange data revealed on Monday.
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External Reserves Hit Four-year High of $40.4bn

2018-01-09
Nigeria’s external reserves have risen to $40.4 billion, the Central Bank of Nigeria (CBN) revealed Monday, making it the first time in exactly four years since the country’s reserves hit the $40 billion mark.
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BDCs Seek Forex Rate Convergence

2018-01-09
The Association of Bureaux De Change Operators of Nigeria (ABCON) has called for an emergency meeting of its members to discuss critical issues in the foreign exchange (forex) market.
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Dangote Cement, Mobil lift NSE’s indices, as market cap hits N14tr mark

2018-01-09
Investors’ expectations that the rally witnessed in the stock market in 2017 would be sustained this year heightened yesterday, as heavy share price gains recorded by major highly capitalised stocks, especially Dangote Cement and Mobil Oil pushed market capitalisation significantly to N14trillion with N330billion increase when compared to last Friday’s figure.
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Uncertainty Looms over Inflation, Growth as MPC is Placed on Hold

2018-01-08
Strong indications emerged Sunday that the Senate may not budge on its resolve not to consider President Muhammadu Buhari’s nominees for the vacant positions on the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), with just two weeks left to the first meeting of the committee this year.
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Trading Turnover In I&E Window Hits N7.8trn In 9 Months

2018-01-08
Since its commencement in April, 2017, total turnover trade on Investors & Exporters (I&E FX) foreign exchange window has increased to N7.8 trillion or $25.65 billion in nine months of 2017.
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NSE begins direct flow of information to stock market

2018-01-08
The Nigerian Stock Exchange (NSE) ha launched the auto-flow mechanism in its trading engine. This allows companies to send their corporate earnings’ reports and other information directly to the trading engine on a real time basis.
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Naira Closes Flat At N363/$

2018-01-08
The naira at parallel market closed flat at N363 against the dollar over slow business activities last week.
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Nigeria's Union Bank raises $163 mln via share sale to boost buffers

2018-01-08
Nigeria’s Union Bank has raised 49.7 billion naira ($163 mln)through a rights issued which it said was 120 percent subscribed.
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Stock Market: 14 companies raise N340bn in Rights Issue boom —Lafarge Africa,Unilever, 3 others lead with 94%

2018-01-08
PROMPTED by increased investor confidence in the Nigerian economy, especially in the stock market, positive economic growth outlook, fourteen companies quoted on the Nigerian Stock Exchange, NSE raised N340.6 billion via Rights Issues in 2017, in preparation for boom in economic activities in the post recession era.
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Forex liquidity exceeds $42b

2018-01-08
Nigeria may be sitting atop foreign exchange (forex) stockpile in excess of $42 billion from reserves’ accretion and the expected full inflow of the $3 billion Eurobond, which may have materialised.
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AfDB, GEF, others in $55m off-grid energy investment

2018-01-08
A consortium comprising the African Development Bank Group (AfDB), Nordic Development Fund (NDF); multilateral donor trust fund, Global Environment Facility (GEF); and investors, Calvert Impact Capital (CIC), are partnering to invest $55 million into off-grid energy.
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Nigeria’s Corporate Eurobonds Sustain Positive Sentiment

2018-01-08
Following a largely positive 2017 for Nigerian corporates, sentiments on the corporate Eurobonds remained strong in the first trading week of the year. Consequent on the bullish sentiment, average yield on all corporates fell week-on-week.
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Flour Mills to open application for N39.9b rights issue

2018-01-08
Flour Mills of Nigeria Plc has rounded off pre-offer processes and signed off documentation for its N39.9 billion rights issue, setting the stage for the opening of the application list for the new capital raising.
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FG makes N909bn from VAT in one year

2018-01-07
Between October 2016 and September 2017, the federation account received a total inflow of N908.9bn in Value Added Tax receipts from the Federal Inland Revenue Service, figures obtained from the National Bureau of Statistics have revealed.
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Naira to hit 360/dollar at investors’ forex market

2018-01-06
The naira is expected to firm slightly to 360 per dollar at the Central Bank of Nigeria’s Investors and Exporters Foreign Exchange window next week as trading picks up after the Christmas and New Year holidays.
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Morison Industries closes application for N502.2m rights issue

2018-01-05
Morison Industries Plc will today close the application list for its ongoing rights issue. Morison Industries is raising about N502.2 million in new equity funds through new share sale to existing shareholders.
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Banks credit to agric sector drops by N34bn – NBS

2018-01-05
The total amount of credit granted by Deposit Money Banks to the agricultural sector declined by N34.45bn from October 2016 and September 2017, an analysis of the banking sector credit report by the National Bureau of Statistics has revealed.
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Oil Hits $68, Boosts Nigeria’s Revenue, But Petrol Imports Hurt Finances

2018-01-05
The price of crude oil rose further Thursday exceeding $68 per barrel, its highest since May 2015, supported by unrest in Iran and raising concern about risks to supplies, cold weather in the United States boosting demand, and output cuts led by the Organisation of Petroleum Exporting Countries (OPEC).
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NCC: Jan 16 Deadline for Conclusion of 9mobile Sale is Sacrosanct

2018-01-05
Contrary to reports making the rounds that the date for the planned sale of 9mobile has been shifted from January 16 to February 16, 2018, the Executive Commissioner, Stakeholders Management, Nigerian Communications Commission (NCC), Mr. Sunday Dare, said there would be no shifting of date, insisting that the sale must be concluded January 16 this year, and 9mobile will be handed over to its new owner on that same date.
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Moody’s Foresees Oil Price Range of $40-$60 in 2018

2018-01-05
Oil prices will remain at $40-$60 per barrel in 2018 despite the extension of OPEC-led production cuts through the end of the year, Moody’s Investors Service has stated in in its 2018 trend report for the global oil and gas industry.
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Slowdown in Treasury Bills Issuance to Hurt Banks’ Profits

2018-01-05
Fitch Ratings thursday stated that Nigerian banks may find it more difficult to sustain their profitability this year, given the decline in net treasury bill issuance by the federal government this year.
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CBN to make Nigeria global rice giant

2018-01-05
The Central Bank of Nigeria (CBN) said it is determined to make Nigeria one of the largest rice producer and exporter in the world, making her less dependent on petroleum money.
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Nigeria raises 162 bln naira at treasury bill auction

2018-01-04
Nigeria raised 161.54 billion naira ($513.64 mln) at a treasury bill auction on Wednesday after it received subscriptions for more than twice the amount on offer, traders said on Thursday.
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PMI hits one-year high at 59.3 points, says CBN

2018-01-04
The Central Bank of Nigeria’s Purchasing Managers’ Index increased to 59.3 index points in December, the highest in 2017, PMI Survey Report released by the CBN on Wednesday showed.
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Oil hits new two-and-a-half year highs

2018-01-04
Oil prices rose yesterday to new two-and-a-half year highs as robust output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran.
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NSIA facilitates N10bn for infrastructure development

2018-01-04
The Nigeria Sovereign Investment Authority has facilitated the sum of N10bn to finance infrastructure development in the country.
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Total Deposits With CBN Rise To N20.6trn

2018-01-04
The Central Bank of Nigeria (CBN) has revealed that total deposits by the federal, state governments, financial institutions, among others increased by 4.7 per cent to N20.6 trillion in November from N19.67 trillion in October 2017.
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Niger, Ekiti, Delta’s N79bn bond to mature this year

2018-01-04
Niger, Ekiti and Delta states’ N79 billion bond which was raised in the nation’s capital market in 2011 for infrastructural development is due for maturity this year.
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FG grants marketers special FX to resume fuel import

2018-01-04
The Federal Government has agreed to grant oil marketers further concession to access Foreign Exchange (FOREX) at a rate below the official N305 per dollar to enable them resume importation of petrol, Daily Trust has learnt.
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Nigeria agrees $550 mln satellite deal with China

2018-01-03
Nigeria has agreed a $550-million deal to buy two Chinese communications satellites and hopes to sign the contract before the end of the month, the communication minister said on Wednesday.
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CBN’s N161.5b primary market auction opens

2018-01-03
The Central Bank of Nigeria (CBN) will today, recommence the Primary Market Auction (PMA) for the year.
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SEC: Electronic-Dividend Registration to Continue

2018-01-03
The Securities and Exchange Commission (SEC) on Tuesday said the electronic-dividend registration exercise would continue seamlessly in spite of the expiration of the December 31, 2017 free registration deadline.
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FG rakes in N7.3bn from savings bond

2018-01-03
The Federal Government raised a total of N7.3bn from the FGN Savings Bond in 2017, the Debt Management Office data showed on Tuesday.
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FMDQ records N130.17t turnover in 11 months

2018-01-03
FMDQ OTC Securities Ex change recorded a turnover of N130.17 trillion in the first 11 months of 2017, according to provisional data provided by the over-the-counter platform for debt securities.
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Oil starts year above $60 mark, highest since 2014

2018-01-03
Oil prices posted their strongest start to a year since 2014 yesterday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia.
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NBS: India Remains Highest Importer of Nigerian Crude

2018-01-03
India has continued to remain the largest importer of Nigeria’s crude oil, purchasing oil valued at N550.88 billion from Nigeria in the third quarter of last year, a report released Tuesday by the National Bureau of Statistics (NBS) has indicated.
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Private equity-backed Viathan issues Nigeria's debut 10-year guaranteed naira bond

2018-01-03
Private equity-backed Viathan Group has issued Nigeria’s debut 10-year corporate infrastructure bond in local currency to raise 10 billion naira ($32 million) at a yield of 16 percent to fund power assets.
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Nigeria’s Bonny Light crude oil hits $67.10 a barrel

2018-01-03
The price of Nigeria’s Bonny Light crude oil reached $67.10 per barrel to emerge the highest priced product among members of Organisation of the Petroleum Exporting Countries (OPEC).Apart from Bonny Light crudes, other Nigeria’s oil grades such as Brass River and Qua Iboe also appreciated in value to sell at $65.32 and $61.22 per barrel respectively yesterday at the international market.
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Tin Can records 150% increase in agro exports

2018-01-03
A total of 161,285.72 metric tonnes of agricultural products were exported through Tin Can Island Port in 2017, representing over 150 per cent increase from the 55,000 metric tonnes processed through the port in 2016.
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Investors, exporters forex window records $1b weekly turnover

2018-01-03
The Investors’ & Exporters’ (I&E) Forex Window launched by the Central Bank of Nigeria (CBN) in April last year now attracts weekly transaction volume worth $1 billion, a report released yesterday by FBN Capital, said.
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Nigeria’s monthly oil export to US rises by 56%

2018-01-03
The export of Nigerian crude oil to the United States rose by 56 per cent to 13.67 million barrels in October last year, the highest level since February 2013.
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Nigeria earns N398bn from LNG, cooking gas exports

2018-01-02
Nigeria earned N397 billion from the export of Liquefied Natural Gas, LNG and Liquefied Petroleum Gas, LPG, also known as cooking gas, in the third quarter of 2017, data obtained from the National Bureau of Statistics, NBS, has revealed.
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Buhari inaugurates Nigeria’s first inland dry port Thursday

2018-01-02
President Muhammadu Buhari will on Thursday inaugurate Nigeria’s first inland dry port in Kaduna State.
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Shettima presents N170.3billion budget for 2018

2018-01-02
Governor Kashim Shettima of Borno State has presented a N170.3billion budget to the State House of Assembly (BOSHA), for appropriation for the 2018 fiscal year.
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France invests N150 billion in Nigeria

2018-01-02
The Ambassador of the Federal Republic of Nigeria to France, Dr. Modupe Irele, on Tuesday announced that France invested about N150 billion ( 350 million euros ) in Nigeria in 2017.
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Naira depreciates to N361 in I&E

2018-01-02
The naira Tuesday depreciated by 67 kobo to N361 per dollar in the Investors and Exporters (I&E) window.
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FITCH predictes growth for Nigeria’s economy in 2018

2018-01-02
Fitch Ratings, an international rating agency, has predicted that Nigeria’s economy will grow in 2018 by 2.6 per cent.
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Kachikwu: FG to Review NNPC’s $6bn Oil Swaps

2018-01-02
Apparently scandalised by the acute petrol scarcity, which marred the Yuletide celebrations, the federal government is set to review the $6 billion Direct Sale-Direct Purchase (DSDP) contracts of the Nigerian National Petroleum Corporation (NNPC). The objective is to blacklist some oil traders whose failure to meet their petrol supply obligations plunged the country into the fuel crisis.
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NSE Reviews Composition of Market Indices

2018-01-01
The Nigerian Stock Exchange (NSE) has review of the NSE-30, and the seven sectoral indices of the exchange. They are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas, NSE Pension and the NSE Lotus Islamic Indices.
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FG saves N30bn from MDAs’ payroll audit

2018-01-01
The Federal Government has said it has saved a total of N30bn through an audit of its 181 Ministries, Departments and Agencies conducted by the Presidential Initiative on Continuous Audit.
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External reserves appreciate by $10.5bn, Oil closed 2017 at $66.8/b

2018-01-01
The external reserves have appreciated by about $10.5billion in the year 2017, according to the figures by the Central Bank of Nigeria.
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ECOWAS to spend $29bn on devt projects in W/Africa

2017-12-29
Economic Community of West African States, ECOWAS, has said it had concluded plans for sub-regional development projects worth $29.66 billion for the period 2018 to 2022.
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CBN’s interventions to keep naira stable in 2018

2017-12-29
The naira will be stable next year as the Central Bank of Nigeria (CBN) continues its regular dollar injections into the foreign exchange market, traders said.
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Power sector records new national peak of 5,222.3Mw

2017-12-29
The nation’s power generation has peak of 5,222.3Megawatts (Mw), according to a statement from the Transmission Company of Nigeria (TCN).
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Power sector records new national peak of 5,222.3Mw

2017-12-29
The nation’s power generation has peak of 5,222.3Megawatts (Mw), according to a statement from the Transmission Company of Nigeria (TCN).
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Foreign debt servicing gulped $197.29m in Q3 – DMO

2017-12-28
Nigeria spent a total of $197.29m to service foreign debts in the third quarter of this year, the Debt Management Office said on Wednesday.
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Fed Govt approves LPG extraction plant for Green Energy

2017-12-28
The Federal Government has approved the establishment of a liquefied Petroleum Gas (LPG ) extraction plant at Ikuru Town, Rivers state for Green Energy International Limited, the Operator of the Otakikpo marginal field in OML 11.
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Kaduna refinery produced 236m litres of PMS in first quarter

2017-12-28
The Kaduna Refining and Petrochemical Company (KRPC) says it produced over 236.48 million litres of Premium Motor Spirits (PMS), otherwise known as petrol, for domestic consumption in the first quarter of 2017 amid technical challenges.
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FG Raises N7bn From Savings Bond In 10 Months

2017-12-28
The federal government has raised a total sum of N7.3 billion in the past 10 months from its savings bond introduced in March 2017 to boost domestic investors’ participation in the bond market.
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CBN suspends new clearing rules for banks

2017-12-28
The Central Bank of Nigeria (CBN) has suspended a review settlement banking arrangement to all clearing sessions for banks and merchant banks, expected to begin January 2.
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Naira appreciates to N360.6/$ in I&E

2017-12-28
The naira Thursday appreciated further by 10 kobo to N360.6 per dollar in the Investors and Exporters (I&E) window, buoyed by 76 percent increase in volume of dollars traded.
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Afreximbank stresses importance of intra-Africa trade

2017-12-27
African Export-Import Bank has emphasised the importance of intra-Africa trade, saying it has potential to transform the economy.
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Rivers State , Shell Nigeria Gas sign MoU on gas supply to industries

2017-12-27
The Rivers State Government and Shell Nigeria Gas (SNG) have signed a Memorandum of Understanding (MoU) for the distribution of gas to industries operating in Port Harcourt area and its environs.
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MPC May Not Meet Due to Lack of Quorum

2017-12-27
Following the refusal of the Senate to consider President Muhammadu Buhari’s nominees for the vacant positions in the Monetary Policy Committee (MPC), its first meeting for 2018, scheduled for the third week of January, might not hold due to lack of quorum.
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ITFC, Afreximbank support African trade with $100m, 50m Euros

2017-12-27
The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, and the African Export-Import Bank (Afreximbank), a multilateral financial institution, have signed a $100 million and a 50 million Euros agreements to support financing exports among African countries and the rest of the world.
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Remittances dip 6.1% to $33b over slow economic growth

2017-12-27
World Bank Statistics have shown that remittances to African countries have declined by an estimated 6.1 per cent to $33 billion.
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NSE plans new derivatives to stem price fluctuations

2017-12-25
The Nigerian Stock Exchange (NSE) plans to introduce the Exchange Traded Derivatives (ETDs) into the stock market as part of efforts to widen investment instruments and to address some underlying causes of volatile price fluctuations.
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IMF Projects 2.1% Growth In Nigeria’s GDP In 2018

2017-12-25
The International Monetary Fund (IMF) has projected Nigeria’s Gross Domestic Product (GDP) growth of about 2.1 per cent in 2018 due largely to dependency on oil revenues.
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Nigeria’s First Agritech Start-up Firm Secures $1m Seed Funding

2017-12-23
Nigeria’s first and leading digital agritech start-up company, Farmcrowdy, said it had secured $1 million seed funding from a range of international and local investors. A release by the company said the investors included Cox Enterprises, Techstars Ventures, Social Capital, Hallett Capital, Right-Side Capital, Tyler Scriven, Michael Cohn, Josephine Group, FC Agro Allied SPV, and Dr. Christof Walter.
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Customs generates N1.01trn revenue for 2017, exceeds N770.5bn target

2017-12-22
The Nigeria Customs Service (NCS) has generated N1.012 trillion as revenue, exceeding the N770.5 billion target it set for 2017 by about 23.9 per cent.
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FG earmarks N20bn for minerals exploration

2017-12-22
The Federal Government has earmarked N20bn for exploration activities in the solid minerals sector in 2018.
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Dangote Disputes BUA’s Claim to Mine Ownership

2017-12-22
The management of Dangote Industries Limited has again vehemently rejected the many assertions of BUA Group on its claim to being the rightful owner of Mining Lease No 2541.
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Emefiele Reiterates 5% Interest Rate to Boost Agric Processing

2017-12-22
The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele thursday reiterated the central bank’s readiness to make cheap funding available to farmers in the country at five percent for the procurement of agricultural processing equipment.
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FG kick starts gold purchase scheme…

2017-12-21
The Federal Government has announced plans to commence a Gold Purchase Scheme early next year, aimed at increasing revenue accruable from the country’s abundant gold deposit.
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Sokoto budgets N220b for 2018 fiscal year

2017-12-21
Governor Aminu Waziri Tambuwal on Thursday presented a budget estimate of N220 billion to the State house of Assembly.
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DMO Lists $300m Diaspora Bank, $3bn Eurobonds on NSE, FMDQ OTC

2017-12-21
The Debt Management Office (DMO) wednesday announced that it will list the $300 million Diaspora Bond and $3 billion Eurobonds on the Nigerian Stock Exchange and Financial Market Dealers Quotation Over-the-Counter (FMDQ OTC) Securities Exchange respectively today.
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Huawei canvasses investments, education to lift sector

2017-12-21
With fresh investments and improve standard of education in the Information and Communications Technology (ICT) sector, Nigeria’s economy can witness a major turn around.
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NSIA commits to invest in Nigeria infrastructure debt fund

2017-12-20
The Nigeria Sovereign Investment Authority, NSIA, on Wednesday announced that it will invest in the Nigeria Infrastructure Debt Fund, NIDF.
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Bauchi signs $1 billion investments MoU with China

2017-12-20
Bauchi state government has signed a $1 billion memorandum of strategic cooperation on investment potentials with Chinese investors.
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Bauchi signs $1 billion investments MoU with China

2017-12-20
Bauchi state government has signed a $1 billion memorandum of strategic cooperation on investment potentials with Chinese investors.
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PFAs pay N4b to 12,464 disengaged workers from pension contributions

2017-12-20
A bout N4billion were disbursed to 12,464 workers, who lost their jobs across the country, from their pensions contributions in the third quarter of 2016. The money was paid to them by their various Pension Fund Administrators (PFAs).
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UACN to close application for N15.4b rights issue Friday

2017-12-20
Nigeria’s largest and oldest conglomerate, UAC of Nigeria (UACN) Plc is scheduled to close the application list for its ongoing N15.4 billion rights issue this Friday, giving shareholders some 48 hours to pick their rights.
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NIRSAL plans N1.8tr investment in agric

2017-12-20
The Nigeria Incentives Risk Based Sharing for Agricultural Lending (NIRSAL), is to mobilise investments of about $6 billion (N1.83 trillion) annually into the agricultural value-chain as well as other sectors of the economy.
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Naira further depreciates to N361.91 as volume drops by 86%

2017-12-20
The naira Wednesday suffered yet another biggest daily depreciation in the Investors and Exporters (I&E) Window as it depreciated by 66 kobo to N361.91 per dollar, triggered by an 86 percent decrease in dollar supply.
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Debt Servicing: FG Now To Focus On External Borrowings – DMO

2017-12-19
The director-general of the Debt Management Office (DMO), Patience Oniha, yesterday said the federal government would focus more on external borrowings, to reduce debt servicing.
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CBN, Stakeholders Harp On N500bn Non-oil Intervention Fund

2017-12-19
With its determination to boost the nation’s economy through diversification, the Central Bank of Nigeria (CBN) has mapped out plans to revive moribund firms in the non-oil export business through its N500 billion export stimulation facility.
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Naira appreciates to N360.94 in I&E

2017-12-18
The naira Monday appreciated by two kobo to N360.94 per dollar in the Investor and Exporter (I&E) window, while the volume of dollars traded rose slightly to $113.58 million.
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Lafarge Africa closes application for N132b rights issue

2017-12-18
Lafarge Africa Plc at the weekend closed application list for its N131.65 billion rights issue, rounding off the subscription to its major capital raising aimed at deleveraging its balance sheet and rebuilding a more supportive capital base.
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$2.8bn pipeline contract’ll change Nigeria’s energy landscape – Presidency

2017-12-18
The Presidency on Sunday said the nation’s energy landscape was set for a major change with the award of a $2,809,522,548.36 gas pipeline contract approved by the Federal Executive Council as proposed by the Ministry of Petroleum Resources.
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$2.8bn pipeline contract’ll change Nigeria’s energy landscape – Presidency

2017-12-18
The Presidency on Sunday said the nation’s energy landscape was set for a major change with the award of a $2,809,522,548.36 gas pipeline contract approved by the Federal Executive Council as proposed by the Ministry of Petroleum Resources.
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Naira depreciates to 365/dollar despite CBN interventions

2017-12-18
The naira depreciated marginally by 0.55 per cent at the parallel market week-on-week to close at N365 on Friday.
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DMO to List Green Bond for Easy Trading and Liquidity

2017-12-18
Investors staking their funds in the Federal Government maiden N10.69 billion Green Bond have been assured of liquidity as the Debt Management Office (DMO) said the bond would be listed on the Nigerian Stock Exchange (NSE) and FMDQ OTC Securities Exchange. Green Bonds are debt instruments tied to environmental projects to address climate change. The first tranche of the green bond will open for subscription today and close on December 22.
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FG Reiterates Commitment to Building Word Class Ecology of Mineral, Mining

2017-12-18
The Minister of Mines and Steel Development, Dr. Kayode Fayemi has reiterated government’s determination to turn around the mining sector by building a world class ecology of mineral and mining in the country.
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Nigeria needs $6bn to fix gas supply gap — Operators

2017-12-17
Gas supply challenges abound in various sectors of the Nigerian economy, as the country needs about two billion standard cubic feet of gas to meet its gas demand, operators in the industry have said.
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FG to make Calabar carnival a foreign exchange earner — Minister

2017-12-17
The Federal Government says it will make the annual Calabar carnival a major foreign exchange earner for Nigeria.
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Fixed Income Market remains toast of investors as yields fall

2017-12-17
Global Markets: Global markets traded mixed this past week, with investors focused on announcements from various central banks as well as economic data. U.S. markets began the week on a positive note, driven by positive sentiment around tech and energy stocks coupled with optimism around the proposed tax reforms.
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Treasury bills extend rally as sell-off weigh

2017-12-17
Yields on Nigeria’s mid-dated Treasury bills have risen nearly by one percentage point to 12 per cent, extending a three-day rally as a sell-off, which started last week continued, traders said.
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Treasury bills extend rally as sell-off weigh

2017-12-17
Yields on Nigeria’s mid-dated Treasury bills have risen nearly by one percentage point to 12 per cent, extending a three-day rally as a sell-off, which started last week continued, traders said.
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World largest brewer concludes merger of Nigerian subsidiaries

2017-12-15
Anheuser-Busch InBev-world’s largest brewer yesterday completed the merger of its Nigerian businesses with the listing of the consolidation shares on the Nigerian Stock Exchange (NSE).
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EU pledges €25m for Nigeria’s power transmission expansion

2017-12-15
The European Union has pledged to support the expansion of Nigeria’s power transmission infrastructure with a grant of €25m (N7.6bn at the official exchange rate of N305 to one Euro).
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Naira depreciates to N364/$ in parallel market

