Rand Merchant Bank Nigeria Launches ₦80bn Commercial Paper Programme
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.
Naira appreciates to N359.56 in NAFEX
The naira, yesterday, appreciated to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex Window.
Watch your debt, IMF warns FG
The growing debt profile of the Federal Government could be worse and needs to be carefully managed, the International Monetary Fund, IMF, has said.
Senate to begin 2018 budget consideration next week
The Senate would commence the consideration of the general principles of the 2018 Appropriation Bill next week, Senate President, Abubakar Bukola Saraki, said yesterday.
IMF: debt service may consume 60% of govts’ revenues
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.
Germany’s €32.9m renewable energy projects fund coming
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.
Zero tolerance: Capital market infractions drop by 87.6%
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.
NSE’s market capitalisation appreciates by N77billion
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.
Nigeria-France trade hit N668 bn in Q1’17
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.
Stop foreign borrowing, ex-CBN deputy governor tells Nigerian govt
A former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, has cautioned the federal government against any form of new foreign borrowing.
SEC, Oando disagree with shareholders over sack of mgt
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.
Fitch Rates Nigeria’s Planned Dollar Notes ‘B+(EXP)’
Fitch Ratings has assigned Nigeria’s upcoming senior unsecured USD-denominated notes an expected rating of ‘B+(EXP)’.
Inflation drops for ninth consecutive month to 15.91%
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.
Nigeria’s crude oil suffers setback as more traders opt for U.S. blend
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.
Axxela eyes $147m capex for gas infrastructure, others
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.
NLPGA, investors discuss $10b policy lifeline
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.
Oil prices end gain streak, drop to $61
The recent gains recorded by global oil prices have slipped as the commodity has lost more than $2 in seven days.
McGrath: ExxonMobil adds 600,000bpd to Nigeria’s output
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.
$5.5bn borrowing: FG meets global investors in US Friday
The Federal Government is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet.
NSE’s All-share index plummets by 0.9%
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.
CBN registers 285 more BDCs, operators hit 3,432
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.
Eurobonds account for a fifth of Nigeria's $15.35 bln in foreign debt
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.
Nigeria raises 119.9 bln naira at treasury bill auction
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.
DMO: Nigeria’s debts hit N20tr
Data made available by the Debt Management Office (DMO) yesterday showed that Nigeria’s debt stock has hit N20 trillion—as at September 30.
Equities relapse with N125b loss
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.
NCRIB advocates compulsory agric insurance for economic growth
The Nigerian Council of Registered Insurance Brokers (NCRIB) has underscored the need for government to make agricultural insurance compulsory in the country.
2018 budget: FG targets N311bn from asset sale, privatisation
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.
CBN sells dollars at 305/dollar on spot market
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.
Osinbajo tasks D-8 countries on industrial cooperation, others
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.
Nestle, Guinness, others lead N124b stock market losses
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.
CBN’s Investors and Exporter FX Window Boosts Companies’ Earnings
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.
France, Nigeria trade volume tops 1.8 billion euros
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.
Nigerian Stock Exchange Upgrades Website for Improved Services
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.
I & E forex window attracts $17.86bn transaction value in 6 months
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.
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/
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.
Restrictions on 41 items crash imports bill to $1.9bn — CBN
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.
Oil cuts “only viable option” to stabilize market, says Barkindo
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.
NLPGA Wants Investors to Harness $10bn LPG Investment Opportunities
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.
Nestle launches new product
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.
Nigeria’s oil sales suffer, US exports rise
More than two dozen Nigerian crude oil cargoes were left unsold on Monday amid a supply glut of light sweet crude in the market.
Meristem drives N27bn deal for Dangote Cement
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.
Naira closes flat, CBN injects $195m into FX market
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.
Nigeria to Meet New York Investors to Sell Longest-Dated Bonds
Nigeria is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet.
Economic Values Of CBN’s Planned Expansion Of ABP
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.
N261bn inflow to stabilise interbank interest rates.
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).