2017-12-14
The naira, Thursday, depreciated to N364 per dollar in the parallel market, thus ending its eight day stability against the United States currency in the market.
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9mobile sale: Dec 31 handover is sacrosanct – NCC

2017-12-14
The Nigerian Communications Commission (NCC) has reiterated that the December 31 deadline for the handover of 9mobile to the preferred bidder is sacrosanct.
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9mobile sale: Dec 31 handover is sacrosanct – NCC

2017-12-14
The Nigerian Communications Commission (NCC) has reiterated that the December 31 deadline for the handover of 9mobile to the preferred bidder is sacrosanct.
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Revenues from VAIDS to hit N23b by year-end

2017-12-14
About N6 billion more is expected from the Voluntary Assets and Income Declaration Scheme (VAIDS), bringing the total revenues from the scheme to N23 billion by the end of the year, it was learnt yesterday.
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Nigerian economy attractive to investors, says IMF

2017-12-14
The International Monetary Fund (IMF) said yesterday that Nigeria was still on international investors’ radar despite currency controls being implemented in the country. It however, said worries about repatriating funds out of Nigeria following currency controls last year still dominates investor fears.
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Nigerian economy attractive to investors, says IMF

2017-12-14
The International Monetary Fund (IMF) said yesterday that Nigeria was still on international investors’ radar despite currency controls being implemented in the country. It however, said worries about repatriating funds out of Nigeria following currency controls last year still dominates investor fears.
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FG Set to Issue Debut Green Bond in Domestic Market

2017-12-14
The Debt Management Office (DMO) has announced that as part of the preparations towards the issuance of the first Sovereign Green Bond, it would sensitise prospective investors in the Bond through a Roadshow in Abuja and Lagos on December 14 and 15, 2017.
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Nigeria’s export value rises 13.19% to N3.57bn in Q3

2017-12-13
The National Bureau of Statistics has said that Nigeria’s total exports in the third quarter of 2017 stood at N3.57bn, showing 13.19 per cent increase over the amount recorded in the second quarter.
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Foreign investors’ inflow into stock market decreases by N9bn

2017-12-13
Foreign investors inflow into the nation’s capital market decreased by 18.30 per cent from N48.42 billion in September 2017 to N39.56 billion in October 2017.
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Nigeria on course to economic recovery, says Osinbajo

2017-12-13
Vice-President Yemi Osinbajo says from credible, independent and third party evidence, Nigeria is on track to economic recovery.
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IMF Harps on Economic Diversification for Nigeria, Others

2017-12-13
The Managing Director of the International Monetary Fund (IMF), Christine Lagarde on Tuesday stressed the need for Nigeria and other African countries to ensure that they diversify their economies in other to be able to withstand shocks.
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Nigeria seeks to amend deep offshore oil act to raise crude revenue

2017-12-13
Nigeria is seeking to amend a law on deep offshore oil exploration and drilling, aiming to increase government revenue from crude sales when prices exceed $20 a barrel, the country’s oil minister said on Wednesday.
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BDCs should access dollars from I&E Forex Window

2017-12-13
The establishment of Investors’ & Exporters’ Forex Window by the Central Bank of Nigeria (CBN) in April has stabilised the naira and the economy. The Bureaux de Change (BDCs), which have been supporting the CBN’s development agenda, believe they should be able to access dollars from the window as seen in the International Money Transfer Operators (IMTOs) inflows. Association of Bureau De Change Operators of Nigeria (ABCON) President Aminu Gwadabe says such practice will boost dollar liquidity. He speaks with COLLINS NWEZE on the naira’s outlook in the New Year and the role of BDCs in national development.
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Dangote Cement in N23b shares deal as equities recover

2017-12-13
Investors struck two cross deals for the transfer of about 94.7 million shares of Dangote Cement valued at N23.12 billion yesterday, in another transactions that highlighted the widening ownership structure of Africa’s largest cement producer.
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Equities appreciate marginally despite 23 decliners

2017-12-13
The Nigerian equities market recorded N4bn marginal appreciation despite 23 stocks closing in the red amid 21 gainers.
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Nigeria's one-year T-bill yield rises more after Tuesday's dive

2017-12-13
Nigeria’s one-year treasury bill yield rose about a percentage point to 10 percent on Wednesday, continuing a rebound from the previous day’s dive to 7 percent after the government said it would repay 198 billion naira of debt this month to cut its costs.
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Naira appreciates to N360.41 in I&E

2017-12-13
The naira Wednesday depreciated by four kobo to N360.41 per dollar in the Investor and Exporter (I&E) window, while the volume of dollars traded fell sharply by 80 percent.
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Nigeria, 37 others seal economic pact on investment, trade

2017-12-12
Nigeria joined 37 other members and non-members of Friends of Investment Facilitation for Development, FIFD, to adopt a joint ministerial declaration on economic cooperation on investment facilitation.
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Nigeria’s trade balance exceeds N1 trillion for first time since 2014 – Report

2017-12-12
The value of Nigeria’s trade balance, for the first time since 2014, reached N1.23 trillion in the third quarter of 2017 due to a continued increase in exports and a decline in imports.
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2017 Budget: FG to Release Another N750bn Capital Vote

2017-12-12
The federal government is set to release another N750 billion to its ministries, departments and agencies (MDAs) as part of the capital component of the 2017 budget.
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CBN Urged to Recapitalise BOA, NAIC

2017-12-12
An urgent plea has been made to the Ministry of Finance and Central Bank of Nigeria to recapitalise the Bank of Agriculture (BOA) and the Nigerian Agricultural Insurance Corporation (NAIC) to enable the two institutions effectively play their roles as catalysts for the development of agriculture in the country.
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Profit-taking halts equities’ rally, shaves off N119b

2017-12-12
Nigerian equities market reopened yesterday to a considerable sell pressure as most investors sought to monetise capital gains from the recent rally. With two losers for every gainer, quoted equities lost N119 billion within the five-hour trading session.
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Managing reputational risk, compliance and governance

2017-12-12
The Executive Director and Chief Risk Officer of Rand Merchant Bank (RMB) Nigeria Limited, Peter Blenkinsop has said that effective management of both organisational and personal reputational risk is key to sound compliance and corporate governance in Nigeria’s and the banking sector.
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Oil gains on pipeline shutdown, blast

2017-12-12
Oil prices rose yesterday, reversing earlier declines, after a North Sea pipeline shut for repairs and investors focused on commodities following an explosion in New York.
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Nigeria central bank injects $210 mln into currency market

2017-12-12
Nigeria’s central bank said on Tuesday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
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Nigerian Breweries Gets Substantive MD/CEO, Two New Executive Directors

2017-12-12
Nigerian Breweries Plc on Tuesday notified the Nigerian Stock Exchange (NSE) of the appointment of the new managing director/chief executive officer, Mr. Jordi Borrut Bel. The appointment takes effect on January 22, 2018 and he will succeed Mr. Johan Doyer, who has served as MD/CEO on an interim basis since June 16, 2017.
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Oil price jumps above $65

2017-12-12
Brent crude oil prices jumped above $65 per barrel after the shutdown of the Forties North Sea pipeline knocked out significant supplies from a market that was already tightening due to OPEC-led production cuts.
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CBN Mulls Reducing CRR for SME-friendly Banks

2017-12-11
As part of efforts to encourage commercial banks to lend more to operators of micro, small and medium scale enterprises (MSMEs), the Central Bank of Nigeria (CBN) is considering lowering the cash reserve requirement (CRR) for SME-focused banks.
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Foreigners taking over Nigerian insurance industry

2017-12-11
Foreign investors have been beaming their searchlights on the juicy firms in the Nigerian insurance industry and substantially taking over ownership of many of them in recent years.
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FX Window Records $1.11bn Transactions in One Week

2017-12-11
The level of activities on the Investors and Exporters (I&E) foreign exchange (FX) window strengthened to $1.110 billion in just one week, compared with the $759.2 billion recorded the preceding week.
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Managing Risk Key to Corporate Governance, Says RMB Boss

2017-12-11
The Executive Director and Chief Risk Officer of Rand Merchant Bank (RMB), Nigeria Limited, Peter Blenkinsop has stressed that effective management of both organisational and personal reputational risk was key to sound compliance and corporate governance for banks in Nigeria as well as any other country.
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Petrolex To Invest $6bn In Refinery, Power Plant, Others

2017-12-11
An indigenous oil company, Petrolex said it would invest about $6 billion in the upstream by participating in the upcoming marginal field bid round, and in the midstream by building a gas lube plant and a refinery to penetrate the downstream sub sector as well as a power plant to fully concretize its vertical investment plan in the energy sector.
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Forex market gets $514m boost ahead of Yuletide

2017-12-11
The Central Bank of Nigeria (CBN) ended foreign exchange (forex) market transactions for the week with $303.9 million, as it earlier in the week, sold $210 million to sustain liquidity.
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Addax plans $5billion fresh investment in Nigeria

2017-12-11
Addax Petroleum Development (Nigeria) Limited, said it is planning a fresh investment of up to $3-5billion in the country over the coming years, as part of efforts to optimise its oil and gas operations in the country, and increase production from its existing assets, both onshore and offshore.
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Naira depreciates to N360.5 in I&E

2017-12-11
The naira, Monday, depreciated by nine kobo to N360.5 per dollar in the Investor and Exporter (I&E) window.
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CBN Plans Revival of Moribund Manufacturing Companies with N500bn

2017-12-10
Determined to significantly boost the contribution of the non-oil sector to Nigeria’s Gross Domestic Product (GDP), the Central Bank of Nigeria (CBN) has said it plans to revive moribund firms in the non-oil export business through its N500 billion export stimulation facility.
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Nigerian capital market issuances hit N1.55 trillion in September — SEC

2017-12-10
The Securities and Exchange Commission, SEC, on Sunday said that the total value of issuances in the Nigerian capital market amounted to N1.55 trillion in September.
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How FG’s Forex Policy is Boosting Reserves, Local Manufacturing

2017-12-10
CBN’s policy that restricts access to foreign exchange for importation of 41 items is forcing manufacturers to look inwards, thereby boosting local manufacturing and conserving reserves, writes Obinna Chima
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Nigeria's Seven-Up seeks shareholder vote in $61.5 mln takeover bid

2017-12-08
Nigeria’s Seven-Up Bottling Company will hold a meeting of shareholders in January to approve a bid by majority investor Affelka to buy out minorities in a 19.33 billion naira ($61.5 mln) takeover.
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Helios, others bid for Nigerian telecoms firm 9mobile -sources

2017-12-08
Private equity firm Helios Investment Partners has submitted a bid to acquire Nigeria’s 9mobile under a sale process aimed at finding new investors for the debt-laden telecoms firm, one person fimilar with the matter told Reuters.
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Sterling Bank Revives Bond-Sale Plan as Nigerian Rates Ease

2017-12-08
Sterling Bank Plc revived a plan to sell bonds to shore up its capital levels on expectations that Nigerian borrowing costs will ease.
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Flour Mills of Nigeria plans $127 mln share sale

2017-12-08
Flour Mills of Nigeria has filed application to the stock exchange to raise 39.86 billion naira ($127 million) via a share sale to existing shareholders, the bourse said on Friday.
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FAAC:Federation revenue declines by N25.3bn in Oct

2017-12-08
The Federal, States and Local Government in the month of October shared N532.7 billion which shows a decline of N25.3 billion when compared to what they shared in September.
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Total Direct Remittance To CBN Hits N1.8trn In 9 Months

2017-12-08
Total direct remittances under the watch of Central Bank of Nigeria (CBN) in nine months of 2017 rises to estimated N1.8 trillion or $5.8 billion, a data obtained by LEADERSHIP has revealed.
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Total Direct Remittance To CBN Hits N1.8trn In 9 Months

2017-12-08
Total direct remittances under the watch of Central Bank of Nigeria (CBN) in nine months of 2017 rises to estimated N1.8 trillion or $5.8 billion, a data obtained by LEADERSHIP has revealed.
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FG approves ‘partial’ sale of NIPOST

2017-12-08
The Federal Government has approved a partial sale of the Nigerian Postal Service (NIPOST), the Minister of Communications Adebayo Shittu has said.
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W’Bank Board to consider $1bn for Nigeria’s power sector

2017-12-07
Federal Government officials and their World Bank counterparts on Wednesday agreed on the necessary steps to be taken before the presentation of Nigeria’s request for $1bn for consideration by the executive board of the institution.
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Managing reputational risk key to corporate gov in banks – RMB Merchant Bank

2017-12-07
Executive Director and Chief Risk Officer Rand Merchant Bank (RMB) Nigeria Limited, Peter Blenkinsop has said that, “effective management of both organizational and personal reputational risk is key to sound compliance and corporate governance in the banking sector”.
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Naira depreciates to N360.93 in I&E

2017-12-06
The naira, Wednesday, depreciated to N360.93 per dollar in the Investor and Exporter (I&E) window while the volume of dollars traded rose by 62 per cent.
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Q3: Foreign Portfolio Investments Jump 259% on Renewed Demand for Equities

2017-12-06
Foreign Portfolio Investment (FPI) jumped by 259.2 per cent in the third quarter(Q3) ended September 30, 2017 to $2.77 billion, which is a consolidation on the increase recorded in second quarter of 2017 (Q2-17). The figures are the highest since the $5.13 billion recorded in Q3 of 2014. However, the sizable increase in FPI was mostly driven by a monumental 860.7 per cent year on year(y/y) surge in equities (214.6 per cent q/q) to $1.93 billion, accounting for 70 per cent of total FPI, and a grand leap (105.6 per cent y/y and 630.2 q/q to $719 million in capital investments in the form of money market instruments.
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SEC to Resume Oando Forensic Audit from Wednesday

2017-12-06
In a nod to the U-turn made by the Minister of Finance, Mrs Kemi Adeosun, to allow the forensic audit into the activities of Oando Plc to go ahead, the Securities and Exchange Commission (SEC) Tuesday said that the audit will resume from Wednesday in the company’s office.
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Senate plans to pass 2018 budget this month

2017-12-06
The Senate yesterday raised hopes of passing the 2019 budget before the end of the year. It has however raised the $45 oil benchmark price to $47 just as the document passed the second reading.
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Foreign direct investment rising, says Emefiele

2017-12-06
Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the restriction of foreign exchange access for 41 items has led to massive foreign capital inflow.
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Umana: Notore’ll attract $5b FDI, create 25,000 jobs

2017-12-06
The Managing Director, Oil and Gas Free Zones Authority (OGFZA), Mr Umana Okon Umana, has said Notore Oil and Gas Free Zone will attract more than $5 billion in foreign direct investment (FDI) into the country and create 25,000 jobs with its new status as a free zone developer.
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CBN pumps $210m into forex market

2017-12-06
The Central Bank of Nigeria (CBN) yesterday injected $210 million into the foreign exchange market to sustain its liquidity.
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Reserves hit $38.2b as FDI crosses $10 billion

2017-12-06
Nigeria’s foreign exchange (forex) reserves jumped from $23 billion in October 2016, to $38.2 billion yesterday, a development that signals the country’s return to favourite international deals destinations and enhanced confidence.
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Lafarge Africa’s N131bn right issue biggest in NSE history

2017-12-06
Lafarge Africa Plc has announced its plan to raise N131.65 billion through right issue of N3,097 billion ordinary shares of 50 kobo each at N42.50 per share on the basis of 36 new shares for every nine ordinary shares held.
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Nigeria Refining Push Prompts $3.6 Billion Petrolex Plan

2017-12-06
Nigeria is set to get another new oil refinery as a government push to end fuel imports attracts investors to the industry.
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Nigeria’s balance sheet remains exposed to further shocks – Moody’s

2017-12-05
Barely one month after one of the global rating agencies, Moody’s Investors Service, downgraded Nigeria’s sovereign debt rating, the agency has said the country’s balance sheet remains exposed to further shocks.
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Ericsson sees one billion 5G subscriptions

2017-12-05
Ericsson has said there will be one billion 5G subscriptions for enhanced mobile broadband by 2023. This prediction is among the key statistics presented in the November edition of the Ericsson Mobility Report.
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Rates parity likely as N307 exchanges for dollar

2017-12-05
The Central Bank of Nigeria (CBN) has weakened the naira marginally, selling the dollar at N307 for the first time on the official interbank market. To traders, this could signal a gradual move to merge the CBN’s multiple exchange rates.
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Lafarge Africa assures’ investors of enhanced growth, profitability

2017-12-05
Lafarge Africa Plc has assured shareholders of its commitments towards sustainable growth that will deliver improved returns to all stakeholders.
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FG to begin implementation of 2017 revised import, export guidelines next month

2017-12-05
The Federal Government said it will commence the implementation of the 2017 Revised Import and Export Guidelines in January 2018, in efforts to enhance the ease of doing business in the Nigerian economy.
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European Investment Bank grants €100m credit line to Afreximbank

2017-12-05
European Investment Bank (EIB), has granted the African Export-Import Bank (Afreximbank), a line of credit agreement amounting to €100 million. The agreement took place last week in Abidjan, Côte d’Ivoire, on the sidelines of the African Union-European Union Summit.
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Stock Exchange’s market capitalisation appreciates marginally by N11 billion

2017-12-05
For the first trading day in December, equity transactions re-opened in an upbeat yesterday, following price gains recorded by major highly capitalised stocks, as market capitalisation inched up marginally by N11billion.
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Foreign Reserves Increases To $34.8bn In November – CBN

2017-12-05
The Central Bank of Nigeria (CBN) has said nation’s foreign exchange reserves added at $991 million in November to close at $34.8 billion as of November 29, 2017.
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Nigeria To Save N127bn In Forex With Cassava Bread

2017-12-05
With over $6 billion spent annually on the importation of wheat, the director general of Federal Institute of Industrial Research (FIIRO), Prof. Gloria Elemo, has said Nigeria can save up to N127 billion in foreign exchange through the adoption of cassava bread.
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FG Issues Last Savings Bond For 2017

2017-12-05
The federal government savings bonds which debuted in March, 2017 has opened its last leg of subscription for this year which will close December 8, 2017. This subscription comes up once every month and it has traded in the past eight months with a total of N6.694 billion been raised so far. The bond is meant to encourage increased participation of low and middle income earners in the bond market.
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Swiss to return $321 mln in stolen funds to Nigeria

2017-12-04
Switzerland will return to Nigeria around $321 million in assets seized from the family of former military ruler Sani Abacha via a deal signed with the World Bank on Monday, the Swiss government said.
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FG releases N5bn to local miners

2017-12-04
BIRNIN KEBBI—FEDERAL Government, Monrday, said it has given out N5 billion to local miners to boost the mining industry in the country.
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Nigeria’s debt service ratio falls to 45%

2017-12-04
The nation’s debt-service-to-revenue ratio has recorded a new decline from about 66 per cent to 45 per cent, courtesy of the improving revenue mobilisation from both domestic and foreign sources.
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Nigeria eyes over N240b from cocoa export

2017-12-04
Nigeria is expecting over N240 billion revenue from the sale of cocoa this year as demand for the product soars in the global market.
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Market Awaits N32bn Inflow from Maturing Treasury Bills

2017-12-04
Maturing treasury bills valued at a total of N32.23 billion is expected to hit the market this week.
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Why we are raising N131.65b, by Lafarge Africa

2017-12-04
Lafarge Africa Plc has urged shareholders to fully participate in the ongoing capital raising exercise by the cement company in order to support the realisation of its strategic growth objectives.
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9mobile Denies Speculations of Barclays Withdrawal as Financial Adviser

2017-12-04
Contrary to the rumour making the rounds that Barclays Africa has pulled out as the financial adviser to 9mobile investment process that will lead to the sale of the telecoms company to a willing and credible investor, the Board of Directors of Emerging Markets Telecommunication Services, trading as 9Mobile, has allayed the rumour, describing it as false information.
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CBN Injects $14.2bn into FX Market in Nine Months

2017-12-04
The Central Bank of Nigeria (CBN) has injected a total of $14.184 billion into the interbank segment of the foreign exchange (FX) market since it started its forays in the market in February this year, figures compiled by THISDAY have shown.
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Agric sector, others to attract N1.8tn investments from NIRSAL

2017-12-03
The Nigeria Incentives Risk-based Sharing for Agricultural Lending is working at mobilising a total investment of $6bn (N1.83tn) annually into the agricultural value chain as well as other sectors of the economy.
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Association of Stockbroking Houses Unfold New Investment Strategy

2017-12-03
Chairman, Association of Stockbroking Houses of Nigeria (ASHON), Mr. Patrick Ezeagu has unfolded investment strategy to assist existing and potential investors make optimal investment decision despite the inclement business environment.
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FG to implement new import-export guidelines Jan 1 – Adeosun

2017-12-01
The Federal Government is to commence the implementation of the 2017 Revised Import and Export Guidelines on January 1, 2018, as part of its policy of enhancing the ease of doing business in the country.
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Equities’ index gains 1.5%, hits three-month high

2017-12-01
The Nigerian equities market maintained a significant bullish trend this week as the All-Share Index appreciated by 1.5 per cent week-to-date to close at a three-month high of 37,944.60 basis points.
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Stakeholders chart path to FDI growth in Nigeria

2017-12-01
For Nigeria to attract increased flow of Foreign Direct Investments (FDIs), deliberate multi-agency efforts have been identified as a necessity that will bring about the needed reforms and development required by the nation.
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Nigeria’s Manufacturing Index Expands for Eighth Consecutive Month

2017-12-01
The Manufacturing Purchasing Managers’ Index (PMI) increased to 55.9 index points in November, indicating an expansion in the manufacturing sector for the eight consecutive months.
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How Nigeria will meet 2018 budget target despite OPEC oil cap – Kachikwu

2017-12-01
Last Thursday’s Organization of Petroleum Exporting Countries, OPEC, resolution extending by another nine months its 2017 output cut agreement will not affect the Nigerian government’s revenue projections in the 2018 Budget, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.
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Shareholders insist on interim management for Oando

2017-11-30
As the crisis rocking Oando Plc continues, the company’s shareholders have advised the current management under the leadership of Mr Wale Tinubu to step down in the interest of all stakeholders.
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Fitch Releases Ratings on Two Nigerian Banks

2017-11-30
Fitch Ratings has retained its ‘AAA’ national rating on Stanbic IBTC Holdings Plc as well as Stanbic IBTC Bank Limited.
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Eurobond: FG to reduce debt servicing by N90bn in 2018 — Adeosun

2017-11-30
Minister of Finance, Mrs. Kemi Adeosun, yesterday, said that the federal government’s debt service obligation would be reduced by N90 billion in 2018 through the Eurobond issuance programme.
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Budget 2018 at risk as OPEC mulls capping Nigeria’s output at 1.8m bpd

2017-11-30
Today’s meeting of the Organisation of Petroleum Exporting Countries (OPEC) will debate whether or not to cap Nigeria’s output at 1.8million barrels per day, a source close to the meeting said yesterday.
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Nigeria suspends SEC chief during misconduct investigation

2017-11-29
Nigeria’s finance minister has suspended the director of the Securities and Exchange Commission while it investigates allegations of financial impropriety against him, a ministry statement said on Wednesday.
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Naira now N360.02/$ at NAFEX

2017-11-29
THE Naira, Wednesday, appreciated by 35 kobo to N360.02 per dollar in the Investor and Exporter (I&E) window prompted by 10 percent increase in the amount of dollars traded in the window.
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Nigeria's Lafarge Africa aims to cut debt with first equity sale in decade

2017-11-29
Lafarge Africa will use part of the proceeds of a 131.65 billion naira ($415 million) rights issue to cut debt by around $270 million, almost halving its foreign currency exposure, the cement maker said in its offer document.
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Stock Exchange begins trading on Lafarge Africa’s N132b rights issue

2017-11-29
The Nigerian Stock Exchange (NSE) has begun trading in the rights of Lafarge Africa Plc, giving renouncing shareholders opportunity to trade on their shares. Lafarge Africa is trading at the NSE at N50 per share; about 18 per cent gain on the rights’ offer price of N42.50 per share.
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Year-to-date Growth Hits 39.6% as Stock Market Rebounds

2017-11-29
The stock market returned to positive territory yesterday as it reversed the negative performance of the first trading day of the week. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose by 0.68 per cent to close higher at 37,503.73, driving the year-to-date (YTD) growth to 39.6 per cent.
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Capital import doubles to $4.15bn in Q3 - NBS

2017-11-29
The capital importation into Nigeria in the third quarter of this year recorded a substantial increase compared to the past few quarters, as the economy continued to recover from recession.
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UACN eyes mergers, acquisitions with new equity capital

2017-11-29
With 10 subsidiaries in key sectors of the Nigerian economy, Nigeria’s largest and oldest business conglomerate, UAC of Nigeria (UACN) Plc will consider new acquisitions and mergers to further optimise the values of its existing businesses and take advantage of emerging opportunities in other sectors.
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Nigerian, Moroccan stockbrokers sign MoU on inter-connectivity