NCRIB advocates compulsory agric insurance for economic growth
The Nigerian Council of Registered Insurance Brokers (NCRIB) has underscored the need for government to make agricultural insurance compulsory in the country.
CBN commits N44b to Anchor Borrowers’ programme
The Central Bank of Nigeria (CBN) has committed N44.1 billion to the Anchor Borrowers’ Programme (ABP) through the 13 participating financial institutions.
Investors to use BVN as valid identification
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.
DisCos’ revenue shortfalls hit N892.4b
Electricity distribution companies (DisCos) have piled up a loss of N892.4 billion.
LCCI, Japanese Agency Sign MoU to Strengthen Business Relations
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.
Pathway for Greater Efficiency in BDC Transactions
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
Forex reserves to hit $40 in 2018 - Emefiele
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
Experts identify gaps, strength in 2018 budget
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).
Driving financial services sector with innovative products
New financial services’ needs in Nigeria are driving innovations by banks and market regulators, writes STANLEY OPARA
Gas flaring rises by 27%, says NNPC
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.
Domestic bonds market soars by 11.5% to N7.4tn
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.
MPC Will review Interest Rate – Emefiele
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.
EFInA advocates policies to drive financial inclusion in Nigeria
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”.
FG signs N2trn contract for 3050mw Mambilla hydropower project
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.
PPMC received $205m from Duke Oil for products
The Petroleum Products Marketing Company (PPMC) received a total of $205.2million from Duke Oil for products traded between January 2016 and September 2017.
Banks set to raise stakes in pension assets
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.
Nigeria plans $2.3 bln in oil asset equity restructuring -DMO
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.
Petrobras, BTG Pactual to sell their Nigerian oil venture
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.
China trade volume with Nigeria hits $8.94bn
The Consul General of China in Lagos, Chao Xiaoliang, has disclosed that China’s bilateral trade volume with Nigeria has reached $8.94 billion.
Treasury instruments crash on Moody’s downgrade
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.
FG faults Moody’s sovereign rating of Nigeria
The Federal Government on Wednesday faulted the downgrading of Nigeria from B1 stable to B2 stable by Moody’s Sovereign Rating.
Senate shifts PIB passage to Q1 2018
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.
Afreximbank invests $16bn in Nigeria
The African Export-Import Bank (Afreximbank) has disbursed over $16 billion to execute various projects in Nigeria.
Afrexim invests $16b in Nigeria to support difficult transactions
African Export-Import Bank (Afreximbank) says its has invested over $16 billion in Nigeria to supported difficult and inpactful transactions.
MTN Extends Gains After Nigeria Funds-Transfer Case Is Dropped
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
Global Spectrum Energy Services to list N4b shares on NSE
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.
Oil remains relevant, demand to rise by 35% - OPEC
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.
Nigeria records highest oil production since 2016 –Data
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.
FG saves N4.7bn monthly through TSA, says Buhari
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.
Nigeria's Senate approves report exonerating MTN Nigeria over forex transfers
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.
Nigeria plans 119.9 bln naira Treasury bill auction on Nov 15
Nigeria plans to sell 119.94 billion naira of treasury bills at an auction on Nov 15., the central bank said on Wednesday.
Adeosun, CBN, foreign investors disagree on naira’s future
Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors, however, disagree.
Afreximbank unveils programme to unlock over $100b intra-African investments
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).
Nigeria central bank injects $195 mln into currency market
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.
Nigeria Seeks to Narrow Budget Gap With More Non-Oil Revenue
Nigerian President Muhammadu Buhari is projecting the nation’s budget shortfall will narrow next year as revenue from non-oil sources increases.
Crude Oil Rises to Highest Since mid-2015 on Saudi Purge, Tighter Markets
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.
Nigeria supports OPEC cut extension under "the right terms
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.
Reserves Rise By $1.1bn As I&E Window Sees $677.7m Inflow
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.
FX Transactions on I&E Window Hit $18.36bn, Rates Converge at N360
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.
Nigeria’s external reserves to hit 3yr high of $35bn
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.
2020 financial inclusion target on course, but slow, says report
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.
Ajibola: Efficient Forex Management Key in Improving Nigeria’s Development Index
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.
Firms to trade at one kobo as NSE begins new pricing rules
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.
Investors Aren't Calling an End to Nigeria's Naira Problem
Nigerian officials are increasingly confident the naira’s troubles are over for good. Some investors disagree.
Nigeria’s trade deficit in manufactured goods hits N4.21tr
Nigeria is largely disadvantaged in international trade involving manufactured goods across the world.
$350m Eurobond invested by govt, documents reveal
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.
Emefiele to unveil economic direction for 2018
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.
FG woos investors at LSE, unveils Afrinvest banking report
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
FG targets N5tn from non-oil export
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.
Review import duty on vehicles now, LCCI tells FG
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.
Nigeria can generate N8trillion revenue from non-oil sector annually-Study
The nation’s non-oil sector has the potential to generate a minimum of N8rillion revenue annually.
NBS: Pension Fund Assets Grow by N332bn in 3 Months
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.
Nigeria Stock Market To Attract More Foreign Investors
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.
Osinbajo Urges Oil Majors To Invest In Renewable Energy
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.
Osinbajo, WTO task developing countries on $50trn export opportunity
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.
Diamond Bank to sell West Africa units to focus on Nigeria
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.
MTN Restates Commitment to List on NSE in Six Months
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.
Investment inflow into Nigeria, others to hit $75bn – Osinbajo
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.
Govt working to attract, retain investments in oil industry, says Osinbajo
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.
Buhari presents budget 2018 Nov 7
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.
FG to save N91bn annually from $3bn debt – Adeosun
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.
Nigeria must prepare for world after oil – Osinbajo
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.
China disburses $30bn industrialisation fund to Nigeria, others
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.
Fintechs Urged to Enhance Financial Inclusion
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.
Lafarge Africa Applies to Raise N132bn through Rights Issue
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.
Investors Gain N3.4trn From Stock Market In 10 Months
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.
African Economies Performing Better Than Global Outlook – Osinbajo
Vice-President Yemi Osinbajo yesterday in Abuja said African economies were improving and performing better than the projected global outlook.
NIPC, FIRS unveil investment incentives compendium today
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).
BoI, Gates Foundation, CGAP partner to boost entrepreneurship
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.
Reps Pass FOREX Mart Bill
The House of Representatives were yesterday read for a second time, a bill for an act to repeal the foreign exchange.
Nigeria, two others drive world gas reserves higher
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.
FAAN, ABX to boost farm produce export
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.
Nigeria loses N30tr to oil price crash, says Awolowo
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.
Kachikwu: govt eyes more oil, extra $9b yearly, others
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.
CBN seeks powers for CIBN to punish erring bankers
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.
GCF, AFC to drive low-emission development in Africa
The Green Climate Fund (GCF) will help African countries ramp up their economic growth in ways that do not exacerbate climate change.
NSE indices sustain rising profile, up by N72 billion
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.
CBN Targets 80% Financial Inclusion by 2020
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).
CBN, NCC cooperation crucial in deepening financial inclusion - Queen of Netherlands
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.
SEC partners CBN, NIBBS to eliminate fraudulent investment outfits
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.
Nigeria does not see devaluation risk in midterm -finance minister
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.
CBN sells 100 billion naira treasury bills on Wednesday - Traders
Nigeria is set to sell 100.83 billion nairas of treasury bills at an auction on Wednesday, traders said
SON, ISO 700 set to tackle infrastructural decay
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.
Nigerian Breweries announces results for 2017, declares N7.9b interim dividend
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.
Value Added Tax revenue hits N797b
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.
Govt saves $2b from local cement production
Nigeria has saved $2 billion from local production of cement in the past one year Chairman, BUA Group, Abdulsamad Rabiu, has said.
MTN Focused on Preparing for Nigerian Unit IPO in Six Months
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.
Nigeria Plans $1 Billion Processing Zone to Boost Exports
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.
Flour Mills of Nigeria plans share sale to reduce debt
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.
Oil price rises to $61 per barrel
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.