2017-11-29
In a strategic move to establish a seamless relationship between the Nigerian Stock Exchange (NSE) and its Casablanca counterpart, the two exchanges’ operators, under the aegis of Association of Stockbroking Houses of Nigeria (ASHON) and Association Professionnelle des Sociétés de Bourse (APSB) of Morocco have signed Memorandum of Understanding (MoU).
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Pension fund hits N7.2tr

2017-11-29
Nigeria’s pension fund assets under the Contributory Pension Scheme (CPS) have hit N7.164 trillion– as at September from the N7.094 trillion recorded in August.
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CBN injects $210m as naira depreciates to N360.37/$

2017-11-28
However, the naira depreciated by 5 kobo in the Investors and Exporters (I&E) window, while the amount of dollars traded dropped by 13 percent.
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NSE market capitalisation improves by N89 billion

2017-11-28
Market capitalisation on the Nigerian Stock Exchange (NSE) on Tuesday increased by N89 billion amid gains recorded by some highly capitalised equities.
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Naira maintains N362.5 to dollar at parallel market

2017-11-28
The Naira on Tuesday maintained N362.5 to the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.
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Global Spectrum listing of shares boosts market capitalisation by N4bn

2017-11-28
The listing of 800 million shares of Global Spectrum Energy Services Plc on the Nigerian Stock Exchange, NSE, yesterday, boosted market capitalisation by N4 billion.
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Banks’ bad loans rise by 50% to N2.4tn

2017-11-28
The economic challenges in the country made the level of non-performing loans in the Deposit Money Banks to rise by 50 per cent from N1.639tn in December 2016 to N2.424tn by September this year, according to the Nigeria Deposit Insurance Corporation data.
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Oil Revenue Has Exceeded 2017 Budget Benchmark by 18%, Says NNPC

2017-11-28
The Nigerian National Petroleum Corporation (NNPC) has stated that oil revenue in the first ten months of the year has exceed the 2017 budget oil benchmark of $44.50 per barrel by 18 per cent, revealing that oil has sold at an average of $52.49 per barrel between January and October.
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Economy attracted $4.14bn investment in third quarter – NBS

2017-11-28
The Nigerian economy attracted a total investment inflow of $4.14bn in the third quarter of this year, the National Bureau of Statistics has said.
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Fitch Rates Nigeria’s $3bn Eurobond ‘B+’

2017-11-28
One of the leading rating agencies, Fitch Ratings has assigned Nigeria’s $1.5 billion 6.500% senior unsecured notes due 28 November 2027 and the $1.5 billion 7.625% senior unsecured notes due 28 November 2047 a final rating of ‘B+’.
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Foreign investment rises 147% to $4bn in Q3

2017-11-28
In apparent confirmation of rising confidence in the Nigerian economy, foreign investment into the country shot up by 147 percent year-on-year (YoY) to $4.1 billion in the third quarter (Q3 2017) from $1.82 billion in Q3 2016.
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Import Ban On 41 Items Attracted $10bn Investment – Emefiele

2017-11-28
The Governor of Central Bank, Godwin Emefiele has said that Nigeria has attracted investment worth $10 billion following the import prohibition policy imposed on 41 items.
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Shell resumes all-cash dividend as oil price recovers

2017-11-28
Royal Dutch Shell on Tuesday announced plans to resume all-cash shareholder dividends, as group profitability improves thanks to recovering oil prices and cost-cutting.
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FIRS hits 79.35 per cent of 2017 collection target in 10 months – Fowler

2017-11-27
The Federal Inland Revenue Service (FIRS), on Monday in Abuja, said it generated N3.233 trillion in 10 months, an amount that represented 79.35 per cent of its collection target for 2017.
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Nigerian capital inflows more than doubled in Q3 to $4.2 bln

2017-11-27
The total value of capital imported into Nigeria more than doubled in the third quarter to $4.15 billion, after the economy emerged from a recession, the National Bureau of Statistics (NBS) said on Monday.
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Fitch Rates Nigeria's USD Notes 'B+'

2017-11-27
Fitch Ratings has assigned Nigeria's USD1.5 billion 6.500% senior unsecured notes due 28 November 2027 and USD1.5 billion 7.625% senior unsecured notes due 28 November 2047 the final rating of 'B+'.
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$9b interventions strengthen naira, forex market

2017-11-27
Dollar injections into the economy estimated at $9 billion since February have helped the Central Bank of Nigeria (CBN) to achieve long-term naira stability and curb volatility in the foreign exchange (forex) market.
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Nigeria spends N116b on palm oil importation

2017-11-27
Despite the high exchange rate and its price, Nigeria has imported 450,000 tons of crude palm oil valued at N116.3billion ($323.1 million) since the beginning of the year, it was learnt at the weekend.
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Reserves inch up to $34.5b as CBN sells $498m in five days

2017-11-27
The nation’s foreign exchange (forex) reserves sustained its more than 12-month weekly winning streak, though in slow pace, as it added about $100 million, shoring it up to $34.5 billion.
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CBN liquidity mop up to persist as N170bn hits interbank

2017-11-27
Efforts by the Central Bank of Nigeria (CBN) to mop up idle cash (liquidity) is expected to persist this week, even as N170 billion inflow hit the interbank money market.
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Stockbrokers call for forex discount window

2017-11-27
For the capital market to witness improved liquidity that would spur activities in the nation’s bourse and attract more investments, operators unanimously stressed the need for the Central Bank of Nigeria (CBN) to grant stockbrokers access to foreign exchange discount window.
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Attractive TB Yields Threaten Banks’ Savings Mobilisation

2017-11-27
Although Nigerian banks have been aggressive in their savings deposit mobilisation strategies in recent times, a review of their financial results has shown that the response from customers has not been impressive.
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PenCom releases new guidelines for voluntary contribution withdrawal

2017-11-27
New guidelines to regulate Additional Voluntary Contributions’ withdrawals by workers have been released by the National Pension Commission.
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AfDB to invest $500m in Dev’t Bank of Nigeria

2017-11-27
The African Development Bank (AfDB) said it is investing about $500 million in the Development Bank of Nigeria (DBN).
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CBN calls for banks, fintech firms collaboration

2017-11-27
The Central Bank of Nigeria has called on banks to collaborate with financial technology companies to improve the level of financial inclusion in the country.
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US, Nigeria sign MOU on commercial investment

2017-11-26
The United States of America and the Nigerian government have signed a Memorandum of Understanding (MoU) on Commercial Investment Dialogue (CID) to strengthen bilateral investments and promote private sector involvement in the bilateral commercial relationship.
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CBN releases $288m as naira weakens to 364/dollar

2017-11-25
The Central Bank of Nigeria on Friday injected $287.89m into the currency market to meet requests in four industries for dollars, extending efforts to boost liquidity and alleviate shortages.
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Court strikes out Oando’s suit to stop forensic audit

2017-11-24
A Federal High Court sitting in Lagos has struck out a case filed by Oando PLC against the Securities and Exchange Commission (SEC) seeking to stop SEC from conducting a forensic audit on the company and also lift a technical suspension placed on its shares.
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Naira gains 38kobo as reserves increase by $123.8M

2017-11-24
The naira, yesterday, appreciated by 38 kobo to N360.27 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window, even as the external reserves recorded a $123.8 million increase in nine days.
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FG Approves N28.8bn Budget Support Loan Facility for States

2017-11-24
The federal government has approved the disbursement of N28.8 billion as budget support loan facility to the 36 states of the federation.
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Value Added Tax rises to N251bn in Q3- NBS

2017-11-24
The National Bureau of Statistics (NBS) has disclosed that revenue generated from Value Added Tax (VAT), increased by 1.73 per cent in the third quarter, Q3’17 to N250.6 billion.
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Refineries won’t work despite govt’s spending – Marketers

2017-11-24
Oil marketers on Thursday declared that the country’s refineries would not work as expected despite the billions of dollars being spent by the Federal Government on rehabilitating the facilities.
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NEPC, ITC build women’s capacity in global trade

2017-11-24
The International Trade Centre and the Nigeria Export Promotion Council have collaborated to build capacity among women entrepreneurs in global trade.
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AfDB invests $500m in Development Bank of Nigeria

2017-11-24
The African Development Bank has announced that it was investing about $500m in the Development Bank of Nigeria.
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Appetite weakens for Treasury bonds, stocks gain marginally

2017-11-23
Bearish sentiments were witnessed in the secondary market for Treasury bonds on Wednesday as the yields on eight instruments trended upwards while only one instrument was bullish.
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Nigerian Stock Exchange Bullish on Exchange Traded Derivatives Market

2017-11-23
Nigeria will soon witness a robust Exchange Traded Derivatives (ETD) market that can support the growth of country’s ambitions, the Nigerian Stock Exchange (NSE) has said. An ETD is a financial instrument whose value is based on the value of another asset, and that trades on a regulated exchange. Futures and options are two of the most popular ETDs. The NSE is planning to launch its ETDs. Speaking at the a training seminar on the ‘Legal and Risk Aspects of Derivatives and Central Counterparty Clearing (CCP) Transactions, in Lagos, General Counsel and Head of Regulation at the NSE, Tinuade Awe said that Nigeria’s ETD initiative will eventually develop into a robust market place that can support our growth ambitions as a nation, using South Africa as an example of Africa’s first derivative market.
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AB InBev to grow investment in Nigeria

2017-11-23
Global brewing company, AB InBev, has said it will continue to grow its investment in Nigeria for a very long time.
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Refineries: NNPC eyes 445,000 bpd output by 2019

2017-11-23
The Nigerian National Petroleum Corporation (NNPC) will not renege on its plans to return the four state-owned refineries – Port Harcourt 1&2, Warri and Kaduna – to their installed capacity of 445,000 barrels per day (bpd) by 2019, its Group Public Affairs Manager, Ndu Ughamadu, has said.
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2018 budget: Why December target is unrealistic – Senate

2017-11-23
The Senate yesterday said the lackadaisical attitude of top government functionaries towards invitations on 2018 budget may frustrate its passage by the end of next month.
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Address Fiscal Challenges, Despite GDP Growth, World Bank Tells Nigeria

2017-11-23
The World Bank has stated that notwithstanding Nigeria’s positive economic growth in the third quarter (Q3) of 2017, the country needs to address what it identified as the many fiscal challenges at the different levels of government.
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CBN ‘on course’ to meet single digit inflation rate next year – Emefiele

2017-11-22
The Central Bank of Nigeria, CBN, is on course to realise its target of bringing the country’s inflation rate down to single digits by next year, its governor, Godwin Emefiele, said on Wednesday.
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Naira depreciates to $360.65/$ in NAFEX

2017-11-22
The Naira, Wednesday, depreciated for the first time this week to N360.65 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
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Fed Govt submits revised MTEF to Senate

2017-11-22
The Federal Government yesterday submitted a revised version of the 2018 to 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and approval.
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Nigeria as global financial hub

2017-11-22
The world is rapidly changing, embracing technology and redefining the payment system. The need to get Nigeria onto the same wavelength as the rest of the world prompted the Central Bank of Nigeria’s (CBN’s) inauguration of the Financial System Strategy 2020 (FSS 2020) 10 years ago.
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Nigeria’s GDP Seen Growing at 2% in 2018

2017-11-22
Analysts at Renaissance Capital have predicted that Nigeria’s Gross Domestic Product (GDP) will grow by 2 per cent in 2018.
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Rising investors’ confidence lifts external reserves to $34.9bn

2017-11-22
The Central Bank of Nigeria (CBN) yesterday said that the nation’s external reserves have risen to $34.9 billion, the highest in 30 months, driven by increased investor confidence in the Nigerian economy.
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9mobile to get new investor by year-end — Emefiele

2017-11-22
The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said that the intervention of the apex bank and the Nigerian Communications Commission in the 9mobile loan repayment saga, was due to the systemic importance of the company.
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Kachikwu: Involving Communities in Oil Activities, Solution to End Crisis in Niger Delta

2017-11-22
The Minister of State, Petroleum Resources, Dr. Emmanuel Ibe Kachukwu, has said for a lasting peace to be achieved in the Niger Delta region, oil bearing communities must be involved in oil and gas exploitation in their areas.
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Nigeria holds main lending rate, calls recovery "fragile"

2017-11-21
Nigeria’s central bank held its benchmark interest rate at 14 percent on Tuesday and said the recovery of Africa’s biggest economy from its first recession in a generation remained fragile.
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GDP growth boosts market capitalization by 0.24%

2017-11-21
The equities market, yesterday, rose by 0.24 per cent following the release of a positive Gross Domestic Product,GDP, figure by the National Bureau of Statistics, NBS, indicative of further expansion in the economy.
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Nigeria Floats US$3bn Dual-tranche Eurobond

2017-11-21
Nigeria has announced the floating of a $3 billion Eurobond, offering an aggregate principal amount of dual series notes under its US$4.5 billion Global Medium Term Note programme (increased from US$1.5 billion).
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CBN Raises Forex Injection to $210m

2017-11-21
The Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank foreign exchange (forex) market to the tune of $210 million, higher than the $195 million it offered the preceding week.
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Nigerian Stock Exchange Index Gains 0.24% as Market Opens on Bullish Note

2017-11-21
The Nigerian equities market opened for the week on a bullish note as investors reacted to the positive Gross Domestic Product (GDP) growth rate in the third quarter (Q3) 2017. The country’s GDP grew by 1.40 per cent in Q3, 2017 higher than the revised growth rate of 0.72 per cent recorded in Q2, 2017.
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Nigeria and Kenya Stock Exchanges Discuss Measures to Enhance Liquidity

2017-11-21
On the second day of the largest investor conference in the UK, the 7th Annual EFG Hermes London Conference, Ali Khalpey, EFG Hermes Frontier CEO, joined by Geoffrey Odundo, CEO of the Nairobi Securities Exchange; Haroon Askari, Acting Manager Director of the Pakistan Stock Exchange and Oscar Onyema, CEO of the Nigeria Stock Exchange, and current President of ASEA, for a panel discussion that looked at measures to enhance liquidity in frontier markets that are looking to grow investment.
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Nigeria earns N271.77bn from solid minerals in eight years

2017-11-21
Nigeria earned a total of N271.77 billion from 2007 to 2015, according to the latest data from the Nigeria Extractive Industries Transparency Initiative (NEITI).
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FG excited as GDP grows by 1.4%

2017-11-21
The National Bureau of Statistics on Monday released the Gross Domestic Product growth rate for the country with the economy recording a 1.4 per cent increase in the third quarter of this year.
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As MPC Meets, Marginal Drop in Inflation May Delay Interest Rate Cut

2017-11-20
As members of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) commence their last meeting for the year Monday, the marginal drop in October inflation released recently might make the committee members to retain interest rate at 14 per cent.
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NNPC, Chevron sign final phase of $1.7bn deal

2017-11-20
The Nigerian National Petroleum Corporation and Chevron Nigeria Limited have executed the second and final phase of an alternative financing agreement expected to increase crude oil production in the country by about 39,000 barrels per day from the Sonam and Okan fields located in the OML 90 and 91 of the Niger Delta.
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NNPC, Chevron sign $1.7bn deal to increase crude, gas production

2017-11-20
Nigerian National Petroleum Corporation ( NNPC ) and Chevron Nigeria Limited (CNL) have executed the final phase of an Alternative Financing Agreement to increase crude production by about 39,000 barrels per day.
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Latest GDP growth, proof of steady economic recovery — Presidency

2017-11-20
The Presidency on Monday hailed the latest report that the country’s gross domestic product, GDP, grew by 1.40 per cent in real terms in the third quarter of 2017, saying the new figure highlights the ”steady recovery of the economy.”
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Oil market rebalancing on track, deal extension a possibility

2017-11-19
Global Markets: Global markets were mixed this week, with investors focused on corporate earnings, down trending commodity prices and economic data. U.S. markets opened the week strong, with the Dow closing higher on news of M&A activity across select large cap stocks.
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Nigeria targets N945bn revenue from non-oil sector in 2018

2017-11-19
The Federal Government plans to raise the sum of $3.1bn (N945.5bn) from the country’s non-oil export sector through value addition from 11 agricultural products.
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Capital market infractions drop by 88% in 18 months

2017-11-19
The number of reported cases of infractions in the Nigerian capital market has reduced by over 87.6 per cent from 291 in the first quarter of 2016 to 36 in the third quarter of 2017.
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IMF: debt service may consume 60% of govts’ revenues

2017-11-17
The International Monetary Fund (IMF) has warned that Nigeria and other oil producing countries in Africa may be overburdened with the high cost of debt servicing.
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Germany’s €32.9m renewable energy projects fund coming

2017-11-17
The German Development Bank, and the African Trade Insurance Agency (ATI ) has announced a new instrument to support renewable energy projects that targets small- and mid-scale (up to 50 Mw) green power renewable energy projects in sub-Saharan Africa.
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Zero tolerance: Capital market infractions drop by 87.6%

2017-11-17
The zero tolerance stance of the Securities and Exchange Commission (SEC) appeared to be impacting positively on the capital market as level of infractions has dropped by about 88 per cent over the past 18 months.
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NSE’s market capitalisation appreciates by N77billion

2017-11-17
Equity transactions on the trading floor of the Nigerian Stock Exchange (NSE) closed in an upbeat yesterday, as most blue chip companies appreciated in price, causing market capitalisation to increase by N77billion.
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Nigeria-France trade hit N668 bn in Q1’17

2017-11-17
The Economic Counselor of France in Nigeria, Francis Widmer, has disclosed that the trade volume between France and Nigeria has hit 1.9 billion euros (N668 .75 billion )in the first quarter of 2017.
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Naira appreciates to N359.56 in NAFEX

2017-11-17
The naira, yesterday, appreciated to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex Window.
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Watch your debt, IMF warns FG

2017-11-17
The growing debt profile of the Federal Government could be worse and needs to be carefully managed, the International Monetary Fund, IMF, has said.
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Senate to begin 2018 budget consideration next week

2017-11-17
The Senate would commence the consideration of the general principles of the 2018 Appropriation Bill next week, Senate President, Abubakar Bukola Saraki, said yesterday.
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Stop foreign borrowing, ex-CBN deputy governor tells Nigerian govt

2017-11-16
A former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, has cautioned the federal government against any form of new foreign borrowing.
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SEC, Oando disagree with shareholders over sack of mgt

2017-11-16
Trusted Shareholders’ Association of Nigeria (TSAN) has renewed its call on embattled Oando company’s management team led by its Group Chief Executive, Wale Tinubu, to resign.
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Fitch Rates Nigeria’s Planned Dollar Notes ‘B+(EXP)’

2017-11-16
Fitch Ratings has assigned Nigeria’s upcoming senior unsecured USD-denominated notes an expected rating of ‘B+(EXP)’.
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Inflation drops for ninth consecutive month to 15.91%

2017-11-16
The National Bureau of Statistics on Wednesday released the Consumer Price Index, which measures inflation, with the index dropping year-on-year from 15.98 per cent in September to 15.91 per cent in October.
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Nigeria’s crude oil suffers setback as more traders opt for U.S. blend

2017-11-16
Nigeria’s crude oil is under serious pressure at the international market, as Asian refiners have increasingly been moving away from their usual favourite, frequently opting for United State (U.S) crude oil, the Organisation of the Petroleum Exporting Countries (OPEC) has said.
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Axxela eyes $147m capex for gas infrastructure, others

2017-11-16
Axxela Limited, formerly Oando Gas and Power, has made a capital expenditure projection of about $147 million to develop its gas supply infrastructure in Lagos and Port Harcourt, Rivers State, as well as the development of the Ajaokuta mini liquefied natural gas in Ajaokuta, Kogi State.
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NLPGA, investors discuss $10b policy lifeline

2017-11-16
The Nigerian Liquefied Petroleum Gas Association (NLPGA), investors and stakeholders in the liquefied petroleum gas (LPG) industry have discussed on how to tap into the over $10billion investment opportunities that would be unlocked by the national LPG policy unveiled by the Federal Government.
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Oil prices end gain streak, drop to $61

2017-11-16
The recent gains recorded by global oil prices have slipped as the commodity has lost more than $2 in seven days.
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McGrath: ExxonMobil adds 600,000bpd to Nigeria’s output

2017-11-16
The Chairman/Managing Director, ExxonMobil Nigeria Unlimited, Mr. Paul McGrath, has reiterated commitment to local content development, saying the firm contributes 600,000 barrels per day (bpd) of oil to Nigeria’s daily output that currently hovers around 2.2 million bpd.
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$5.5bn borrowing: FG meets global investors in US Friday

2017-11-16
The Federal Government is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet.
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NSE’s All-share index plummets by 0.9%

2017-11-16
The reign of the bears continued unabated on the trading floor of the Nigerian Stock Exchange (NSE), as major highly capitalised stocks depreciated in price, resulting to a further slide in the All-share index by 0.9 per cent.
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CBN registers 285 more BDCs, operators hit 3,432

2017-11-16
The Central Bank of Nigeria (CBN) has registered an additional 285 foreign exchange dealers, bureau de change operators, in the country between January and September this year.
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Eurobonds account for a fifth of Nigeria's $15.35 bln in foreign debt

2017-11-15
Eurobonds made up more than a fifth of Nigeria’s $15.35 billion foreign debt portfolio as of September and more than half of interest paid in the third quarter, the Debt Management Office (DMO) said on Wednesday.
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Nigeria raises 119.9 bln naira at treasury bill auction

2017-11-15
Nigeria raised 119.9 billion naira at a treasury bill auction on Wednesday after allocating almost 90 percent of the debt to the longer maturities, traders said.
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DMO: Nigeria’s debts hit N20tr

2017-11-15
Data made available by the Debt Management Office (DMO) yesterday showed that Nigeria’s debt stock has hit N20 trillion—as at September 30.
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Equities relapse with N125b loss

2017-11-15
After two consecutive positive trading sessions, Nigerian equities suffered a major relapse on Tuesday as investors sought to rebalance their portfolios and reevaluate their considerations. With nearly three losers to every gainer, equities recorded a net capital loss of N125 billion within the five-hour trading session. It was the largest day-on-day decline in the past seven weeks.
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NCRIB advocates compulsory agric insurance for economic growth

2017-11-15
The Nigerian Council of Registered Insurance Brokers (NCRIB) has underscored the need for government to make agricultural insurance compulsory in the country.
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2018 budget: FG targets N311bn from asset sale, privatisation

2017-11-15
The Federal Government is aiming to generate of N311bn from privatisation of public properties and the sale of national assets next year to partly finance the 2018 budget.
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CBN sells dollars at 305/dollar on spot market

2017-11-15
The Central Bank of Nigeria on Tuesday sold dollars at N306 for the second time, after maintaining a level around 305/dollar on the official spot market for two months, traders said.
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Osinbajo tasks D-8 countries on industrial cooperation, others

2017-11-15
Vice President Yemi Osinbajo on Tuesday called on ministers of industry, trade and investment from the developing eight countries to fashion out workable strategies that would boost the level of industrial cooperation and economic integration among them.
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Nestle, Guinness, others lead N124b stock market losses

2017-11-15
Following heavy price losses suffered by virtually all the highly capitalised stocks, especially Nestle, and Guinness, equity transactions on the Nigerian Stock Exchange closed on a downturn yesterday, as market capitalisation depreciated significantly by N124billion.
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CBN’s Investors and Exporter FX Window Boosts Companies’ Earnings

2017-11-15
The Investor and Export (I&E) foreign exchange (FX) introduced by the Central Bank of Nigeria (CBN) in April has continued to enhance the performance of most listed manufacturing companies that rely on imported inputs for their operations.
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France, Nigeria trade volume tops 1.8 billion euros

2017-11-15
The Economic Counselor of France in Nigeria, Francis Widmer, yesterday, said the trade volume between the two countries has exceeded 1.8 billion euros in the first quarter of 2017.
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Nigerian Stock Exchange Upgrades Website for Improved Services

2017-11-15
The Nigerian Stock Exchange (NSE) has upgraded its website to be mobile friendly with a cleaner layout and navigation befitting of the brand. The upgraded website will enable users to access information quickly and easily on the various products and instruments that are listed and traded on the regulated market.
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I & E forex window attracts $17.86bn transaction value in 6 months

2017-11-15
The Investors & Exporter, I &E Foreign Exchange, FX Window has attracted $17.86 billion transactions value since April this year when it was introduced, according to data from the FMDQ OTC Securities Exchange Plc.
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Senate approves $5.5bn FG to finance 2017 budget, refinance foreign debts Read more at: https://www.vanguardngr.com/2017/11/senate-approves-5-5bn-fg-finance-2017-budget-refinance-foreign-debts/

2017-11-15
THE Senate has approved an External loan of $5.5 billion to enable the Federal government finance the 2017 budget and refinance the foreign debts.
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Restrictions on 41 items crash imports bill to $1.9bn — CBN

2017-11-14
Central Bank of Nigeria (CBN) has said that the implementation of its policy on 41 items has led to the considerable decline in Nigeria’s import bills, from an average of about $5.5 billion to $2.1 billion in 2016 and $1.9 billion by half year 2017.
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Oil cuts “only viable option” to stabilize market, says Barkindo

2017-11-14
The Organisation of Petroleum Exporting Countries, OPEC, Secretary-General, Nigerian-born Mohammad Barkindo, yesterday said that the oil market is re-balancing at a quickening pace, proffering production cuts as the “only viable option” to restore stability.
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NLPGA Wants Investors to Harness $10bn LPG Investment Opportunities

2017-11-14
The Nigerian Liquefied Petroleum Gas Association (NLPGA) has stated that over $10 billion of investments would be generated if 50 per cent of the current kerosene and firewood users in the country switch to cooking gas by 2019 and urged investors and operators in the Liquefied Petroleum Gas (LPG) market in the country, to tap into the investment opportunities to be unlocked by the national LPG policy of the federal government.
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Nestle launches new product

2017-11-14
As part of its commitment in enhancing the quality of life and contributing to a healthier future, nestle Nigeria, launched a new food seasoning cube, ‘Maggi Naija Pot’, with the aim to amplify the authentic Nigerian essence of food.
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Nigeria’s oil sales suffer, US exports rise

2017-11-14
More than two dozen Nigerian crude oil cargoes were left unsold on Monday amid a supply glut of light sweet crude in the market.
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Meristem drives N27bn deal for Dangote Cement

2017-11-14
Meristem Securities Limited has facilitated another deal for Dangote Cement Plc, which attracted another set of foreign investors who staked over N27bn on about 128.992 million units of the cement company’s shares on Monday.
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Naira closes flat, CBN injects $195m into FX market

2017-11-14
The Central Bank of Nigeria has continued its sustenance of foreign exchange liquidity by injecting another $195m into the inter-bank foreign exchange market, even as the naira maintains its strength.
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Nigeria to Meet New York Investors to Sell Longest-Dated Bonds

2017-11-14
Nigeria is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet.
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Economic Values Of CBN’s Planned Expansion Of ABP

2017-11-13
The Central Bank of Nigeria (CBN) has announced a new plan to expand its agro-based – Anchor Borrowers’ initiative to cover another set of micro and large-scale farmers in the country, with a target to produce additional two million metric tonnes of paddy rice in a rekindled partnership with the Rice Farmers Association of Nigeria (RIFAN). The move is obviously to consolidate on the gains of the ABP and reach more deserving smallholder farmers nationwide.
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N261bn inflow to stabilise interbank interest rates.