Oil prices surpass World Bank’s forecast at over $60 a barrel
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.
Nigeria loses 2,648.7mw to gas, line constraint
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.
CBN Pumps Another $195m into Forex Market
The Central Bank of Nigeria (CBN), on Tuesday injected another $195 million into the interbank foreign exchange market.
Naira depreciates to N360.83/$ at NAFEX
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.
Nigeria among most improved countries in World Bank's Ease of Doing Business list
Nigeria was among the 10 economies showing the most notable improvement in the World Bank’s Ease of Doing Business list published on Tuesday.
Emir Sanusi launches Nigeria’s first Islamic insurance firm
The Emir of Kano, Muhammad Sanusi II, has launched the first Islamic insurance firm in Nigeria, known as ‘Jaiz Takaful Insurance’.
FG saves $2m annually from local cement production – BUA CEO
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.
$800b needed in 37 years to fix transport infrastructure deficit
About $800 billion would be required to fix critical transport infrastructure deficit in the next 37 years, a finance expert, Opeyemi Agbaje, has said.
ANLCA urges members on trade facilitation
The Association of Nigerian Licensed Customs Agents (ANLCA) has urged its members to keep supporting the Federal Government’s trade facilitation programme.
FG Savings Bond Generates N6.7bn In 8 Months
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.
Investor & Exporter forex window has exceeded expectations — CBN
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.
SEC launches development fund for capital market
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.
FG to begin crude oil tracking next year
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.
Emefiele woos global investor-community in London
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.
CBN offers N5 billion maximum support for non-oil export project
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).
Basic infrastructure crucial to financial inclusion’s growth
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.
Naira closes at N360.16/$ at investor’s window
The Naira on Monday traded at N360.16 to the dollar at the investor’s window.
Excess liquidity to persist as N214bn inflow boost interbank
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.
African Development Bank calls off proposed loans to Nigeria
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.
IMF Sees Nigeria Debt Shift Increasing Exchange-Rate Risks
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.
IMF says rising debt, political risk dim sub-Saharan Africa's economic outlook
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.
IMF wants Nigeria to stop tax holidays
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.
Naira closes at 363/dollar, CBN sells forex to manufacturers, airlines
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.
ERGP will help Nigeria achieve sustainable growth
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.
Afrinvest canvases foreign investment in re-emerging Nigerian economy
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.
Guinness Nigeria’s N40b rights issue records full subscription
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.
Union Bank closes application for N50b rights issue
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.
IMF Advises Nigeria to Recapitalise Banks
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.
Nigeria’s excess oil revenue hits N11.1bn daily
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.
CBN rules out naira fall as external reserves hit $34bn
The nation’s external reserves have hit $34bn from $33.6bn attained on October 25, the Central Bank of Nigeria has stated.
CBN injects more $285.7m Forex market
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.
Economic growth to rise to 3.4% in sub-Saharan Africa in 2018 – IMF
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.
2017 budget: FG records 49% non-oil revenue shortfall
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.
Nigeria To Generate N236bn From Steel Export – AIG
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.
What Nigeria must do to exit recession totally-NBS boss
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.
Japan seeks huge opportunities as Nigerian economy recovers
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.
UK urges more investments in Nigeria
The British government has called on international businesses to invest in the long-term potential of the Nigerian market.
Nigeria’s inflation rate to fall to single digit in mid 2018 – Emefiele
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.
Nigeria saves N216b from local rice production
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.
AfDB targets 513 million tonnes of food production by 2025
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.
Malabu Oil Deal: Finally, FG Recovers $85m from UK
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.
Kano emir’s firm, Dangote, NNPC to build $1.1bn power plant
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.
Nigeria's central bank supplies $285.7 mln to four sectors
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.
MSCI keeps Nigeria in frontier indexes, no longer under review
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.
Naira trades flat at 363/dollar
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.
Nigeria's cabinet approves draft 2018 budget - minister
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.
Lafarge Africa concludes share swap with AshakaCem
The Board of AshakaCem on Monday approved the exchange of shares held by its minority shareholders for shares in Lafarge Africa, the majority shareholder.