2017-11-13
THE interbank money market will this week receive inflow of N261 billion which will enhancing stability of cost of funds in the market. Last week, cost of funds fell sharply due to inflow of N233.8 billion on Thursday from matured treasury bills (TBs).
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NCRIB advocates compulsory agric insurance for economic growth

2017-11-13
The Nigerian Council of Registered Insurance Brokers (NCRIB) has underscored the need for government to make agricultural insurance compulsory in the country.
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CBN commits N44b to Anchor Borrowers’ programme

2017-11-13
The Central Bank of Nigeria (CBN) has committed N44.1 billion to the Anchor Borrowers’ Programme (ABP) through the 13 participating financial institutions.
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Investors to use BVN as valid identification

2017-11-13
Investors in the Nigerian capital market will soon be able to use their Bank Verification Number (BVN) as a means of identification as capital market regulators seek to widen the scope of customer verification.
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DisCos’ revenue shortfalls hit N892.4b

2017-11-13
Electricity distribution companies (DisCos) have piled up a loss of N892.4 billion.
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LCCI, Japanese Agency Sign MoU to Strengthen Business Relations

2017-11-13
The Lagos Chamber of Commerce and Industry (LCCI) and the Japan External Trade Organisation (JETRO), a Japanese government-related body have signed a Memorandum of Understanding (MoU) to promote trade and investment between both countries.
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Pathway for Greater Efficiency in BDC Transactions

2017-11-13
The Association of Bureau de Change Operators of Nigeria, in collaboration with the Nigeria Interbank Settlement System, recently organised a programme for BDC operators on the use and deployment of the Bank Verification Number Validation Portal. Obinna Chima highlights the benefits of this system to the foreign exchange market
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Forex reserves to hit $40 in 2018 - Emefiele

2017-11-13
The Central Bank Governor, Godwin Emefiele, has predicted that the nation’s Foreign Exchange reserve, which currently stands at $34 billion will hit N40 billion by the end of 2018
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Experts identify gaps, strength in 2018 budget

2017-11-13
The 2018 appropriation bill which is tagged the ‘Budget of consolidation’ has an aggregate expenditure of N8.612 trillion (16 per cent above 2017 budget estimate). It will comprise a Recurrent Costs of N3.494 trillion, Debt Service of N2.014 trillion, Statutory Transfers of about N456 billion, Sinking Fund of N220 billion (to retire maturing bond to local contractors) and a Capital Expenditure of N2.428 trillion (excluding the capital component of statutory transfers).
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Driving financial services sector with innovative products

2017-11-12
New financial services’ needs in Nigeria are driving innovations by banks and market regulators, writes STANLEY OPARA
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Gas flaring rises by 27%, says NNPC

2017-11-12
The volume of natural gas flared by oil and gas companies in the country has hit its highest level in more than a year, as it increased to 27.4 per cent in August.
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Domestic bonds market soars by 11.5% to N7.4tn

2017-11-12
As of August 2017, the market capitalisation of Nigeria’s domestic bonds market stood at N7.4tn, representing a growth of 11.5 per cent from a year earlier when the figure was estimated at N6.64tn.
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MPC Will review Interest Rate – Emefiele

2017-11-12
With a few weeks to the next meeting of the Monetary Policy Committee (MPC), the last for the year, governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said there is a high possibility that a downward review of interest rates will be considered in view of declining inflation trend in the economy.
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EFInA advocates policies to drive financial inclusion in Nigeria

2017-11-11
In a bid to reduce poverty and achieve inclusive economic growth in Nigeria, Enhancing Financial Innovation & Access (EFInA), a financial sector development organization hosted a workshop with stakeholders on the theme: “The Role of Government in Driving Financial Inclusion in Nigeria”.
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FG signs N2trn contract for 3050mw Mambilla hydropower project

2017-11-11
The Federal government has signed the contract for the 3,050 megawatts (mw) Mambilla hydropower project valued at $5.792 billion (about N2.096 trillion) in Taraba State.
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PPMC received $205m from Duke Oil for products

2017-11-10
The Petroleum Products Marketing Company (PPMC) received a total of $205.2million from Duke Oil for products traded between January 2016 and September 2017.
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Banks set to raise stakes in pension assets

2017-11-10
Banks are making fresh moves to deepen their stakes in Pension Fund Administrators (PFAs). The new interest among top-tier lenders followed huge returns being posted by the PFAs as they explore new investment opportunities in fixed income securities, which are turning a gold mine for discerning investors. The growth of pension assets to N6.02 trillion since the Pension Reform Act of 2004 points to the rising liquidity and business opportunities in the sector, writes COLLINS NWEZE.
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Nigeria plans $2.3 bln in oil asset equity restructuring -DMO

2017-11-09
Nigeria plans to raise 710 billion naira ($2.26 bln) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Management Office (DMO) said on Thursday.
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Petrobras, BTG Pactual to sell their Nigerian oil venture

2017-11-09
State-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments, it said on Thursday.
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China trade volume with Nigeria hits $8.94bn

2017-11-09
The Consul General of China in Lagos, Chao Xiaoliang, has disclosed that China’s bilateral trade volume with Nigeria has reached $8.94 billion.
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Treasury instruments crash on Moody’s downgrade

2017-11-09
Amidst disagreement between Federal Government and Moody’s Investment Services, a global financial rating agency, over the later’s downgrade of Nigeria, the country’s bond and treasury instruments crashed yesterday, at the short end of the tenors.
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FG faults Moody’s sovereign rating of Nigeria

2017-11-09
The Federal Government on Wednesday faulted the downgrading of Nigeria from B1 stable to B2 stable by Moody’s Sovereign Rating.
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Senate shifts PIB passage to Q1 2018

2017-11-09
The Senate has again shifted the time for the passage of the Petroleum Industry Bill from this year to the first quarter of 2018 on the premise that the National Assembly has a lot of work to do in order to ensure the early passage of next year’s Appropriation Bill.
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Afreximbank invests $16bn in Nigeria

2017-11-09
The African Export-Import Bank (Afreximbank) has disbursed over $16 billion to execute various projects in Nigeria.
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Afrexim invests $16b in Nigeria to support difficult transactions

2017-11-09
African Export-Import Bank (Afreximbank) says its has invested over $16 billion in Nigeria to supported difficult and inpactful transactions.
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MTN Extends Gains After Nigeria Funds-Transfer Case Is Dropped

2017-11-08
MTN Group Ltd. extended gains after Nigerian lawmakers ruled that allegations of illegal repatriation of almost $14 billion were unfounded and the wireless company hadn’t violated the law
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Global Spectrum Energy Services to list N4b shares on NSE

2017-11-08
Global Spectrum Energy Services Plc, an indigenous oil and gas services company, has received regulatory approval to list its shares on the Nigerian Stock Exchange (NSE), paving the way for investors in the company to trade their shares on the secondary market.
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Oil remains relevant, demand to rise by 35% - OPEC

2017-11-08
Despite the threat posed by electric vehicles (EV) and targets set by countries to halt petrol-fueled cars, oil will still remain a fuel of choice at least for the foreseeable future, the Organisation of Petroleum Exporting Countries (OPEC) said yesterday.
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Nigeria records highest oil production since 2016 –Data

2017-11-08
For the first time in the last one year, crude oil and condensate production in Nigeria reached its highest level of 62.46 million barrels in July 2017, latest data from the Nigeria National Petroleum Corporation (NNPC) has shown.
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FG saves N4.7bn monthly through TSA, says Buhari

2017-11-08
President Muhammadu Buhari on Tuesday said his administration was saving about N4.7bn monthly through the full implementation of its policy on the Treasury Single Account.
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Nigeria's Senate approves report exonerating MTN Nigeria over forex transfers

2017-11-08
Nigeria’s Senate approved on Wednesday a report largely exonerating South African telecoms company MTN Group Ltd’s Nigerian unit, after the business was accused of illegally repatriating $14 billion to its parent.
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Nigeria plans 119.9 bln naira Treasury bill auction on Nov 15

2017-11-08
Nigeria plans to sell 119.94 billion naira of treasury bills at an auction on Nov 15., the central bank said on Wednesday.
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Adeosun, CBN, foreign investors disagree on naira’s future

2017-11-07
Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors, however, disagree.
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Afreximbank unveils programme to unlock over $100b intra-African investments

2017-11-07
By creating and modifying trade finance instruments, the African Export-Import Bank (Afreximbank), has stated that it hopes to unlock about $100billion worth of investments within the continent, hitherto not mobilised via informal trade and Diaspora funds, through its newly launched Guarantee Programme (AFGAP).
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Nigeria central bank injects $195 mln into currency market

2017-11-07
Nigeria’s central bank said on Tuesday it had injected $195 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
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Nigeria Seeks to Narrow Budget Gap With More Non-Oil Revenue

2017-11-07
Nigerian President Muhammadu Buhari is projecting the nation’s budget shortfall will narrow next year as revenue from non-oil sources increases.
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Crude Oil Rises to Highest Since mid-2015 on Saudi Purge, Tighter Markets

2017-11-07
Crude oil prices hit their highest since July 2015 Monday as Saudi Arabia’s crown prince cemented his power over the weekend with an anti-corruption crackdown, while markets continued to tighten.
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Nigeria supports OPEC cut extension under "the right terms

2017-11-06
Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on the table” regarding its own participation, its oil minister said.
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Reserves Rise By $1.1bn As I&E Window Sees $677.7m Inflow

2017-11-06
Nigeria’s external reserves have in one month accrued $1.12 billion on the back of the rally in oil prices and re-balancing of the Federal Government debt in favour of external borrowing, as the Investors’ and Exporters’ (I&E) foreign exchange window saw an inflow of $677.7 million last week.
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FX Transactions on I&E Window Hit $18.36bn, Rates Converge at N360

2017-11-06
Following increased portfolio flows into the country, cumulative transactions on the Central Bank of Nigeria’s (CBN) Investors’ and Exporters’ (I&E) foreign exchange window have risen to $18.36 billion.
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Nigeria’s external reserves to hit 3yr high of $35bn

2017-11-06
THE nation’s external reserve will this month hit $35 billion, the highest in three years.The last time the nation had $35 billion external reserve was end of November 2014, when it dropped to $35.24 billion from $36.25 billion at end of October 2014.
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2020 financial inclusion target on course, but slow, says report

2017-11-06
The challenge of achieving 80 per cent financial inclusion rate in Nigeria still on course, though a progress report showed stagnation between 2014 and 2016.
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Ajibola: Efficient Forex Management Key in Improving Nigeria’s Development Index

2017-11-06
The President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola has stressed the importance of an efficient foreign exchange management in Nigeria’s strive to improve on its citizens’ Human Development Index.
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Firms to trade at one kobo as NSE begins new pricing rules

2017-11-06
The Nigerian Stock Exchange (NSE) is to begin the implementation of new pricing rules that will remove the stopgap that has supported stocks at their nominal value. The new rules will allow shares of quoted companies to trade for as low as one kobo.
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Investors Aren't Calling an End to Nigeria's Naira Problem

2017-11-06
Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors disagree.
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Nigeria’s trade deficit in manufactured goods hits N4.21tr

2017-11-06
Nigeria is largely disadvantaged in international trade involving manufactured goods across the world.
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$350m Eurobond invested by govt, documents reveal

2017-11-06
The $350million Eurobond facility for the Nigerian Bulk Electricity Trading (NBET) Plc is not missing, contrary to an observation by Senator Dino Melaye at plenary last week.
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Emefiele to unveil economic direction for 2018

2017-11-06
The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, will deliver a keynote address on the state of the banking industry and give perspectives on the focus of the regulatory authority on banking and the economy for 2018 and beyond at the 2017 Annual Bankers’ Dinner.
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FG woos investors at LSE, unveils Afrinvest banking report

2017-11-06
The Nigerian Stock Exchange in collaboration with Afrinvest has launched the 2017 edition of the annual Banking Sector Report at the London Stock Exchange, with a call that Nigeria has reopened for business
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FG targets N5tn from non-oil export

2017-11-05
The Federal Government through the Nigerian Export Promotion Council plans to grow the country’s non-oil export revenue from N1.5tn per annum to N5tn within the next three to four years.
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Review import duty on vehicles now, LCCI tells FG

2017-11-05
The Lagos Chamber of Commerce and Industry has called for an immediate review of the nation’s automotive policy, urging the Federal Government to slash the import duty of 70 per cent on new vehicles to 35 per cent in order to make the vehicles affordable.
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Nigeria can generate N8trillion revenue from non-oil sector annually-Study

2017-11-05
The nation’s non-oil sector has the potential to generate a minimum of N8rillion revenue annually.
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NBS: Pension Fund Assets Grow by N332bn in 3 Months

2017-11-05
The pension fund assets under management increased by N332 billion to N7.164 trillion in the third quarter of this year, from N6.832 trillion in the second quarter, the National Bureau Statistics has revealed.
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Nigeria Stock Market To Attract More Foreign Investors

2017-11-05
Nigerian capital market operators said the decision to retain the MSCI Nigeria Indices in the Morgan Stanley Capital International (MSCI) Frontier Markets Indices would increase foreign investors and attract more investments into Nigeria.
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Osinbajo Urges Oil Majors To Invest In Renewable Energy

2017-11-04
Vice President Yemi Osinbajo has stressed the need for Nigeria to use its oil wealth to prepare for a durable future when the world no longer runs on fossil fuels.
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Osinbajo, WTO task developing countries on $50trn export opportunity

2017-11-03
Vice President Yemi Osinbajo and the World Trade Organisation (WTO) have tasked developing countries to take advantage of the $50 trillion export opportunity by fully implementing WTO’s Trade Facilitation Agreement (TFA) which came into force this year.
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Diamond Bank to sell West Africa units to focus on Nigeria

2017-11-03
Nigeria’s Diamond Bank is quitting other West African markets to focus efforts at home and deploy its resources on personal banking business in Africa’s biggest economy, it said on Friday.
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MTN Restates Commitment to List on NSE in Six Months

2017-11-03
MTN Group in South Africa has reiterated its commitment to list its Nigerian subsidiary on the Nigerian Stock Exchange (NSE) in the next six months as part of the settlement of the $1 billion fine imposed on it in 2015 by the Nigerian Communications Commission (NCC) over the failure by the telecoms company to deactivate 5.2 million unregistered SIM cards on its network.
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Investment inflow into Nigeria, others to hit $75bn – Osinbajo

2017-11-03
Vice-President Yemi Osinbajo on Thursday described the continent of Africa as a land of immense opportunities, noting that Foreign Direct Investment inflow into the region was expected to hit $75.5bn by the end of this year.
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Govt working to attract, retain investments in oil industry, says Osinbajo

2017-11-03
The Federal Government says it is working on reforms and policies to attract and retain investments in the oil and gas industry in view of the increasing competition in attraction of capital into the sector as many African countries have become oil producers.
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Buhari presents budget 2018 Nov 7

2017-11-03
President Muhammadu Buhari will present the 2018 budget to the National Assembly on Nov 7, according to a letter he sent yesterday, seeking to avoid the delays that have plagued previous budgets, not passed until well into the years they targeted.
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FG to save N91bn annually from $3bn debt – Adeosun

2017-11-03
The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said the decision of the Federal Government to refinance its $3bn worth of short-term Treasury Bills into longer tenured international debt was expected to save the country N91.65bn per annum.
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Nigeria must prepare for world after oil – Osinbajo

2017-11-03
Nigeria must use its oil wealth to prepare for a future when the world no longer runs on fossil fuels, Vice-President Yemi Osinbajo has said.
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China disburses $30bn industrialisation fund to Nigeria, others

2017-11-03
The Peoples Republic of China has disbursed over $30bn in funding support to Nigeria and other African countries to drive its cooperation plans on industrialisation and agricultural modernisation.
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Fintechs Urged to Enhance Financial Inclusion

2017-11-03
The Central Bank of Nigeria (CBN) has urged financial technology (fintech) companies to come up with more solutions that would bring more people into the banking system.
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Lafarge Africa Applies to Raise N132bn through Rights Issue

2017-11-03
Lafarge Africa Plc has formally applied to the Nigerian Stock Exchange (NSE) to raise N132 billion fresh capital from existing investors through a Rights Issue.
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Investors Gain N3.4trn From Stock Market In 10 Months

2017-11-03
Equities trading activities on the floor of the Nigerian Stock Exchange (NSE) finished the 10 months of the year on the positive trajectory with a record of N3.448 trillion.
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African Economies Performing Better Than Global Outlook – Osinbajo

2017-11-03
Vice-President Yemi Osinbajo yesterday in Abuja said African economies were improving and performing better than the projected global outlook.
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NIPC, FIRS unveil investment incentives compendium today

2017-11-03
THE Nigerian Investment Promotion Commission (NIPC) and the Federal Inland Revenue Service (FIRS) will today in Abuja, unveil complied investment incentives that will aid private sector participation in Nigeria’s economic recovery and growth plan (ERGP).
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BoI, Gates Foundation, CGAP partner to boost entrepreneurship

2017-11-02
BANK of Industry, Bill and Melinda Gates Foundation and Consultative Group to Assist the Poor (CGAP), are collaborating to boost entrepreneurship, deepen financial inclusion and fast-track poverty eradication in the country.
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Reps Pass FOREX Mart Bill

2017-11-02
The House of Representatives were yesterday read for a second time, a bill for an act to repeal the foreign exchange.
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Nigeria, two others drive world gas reserves higher

2017-11-02
World gas reserves increased by 0.9 per cent last year, driven by the United States, Nigeria and Iraq, according to the newly released World Oil and Gas Review by Italian oil major, Eni.
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FAAN, ABX to boost farm produce export

2017-11-02
The Federal Airports Authority of Nigeria has said it will support exporters who are willing to take the country’s agricultural produce across the world.
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Nigeria loses N30tr to oil price crash, says Awolowo

2017-11-02
The Executive Director, Nigeria Export Promotion Council (NEPC) Olusegun Awolowo yesterday lamented that Nigeria has lost over N30trillion of export revenue to the crash in oil prices.
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Kachikwu: govt eyes more oil, extra $9b yearly, others

2017-11-02
The Federal Government plans to increase oil output from two million barrels per day (bpd) to between 2.2 and 2.3 million bpd, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.
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CBN seeks powers for CIBN to punish erring bankers

2017-11-02
The Central Bank of Nigeria (CBN) wants more powers to be given to the Chartered Institute of Bankers of Nigeria (CIBN) to de-certify bankers who engage in unethical practices.
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GCF, AFC to drive low-emission development in Africa

2017-11-02
The Green Climate Fund (GCF) will help African countries ramp up their economic growth in ways that do not exacerbate climate change.
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NSE indices sustain rising profile, up by N72 billion

2017-11-02
Equity transactions on the trading floor of the Nigerian Stock Exchange (NSE), continued in upbeat yesterday, as more blue chip stocks join the league of gainers, resulting to a further rise in market capitalisation by N72billion.
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CBN Targets 80% Financial Inclusion by 2020

2017-11-02
The Central Bank of Nigeria (CBN) assured Nigerians wednesday that it would work aggressively towards increasing financial inclusion rate to 80 per cent, by cutting down the number of people excluded from the financial system to 20 per cent in the next three years (2020).
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CBN, NCC cooperation crucial in deepening financial inclusion - Queen of Netherlands

2017-11-02
Queen Maxima Cerruti of Netherlands has said the cooperation of the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) is very crucial in deepening financial inclusion in the country.
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SEC partners CBN, NIBBS to eliminate fraudulent investment outfits

2017-11-02
The Securities and Exchange Commission ( SEC ) on Wednesday said that the commission was partnering with other regulatory bodies to get rid of fraudulent investment outfits in the Nigerian capital market to boost investors’ confidence.
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Nigeria does not see devaluation risk in midterm -finance minister

2017-11-02
Nigeria’s government expects the naira currency to strengthen and does not see a significant risk of devaluation in the medium term, Finance Minister Kemi Adeosun said on Thursday.
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CBN sells 100 billion naira treasury bills on Wednesday - Traders

2017-11-01
Nigeria is set to sell 100.83 billion nairas of treasury bills at an auction on Wednesday, traders said
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SON, ISO 700 set to tackle infrastructural decay

2017-11-01
The Director General, Standards Organisation of Nigeria (SON) Anthony Aboloma yesterday said in partnership with the International Standard Organisation (ISO 700), which is high in all areas of infrastructure will help in upgrading Nigerian’s urbanisation standards.
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Nigerian Breweries announces results for 2017, declares N7.9b interim dividend

2017-11-01
The Board of Directors of Nigerian Breweries Plc has announced a revenue of N254.7 billion for nine (9) months ended September 30, 2017. In the statement of the result sent to Nigerian Stock Exchange (NSE), its board further announced the declaration of an interim dividend of N7,996,902,051 (Seven billion, nine hundred and ninety six million, nine hundred and two thousand and fifty one naira only), which is, N1.00 (one naira only) per ordinary share of fifty kobo in the share capital of the company.
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Value Added Tax revenue hits N797b

2017-11-01
Value Added Tax (VAT) added N797.51 billion to the Federation Account between January and October this year, the Minister of Finance, Mrs. Kemi Adeosun, has said.
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Govt saves $2b from local cement production

2017-11-01
Nigeria has saved $2 billion from local production of cement in the past one year Chairman, BUA Group, Abdulsamad Rabiu, has said.
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MTN Focused on Preparing for Nigerian Unit IPO in Six Months

2017-11-01
MTN Group Ltd. is focused on laying the groundwork for an initial public offering of its Nigerian business and should complete the process in the next six months, Chief Executive Officer Rob Shuter said.
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Nigeria Plans $1 Billion Processing Zone to Boost Exports

2017-11-01
Nigeria plans to establish a $1 billion crop-processing park with Turkish investors in the country’s north as part of efforts to improve value and boost agricultural exports, according to the country’s investment-promotion agency.
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Flour Mills of Nigeria plans share sale to reduce debt

2017-11-01
Flour Mills of Nigeria plans to sell shares via a rights issue to cut debt and is registering a 70 billion naira ($223 million) bond programme to refinance short-term loans, the conglomerate said on Wednesday.
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Oil price rises to $61 per barrel

2017-11-01
Global oil benchmark, Brent crude, rose above $61 per barrels on Tuesday after a week of gains as the prospect of increasing United States exports dampened bullish sentiment that has driven Brent crude to more than two-year highs above $60 per barrel.
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Oil prices surpass World Bank’s forecast at over $60 a barrel

2017-11-01
Global crude oil benchmark -Brent has increased from $58.15 a barrel to $60.75 a barrel while West Texas Intermediate (WTI) from $51.61 to $54.19 a barrel as at yesterday.
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Nigeria loses 2,648.7mw to gas, line constraint

2017-11-01
The Nigeria’s power sector lost 2,648.7 megawatts (mw) on the October 29 to line and gas constraints, according to the daily electricity generation report by the Federal Ministry of Power Works and Housing.
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CBN Pumps Another $195m into Forex Market

2017-11-01
The Central Bank of Nigeria (CBN), on Tuesday injected another $195 million into the interbank foreign exchange market.
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Naira depreciates to N360.83/$ at NAFEX

2017-11-01
The Naira yesterday depreciated to N360.83 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window, even as Nigeria’s external reserves hit $33.66 billion.
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Nigeria among most improved countries in World Bank's Ease of Doing Business list

2017-10-31
Nigeria was among the 10 economies showing the most notable improvement in the World Bank’s Ease of Doing Business list published on Tuesday.
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Emir Sanusi launches Nigeria’s first Islamic insurance firm

2017-10-31
The Emir of Kano, Muhammad Sanusi II, has launched the first Islamic insurance firm in Nigeria, known as ‘Jaiz Takaful Insurance’.
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FG saves $2m annually from local cement production – BUA CEO

2017-10-31
The Chairman of BUA Group, Alhaji Abdulsamad Rabiu, has said that the local cement manufacturers produce over 25 million tonnes cement thus saving the country two million dollars annually.
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$800b needed in 37 years to fix transport infrastructure deficit

2017-10-31
About $800 billion would be required to fix critical transport infrastructure deficit in the next 37 years, a finance expert, Opeyemi Agbaje, has said.
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ANLCA urges members on trade facilitation

2017-10-31
The Association of Nigerian Licensed Customs Agents (ANLCA) has urged its members to keep supporting the Federal Government’s trade facilitation programme.
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FG Savings Bond Generates N6.7bn In 8 Months

2017-10-31
A total of N6.694 billion has been raised so far in the past eight months from the Federal Government Savings Bond which debuted in March this year to encourage increased participation of low and middle income earners in the bond market.
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Investor & Exporter forex window has exceeded expectations — CBN

2017-10-31
THE Central Bank of Nigeria, CBN, has indicated that the performance of the Investor and Exporter (I&E) foreign exchange window has exceeded the expectations it had when the window was introduced in April, 2017.
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SEC launches development fund for capital market

2017-10-31
The Securities and Exchange Commission on Monday launched the Nigerian Capital Market Development Fund to provide funding for the developmental initiatives of the capital market.
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FG to begin crude oil tracking next year

2017-10-31
The Federal Government announced on Monday that plans were in top gear to deploy technology that would track and account for every molecule of crude oil produced in Nigeria by 2019.
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Emefiele woos global investor-community in London

2017-10-31
The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, at the weekend in London, urged global investors to come back to Nigeria, declaring that the country is ready for business.
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CBN offers N5 billion maximum support for non-oil export project

2017-10-31
A fresh vista for the growth of the non-oil sector and exports may have been opened, as the Central Bank of Nigeria said a maximum financing of project in the sector would now be N5 billion per project under the Non-Oil Export Stimulation Facility (NESF).
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Basic infrastructure crucial to financial inclusion’s growth

2017-10-31
The provision and maintenance of basic infrastructure has been described as a major need that must be met if Nigeria would speed up its growth of financial inclusion.
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Naira closes at N360.16/$ at investor’s window

2017-10-31
The Naira on Monday traded at N360.16 to the dollar at the investor’s window.
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Excess liquidity to persist as N214bn inflow boost interbank

2017-10-30
THE interbank money market will this week enjoy inflow of N214 billion which will reinforce the volume of idle cash (excess liquidity) in the market leading to further moderation in cost of funds.
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African Development Bank calls off proposed loans to Nigeria

2017-10-30
The African Development Bank has called off a loan to Nigeria that would have helped fund the country’s budget, instead redirecting the money to specific projects, a vice president at the lender said on Monday.
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IMF Sees Nigeria Debt Shift Increasing Exchange-Rate Risks

2017-10-30
Nigeria’s plan to increase its foreign borrowing to reduce debt-servicing costs could raise its exchange-rate risks, according to the International Monetary Fund.
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IMF says rising debt, political risk dim sub-Saharan Africa's economic outlook

2017-10-30
Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth.
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IMF wants Nigeria to stop tax holidays

2017-10-30
The International Monetary Fund has advised the Federal Government to urgently revisit tax holidays and exemptions given to companies. It specifically urged Nigeria to implement a reform that would see it phase out tax holidays and exemptions eroding the Company Income Tax base.
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Naira closes at 363/dollar, CBN sells forex to manufacturers, airlines

2017-10-30
The Central Bank of Nigeria has injected $285.7m into the Inter-Bank Foreign Exchange Market to meet requests in four sectors of the economy.
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ERGP will help Nigeria achieve sustainable growth

2017-10-30
Statistician General of the National Bureau of Statistic (NBS), Yemi Kale, has urged Nigerians to be optimistic as the economy continues to show signs of positive recovery.
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Afrinvest canvases foreign investment in re-emerging Nigerian economy

2017-10-30
Afrinvest (West Africa) Limited, a Lagos based investment house, last weekend in London pushed for foreign investors refocus on Nigeria as it launched the 2017 Edition of the annual Banking Sector Report at the London Stock Exchange (LSE), heralding the call that Nigeria has reopened for business.
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Guinness Nigeria’s N40b rights issue records full subscription

2017-10-30
Guinness Nigeria Plc has secured additional N39.7 billion new equity funds from its existing shareholders as shareholders picked up the entire rights offered by the brewer.
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Union Bank closes application for N50b rights issue

2017-10-30
Union Bank of Nigeria (UBN) Plc will today close application for its N50 billion rights issue. Application list for the rights issue opened on September 20, 2017 and will close today, Monday October 30.
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IMF Advises Nigeria to Recapitalise Banks

2017-10-30
Following the intense weakening of Nigeria’s macroeconomic environment, resulting in the deterioration of asset quality and rise in non-performing loans (NPLs) in the banking industry, the International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to consider asking the country’s lenders to recapitalise.
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Nigeria’s excess oil revenue hits N11.1bn daily

2017-10-30
NIGERIA’s excess oil revenue has risen to N11.1 billion ($36.6 million) daily as the price of crude oil hits $60.44 per barrel in the international market.
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CBN rules out naira fall as external reserves hit $34bn

2017-10-30
The nation’s external reserves have hit $34bn from $33.6bn attained on October 25, the Central Bank of Nigeria has stated.
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CBN injects more $285.7m Forex market

2017-10-30
The Central Bank of Nigeria (CBN) on Friday injected a total of $285,759,449.10 into the Inter-Bank Foreign Exchange Market to meet requests in four sectors of the economy.
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Economic growth to rise to 3.4% in sub-Saharan Africa in 2018 – IMF

2017-10-30
Economic growth is expected to rise to 3.4 per cent in sub-Saharan Africa in 2018 from 2.6 per cent in 2017, the IMF said in a report on Monday.
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2017 budget: FG records 49% non-oil revenue shortfall

2017-10-29
The Federal Government recorded a 49 per cent shortfall in non-oil revenue needed to finance the 2017 budget, figures obtained from the Budget Office of the Federation have revealed.
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Nigeria To Generate N236bn From Steel Export – AIG

2017-10-29
Group Managing Director, African Industries Group (AIG), Alok Gupta, has disclosed that Nigeria’s major private sector steel manufacturer is to save the country $650 million (about N236 billion) through forex by exporting finished steel from its plants to other African countries.
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What Nigeria must do to exit recession totally-NBS boss

2017-10-29
The statistician General of the Federation/CEO, National Bureau of Statistic (NBS) Dr. Yemi Kale has strongly advised that the country needs to step up ongoing economic reforms to forestall a relapse into economic recession in the future.
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Japan seeks huge opportunities as Nigerian economy recovers

2017-10-28
In order to strengthen trade relations between Nigeria and Japan, 33 Japanese brands are to be showcased at 2017 Lagos International Trade Fair, seeking huge opportunities in Nigeria as economy recovers.
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UK urges more investments in Nigeria

2017-10-28
The British government has called on international businesses to invest in the long-term potential of the Nigerian market.
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Nigeria’s inflation rate to fall to single digit in mid 2018 – Emefiele

2017-10-27
Nigeria’s Central Bank Governor ( CBN ) Godwin Emefiele said on Friday he expected inflation rate to fall at a faster pace and hit high single digit rates mid-next year.
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Nigeria saves N216b from local rice production

2017-10-27
Nigeria has saved over $600 million (about N216billion) from stoppage of rice importation through its domestic mass production under the Anchor Borrowers’ Programme (ABP), the Bank of Agriculture (BoA), has said.
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AfDB targets 513 million tonnes of food production by 2025

2017-10-27
The African Development Bank (AfDB)’s new initiative Technologies for African Agriculture initiative will produce 513 million tonnes of additional food across Africa. It will also lift nearly 250 million Africans out of poverty by 2025.
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Malabu Oil Deal: Finally, FG Recovers $85m from UK

2017-10-27
The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, Thursday said Nigeria had recovered $85 million from the Malabu Restrained Funds in the United Kingdom.
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Kano emir’s firm, Dangote, NNPC to build $1.1bn power plant

2017-10-27
Dangote Group, Black Rhino Group in collaboration with Nigerian National Petroleum Corporation (NNPC) have formalised agreement to construct the Qua Iboe Power Plant (QIPP), in Akwa Ibom State, at the cost of $1.1 billion.
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Nigeria's central bank supplies $285.7 mln to four sectors

2017-10-27
Nigeria’s central bank said it had injected $285.7 million into the interbank foreign exchange market on Friday to meet requests in four industries for dollars, extending efforts to boost liquidity and alleviate shortages.
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MSCI keeps Nigeria in frontier indexes, no longer under review

2017-10-27
Index provider MSCI said Nigerian stocks will remain part of its frontier indexes and are no longer under review for a possible demotion - a status which the securities had been under since September 2016 after the government introduced capital controls.
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Naira trades flat at 363/dollar

2017-10-27
The naira is expected to remain stable across its multiple exchange rates as the currency hit a resistance level for investors and the Central Bank of Nigeria continues to intervene on the official market.
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Nigeria's cabinet approves draft 2018 budget - minister

2017-10-26
Nigeria’s cabinet on Thursday approved a draft 2018 budget that will now be sent to lawmakers, the minister of budget and national planning said, as the government seeks to bolster growth after getting out of its first recession in 25 years.
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Lafarge Africa concludes share swap with AshakaCem

2017-10-26
The Board of AshakaCem on Monday approved the exchange of shares held by its minority shareholders for shares in Lafarge Africa, the majority shareholder.
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Buhari Presents 2018 Budget Tuesday as FEC Approves Estimates Thursday

2017-10-26
President Muhammadu Buhari will present the 2018 Appropriation Bill to the National Assembly on Tuesday, an authoritative presidency source told THISDAY wednesday.
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Crude Oil Price Rises Towards $59 Per Barrel

2017-10-26
Crude oil price rose towards $59 per barrel wednesday to sustain Tuesday’s rallies where it gained one per cent after the Saudi Energy Minister, Khalid al-Falih, said the focus remained on reducing oil stocks in industrialised countries to their five-year average.
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KPMG says economy attractive to foreign investors

2017-10-26
The Nigerian economy is seemingly on the upturn and remains an attractive destination for foreign investors, seeking sustainable growth opportunities within the continent, a KPMG report has said.
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Nigeria’s gas flare rate dips to 12%

2017-10-26
Nigeria gas flare rate stands at 12.00percent, the Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report for August has revealed.
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Nigeria, U.S. to strengthen ties in oil, gas sector

2017-10-25
The United States on Tuesday said it would encourage more of its firms to invest in Nigeria’s oil and gas sector.
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Buhari rejects same currency for West Africa

2017-10-25
President Muhamadu Buhari on Tuesday in Niamey, Republic of Niger, urged member countries of the Economic Community of West African States to tread carefully in pushing for a single currency for the sub-region by 2020.
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Nigeria’s daily gas production hits seven billion cubic feet

2017-10-25
Nigeria’s gas production has reached seven billion cubic feet per day (cf/d), according to the Nigerian National Petroleum Corporation (NNPC).
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GDP by expenditure contracts by -14.6% in Q4, 2016 – NBS

2017-10-25
Nigeria’s Gross Domestic Product (GDP) by expenditure contracted by -5.71 per cent in 2016 from the 1.45 per cent recoded in 2015
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Nigeria open to more investments, says Osinbajo

2017-10-25
Vice-President Yemi Osinbajo on Tuesday said Nigeria was open to business and more investments.
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Naira Scarcity Hits Interbank Market as Overnight Lending Rises to 120%

2017-10-25
There was naira scarcity on the interbank market Tuesday, leading the overnight tenor of the Nigerian Interbank Offered Rate (NIBOR) to close at 120.08 per cent.
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FG shifts refineries’ repair to 2018

2017-10-25
The plan by the Federal Government to announce private companies it has chosen to repair, revamp and maintain the country’s three refineries has been shifted to 2018.
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Nigeria’s GDP records decline in Q3 and Q4 2016

2017-10-25
The National Bureau of Statistics (NBS) says the Gross Domestic Product in real terms dellined in the third and fourth quarters of 2016.
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FDI in Nigeria’s digital sector hits $1bn — KPMG

2017-10-25
KPMG has disclosed that Foreign Direct Investment, FDI, into the Nigeria digital space over the last year is almost $1 billion.
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Nigeria's Oando gets court order to lift share price suspension

2017-10-24
Nigerian oil company Oando has obtained a court order to lift the suspension of trading in its shares and halt a forensic audit planned by the Securities and Exchange Commission (SEC), court documents seen by Reuters showed on Tuesday.
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FAAC: FG, States,LGs share N558bn in Oct, allocation decreases

2017-10-24
Mr Ahmed Idris, Accountant-General of the Federation, said the Federal Government, States and Local Governments shared N558.082billion in October compared to N637.704 shared in the previous month.
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Stock market indices close upbeat, up by 0.33%

2017-10-24
The Nigerian Stock Exchange (NSE) on Tuesday closed upbeat with the market indicators growing by 0.33 per cent after dropping a two-day loss.
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FG Raises N6.69bn through Savings Bond

2017-10-24
In pursuit of the federal government’s objective of financial inclusion by attracting retail investors into the bond market, the government on Monday disclosed that it has raised a total of N6.69 billion through the monthly issuance of the Federal Government of Nigeria Savings Bond (FGNSB) since March this year.
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Osinbajo: Nigeria Still Grappling with Consequences of Malabu Oil Scandal

2017-10-24
Vice-President Yemi Osinbajo on monday in Jakarta, Indonesia, said Nigeria was yet to overcome the consequences of the shady award of OPL 245 to Malabu Oil and Gas Limited in 1998.
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Ghana’s crude production to climb above 250,000 bpd

2017-10-24
Ghana’s crude oil output is expected to climb progressively by 2018, following the determination of the maritime border dispute with its western neighbour, Cote d’Ivoire.
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Experts opt for local currency deals in infrastructure financing

2017-10-24
Capital market stakeholders have renewed call for government to accelerate economic growth through mobilisation of domestic currency financing for infrastructure and other capital projects from the nation’s financial market.Besides, they also stressed the need for Federal Government to finance fiscal deficits by borrowing from local markets.
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RMBN affirms support for growth of creative sector

2017-10-24
Rand Merchant Bank Nigeria (RMBN) said it is investing heavily in creative arts to enable more Africans engage effectively and profitably in the broader economy.
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Rep signifies major changes underway in oil sector

2017-10-24
THE Nigerian National Petroleum Corporation (NNPC) may have started measures towards selling the nation’s old refineries, as well as withdrawal of licences from inactive investors in the sector.
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Lafarge to list N25b commercial paper, floats N131.6b rights issue

2017-10-24
Lafarge Africa Plc has concluded plans to issue N25 billion in commercial papers from a N60 billion programme this month.The company made this known when it released its financial results for the third quarter and nine-month period ended September 30, 2017.
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Naira depreciates further to N360.39/$ at NAFEX

2017-10-24
The naira, Tuesday, depreciated further to N360. 39 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
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Nigeria central bank injects $195 mln into currency market

2017-10-23
Nigeria’s central bank said on Monday it had injected $195 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.
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Investors, Exporters’ FX Turnover Hits $1.9bn In One Week

2017-10-23
The Central Bank of Nigeria (CBN) Investors & Exporters Foreign Exchange Window (I&EFX) total turnover rose to $1.9 billion last week as against $921.04 million in prior week, data from FMDQ OTC securities revealed.
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Nigeria, African markets remain business haven to foreign reinsurers

2017-10-23
Despite the headwinds of currency volatility and inflationary strains in Nigeria and other countries in the continent’s insurance business, foreign reinsurers are falling over themselves to get business from the African markets.
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Rand Merchant Bank Urges FG to Support Creative Industry

2017-10-23
The Managing Director, Rand Merchant Bank (RMB), Mr. Michael has stressed the need for the federal government to continue to support the creative industry in its bid to diversify the country’s earnings as well as for job creation.
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Wema Bank’s shareholders approve capital reduction scheme

2017-10-23
Plans by Wema Bank to carry out a Scheme of Capital Reduction whereby the Share Premium Account of the lender is reduced from N48.870 billion to N8.698 billion has been approved by shareholders.
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Pension assets rise to N7tn

2017-10-23
The total assets under the Contributory Pension Scheme rose to N7.09tn as of the end of August, this year.
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Quest for FDIs, falling revenue spike debt-service ratio to 62 per cent

2017-10-23
Nigeria’s efforts to attract Foreign Direct Investments (FDIs), as well as frequent domestic borrowings at “lofty” interest rates in the last three years, have climaxed at a 62 per cent debt service-revenue ratio in June 2017, against 29 per cent in 2014.
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Court Order on Forfeiture of Monies Not Linked to BVN Unsettles Banks

2017-10-23
There was disquiet in the banking sector at the weekend following a Federal High Court ex parte order in Abuja that all monies in bank accounts owned by corporate organisations, government agencies or individuals that are without bank verification numbers (BVNs) will be forfeited to the federal government in 14 days from the date the order was given should the owners of the accounts fail to show cause why their monies should not be forfeited.
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Africa’s $6.8b reinsurance market to recover in 2018

2017-10-23
Reinsurers inAfrica are optimistic about the prospects of $ 6.8 billion Africa’s reinsurance markets in 2018.
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Gas infrastructure gap needs $10b investment

2017-10-23
To close Nigeria’s gas infrastructure gap, the Federal Government and oil and gas stakeholders will require $10 billion investments, The Nation has learnt.
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Global stock of investable commercial real estate hits $27.5tn

2017-10-23
A recent investigation by CBRE has found that the global stock of investable commercial real estate assets to be worth $27.5tn.
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Nigeria Open for Business, Afrinvest CEO Tells Investors

2017-10-23
Foreign investors have been advised to take advantage of the huge investment opportunities in the Nigerian economy.
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Germany, Nigeria trade volume falls to €3.5bn

2017-10-23
The German Ambassador to Nigeria, Dr Bernhard Schlagheck, disclosed in Abuja on Monday that the volume of trade between Nigeria and Germany shrank to €3.5bn in 2016.
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As World Seeks Alternative to Crude Oil, Nigeria Remains Fixated

2017-10-22
With the EU and China unveiling plans to ban petrol vehicles in the foreseeable future, Ejiofor Alike reports on the pressure on Nigeria to adapt to the global shift towards electric vehicles and redeploy the resources earmarked for oil exploration, especially in the North, to the exploration of alternatives to fossil fuel
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Nigeria’s Fixed Income Market Records N103 Trillion in 9 Months

2017-10-22
The value of investments in the Nigerian fixed income market in the first nine months of 2017 is put at N102.88 trillion. That value will finance the country’s 2017 budget 14 times. Also, investments in the market have consistently outperformed the capital market, where long term instruments are traded.
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CBN to hold banks accountable for BVN-related fraud

2017-10-20
The Central Bank of Nigeria (CBN) has said it will hold commercial banks responsible for any fraud arising from failure to enlist individual customers into the Bank Verification Number (BVN) scheme.
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Nigeria gemstones’ export valued at $3bn annually – Minister

2017-10-20
The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said gemstones worth $3 billion are exported annually from Nigeria, but mostly unofficially.
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FG gets $29 billion from SPDC as NDDC gulps $1.8b in four years

2017-10-20
Oil giant- Shell Petroleum Development Company (SPDC) and its Joint Venture (JV) partners contributed $29 billion to the Nigerian government between 2012 and 2016.
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Dangote Cement Mulls Eurobond Issue

2017-10-20
Dangote Cement is considering issuing Eurobond or a local debt issue and will make a decision towards the end of the year, its chief financial officer, Brian Egan said yesterday.
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Adeosun: 77% of Nigeria’s N19tn Debt is from Domestic Market

2017-10-20
The Minister of Finance, Mrs. Kemi Adeosun, has said 77 per cent of Nigeria’s total debt stock of N19 trillion was secured from the domestic market, which could create crowding out and reduce the availability of funds to the private sector.
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Shell Nigeria lifts force majeure on Bonny Light crude

2017-10-20
Shell Petroleum Development Company of Nigeria Limited, a subsidiary of Royal Dutch Shell, has lifted force majeure on the exports of Bonny Light crude oil, one month after it was declared.
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Johannesburg Stock Exchange suspends trading on Oando shares

2017-10-20
Following an exchange of correspondence between the Nigerian Stock Exchange (the primary Exchange on which Oando is listed) and the Johannesburg Stock Exchange, the latter has suspended trading on Oando shares.
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Budget: FG to spend N1.16tn more in 2018

2017-10-20
The country’s national budget will rise by N1.16tn in 2018, according to projections contained in the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy submitted to the National Assembly by President Muhammadu Buhari.
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FG sells treasuries to keep naira liquidity tight

2017-10-20
The Central Bank of Nigeria sold N98bn of treasury securities on Thursday to keep liquidity tight to support the currency, a day after it auctioned N133.25bn of T-bills, traders said.
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Agip pushes ahead with 150,000bpd refinery plan

2017-10-19
The Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had begun feasibility studies for the construction of a new 150,000 barrels-of-oil-per-day refinery in the Niger Delta.
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Govt to disburse $150m solid minerals grants

2017-10-19
The Federal Government has concluded plans for the disbursement of the $150 million World Bank grant to solid mineral sector operators.
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FG proposes N8.6tr budget for 2018

2017-10-19
President Muhammadu Buhari has proposed the sum of N8.6 trillion for the 2018 budget, according to the details of the 2018-2020 Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) obtained by Daily Trust.
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Nigeria’s Aviation attracted $4bn in 2016, Needs $50bn to Grow

2017-10-19
For the aviation industry to grow in Nigeria to be in tandem with what is obtained in other parts of the world and for the country to actualise its desire to become a hub in West and Central Africa, the industry needs an injection of $50 billion in the next 30 years.
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UAC of Nigeria seeks approval and listing of rights issue of 960.4 mln shares

2017-10-19
UAC OF NIGERIA SUBMITTED APPLICATION TO NIGERIAN STOCK EXCHANGE FOR APPROVAL AND LISTING OF A RIGHTS ISSUE OF 960.4 MILLION SHARES
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Nigerian lenders pick Barclays to find new investors for 9mobile -sources

2017-10-19
Nigerian lenders have picked Barclays to try to find new investors for debt-laden 9mobile, two banking sources said on Thursday.
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Nigeria revises down 2017 economic growth forecast to 1.5 pct from 2.19 pct - document

2017-10-19
Nigeria has revised down its forecast for 2017 economic growth to 1.5 percent from 2.19 percent, according to a document seen by Reuters on Thursday.
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Nigeria’s oil export rises by 150,000 bpd

2017-10-18
As Aiteo completes maintenance of Nembe creek trunk line The export of crude oil from Nigeria has been increased by 150,000 barrels per day (bpd) following the completion of Nembe Creek Trunk Line maintenance.
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Buhari Seeks N’Assembly’s Approval for 2018-2020 MTEF

2017-10-18
Preparatory to the presentation of the 2018 budget to the National Assembly, President Muhammadu Buhari Tuesday transmitted the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the legislature.
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Naira down to N360.27/$ at NAFEX

2017-10-18
The naira Wednesday depreciated to N360.27 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
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Finance Ministry, CBN chart way forward for economy

2017-10-18
The Central Bank of Nigeria (CBN) and the Ministry of Finance are collaborating to ensure that the Gross Domestic Product (GDP) growth of 0.55 per cent which brought the country out of recession is sustained. Raising the government’s revenue base through taxation and sustaining banking sector stability through strong regulations are key in keeping the economy on track. Finance Minister Mrs Kemi Adeosun and CBN Governor Godwin Emefiele used the 2017 International Monetary Fund (IMF)/World Bank Annual Meetings in Washington D.C to take the message of tax reforms and banking sector stability to the global market. SIMEON EBULU and COLLINS NWEZE, just back from the meeting, report.
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Agip spends $5.4b on Nigerian content

2017-10-18
The Nigerian Agip Oil Company (NAOC) has spent $5.4 billion to grow and develop Nigerian content.
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World Bank okays $150m for mining sector

2017-10-18
The Federal Government has secured $150million (about N43.2billion) loan from the World Bank for the Mindiver Project, the Minister for Mines and Steel Development, Kayode Fayemi, has said
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Emirates to improve Nigeria/China trade relations through route expansion