Buhari Presents 2018 Budget Tuesday as FEC Approves Estimates Thursday
President Muhammadu Buhari will present the 2018 Appropriation Bill to the National Assembly on Tuesday, an authoritative presidency source told THISDAY wednesday.
Crude Oil Price Rises Towards $59 Per Barrel
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.
KPMG says economy attractive to foreign investors
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.
Nigeria’s gas flare rate dips to 12%
Nigeria gas flare rate stands at 12.00percent, the Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report for August has revealed.
Nigeria, U.S. to strengthen ties in oil, gas sector
The United States on Tuesday said it would encourage more of its firms to invest in Nigeria’s oil and gas sector.
Buhari rejects same currency for West Africa
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.
Nigeria’s daily gas production hits seven billion cubic feet
Nigeria’s gas production has reached seven billion cubic feet per day (cf/d), according to the Nigerian National Petroleum Corporation (NNPC).
GDP by expenditure contracts by -14.6% in Q4, 2016 – NBS
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
Nigeria open to more investments, says Osinbajo
Vice-President Yemi Osinbajo on Tuesday said Nigeria was open to business and more investments.
Naira Scarcity Hits Interbank Market as Overnight Lending Rises to 120%
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.
FG shifts refineries’ repair to 2018
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.
Nigeria’s GDP records decline in Q3 and Q4 2016
The National Bureau of Statistics (NBS) says the Gross Domestic Product in real terms dellined in the third and fourth quarters of 2016.
FDI in Nigeria’s digital sector hits $1bn — KPMG
KPMG has disclosed that Foreign Direct Investment, FDI, into the Nigeria digital space over the last year is almost $1 billion.
Nigeria's Oando gets court order to lift share price suspension
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.
FAAC: FG, States,LGs share N558bn in Oct, allocation decreases
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.
Stock market indices close upbeat, up by 0.33%
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.
FG Raises N6.69bn through Savings Bond
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.
Osinbajo: Nigeria Still Grappling with Consequences of Malabu Oil Scandal
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.
Ghana’s crude production to climb above 250,000 bpd
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.
Experts opt for local currency deals in infrastructure financing
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.
RMBN affirms support for growth of creative sector
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.
Rep signifies major changes underway in oil sector
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.
Lafarge to list N25b commercial paper, floats N131.6b rights issue
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.
Naira depreciates further to N360.39/$ at NAFEX
The naira, Tuesday, depreciated further to N360. 39 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
Nigeria central bank injects $195 mln into currency market
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.
Investors, Exporters’ FX Turnover Hits $1.9bn In One Week
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.
Nigeria, African markets remain business haven to foreign reinsurers
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.
Rand Merchant Bank Urges FG to Support Creative Industry
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.
Wema Bank’s shareholders approve capital reduction scheme
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.
Pension assets rise to N7tn
The total assets under the Contributory Pension Scheme rose to N7.09tn as of the end of August, this year.
Quest for FDIs, falling revenue spike debt-service ratio to 62 per cent
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.
Court Order on Forfeiture of Monies Not Linked to BVN Unsettles Banks
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.
Africa’s $6.8b reinsurance market to recover in 2018
Reinsurers inAfrica are optimistic about the prospects of $ 6.8 billion Africa’s reinsurance markets in 2018.
Gas infrastructure gap needs $10b investment
To close Nigeria’s gas infrastructure gap, the Federal Government and oil and gas stakeholders will require $10 billion investments, The Nation has learnt.
Global stock of investable commercial real estate hits $27.5tn
A recent investigation by CBRE has found that the global stock of investable commercial real estate assets to be worth $27.5tn.
Nigeria Open for Business, Afrinvest CEO Tells Investors
Foreign investors have been advised to take advantage of the huge investment opportunities in the Nigerian economy.
Germany, Nigeria trade volume falls to €3.5bn
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.
As World Seeks Alternative to Crude Oil, Nigeria Remains Fixated
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
Nigeria’s Fixed Income Market Records N103 Trillion in 9 Months
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.
CBN to hold banks accountable for BVN-related fraud
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.