2017-10-18
Emirates says it is expanding its routes to Guangzhou, among other destinations in China, with its flagship A380 aircraft to boost trade between the country and others including Nigeria.
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China pledges more investments in Nigeria, others

2017-10-18
China has pledged increased investments in Nigeria and other nations of the world by its citizens and private business concerns as it vows to open up more to the outside world.
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Petrol price drops by 1.2% YoY in September —NBS

2017-10-18
NATIONAL Bureau of Statistics, NBS, has disclosed that the average price paid by customers for premium motor spirit, PMS, otherwise known as Petrol, in September 2017 declined by 1.2 per cent year-on-year, YoY, to N144.5.
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Oil price rises towards $59

2017-10-18
Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies.
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Nigerian regulator suspends Oando shares, orders audit

2017-10-18
Nigeria’s Securities and Exchange Commission (SEC) said on Wednesday it had ordered the suspension of Oando shares, citing concerns about possible insider trading and the oil company’s shareholding structure.
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IST to priotise investors’ interests

2017-10-17
The Chairman of Investment and Securities Tribunal, Mr. Isaiah Idoko-Akoh, has assured investors and other stakeholders in the nation’s securities market of speedy resolutions of disputes and giving priority investors’ interests.
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CBN maintains market liquidity with $195m

2017-10-17
The Central Bank of Nigeria (CBN), on Monday October 16, 2017 continued to maintain liquidity in the Forex market by injecting $195 million in the the Nigerian inter-bank foreign exchange market.
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Investing in Environment Sector Will Increase Sources of Income in Nigeria, Says Jibril

2017-10-17
The Minister of State for Environment, Ibrahim Usman Jibril has said that the Nigeria’s economy would improve considerably if the government invests in the nation’s environment sector.
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Naira down to 360.75/$ at NAFEX

2017-10-17
The Naira, yesterday, depreciated to N360.52 per dollar in the Investors and Exporters (I&E) Foreign Exchange, forex Window. Data from the Financial Market Dealers Quote, FMDQ, showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX, dropped to N 360.75 per dollar, yesterday, from Friday’s rate which stood at N360.21 per dollar. This indicates a 54 kobo depreciation of the Naira.
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Nigeria's FX buffer rises to almost 3-year high $33.1 bln on Oct 12 -cenbank data

2017-10-17
Nigeria’s foreign exchange reserves rose to the highest in almost three years as of Oct. 12, hitting $33.11 billion, central bank data showed on Tuesday.
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Nigerian Bank Eurobonds a Step to Easing FC Maturity Gaps

2017-10-17
The return of Nigerian banks to the international bond markets marks a small step towards reducing maturity mismatches between foreign-currency (FC) assets and liabilities, Fitch Ratings says.
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Nigerian Inflation Sticky in September as Food Costs Rise

2017-10-17
Nigerian inflation was little changed in September as food prices continued to rise, limiting scope for the central bank to ease policy before the end of the year.
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Digital finance to boost GDP by $3.7tr

2017-10-17
BROADENING access to digital finance tools could increase Nigeria’s and other developing countries’ gross domestic product (GDP) by an estimated $3.7 trillion, a market leader in the e-payment industry, Global Accelerex, has said.
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600 investors to attend Nigeria’s Mining Week

2017-10-16
Mrs Elodie Delagneau , Event Manager, IPAD Nigeria Mining and Quarrying Forum, says no fewer than 600 mining investors are expected to attend the second Nigeria Mining Week beginning from Tuesday in Abuja.
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World Bank: We Have over $8.5bn Investments Scattered Across Nigeria

2017-10-16
World Bank Group said it has an investment portfolio of about $8.5 billion scattered across states and regions in Nigeria.
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Mobilise Resources Aggressively to Enhance Weak Revenue, IMF Tells Nigeria

2017-10-16
The International Monetary Fund has advised the Nigerian government to vigorously pursue strategies that would strengthen its weak revenue base in order to develop critical infrastructure needed for the growth of the country’s economy. The Director of IMF’s African Department, Mr. Abebe Selassie, said this while responding to questions at a media briefing on the sidelines of the IMF-World Bank Annual Meetings in Washington DC. Selassie applauded the government’s effort to increase tax revenue and urged it to continue to the current tax reforms so as to raise the country’s non-oil revenue.
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Nigeria, S/Africa to lift sub-Saharan Africa growth next year

2017-10-16
Nigeria and South Africa are expected to lift sub-Saharan regional growth next year, a Reuters poll showed, once their central banks cut rates to boost Africa’s largest - but sickly - economies.
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Oil price jumps to $57.8

2017-10-16
Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq.
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CBN Pumps $306 Million into Forex Market

2017-10-16
Players in the retail segment of the Nigerian interbank foreign exchange (forex) market received a $306.3 million boost from the Central Bank of Nigeria (CBN) on Friday, following bids received from forex dealers by the Bank.
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We source 75% of raw materials locally – Guinness MD

2017-10-16
The Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Peter Ndegwa, spoke to STANLEY OPARA on the growth of the company amid the current economic realities in Nigeria
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Red Star plans new capital raising

2017-10-16
Red Star Express Plc has planned to raise new capital as the logistics and courier company moves to diversify its operations.
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ALGON, 16 foreign partners to create 5.9m jobs from new agriculture scheme

2017-10-16
As part of steps to boost agriculture in the country, the Association of Local Government of Nigeria(ALGON) and 16 foreign partners and institutes are expected to float a new scheme which will create 5,959, 800 jobs nationwide.
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Nigeria trails Ghana, others in LPG consumption

2017-10-16
Nigeria is trailing Ghana, Benin Republic and Côte d’Ivoire in Liquefied Petroleum Gas (LPG) per capita income because it produces lower metric tons per annum (mtpn) of LPG, an expert has said.
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Equities’ return rises to 37.1% amidst rally

2017-10-16
Investors in Nigerian equities have earned more than one-third of the value of their portfolios in capital gain this year as increased demand for quoted shares drove the average year-to-date return for Nigerian equities to 37.11 per cent at the weekend.
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IMF sees improved forex market in Nigeria as reserves hit $33 billion

2017-10-16
The nation’s foreign exchange market may have scored a positive outlook, at least in the near term, as the International Monetary Fund (IMF), admitted that there is appreciable progress being recorded.
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NNPC: Western Europe, Asian Countries Major Destinations for Nigeria’s Oil

2017-10-16
Demands for Nigeria’s crude oil blends have remained quite high from countries in Western Europe and Asia, a report of the Nigerian National Petroleum Corporation (NNPC) has disclosed.
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Pension fund assets rise by N862bn

2017-10-13
The latest report on the Nigerian pension fund administration, which was released on Thursday by the National Bureau of Statistics and the National Pension Commission, indicated that the country’s pension fund assets increased by N862bn to N6.164tn as of December 31, 2016.
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PZ Cussons shareholders approve N1.9bn dividend

2017-10-13
Shareholders of PZ Cussons Nigeria PLC have unanimously approved a dividend payout of N1.985 billion at a rate of 50 kobo per share yesterday.
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Nigeria, EU, others consolidate progress on trade facilitation

2017-10-13
Nigeria, Brazil, China, the European Union (EU) and other leading economic powers announced that they have made tremendous progress on investment facilitation initiative for development.
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$25b contracts: PENGASSAN vows to resist interference in NNPC administration

2017-10-13
Oil workers, under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have vowed to resist any attempt by officials not designated for the administration of the Nigerian National Petroleum Corporation (NNPC) to meddle in the affairs of the association.
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Naira appreciates to 360. 52/$ in NAFEX

2017-10-13
The naira, yesterday, appreciated to N360.52 per dollar in the Investors and Exporters (I&E) Foreign Exchange, forex, Window.
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Interbank lending rate drops to 20% amid cash squeeze

2017-10-13
The nation’s overnight lending rate dropped to 20 per cent on Thursday on expectation that a cash squeeze will ease after money market rates more than doubled previous session.
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Crude Oil Exploration: NNPC Reinvigorates Action In 7 Inland Basins

2017-10-13
The Nigerian National Petroleum Corporation (NNPC), said it will reinvigorate exploratory activities in the seven hydrocarbon basins in the country as part of efforts to shore up the nation’s reserve base.
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Competition, Transport Sector Bills Will Generate N58trn – NESG

2017-10-13
Nigeria will be able to generate at least N58.341 trillion within five years alone if the Competition/Consumer Protection Bill and Transport Sector Reform Bills before President Muhammadu Buhari and the National Assembly are harmonised and passed into law, the Nigerian Economic Summit (NES) has said.
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Nigerian Bank Just Sold Most Expensive Emerging-Market Bond

2017-10-12
Nigeria’s Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher U.S. interest rates push up borrowing costs.
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NB, Stanbic IBTC, others drag market capitalisation by N43b

2017-10-12
Price losses suffered by major highly capitalised stocks on the floor of the Nigerian Stock Exchange (NSE), especially Nigerian Breweries (NB) and Stanbic IBTC, yesterday dragged market capitalisation further by N43 billion.
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OPEC oil output rises by 88,000 bpd in September

2017-10-12
The Organisation of Petroleum Exporting Countries, OPEC, crude oil output has risen from 32, 659 million barrel per day (bpd) to 32.748 million (bpd), showing an increase of 88,000 bpd or 0.3 percent in September 2017.
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NPDC partners Accrete Petroleum to grow oil reserves

2017-10-12
The Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation, has said its relationship with Accrete Petroleum will help in achieving its goal of increasing oil production and reserves.
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Nigerian naira seen steady, Kenya's shilling to weaken on politics

2017-10-12
Nigeria’s naira, along with the Tanzanian and Ugandan shillings are seen holding steady against the dollar next week, while Kenya’s currency is set to weaken, weighed down by uncertainty over a repeat presidential election.
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IMF Warns of Heightened Risks as Nigeria Seeks to Increase Foreign Debt

2017-10-12
As the federal government continues to fine-tune plans to raise additional foreign debt from the international capital market (ICM) and multilateral donor agencies, the International Monetary Fund (IMF) has warned Nigeria and other low income countries that greater reliance on foreign borrowing may at some point expose their economies to vulnerability, if the funds are not put to good use.
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Nigerian economy to achieve moderate growth in 2018 – World Bank

2017-10-11
A new World Bank report said on Wednesday that the Nigerian economy was projected to grow at a modest one per cent in 2018, against Sub-Saharan Africa’s estimate of 3.2 per cent in 2018 and 3.5 per cent in 2019.
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IMF: Nigerian Economy to Grow by 1.9% in 2018 But Subdued by Population Growth

2017-10-11
The International Monetary Fund (IMF) has projected that the Nigerian economy will expand by 1.9 per cent in 2018, but would remain subdued due to population growth, cautioning that the country’s projected growth was still lower than its population growth rate of 2.7 per cent.
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Inflation to remain high in Nigeria next year – IMF

2017-10-11
The International Monetary Fund has said it expects inflation in Nigeria and Angola to remain elevated at two-digit levels next year.
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$18bn Dangote refinery will boost Nigeria’s foreign investment- IPMAN

2017-10-11
The Independent Petroleum Marketers Association of Nigeria (IPMAN), western zone, on Wednesday says that the 18 billion dollars Dangote refinery will boost the country’s foreign investment when it finally comes on stream.
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We’re using recovered looted funds to finance 2017 budget – Buhari

2017-10-11
The Federal Government is using part of the funds recovered from those who looted the treasury to finance the 2017 budget, President Muhammadu Buhari has said.
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Nigeria's Buhari asks lawmakers to approve $5.5 bln in foreign loans

2017-10-10
Nigeria’s President Muhammadu Buhari has sought approval from lawmakers in the upper chamber of parliament for $5.5 billion of foreign borrowing, according to a letter read in the Senate on Tuesday.
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Foreign Investors Identify Consumer Goods, Financial Services as Attractive Investment Sectors

2017-10-10
The Nigerian economy is seemingly on the upturn and remains an attractive destination for foreign investors, seeking sustainable growth opportunities within the continent, according to findings by KPMG.
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CBN forex supply hits $390m in one week

2017-10-10
The Central Bank of Nigeria injected a total of $195m into the interbank foreign exchange market on Monday, with the naira remaining unchanged at 363 against the United States dollar.
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Global oil demand increases by 2mb/d – Barkindo

2017-10-10
An estimated increase of global oil demand growth of close to 2 million barrels a day has been recorded from the first to the second half of this yearm the Secretary General of the Organisation of Petroleum Exporting Countries, (OPEC) Mohammed Sanusi Barkindo has said.
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Equities’ investors seek review of penalties on listed firms

2017-10-10
Shareholders in the nation’s capital market have stressed the need for regulatory authorities to review penalties imposed on quoted companies to attract new listing into the market.
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Flour Mills Renews Plans to Raise Capital, Targets N70bn

2017-10-10
Flour Mills of Nigeria (FMN) Plc on Tuesday said it would commence process of raising additional capital through Rights Issue and Medium Term Notes(MTN).
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Nigeria's Vice President Says Investor Interest ‘Remains Strong’

2017-10-09
Investment flowing into Nigeria “remains strong” as the economy of the West African nation recovers from its worst slump in 25 years, Vice President Yemi Osinbajo said.
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EU Restates Commitment to Improving Trade with Nigeria

2017-10-09
The new European Union Ambassador to Nigeria and ECOWAS, Mr. Ketil Karlsen, has stated that the mutual trade partnership between Nigeria and the EU would be sustained for the benefit of both countries.
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Afreximbank’s DRs start bullish on Mauritius Stock Exchange

2017-10-09
Following the successful close of the private placement with subscription far in excess of the $100 million minimum, Depositary Receipts (DRs) of the African Export-Import Bank (Afreximbank) have started trading on the Stock Exchange of Mauritius (SEM), with the Bank topping the list of issuers in terms of capital raised prior to a listing.
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Q4’17: Equities outlook appear hazy, but with a strong start

2017-10-09
All through last month the Nigerian equities market has been trading on sideways since bargain hunting and profit takings seized investors sentiment after a long period of bullish run. The feelings in the market is that of speculative positioning to year end.
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Dangote Cement declines bid on SA firm

2017-10-09
Dangote Cement Plc, Nigeria’s most capitalised quoted company and Africa’s largest cement producer, at the weekend stepped down from its much-publicised bid to acquire the share capital of PPC Limited-a South African leading cement firm.
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Nigerian stocks climb to six-week high

2017-10-09
Nigerian stocks climbed 1.3 percent on Monday to hit a six-week high after its biggest listed firm Dangote Cement and some consumer goods companies gained.
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NNPC subsidiary declares N15.8 billion profit after tax in 2016

2017-10-08
The Nigerian National Petroleum Corporation, NNPC, says Nigerian Gas Processing and Transportation Company Ltd., NGPTC, one of its subsidiary companies, has declared a profit after tax of N15.81 billion in 2016.
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Naira closes at 363/dollar

2017-10-05
The naira recorded a marginal gain on Wednesday, closing at 363 per United States dollar.
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Oil revenue grew by 42.7% in July — NBS

2017-10-05
THE nation’s gross oil revenue in July increased by 42.7 percent to N362.42 billion against N254.02 billion recorded in June this year, the National Bureau of Statistics, NBS, said.
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CBN Sustains Forex Intervention with $195m

2017-10-04
In continuation of its effort to sustain foreign exchange (forex) liquidity in the country, the Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank forex market to the tune of $195 million.
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S&P Revises Ecobank Nigeria’s Outlook to ‘Stable’

2017-10-04
Standard & Poor’s (S&P) has revised its outlook on Ecobank Nigeria Limited to ‘stable,’ from ‘negative’ and affirmed the bank’s ‘B/B’ long and short-term counterparty credit ratings.
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Guinness Nigeria's $126 mln share sale oversubscribed

2017-10-04
Guinness Nigeria’s 39.70 billion naira ($126 mln) share sale to existing shareholders was 116 percent subscribed, the company said on Wednesday.
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Nigeria's 2017 capex to hit 440.9 bln naira next week, finance minister says

2017-10-03
Nigeria plans to release 100 billion naira for capital projects, taking its total spending in the 2017 budget for infrastructure to 440.9 billion naira ($1.44 bln) by next week, its finance minister said on Tuesday.
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Banks cut lending, opt for investment in securities

2017-10-03
The loan books of Deposit Money Banks are shrinking by the day as lenders step up investments in securities and money market assets at the expense of lending.
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FG Set to Release Second Tranche of Capital Budget

2017-10-03
Barring any unforeseen circumstances, the Ministry of Finance will soon release the second tranche of the N2.1 trillion capital expenditure for the 2017 budget, THISDAY has learnt.
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OPEC Oil Output Climbed in September as Libya, Nigeria Recover

2017-10-02
OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production.
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Banks in fresh trouble over TSA

2017-10-02
There are indications that some Deposit Money Banks (DMB) may likely face new sanctions and fines by the financial regulator, the Central Bank of Nigeria (CBN) over improper remittances of revenues they collected on behalf of the federal government to the Treasury Single Account (TSA).
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CBN puts foreign reserves position at $32.16b

2017-10-02
The foreign exchange reserves were up 1.52 percent from a month earlier to $32.16 billion by September 22, latest Central Bank of Nigeria (CBN) data showed on Friday.
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Naira rebounds, closes at 365/dollar

2017-10-02
The naira closed at 365 per United States dollar on Friday, up from 367/dollar as dollar supply continued to improve.
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Nigeria’s Manufacturing Index Sustains Upswing in September

2017-09-29
Nigeria’s Manufacturing Purchasing Managers’ Index (PMI) stood at 55.3 index points in September 2017, indicating expansion in the manufacturing sector for the sixth consecutive month.
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FAAC allocation increased by N169.9bn in August

2017-09-29
The Federation Account Allocation Committee on Thursday shared the sum of N637.7bn among the three tiers of government.
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$400m convertible bond issue: ETI appoints transaction advisers

2017-09-29
Ecobank Transnational Incorporated has announced its proposed convertible bond issue of up to US$400 million.
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FG ready to negotiate offers for its 40% power sector stake – Fashola

2017-09-29
Minister of Power, Works and Housing, Mr. Babatunde Fashola, said, yesterday, the Federal Government was ready to negotiate offers for its 40 percent stake in the power sector.
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Nigeria's crude account held $2.31 billion as of Sept 22

2017-09-28
Nigeria’s excess crude account stood at $2.310 billion as of Sept. 22, the finance minister said on Thursday, slightly lower than a year earlier despite a recovery in production.
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Nigeria’s crude oil over-subscribed, says NNPC

2017-09-28
The Nigerian National Petroleum Corporation has said the demand for the nation’s crude oil outstrips the current supply.
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NNPC to lift force majeure on Bonny Light in October

2017-09-28
NIGERIAN National Pe-troleum Corporation, NNPC, plans to lift the force majeure on Nigeria’s Bonny Light crude next month.
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Nigeria now second world’s leading producer of Sorghum

2017-09-28
NIGERIA’s agri-business in the sorghum cultivation is now amongst world’s leading position at number two after the United States of America, USA, which is the number one world’s leading producer.
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Exit from recession still fragile, says CBN

2017-09-27
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday said the 0.55 per cent Gross Domestic Product growth rate, which took the economy out of recession, was still fragile.
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Emefiele Defends Quantitative Easing, Says CBN is Not Overfunding Govt

2017-09-27
The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has defended the Bank’s funding of the federal government through quantitative easing (QE), stating that there was no substance in the claim that the central bank was overfunding the government, on the one hand, and mopping up liquidity through special auctions, on the other.
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Naira further appreciates to 359.89/$ in NAFEX

2017-09-27
The naira, yesterday, appreciated further to N359.89 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
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$9bn Has Been Used by FG to Defend Naira, Says Senate

2017-09-27
The Senate on Tuesday said the sum of $9 billion had been spent by the federal government to defend the naira. It expressed worry that only 10 per cent of the N7.4 trillion 2017 budget has so far been implemented barely three months to the end of the year.
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NCC: telecoms sector investments hit $70b

2017-09-27
The Nigerian Communications Commission (NCC) yesterday said total investments attracted by the telecoms sector to the country have reached $70billion.
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Lafarge Africa lays out terms of proposed rights issue

2017-09-27
Board of directors have approved the terms of rights issue, will raise 131.65 billion naira by way of rights issue at 42.50 naira per share by issuing 5 new shares for every 9 shares held by investors. Rights price represents about 17.44 percent discount on Lafarge Africa’s closing price at sept 22
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Nigeria almost doubles bond size as funds grab high returns -traders

2017-09-27
Nigeria raised 243.7 billion naira at a bond auction on Wednesday, almost double the amount it had initially sought, as local funds and foreign investors piled into longer-term debt to lock in higher returns, traders said.
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Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End

2017-09-27
Nigeria plans to sell as much as $5.5 billion of Eurobonds in the next three months to fund capital projects and replace local-currency debt, according to the Debt Management Office. Yields on existing bonds rose.
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Nigeria asks Senate to amend law for govt to settle 2.7 trillion naira debt

2017-09-26
Nigeria’s government has asked parliament to amend its spending law to enable a debt program to settle 2.7 trillion naira ($8.6 bln) worth of obligations including pensions and salary arrears, according to a letter from Vice President Yemi Osinbajo.
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Stubborn Inflation Sees Nigeria Keeping Rate at Record High

2017-09-26
Nigeria’s central bank left its key interest rate at a record high to fight inflation and buttress its currency even as the economy recovers from the biggest slump in 25 years.
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Seven Energy finalizes Calabar gas sales agreement to boost power supply

2017-09-26
SEVEN Energy International Limited, the leading integrated gas company in south east Nigeria, with upstream oil and gas interests in the region, and its wholly-owned subsidiaries, Seven Energy Finance Limited and Accugas Limited, has announced that all the conditions precedent to the long term Gas Sales Agreement for the supply of gas by Accugas Limited to the Calabar Nigerian Integrated Power Project (the “Calabar GSA”) have been satisfied.
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FG Open to Divestment of 40% Shares in Discos, Says Fashola

2017-09-26
The Minister of Power, Works and Housing, Mr. Babatunde Fashola, Monday stated that the federal government would be open to welcome new and tangible offers that would lead to it divesting its 40 per cent shares in the 11 electricity distribution companies (Disco) in the country.
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PIB passage to be completed before 2018 – Saraki

2017-09-26
The President of the Senate, Dr. Bukola Saraki, has said the upper chamber of the National Assembly is working to ensure the completion of the passage of the Petroleum Industry Bill in the fourth quarter of this year.
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Nigeria’s External Reserves Rise To 31-month High At $32bn

2017-09-26
The Central Bank of Nigeria (CBN) hinted yesterday that the nation’s external reserves have risen to a 31-month high of $32 billion as at September 22, 2017.
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Investing in Palm Oil for Export

2017-09-26
According to Africa Investment Index, Nigeria is the 19th most attractive economy for investments flowing into the African continent. The Africa Investment Index 2016 report showed that Nigeria attracted a net Foreign Direct Investment of $3.1billion in 2015. Botswana was ranked the most attractive economy for investments flowing into the African continent followed by Morocco, Egypt, South Africa and Zambia.
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Oil price hits 26-month high, nears $59

2017-09-26
The global oil benchmark, Brent crude, extended its gains on Monday, rising to its highest level in more than two years.
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Naira records marginal gain, closes at 366/dollar

2017-09-26
The naira rebounded on Monday and closed at 366 per United States dollar.
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NPDC to raise crude output to 500,000bpd by 2020

2017-09-26
The Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation, has said that it will grow its equity production from the current 180,000 barrels per day to 500,000 bpd by 2020.
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EU-Nigeria trade hit €19.9 billion in 2016

2017-09-26
Counsellor and Head of Trade and Economics of the European Union Delegation to Nigeria and the Economic Community of West African States (ECOWAS), Fillippo Amato, has said trade between Nigeria and European Union (EU) member states stood at 19.9 billion Euros in 2016.
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FOREX: CBN sells $195m ahead of MPC decisions

2017-09-26
The Central Bank of Nigeria (CBN), yesterday, boosted the FOREX market by offering a total of $195m in three segments of the market.
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2017 Budget: FG Keeps Mum on Capital Releases

2017-09-26
There are indications that the federal government may be having difficulties funding the capital component of the N7.44 trillion 2017 Budget as none of the ministries, departments and agencies (MDAs) could confirm to THISDAY as at Monday, the release of any capital vote to them, three months after the appropriation bill was assented to by Vice-President Yemi Osinbajo, who was then acting president. The budget with a capital vote of N2.36 trillion, which was passed by the National Assembly on May 9, 2017, was assented to by Osinbajo on June 12, 2017.
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Ogunbanjo emerges NSE President, replaces Aig-Imoukhuede

2017-09-25
The Nigerian Stock Exchange (NSE) on Monday announced the emergence of Abimbola Ogunbanjo as the new President of National Council of the Exchange.
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Record-High Nigeria Rate Seen Held to Curb Inflation, Back Naira

2017-09-25
Now that Nigeria’s economy is recovering from its worst slump in 25 years, the central bank can turn its focus to fighting inflation again -- and shoring up its currency.
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Merger: World’s largest brewer to increase Nigerian equity stake to 75.1%

2017-09-25
The world’s largest brewer Anheuser-Busch InBev will increase its majority equity stake in its Nigerian main business, International Breweries Plc, to 75.1 per cent. This will happen after ongoing consolidation of its businesses in the country into a single entity.
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FX Window Records $1.323bn Transactions in One Week on Soaring Investor Confidence

2017-09-25
In a pointer to increasing confidence in Nigeria’s financial market, foreign exchange trading at the Investors’ and Exporters’ (I &E) window notched a major milestone when total market turnover rose to $1.323 billion in just one week, trading results from the FMDQ OTC Securities Exchange showed at the weekend.
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Nigeria records rise in non-oil export

2017-09-25
Nigeria has recorded a significant rise in its non-oil export, with agricultural goods increasing the country’s foreign exchange earnings.
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CBN, SEC Impose N214m Fine On 5 Banks Over Market Infractions

2017-09-25
The apex financial sector regulating bodies in Nigeria, Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) have sanctioned five commercial banks N213.7 million between January and June 2017 over 26 market infractions.
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Nigeria-EU Trade Hits €20 Billion

2017-09-25
Trade Counselor and Head of Trade and Economic section of the European Union (EU) Delegation to Nigeria & ECOWAS, Filippo Amato, has put the total value of trade between Nigeria and the EU in 2016 at €19.9 billion in 2016.
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With Force Majeure on Nembe Oil Line, Nigeria Risks Revenue, Production Cuts

2017-09-24
The volume of crude oil produced and sold daily by Nigeria could take a fresh cut from the shutdown of a critical oil line in the Niger Delta region – the Nembe Creek Trunk Line (NCTL) for emergency repairs.
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Pressure on Nigeria as the world turns away from oil

2017-09-24
It may assault sensibilities of some people to insinuate that Nigerians will have to drink their oceans of ?oil, as it may be unscientific to suggest that the resource will dry up soon. But the alarm bells are ringing loudly as the world increasingly turns away from oil.
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Firms complain of naira shortage to buy dollars

2017-09-22
A Central Bank of Nigeria requirement that companies back forward dollar purchases with naira is drying up supplies of the local currency.
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Naira to take cue from MPC decision next Tuesday

2017-09-22
The naira is expected to trade little change against the United States dollar next week as investors await the Central Bank of Nigeria’s Monetary Policy Committee decision on interest rate on Tuesday.
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Naira depreciates further to N360.33/$ in NAFEX

2017-09-22
The naira, yesterday, depreciated further to N360.33 per dollar in the Investors and Exports (I&E) Foreign Exchange, forex Window. Data from the Financial Market Dealers Quote, FMDQ showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX declined to N360.33 per dollar, yesterday, from N360.25 per dollar on Wednesday. Hence the naira has depreciated marginally by 8 kobo per dollar.
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Poor World Bank ranking on Nigeria discouraging investments

2017-09-22
s part of contributions to reduce the many challenges facing the realestate financing in the country, the Central Bank of Nigeria [CBN] has said the poor ranking by the world Bank in 2016 has continued to discourage both local and foreign investment Inflows into the mortgage financing sector of the nation’s economy..
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Oil prices rise toward $57 ahead of OPEC meeting

2017-09-21
Oil prices were largely up on Thursday, as traders waited to see whether oil- producing countries set to meet in Vienna would extend production limits to reduce the global crude glut.
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Foreign investors drive treasury bills subscription in excess of N418bn

2017-09-21
CENTRAL Bank of Nigeria, CBN, yesterday, raised N215.9 billion from an auction of the Nigerian Treasury Bills, which was N75 billion more than the N140.9 billion it originally planned to raise. The total subscription at the auction stood at N559 billion, which was about, N418.1 billion or 296.7 percent in excess.
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Nigeria sells more treasuries as moves to support naira

2017-09-21
Nigeria’s central bank sold 207 billion naira in treasuries on Thursday to mop up liquidity, a day after it raised more money than planned via a debt auction as it moved to keep borrowing costs high to support the currency, traders said.
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At $56 Per Barrel, Crude Oil Set for Highest Gain Since 2004

2017-09-21
Crude oil headed for its largest third-quarter gain in 13 years as prices rose wednesday after the Iraqi oil minister said the Organisation of Petroleum Exporting Countries (OPEC) and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut.
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Four Nigerian banks trade below minimum liquidity ratio

2017-09-21
Four Nigerian banks are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement, two members of the central bank monetary policy committee said in statements on the bank’s website.
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Low oil price will help Nigeria, others – Dangote

2017-09-21
The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has said low oil prices will help Nigeria to reduce its reliance on crude oil revenues.
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Equities rebound, indices up by N124 billion

2017-09-21
Equity transactions rebounded after a two-day losing streak yesterday, following heavy price gains recorded by major highly capitalised stocks especially Total and Dangote Cement, as indices soared by N124billion
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EU-Nigeria trade hits 19.9 billion Euros

2017-09-21
Multilateral trade between Nigeria and European Union (EU) member states stood at 19.9 billion Euros in 2016, Fillippo Amato, the Union’s Head of Trade and Economic Sector, said yesterday.
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CBN raises N216bn in oversubscribed Treasury bills

2017-09-21
The Central Bank of Nigeria (CBN) on Wednesday raised N215.88 billion at the treasury bill auction, N75 billion more than originally planned, after it received subscriptions for almost four times the amount of debt initially on offer, traders said.
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Nigeria to save $14m with local production of road paints

2017-09-21
Nigeria will save over $14 million per annum on foreign exchange patronising locally made road marking paint currently produced by one of the indigenous manufacturing companies.
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Nigeria FX market in doldrums as funds offer dollars at premium -traders

2017-09-20
Offshore funds in Nigeria offered on Wednesday to sell the dollar at close to its black market rate, traders said, worsening a liquidity lull on the foreign exchange market.
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Insider abuse: CBN probing bank directors, says Emefiele

2017-09-20
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said the regulator was currently looking at some cases of insider abuse by members of the board of directors of commercial banks and other financial institutions in the country.
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Unity Bank Disburses over N24 billion to Farmers

2017-09-20
In its bid to promote agribusiness, Unity Bank has effectively keyed into various intervention funds by the federal government and Central Bank of Nigeria (CBN) to boost Agriculture thus emerging as one of the leading players in the industry driving the intervention schemes to the tune of N24 billion.
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Nigeria’s foreign debts hit $15.05bn in June – NBS

2017-09-20
The National Bureau of Statistics, NBS, yesterday, said Nigeria’s foreign debt stood at $15.05 billion, while the domestic debt portfolio was put at N14.06 trillion in June this year.
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Naira appreciates to N360.22/ $ in NAFEX

2017-09-20
The naira, yesterday, depreciated to N360. 22 per dollar in the Investors and Exports (I&E) Foreign Exchange, forex Window.
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FG Promises to Restore Investor Confidence in Capital Market

2017-09-20
The federal government has promised to restore investor confidence in the capital market by repositioning the Investment and Securities Tribunal for effectiveness and efficiency in handling the rising incidence of cases in the market.
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Nigeria's Forte Oil puts 20 bln naira share sale on hold

2017-09-20
Forte Oil has put a planned 20 billion naira ($64 million) share sale on hold, after it received regulatory approval for the offer, due to restructuring, it said on Wednesday.
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Oil prices move close to $56

2017-09-19
Oil prices moved close to $56 yesterday, remaining near multi-month highs reached late last week.
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Naira drops to 369, market anticipates dollar supply

2017-09-19
The naira has weakened further to 369 per United States dollar on the back of waning supply of the greenback in the foreign exchange market.
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NFIU: FATF Threatens to Suspend Its Mission to Nigeria

2017-09-19
The Financial Action Task Force (FATF) has threatened to suspend its high-level mission visit to Nigeria scheduled for November 20-21 2017 should the country fail to meet the demands of the Egmont Group of Financial Intelligence Units (FIUs).
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Union Bank to open N50bn rights issue on Wednesday

2017-09-19
Union Bank Plc says the subscription for its N50bn rights issue will commence on Wednesday, September 20 and close on October 30, 2017.
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CBN Gives Banks Four-week Ultimatum to Open FX Teller Points

2017-09-19
Piqued by the failure of the banks to comply with an earlier directive asking them to open teller points for retail foreign exchange (FX) transactions at various locations, the Central Bank of Nigeria (CBN) has issued a four-week deadline for them to comply or face stiff sanctions.
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Kachikwu: $100 Oil Impossible in 2018

2017-09-19
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said it would not be possible for the price of crude oil to rise to $100 per barrel in 2018 as the current market conditions did not support such expectations.
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Oil: Egina to add 200,000bpd to Nigerian production

2017-09-19
Deputy Managing Director of Total, a principal partner of the Egina Project, Mr. Ahmadu Musa-Kida, said when completed by Q4 2018, the Egina Project would produce additional 200,000bpd to Nigeria’s daily crude oil production.
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Nigeria Central Bank's Acting as Piggy Bank, MPC Member Says

2017-09-19
Nigeria’s central bank is acting like a “piggy bank” with its funding of the government, according to a member of the Monetary Policy Committee who said he struggles to understand the regulator’s economic rationale.
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ICRC: $100bn Required for Nigeria’s Infrastructure Development

2017-09-18
The acting Director General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwa, has put the total amount of funds required to provide quality infrastructure in Nigeria over the next six years at about $100 billion.
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ICRC: $100bn Required for Nigeria’s Infrastructure Development

2017-09-18
Enumerating the things required to be done to attract private investment into the country, the Chief Executive Officer, Rand Merchant Bank Nigeria, Michael Larbie, who also spoke at the two-day conference with the theme: ‘Nigeria’s Infrastructure: Issues, Challenges and Options,’ said: “Clearer legal and regulatory framework, improved and efficient competitive bidding procedures, consistent sector policies, (e.g.tariffs regimes, rule of engagement), strengthened management of fiscal obligations and supportive regulatory environment are key.
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BRIEF-S&P says Federal Republic of Nigeria ratings affirmed at 'B/B' outlook stable

2017-09-18
Nigeria’s stable outlook signals assessment that oil sector improvements will support higher economic growth, fiscal revenues, among other things
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Exchange rate, NPLs top agenda as MPC meets today

2017-09-18
eakening exchange rate, rising non-performing loans in the banking industry and other key economic issues are expected to top the agenda as the Monetary Policy Committee of the Central Bank of Nigeria begins its two-day meeting today (Monday).
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FG Sets Bid Round Guidelines for Award of 46 Marginal Oil Fields

2017-09-18
The federal government through the Department of Petroleum Resources (DPR) has set the guidelines for the marginal oil field bid round scheduled to take place later this year or early 2018 and could potentially see scores of investors jostling to acquire 46 oil acreages during the exercise.
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N’Assembly will get 2018 budget next month – Enang

2017-09-18
The 2018 Appropriation Bill will be submitted to the National Assembly in October, the Special Adviser to President Muhammadu Buhari on National Assembly Matters (Senate), Ita Enang, has said.
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Liquidity squeeze threatens settlement at equities market

2017-09-18
The inability of investment firms and stockbrokers to access amenable funds is threatening efficient settlement at the Nigerian equities market.
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At $33bn, External Reserves Hit 31-month High, Oil Rebounds to Five-month High

2017-09-15
Nigeria’s foreign exchange reserves have risen to a 31-month high of $33 billion, the Central Bank of Nigeria (CBN) disclosed Thursday.
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China, India Best Bets for Green Investors, Morgan Stanley Says

2017-09-15
Emerging markets including China and India could be the best bets for investors hoping to fight climate change and boost returns, according to a report.
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Era of depending on FG for finance over —Sanusi

2017-09-15
The Emir of Kano, Malam Muhammad Sanusi II, yesterday, in Kano declared that the era of financial dependency on the Federal Government by states was over.
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FG begins sale of N100bn debut sovereign sukuk

2017-09-15
The Federal Government has started the sale of a N100bn ($326m) debut sovereign sukuk on the local market to fund road infrastructure, the Debt Management Office has said.
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Nigeria’s oil production exceeds OPEC’s 1.8mbpd restriction target

2017-09-15
Crude oil production freeze is now imminent for Nigeria, as the country’s oil production increased by 138,300 barrels per day (bpd) from the 1.723 million (bpd in July to 1.861million bpd, according to the latest report from the Organisation of the Petroleum Exporting Countries (OPEC).
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Naira depreciates against dollar

2017-09-15
The Nigerian currency, naira, lost N2 to the dollar at the parallel market on Thursday, the News Agency of Nigeria (NAN) reports.
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Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

2017-09-14
Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019.
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Dangote Cement Confirms Bid for PPC of South Africa

2017-09-14
Dangote Cement Plc, which is the mostcapitalised company listed on the Nigerian Stock Exchange (NSE), wednesday confirmed that it plans to acquire the entire share capital of PPC Limited-South Africa’s leading cement firm.
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Nigeria Records N2.4tn Crude Oil Exports, Total Trade Hits N5.7tn in Q2

2017-09-14
Nigeria recorded a total of N2.43 trillion crude oil exports in the second quarter (Q2) of 2017 as total trade hit N5.69 trillion.
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UPDATE 1-Nigeria unlikely to join OPEC cuts before March -oil minister

2017-09-14
Nigeria is very unlikely to join OPEC’s cuts in oil production before March, its oil minister said on Wednesday.
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CBN to tame inflation, cut interest rate - Emefiele

2017-09-14
The Central Bank of Nigeria (CBN) will continue to explore further avenues to ensure that interest rates are supportive of domestic production needs.
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Naira depreciates to N360.2/$ in NAFEX

2017-09-14
The naira, yesterday, depreciated further to N360.2 per dollar in the Investors and Exporters (I&E) window.
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FG offers tax holidays, duty waivers to mining investors

2017-09-07
The Federal Government has offered tax holidays and duty waivers on imported mining equipment to foreign investors in the nation’s mining industry.
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After recession, focus on non-oil sector, Utomi, others advise FG

2017-09-07
A professor of Political Economics, Pat Utomi, has advised the Federal Government to come up with specific and deliberate policies that will enhance the growth of the non-oil sector in order to enable the country to sustain its exit from recession.
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Budget: FG targets N100bn from Islamic bond, sukuk

2017-09-07
The Federal Government will today (Thursday) commence activities preparatory to the issuance of N100bn non-interest bearing Islamic bond, better known as sukuk.
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Nigeria’s economic indices conducive for growth - CBN

2017-09-06
As Nigeria officially exists recession, the Central Bank of Nigeria has said the economic indices are conducive for more economic growth going forward. A statement from the CBN said, exiting recession “at the heels of more stable exchange rate regime, coupled with declining inflation rate, from 16.10 per cent in June down to 16.05 per cent in July, 2017, it is believed that these factors will provide salutary macro-economic conditions for growth, as anchored on current monetary policy stance of the CBN.”
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Buhari, economists, others caution against celebrating Nigeria’s exit from recession

2017-09-06
Buhari, economists, others caution against celebrating Nigeria’s exit from recession
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With Population Growth at 2.7%, Nigeria Still Not Out of the Woods

2017-09-06
Notwithstanding that the Nigerian economy turned the corner by recording an expansionary GDP growth rate in the second quarter (Q2) of 2017, Nigerians, especially the country’s policymakers, should be under no illusion that the economy is out of the woods.
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Naira appreciates against dollar

2017-09-06
The Naira on Tuesday appreciated against the dollar at the parallel market, the News Agency of Nigeria, NAN, reports. The Nigerian currency gained N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430.
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Dangote invests N400bn in sugar backward integration projects

2017-09-06
DANGOTE Group has so far invested over N400 billion in sugar backward integration projects under the Nigeria Sugar Master Plan, (NSMP, being implemented by the National Sugar Development Council, NSDC, to make the country self-sufficient in sugar production. The group is targeting to produce 1.5 million metric tonnes per annum (MT/PA) from various sites across the country in the next 10 years.
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CBN spends $9bn to defend naira in 7 months

2017-09-05
Central Bank of Nigeria (CBN) sold $9 billion to forex dealers through the interbank market between February 21 and August 31, Daily Trust reports.
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DMO sets borrowing limit for FG at $22bn

2017-09-05
DMO sets borrowing limit for FG at $22bn
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Adeosun confirms N350bn release for capital projects

2017-09-05
The Minister of Finance, Mrs. Kemi Adeosun, on Monday confirmed the release of the sum of N350bn to Ministries, Departments and Agencies of the Federal Government for the implementation of capital projects contained in the 2017 budget.
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Worst May Be Over as Biggest Africa Economies End Growth Rut

2017-09-05
Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century.
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FIRS generates N2.11 trillion in 7 months

2017-09-05
The Federal Inland Revenue Service, FIRS, through tax collections, generated N2.11 trillion as revenue from January to July, 2017.
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FG Plans New Model to Equalise Gas Prices across Nigeria

2017-09-05
The federal government would work out a new gas pricing and supply model – likely to be the type adopted by it to ensure equal pump price for petrol across Nigeria, to get gas to all parts of Nigeria, especially the northern states, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed.
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Nigeria’s External Debt May Hit N6.31tn in 2018

2017-08-30
Following the move by the federal government to issue foreign bonds to refinance maturing naira-denominated treasury bills, Nigeria’s external debt has been estimated to increase by about 46per cent to N6.31 trillion ($20.6 billion) by the end of 2018.
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Naira records marginal gain, closes at 368/dollar

2017-08-30
Naira records marginal gain, closes at 368/dollar
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Access Bank redeems $350m Eurobond

2017-08-30
Access Bank Plc has announced the final redemption of the $350,000,000.00 Eurobond notes due July 25, 2017. The Securities were issued in 2012 by Access Finance B.V, a direct, wholly owned subsidiary of the Bank – on the back of an unconditional and irrevocable guarantee of the Bank. In October 2016, holders of $113 million…
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UPDATE 1-Nigeria's Buhari says delighted that economy is improving

2017-08-29
Nigerian President Muhammadu Buhari, back at the helm after prolonged sick-leave, said he was delighted by the way Africa’s biggest economy was improving after briefings from ministers and the central bank, his office said on Monday.
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Buhari Weighs Options as Cabinet Reshuffle Tops Agenda

2017-08-29
Buhari Weighs Options as Cabinet Reshuffle Tops Agenda
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Nigerian annual inflation slows in July to 16.05 pct, food inflation soars

2017-08-29
Annual inflation in Nigeria slowed for a sixth month in July, easing to 16.05 percent, but the rise in food inflation was the biggest in eight years, the National Bureau of Statistics (NBS) said on Monday.
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CBN Injects Additional $250m into Forex Market

2017-08-29
CBN Injects Additional $250m into Forex Market
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Northern Nigeria Flour Mills invests N2bn in new sorghum plant in Kano

2017-08-29
Northern Nigeria Flour Mills’ plc new state-of-the-art ultra-modern sorghum milling plant recently commissioned in Kano is to provide over 40,000 new jobs along the value chain. The plant, which is currently the largest sorghum processing plant in sub-Saharan Africa, was acquired at the cost of over N2 billion, and has an installed capacity of 100,000.
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Nigeria: Govt to Connect All Airports, Seaports, Inland Depots to Rail

2017-08-28
Nigeria: Govt to Connect All Airports, Seaports, Inland Depots to Rail
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Nigeria naira eases on black market as dollar demand resurfaces

2017-08-24
Nigeria naira eases on black market as dollar demand resurfaces.
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Monetary policy offers limited tools for economic recovery – Emefiele

2017-08-24
Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says monetary policy offers limited tools for dealing with the current economic challenges in the country.
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UK, US, Singapore and Belgium account for 74% of capital inflow into Nigeria

2017-08-24
UK, US, Singapore and Belgium account for 74% of capital inflow into Nigeria
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Mutual Funds assets in record high of N333bn on Money Market growth

2017-08-24
The value of SEC-regulated Mutual Funds reached record high of about N333billion in the week ended August 11, 2017, driven largely by growth in the value of Money Market Funds.
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Afreximbank Seeks to Tap from Investors with $300m Depositary Receipts

2017-08-24
Afreximbank Seeks to Tap from Investors with $300m Depositary Receipts
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Forex turnover rises to $146m as CBN auctions N193.14bn TB

2017-08-24
The foreign exchange daily turnover rose by 45.67 percent on Wednesday at the Investors and Exporters forex window. It closed at $146.09 million from $100.09 million recorded on Tuesday, according to data from FMDQ.
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FG spent N1.3trn on capital projects in 2016, says Osinbajo

2017-08-22
FG spent N1.3trn on capital projects in 2016, says Osinbajo
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CBN boosts forex market with $195 million

2017-08-22
The Central Bank of Nigeria (CBN) on Monday offered $195 million in three segments of the Foreign Exchange Market (Forex) to boost liquidity in the operation.
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Competition heats up in insurance as Willis, Marsh make new Nigeria acquisitions

2017-08-22
Real competition for business and leadership is stepping up in the brokerage arm of the Nigerian insurance industry, as top global brokers and reinsurance-brokers position in the local market, with the acquisition of indigenous companies.
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Nigerian Investor Sets Up $135 Million Commodities Exchange

2017-08-22
Nigerian Investor Sets Up $135 Million Commodities Exchange
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Nigeria's Buhari returns home after three-month sick leave in Britain

2017-08-21
Nigeria's Buhari returns home after three-month sick leave in Britain.
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Buhari Faces Key Challenges in Nigeria as he Ends Medical Leave

2017-08-21
Nigerian President Muhammadu Buhari returned from three months of sick leave in London to a nation wondering how strong a role he will play as his administration confronts re-emerging ethnic tensions, resurgent Islamist militant attacks and a sluggish economy.
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External Reserves Chalk up $1.26bn as Shale Oil Threat Persists

2017-08-21
The accretion of Nigeria’s foreign exchange (forex) reserves has continued, as figures released by the Central Bank of Nigeria (CBN) have shown that reserves had grown by $1.263 billion this quarter to $31.551 billion as of August 16, compared with the $30.288 billion on June 30.
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Nigeria’s debt reaching critical levels — NEITI

2017-08-21
40% of FAAC disbursements used for debt servicing ABUJA — The Nigeria Extractive Industries Transparency Initiative, NEITI, Sunday, expressed concern over Nigeria’s level of indebtedness, declaring that Nigeria’s debt in relation to revenues appears to have reached critical levels. Read more at: http://www.vanguardngr.com/2017/08/nigerias-debt-reaching-critical-levels-neiti-2/
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Forex turnover jumps to $265.59m at investors window

2017-08-18
The foreign exchange daily turnover on Thursday jumped to $265.59 million from $93.21 million recorded the previous day at the investors and exporters window. Dealers attributed the rise to increased dollar inflows from offshore fund managers investing in the domestic equity market.
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Naira falls against dollar

2017-08-18
Naira falls against dollar
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NNPC signals intention to privatise refineries

2017-08-18
NNPC signals intention to privatise refineries
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Investors’ crave for Nigerian mutual funds heighten with AUM all-time high

2017-08-17
The value of assets under management (AUM) in the Nigerian mutual funds industry hit all-time high as it surged to N322.99 billion as at week-ended July 21 2017, latest data from the Securities and Exchange Commission (SEC) has shown.
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Nigeria Seeks to Diversify From Oil With $41 Billion of Rail

2017-08-17
Nigeria has started a $41 billion railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. “The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi, 52, said in an interview in the capital, Abuja.
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Naira appreciates to N359.7/$ as External reserve hits $31.35bn

2017-08-17
The naira yesterday appreciated below N360 per dollar for the first time in the Investors and Exporters (I&E) window due to increased dollar supply.
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Fitch affirms AfDB’s triple ‘A’ rating

2017-08-16
Fitch Ratings has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook
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Investors, exporters FX market hits over $1bn turnover in one week

2017-08-14
Investors’ & Exporters’ (I&E) FX window grossed a total of $1.10 billion in trade for the week ended August 4, 2017, 33.16 percent increase from $822.73 million recorded the previous week, data from the FMDQ Securities Exchange show. This brings the total value traded at the window since its inception to $6.51 billion.
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Foreign Securities Expert Bullish on Nigerian Capital Market

2017-08-14
A fellow of the Chartered Institute for Securities and Investment (CISI), United Kingdom, Mr. Alan Burr, has said that the Nigeria’s capital market, has become the focus of the international financial expert because of the growth it is recording and many investment opportunities
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PenCom criticizes bill to exclude paramilitary agencies from contributory pension scheme

2017-08-14
The National Pension Commission (PenCom) on Friday kicked against the bill seeking to exclude paramilitary organisations including the police from the Contributory Pension Scheme (CPS). The Acting Director-General of PenCom, Mrs Aisha Dahir-Umar, said in Abeokuta that the exclusion of the paramilitary organisations from the national pension scheme would not augur well for the officers and men of the outfits. She spoke at the 2017 annual retreat organised by Pension Operators (PenOp) comprising 21 Pension Funds Administrators (PFAs) and four pension custodians.
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Naira gains at investors' forex window

2017-08-11
The Nigerian currency on Thursday appreciated at the investors and exporters’ window gaining N0.96k to close at N366.50k per US dollar from N367.46k/$ quoted the previous day, data from FMDQ revealed. Naira traded stable at the Central Bank of Nigeria (CBN) official rate closing at N305.55k per dollar, according to data obtained from FMDQ.
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Crude Oil Price Inches up to $49 as US Drilling Declines