Nigeria gemstones’ export valued at $3bn annually – Minister
The Minister of Mines and Steel Development, Dr. Kayode Fayemi, has said gemstones worth $3 billion are exported annually from Nigeria, but mostly unofficially.
FG gets $29 billion from SPDC as NDDC gulps $1.8b in four years
Oil giant- Shell Petroleum Development Company (SPDC) and its Joint Venture (JV) partners contributed $29 billion to the Nigerian government between 2012 and 2016.
Dangote Cement Mulls Eurobond Issue
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.
Adeosun: 77% of Nigeria’s N19tn Debt is from Domestic Market
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.
Shell Nigeria lifts force majeure on Bonny Light crude
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.
Johannesburg Stock Exchange suspends trading on Oando shares
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.
Budget: FG to spend N1.16tn more in 2018
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.
FG sells treasuries to keep naira liquidity tight
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.
Agip pushes ahead with 150,000bpd refinery plan
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.
Govt to disburse $150m solid minerals grants
The Federal Government has concluded plans for the disbursement of the $150 million World Bank grant to solid mineral sector operators.
FG proposes N8.6tr budget for 2018
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.
Nigeria’s Aviation attracted $4bn in 2016, Needs $50bn to Grow
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 $50 billion in the next 30 years.
UAC of Nigeria seeks approval and listing of rights issue of 960.4 mln shares
UAC OF NIGERIA SUBMITTED APPLICATION TO NIGERIAN STOCK EXCHANGE FOR APPROVAL AND LISTING OF A RIGHTS ISSUE OF 960.4 MILLION SHARES
Nigerian lenders pick Barclays to find new investors for 9mobile -sources
Nigerian lenders have picked Barclays to try to find new investors for debt-laden 9mobile, two banking sources said on Thursday.
Nigeria revises down 2017 economic growth forecast to 1.5 pct from 2.19 pct - document
Nigeria has revised down its forecast for 2017 economic growth to 1.5 percent from 2.19 percent, according to a document seen by Reuters on Thursday.
Nigeria’s oil export rises by 150,000 bpd
As Aiteo completes maintenance of Nembe creek trunk line The export of crude oil from Nigeria has been increased by 150,000 barrels per day (bpd) following the completion of Nembe Creek Trunk Line maintenance.
Buhari Seeks N’Assembly’s Approval for 2018-2020 MTEF
Preparatory to the presentation of the 2018 budget to the National Assembly, President Muhammadu Buhari Tuesday transmitted the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the legislature.
Naira down to N360.27/$ at NAFEX
The naira Wednesday depreciated to N360.27 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
Finance Ministry, CBN chart way forward for economy
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.
Agip spends $5.4b on Nigerian content
The Nigerian Agip Oil Company (NAOC) has spent $5.4 billion to grow and develop Nigerian content.
World Bank okays $150m for mining sector
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
Emirates to improve Nigeria/China trade relations through route expansion
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.
China pledges more investments in Nigeria, others
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.
Petrol price drops by 1.2% YoY in September —NBS
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.
Oil price rises towards $59
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.
Nigerian regulator suspends Oando shares, orders audit
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.
IST to priotise investors’ interests
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.
CBN maintains market liquidity with $195m
The Central Bank of Nigeria (CBN), on Monday October 16, 2017 continued to maintain liquidity in the Forex market by injecting $195 million in the the Nigerian inter-bank foreign exchange market.
Investing in Environment Sector Will Increase Sources of Income in Nigeria, Says Jibril
The Minister of State for Environment, Ibrahim Usman Jibril has said that the Nigeria’s economy would improve considerably if the government invests in the nation’s environment sector.
Naira down to 360.75/$ at NAFEX
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.
Nigeria's FX buffer rises to almost 3-year high $33.1 bln on Oct 12 -cenbank data
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.
Nigerian Bank Eurobonds a Step to Easing FC Maturity Gaps
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.
Nigerian Inflation Sticky in September as Food Costs Rise
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.
Digital finance to boost GDP by $3.7tr
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.