2017-07-18
Crude oil price on Monday edged up to about $49 per barrel after fewer drilling rigs were added in the United States, thus easing concerns that surging shale supplies will undermine the efforts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC to reduce the level of inventory in the oil market.
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Osinbajo: FG to Bring Down Cost of Aviation Fuel

2017-07-18
Acting President Yemi Osinbajo on Monday said the aviation industry would play a significant role in the economic development of Nigeria and hence, the federal government was making conscious efforts to bring down the cost of aviation in the country.
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FG, NDDC Move to Revitalise Abandoned Rice Mills

2017-07-18
The federal government has said it will support youths in the Niger Delta region who chose to go into agriculture as a way of reducing crime and enhancing food security in the region and the country.
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CBN Sells $195m to Banks

2017-07-18
In continuation of its foreign exchange supply drive, the Central Bank of Nigeria (CBN) on Monday intervened in the interbank segment of the market to the tune of $195million.
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Nigeria’s federally collected revenue declines by 13.42 per cent

2017-07-18
Crude oil and non-oil income has cut Nigeria’s gross federally collected revenue in May 2017 by 13.42 per cent to N458.42 billion. Specifically, Nigeria’s crude oil earnings decreased from the N292.82 billion it recorded in February to N238.09 billion in May.
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FMDQ lists Nigeria Infrastructure Debt Fund, others

2017-07-18
Having successfully obtained the Securities and Exchange Commission’s approval, Chapel Hill Denham Management Limited has registered and established the Nigeria Infrastructure Debt Fund 200bn issuance programme.
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Oando under investigation over $1.5bn oil asset

2017-07-18
Africa’s largest integrated energy solutions provider, Oando PLc, has acknowledged it was being investigated by the Securities and Exchange Commission (SEC) over alleged petitions filed by investors over the shareholding structure that followed the multi-billion dollar acquisition of ConocoPhillips’ oil assets in Nigeria.
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UBA Board Meets to Consider Accounts, Interim Dividend

2017-07-17
The board of directors of United Bank for Africa (UBA) Plc would this week meet to deliberate on the company’s accounts and financial statements for the half year ended June 30, 2017.
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Unilever Nigeria’s Profit After Tax Soars to N2bn in Six Months

2017-07-17
Shareholders of Unilever Nigeria Plc should expect higher dividend at the end of the current financial year going by its improved financial results for the half year ended June 30, 2017.
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UPDATE 1-U.S. seeks to recover $144 mln in Nigeria oil industry bribery case

2017-07-14
July 14 (Reuters) - The U.S. Justice Department on Friday filed a lawsuit seeking to recover assets that include a $50 million Manhattan apartment and an $80 million yacht that it said were bought using money generated from a scheme to pay millions of dollars in bribes to a former Nigerian oil minister.
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Larbie: Producing Locally is a More Sustainable Business Strategy

2017-07-12
Managing Director/Chief Executive Officer of Rand Merchant Bank Nigeria and Regional Head, RMB West Africa, Mr. Michael Larbie, in this interview stressed the need for increased support for local production. ObinnaChimapresents the excerpts
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Etisalat to raise fresh capital, reassures customers of continuity

2017-07-12
Etisalat Nigeria on Monday said it had commenced the paperwork to raise fresh capital to bolster its operations...
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Nigeria Can’t Borrow Anymore, Warns Adeosun

2017-07-12
The Minister of Finance, Mrs. Kemi Adeosun, Tuesday warned that the country must not borrow more to fund its budget and should instead raise money internally to fund the budget...
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EU, Nigeria to facilitate trade, investment

2017-07-12
Nigerian Government Monday, deliberated with the European Union (EU) delegation on ways to facilitate trade and investment in Nigeria.The agreement was reached at the meeting between the Ambassador and Head of EU delegation to Nigeria and ECOWAS, Michell Arion, and the Nigerian Minister of Foreign Affairs, Geoffrey Onyeama...
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BoI to Inject N1tn into Economy

2017-07-12
The Bank of Industry (BOI) plans to inject N1trillion into the Nigerian economy through collaboration with financial institutions in the country and development institutions in Africa...
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Dollar flow raises capacity utilisation in manufacturing sector to 60%

2017-07-12
Capacity utilisation in Nigeria’s manufacturing sector spiked to 59.18 percent in the second half of 2016, the highest in more than five years. This represents a 19.2 percent surge from 49.64 percent recorded in the corresponding period of 2015, data obtained exclusively from the Manufacturers Association of Nigeria (MAN) shows. Manufacturers attribute this dramatic rise…
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Banks raise dollar spending by 900%

2017-07-12
There is something to cheer for bank customers travelling abroad. Commercial banks have raised customers’ international dollar spending limit on overseas Point of Sale (PoS) and online card transactions by 900 per cent, it was learnt yesterday...
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Dangote Cement aims to double size of Africa plants in three years

2017-07-11
LAGOS, July 11 (Reuters) - Nigeria's Dangote Cement plans to invest about $4 billion in the next two to three years to nearly double its production capacity in Africa, a senior executive told Reuters on Tuesday...
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Africa's Richest Man Invests $4.6 Billion in Nigeria Farming

2017-07-11
Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars in its home market of Nigeria...
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Cement Price to Fall Soon as Cost of Production Drops

2017-07-07
Prospective house builders and the construction industry will have reasons to smile soon as cement manufacturers have put the machinery in motion to bring down the price of the product...
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‘Nigeria’s crude oil production hit 2.025mbpd in June’

2017-07-07
The Federal Ministry of Petroleum Resources has put Nigeria’s crude oil production, including condensate at 2.025 million barrels per day in June 2017.Besides, the agency said the Federal Government is yet to secure funding for the rehabilitation of the country’s refineries...
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Udoma Puts Nigeria’s Debt Stock at N19tn

2017-07-07
The Minister of Budget and National Planning, Udoma Udo Udoma, has revealed that the country’s debt stock has risen to N19 trillion, accounting for 20 per cent of the Gross Domestic Product (GDP)...
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Banks tap two advisers to manage Etisalat sale

2017-07-07
With calm returning to the relationship between Etisalat and the group of creditor banks from which the company borrowed about $1.25bn, the way is now clear for a process leading to the sale of the telecoms firm to a new core investor. Sources have told BusinessDay that the banks were surprised by the sudden resignation…
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Etisalat debt: Reps want telcos’ financial accounts audited

2017-07-07
The board of the Nigerian Communications Commission (NCC) has held an emergency meeting to review the Etisalat debt issue in its entirety and also the intervention made by the commission...
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Default filing: Stock Exchange suspends trading in 17 companies

2017-07-07
Nigerian Stock Exchange, NSE, has placed the shares of 17 companies on suspension for failing to file their various financial statements as at when due. Most of the companies are in the insurance sector, and are also penny stocks...
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BPE: FG to Divest 20% of Its Shares in Privatised Companies on Stock Exchange

2017-07-06
The federal government will sell up to 20 per cent of its shares in some of the companies it has partially privatised on the Nigerian Stock Exchange (NSE), to allow Nigerians own shares in them, the Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has disclosed...
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Nipco’s Mobil Oil takeover bid offer extended

2017-07-06
The proposed mandatory takeover bid offer period by Nipco Investment Limited of 3.23 per cent equity stake representing 11,644,544 ordinary shares of 50 kobo each in Mobil Oil Nigeria Plc (held by qualifying shareholders), has been extended...
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Nigeria’s return to JP Morgan Index seen not earlier than 9 months away

2017-07-06
In this fourth part of BusinessDay’s investors series on Looking in from the outside, Publisher, Frank Aigbogun reports on why it could be nine months hence before Nigeria can hope to get back on the JP Morgan emerging market index and the new thinking about the wisdom of a naira convergence. It is part of…
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Nigeria Has Succession Jitters, Again

2017-07-06
Nigeria is awash in nervous speculation over the health of President Muhammadu Buhari, who hasn’t appeared in public since he returned to the U.K. for medical treatment for an undisclosed ailment on May 7. Buhari, 74 and a Muslim, has formally designated his deputy, Yemi Osinbajo, acting president as he did when he was away on medical leave for 49 days from Jan. 20. The prospect of Osinbajo, a 60-year-old Christian, serving out...
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Investors showing interest in power distribution networks —Fashola

2017-07-06
The Ministry of Power, Works and Housing has received lots of proposals from investors who are interested in providing funds for the expansion of power distribution networks across the country, the Minister of Power, Works and Housing, Babatunde Fashola, has said...
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Time for administrative control of Naira over says Emefiele

2017-07-05
In this third part of Businessday’s investors series on Looking in from the outside, Publisher Frank Aigbogun reports on the question and answer session held with investors by Central Bank Governor Godwin Emefiele. It is part of the feedback from a weeklong market development programme conducted in London by leaders of FMDQ OTC exchange. Central…
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Finally, Nigerian Stock Exchange Delists Ashaka Cement

2017-07-05
Ashaka Cement Plc was Tuesday voluntarily delisted from the Nigerian Stock Exchange (NSE). The company had last year notified the exchange of its intention to exit. The shareholders of Ashaka Cement, who have exercised their option to exit the company...
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IOCs to Dispose of More Assets After PIB Passage, Licence Expiration

2017-07-05
International oil companies (IOCs) operating in the country will continue to hold back on the divestment of onshore assets until after the passage of the Petroleum Industry Bill (PIB) that governs fiscal terms, and the expiration of some of the joint venture onshore assets in 2019, investigations by THISDAY have revealed...
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Recession: FG enlists foreign firms to enhance recovery

2017-07-05
The Federal Government is hiring the United States technology giants such as Oracle Corporation and Microsoft Corporation as it steps up efforts to save costs and fight corruption...
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N3.57tn borrowed in 21 months to finance budget deficit –FG

2017-07-05
The Federal Government said on Tuesday that it borrowed N3.57tn between June 2015 and March 2017 to finance budget deficits...
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Nigeria to raise up to 450 bln naira in bonds by Q3 -debt office

2017-07-05
LAGOS, July 5 (Reuters) - Nigeria plans to raise between 360 billion naira and 450 billion naira ($1.18 bln-$1.48 bln) in sovereign bonds maturing between five and 20 years in the third quarter, the Debt Management Office (DMO) said on Wednesday...
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Naira appreciates marginally against dollar

2017-07-05
The Naira on Wednesday appreciated marginally against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports...
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Crude Oil Price Rises for Eight Days, the Longest Since 2012

2017-07-04
Crude oil price recovered from early losses Monday to resume the longest stretch of rallies for eight days in a row, the longest in more than five years...
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Nigeria’s tax revenues could hit N19 trillion annually

2017-07-04
A new scheme targeted at taking Nigeria’s tax to GDP ratio from six percent to 15 percent by 2020 could add some N19 trillion to public funds and prove the country’s biggest step yet, along the painstaking road to revenue diversification. Fifteen percent of Nigeria’s $415 billion GDP (in 2016) equates to $62 billion- N19…
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Nigeria rated Africa’s 19th most attractive investment destination

2017-07-04
Nigeria is the 19th most attractive economy for investments flowing into the African continent, a new report has indicated...
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CBN pumps $195m into interbank market

2017-07-04
The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange (forex) market, yesterday injected $195 million into various segments of the inter-bank forex market...
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Seplat Gets Extension on $150m Revolving Credit Facility

2017-07-04
Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange (NSE) and London Stock Exchange, is set rebuild cash on its balance sheet and...
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Zenith, FBN, GTbank, Access, UBA, Diamond among Top 1000 Global Banks

2017-07-04
Six Nigerian banks which included Zenith Plc, FirstBank Nigeria Limited, Guaranty Trust Bank Plc, Access Bank Plc, United Bank for Africa Plc and Diamond Bank Plc were...
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UPDATE 1-Regulators step in to save Etisalat Nigeria from collapse

2017-07-04
LAGOS, July 4 (Reuters) - Nigeria's central bank and its telecoms industry regulator have intervened to save the country's fourth largest telecoms firm from collapse after talks with local banks to renegotiate a $1.2 billion loan failed, a regulatory source said on Tuesday...
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Nigeria bank shares suffer losses as Etisalat woes stoke sell-off

2017-07-04
LAGOS, July 4 (Reuters) - Nigerian banking shares dropped 2.3 percent on Tuesday after regulators said they had intervened to save the country's fourth largest telecoms firm from collapse as talks with local lenders to renegotiate a $1.2 billion loan failed...
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Nigerian state oil firm says saved $2 bln with cheaper contracts

2017-07-04
ABUJA, July 4 (Reuters) - Nigeria's state oil company has saved $2 billion in the past year by renegotiating its upstream servicing contracts, it said in a statement on Tuesday, as it tries to reduce high overheads...
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UPDATE 1-Guinness Nigeria starts $126 mln share sale to cut funding costs

2017-07-04
LAGOS, July 4 (Reuters) - Guinness Nigeria on Tuesday launched a share sale to raise 39.7 billion naira ($126 million) from existing shareholders to help lower its financing costs after reporting its first annual loss in 30 years last year...
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Sack of former PENCOM DG lands Buhari, others in court

2017-07-03
The Registered Trustees of Ethics and Corporate Compliance Institute (ECCI) has dragged President Muhammadu Buhari, Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami SAN and four others before the Federal High Court sitting in Abuja over alleged unlawful sack of the Board Chairman of the National Pension Commission (PENCOM)?, Adamu Muazu…
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Naira appreciates against dollar

2017-07-03
The Naira on Monday appreciated against the dollar at the parallel market, the New Agency of Nigeria, NAN, reports...
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Exchange Traded Derivatives can support Nigeria’s growth ambition – NSE Vee Pee

2017-07-03
AHEAD of the launch of Exchange Traded Derivatives, ETDs, by the Nigerian Stock Exchange, NSE, later in the year, the 2nd Vice-President of the NSE Council, Mr. Abimbola Ogunbanjo, has expressed optimism that the ETD initiative will develop into a robust market that could support the nation’s growth ambition...
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UPDATE 1-Etisalat Nigeria chairman resigns after debt talks collapse -sources

2017-07-03
LAGOS, July 3 (Reuters) - Etisalat Nigeria Chairman Hakeem Belo-Osagie has resigned after talks to renegotiate a $1.2 billion loan collapsed and prompted a major foreign shareholder to exit the telecoms company, two company sources told Reuters...
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Again, Nigeria’s Manufacturing Index Expands in June

2017-07-03
The Manufacturing Purchasing Managers’ Index (PMI) increased to 52.9 index points in June 2017, showing expansion in the manufacturing sector for the third consecutive month...
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FG’s N140b debt threatens PenCom’s N7.2tr target

2017-07-03
A plan by the National Pension Commission (PenCom) to boost funds contributions from N6.4 trillion to N7.2 trillion by the end of 2017 may be jeopardised by the current pension outstanding estimated at N140 billion...
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Equities: Investors reap over N2.2tr gain in first half

2017-07-03
Equities’ investors at the stock market are smiling to the bank as they netted more than N2.2 trillion gains in the first half of the year...
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Ahead of public listing, MTN woos institutional investors

2017-07-03
The planned public listing of the shares of MTN Nigeria on the Nigerian Stock Exchange offers both institutional and individual investors the opportunity to get a slice of the...
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Forex reserves dip to $30.25b as CBN issues N32b debt

2017-07-03
The Nigeria’s foreign exchange reserve stood at $30.25 billion by June 28, down by 0.36 per cent from a month ago, Central Bank of Nigeria (CBN) data...
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Schlumberger Signs $700 Million Oil-Field Deal in Nigeria

2017-06-30
Nigeria’s state-owned oil company said it signed a deal with Schlumberger Ltd. to provide $700 million for the development of two oil fields in the country’s crude-rich south.
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W’Bank approves $961m for Nigeria’s economic recovery plan

2017-06-22
The World Bank on Tuesday approved $961m loan to support the implementation of Nigeria’s Economic Recovery and Growth Plan 2017-2020.
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Nigeria to issue more bonds

2017-06-22
As Nigeria continues to savour the success of its maiden Diaspora bond and prepares for the issuance of its first-ever sovereign Sukuk, the Federal Government yesterday affirmed that it will explore issuance of more innovative bonds to provide opportunities for all segments of populace to participate in the national economic development.
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Panic as oil price drops to $43.90 per barrl

2017-06-22
For the first time, the price of crude oil has dropped from $46 to $43.90 per barrel in the international market, showing $0.60 cents below Nigeria’s $44.50 per reference price for the 2017 budget.
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Minister Facilitates $4bn Telecoms Investment to Nigeria

2017-06-22
The Minister of Communications, Adebayo Shittu, who is Nigeria’s Head of Delegation to the just concluded World Summit on the Information Society, WSIS FORUM 2017 in Geneva, Switzerland, has struck a business deal that will facilitate over $4 billion telecommunications investments from India to Nigeria.
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I&E FX Window May Stop Nigeria’s Demotion from MSCI Index

2017-06-21
The newly introduced Investors’ and Exporters’ (I&E) foreign exchange window targeted at foreign portfolio investors could earn Nigeria reprieve from being demoted from the MSCI’s frontier markets index.
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Investors bullish on Nigerian assets as economic prospects improve

2017-06-21
A slightly more flexible foreign exchange (FX) market, combined with the proposed record budget spending for 2017 by the Federal Government is helping to bid up Nigerian assets as investors bet the worst may be over for Africa’s largest economy.
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$1.2bn loan: GTBank, Access, others get 45% stake in Etisalat

2017-06-21
The ownership structure of Etisalat Nigeria is now set to change after talks with lenders to restructure its $1.2bn (N541bn) loan failed.
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Julius Berger, Petrolan Energy Partner to Acquire Oil Fields

2017-06-21
As part of efforts to diversify its operations into the oil and gas sector, a leading construction company, Julius Berger Nigeria (JBN) Plc has entered into a strategic partnership and joint investment agreement with Petrolan Energy Limited.
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Nigerian fuel retailer Nipco launches $16 mln offer for Mobil Oil shares

2017-06-21
LAGOS, June 21 (Reuters) - Nipco Plc has launched a 4.84 billion naira ($16 mln) offer for the shares it needs to take its stake in Mobil Oil to 70 percent to comply with Nigerian takeover rules, its advisers said on Wednesday.
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BPE to firm: Conclude equity investment in 60 days

2017-06-21
The Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, has given Lead Capital Consortium a deadline of 60 calendar days to conclude the strategic equity investment by the National Sovereign Investment Authority (NSIA) into the Nigeria Commodity Exchange (NCX).
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REFILE-UPDATE 2-Nigeria's Aug oil exports to top 2 mln bpd, 17-month high

2017-06-21
(Changes headline to barrels per day from barrels) By Libby George and Julia Payne LONDON, June 21 (Reuters) - Nigeria's crude oil exports are set to exceed 2 million barrels per day (bpd) in August, the highest level planned for 17 months, as the nation's oil industry nears a full recovery from militant attacks that crippled production in 2016.
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Etisalat Nigeria Faces Hunt for New Owner After Talks Fail

2017-06-20
Etisalat Nigeria faces a search for a buyer and operator after a consortium of banks seized control of a 45 percent stake from Emirates Telecommunications Corp. following the failure of talks about a $1.2 billion loan.
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FG to Release N350bn Immediately for Capital Projects

2017-06-20
After a six-month wait for the budget’s passage, the Minister of Finance, Mrs. Kemi Adeosun, has expressed the readiness of her ministry to immediately release N350 billion...
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Nigeria’s Half-Measures on Currency Are Only Half-Working

2017-06-20
A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice...
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Oil price rises to $44.58, still threatens 2017 budget benchmark

2017-06-20
OIL price, which dropped below Nigeria’s 2017 benchmark price of $44.50 per barrel, weekend, has leaped from $44.38 to $44.58 per barrel in the international market. Prices have trended downwards in the past two weeks...
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RMB Nigeria unveils N80bn commercial paper

2017-06-19
Rand Merchant Bank Nigeria Limited has received approval from FMDQ OTC Securities Exchange to register its N80bn commercial paper programme on the FMDQ platform...
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Nigerian govt to use N559 billion recovered loot to fund 2017 budget – Minister

2017-06-19
The federal government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the...
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Nigeria seeks improved tax and customs revenue collection to fund 2017 budget -minister

2017-06-19
ABUJA, June 19 (Reuters) - Nigeria seeks to improve its collection of revenues from taxes and customs duties to fund the country's record 7.44 trillion-naira ($22.99 billion) 2017...
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Nigeria records first trade deficit with UK in seven years

2017-06-19
The negative growth of the economy and low crude oil output has weakened Nigeria’s international trade with most of its partners, particularly the United Kingdom, IFE OGUNFUWA writes...
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Economic recovery: Banks anticipate increased demand for loans in Q3

2017-06-19
BANKS are anticipating increased lending and borrowing activities in the third quarter of the year, driven by expected upsurge in economic activities during the quarter...
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NECA tasks FG on constitution of SEC, PenCom Boards

2017-06-19
THE Nigeria Employers Consultative Association, NECA, has expressed concern over the non-approval by the National Assembly of Board of some key regulatory agencies, including the Securities and Exchange Commission, SEC; National Pensions Commission, PenCom; Financial Reporting Council of Nigeria, FRCN; and Nigerian Social Insurance Trust Fund, NSITF.
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Kale: Nigeria Will Exit Recession Next Year

2017-06-19
Barring further economic upheavals or exogenous shocks, the Nigerian economy is expected to exit the recession in 2018, the Statistician General of the Federation, Dr. Yemi Kale has said...
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Nigeria: RMB Nigeria to Raise 80 Billion From FMDQ for Projects

2017-06-18
Infrastructure projects' financing by corporates in the country would soon receive added boost as Rand Merchant Bank (RMB) Nigeria got approval from FMDQ OTC Securities Exchange to register its...
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Nigeria’s inflation rate drops to 16.25% in May

2017-06-15
WorldStage Newsonline-- Nigeria’s Consumer Price Index (CPI) which measures inflation dropped by 0.99 percent to 16.25 percent (year-on-year) in May 2017 from 17.24 percent in April, according to the data released today by the National Bureau of Statistics...
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Naira posts marginal gain, closes at 364/dollar

2017-06-13
The naira posted a marginal gain against the United States dollar at the parallel market on Monday, closing at 364/dollar...
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Derivatives’ll trigger financial market growth – NSE

2017-06-13
The First Vice-President, Nigerian Stock Exchange, Mr. Abimbola Ogunbanjo, has said the development of new and intricate financial instruments, otherwise called derivatives, will trigger exponential growth of the country’s financial market...
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CBN injects $413.5m in economy to sustain Naira value

2017-06-13
The Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank Foreign Exchange market to the tune of 413.5 million dollars to further shore up the international value of the Naira. In a statement in Abuja by its acting Director, Corporate Communications...
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Naira soars in parallel market, gains further against dollar

2017-06-12
Naira continued its impressive form against the dollar at the weekend as it exchanged at N365 to the greenback. The local currency had closed at 367/dollar on Friday, after closing between 367/dollar and 368/dollar for most days of last week...
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WEEKLY ECONOMIC INDEX: NIGERIA’S FOREIGN RESERVES DECREASES AS THE NAIRA CONTINUES TO APPRECIATE

2017-06-12
Since the global oil price crash in 2014, Nigeria has been one of the hardest-hit economies due to its over-dependence on oil as its main source of revenue. China’s economic slowdown, as well as the United States’ rate hike, also affected its economy adversely. As a result, Nigeria’s economic growth...
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Acting President Osinbajo signs 2017 budget

2017-06-12
Acting President Yemi Osinbajo has signed the 2017 appropriation bill into law. Mr. Osinbajo signed the budget at about 4:40 p.m. on Monday inside his conference room in the presence of the...
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Osinbajo to sign 2017 budget today

2017-06-12
Nigeria’s President Muhammadu Buhari has directed the acting president, Yemi Osinbajo, to sign the 2017 Appropriation Bill into law. The National Assembly passed the budget on May 11, more than four months after it was submitted to it by the President. It is expected that Osinbajo, who is currently in Anambra, would append the budget when he returns to Abuja later on Monday...
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FMDQ approves registration of Rand Merchant Bank’s N80bn Commercial Paper

2017-05-26
FMDQ OTC Securities Exchange has approved the listing of Rand Merchant Bank’s N80 billion Commercial Paper, CP, programme on its platform.
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CBN injects $205m as Naira falls to N379/$

2017-05-23
The Central Bank of Nigeria (CBN) yesterday injected $205 million into the foreign exchange market even as the naira depreciated to N379 per dollar in the parallel market.
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Nigeria: Naira Watch - CBN Injects $186.5 Million for Invisible, SMEs As Naira Stable At N379/$

2017-05-23
The Central Bank of Nigeria (CBN) injected $186.5 million into the foreign exchange market even as the naira remains stable at N379 per dollar in the parallel market.
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Central bank of Nigeria

2017-05-22
The Monetary Policy Committee (MPC) met on the 22nd and 23rd of May, 2017, against the backdrop of slowly improving global growth prospects even as international cooperation continues to be threatened by anti-globalization sentiments in major advanced economies.