600 investors to attend Nigeria’s Mining Week
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.
World Bank: We Have over $8.5bn Investments Scattered Across Nigeria
World Bank Group said it has an investment portfolio of about $8.5 billion scattered across states and regions in Nigeria.
Mobilise Resources Aggressively to Enhance Weak Revenue, IMF Tells Nigeria
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.
Nigeria, S/Africa to lift sub-Saharan Africa growth next year
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.
Oil price jumps to $57.8
Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq.
CBN Pumps $306 Million into Forex Market
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.
We source 75% of raw materials locally – Guinness MD
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
Red Star plans new capital raising
Red Star Express Plc has planned to raise new capital as the logistics and courier company moves to diversify its operations.
ALGON, 16 foreign partners to create 5.9m jobs from new agriculture scheme
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.
Nigeria trails Ghana, others in LPG consumption
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.
Equities’ return rises to 37.1% amidst rally
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.
IMF sees improved forex market in Nigeria as reserves hit $33 billion
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.
NNPC: Western Europe, Asian Countries Major Destinations for Nigeria’s Oil
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.
Pension fund assets rise by N862bn
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.
PZ Cussons shareholders approve N1.9bn dividend
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.
Nigeria, EU, others consolidate progress on trade facilitation
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.
$25b contracts: PENGASSAN vows to resist interference in NNPC administration
Oil workers, under the aegis of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have vowed to resist any attempt by officials not designated for the administration of the Nigerian National Petroleum Corporation (NNPC) to meddle in the affairs of the association.
Naira appreciates to 360. 52/$ in NAFEX
The naira, yesterday, appreciated to N360.52 per dollar in the Investors and Exporters (I&E) Foreign Exchange, forex, Window.
Interbank lending rate drops to 20% amid cash squeeze
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.
Crude Oil Exploration: NNPC Reinvigorates Action In 7 Inland Basins
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.
Competition, Transport Sector Bills Will Generate N58trn – NESG
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.
Nigerian Bank Just Sold Most Expensive Emerging-Market Bond
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.
NB, Stanbic IBTC, others drag market capitalisation by N43b
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.
OPEC oil output rises by 88,000 bpd in September
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.
NPDC partners Accrete Petroleum to grow oil reserves
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.
Nigerian naira seen steady, Kenya's shilling to weaken on politics
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.
IMF Warns of Heightened Risks as Nigeria Seeks to Increase Foreign Debt
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.
Nigerian economy to achieve moderate growth in 2018 – World Bank
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.
IMF: Nigerian Economy to Grow by 1.9% in 2018 But Subdued by Population Growth
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.
Inflation to remain high in Nigeria next year – IMF
The International Monetary Fund has said it expects inflation in Nigeria and Angola to remain elevated at two-digit levels next year.
$18bn Dangote refinery will boost Nigeria’s foreign investment- IPMAN
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.
We’re using recovered looted funds to finance 2017 budget – Buhari
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.
Nigeria's Buhari asks lawmakers to approve $5.5 bln in foreign loans
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.
Foreign Investors Identify Consumer Goods, Financial Services as Attractive Investment Sectors
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.
CBN forex supply hits $390m in one week
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.
Global oil demand increases by 2mb/d – Barkindo
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.
Equities’ investors seek review of penalties on listed firms
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.
Flour Mills Renews Plans to Raise Capital, Targets N70bn
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).
Nigeria's Vice President Says Investor Interest ‘Remains Strong’
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.
EU Restates Commitment to Improving Trade with Nigeria
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.
Afreximbank’s DRs start bullish on Mauritius Stock Exchange
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.
Q4’17: Equities outlook appear hazy, but with a strong start
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.
Dangote Cement declines bid on SA firm
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.
Nigerian stocks climb to six-week high
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.
NNPC subsidiary declares N15.8 billion profit after tax in 2016
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.
Naira closes at 363/dollar
The naira recorded a marginal gain on Wednesday, closing at 363 per United States dollar.
Oil revenue grew by 42.7% in July — NBS
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.
CBN Sustains Forex Intervention with $195m
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.
S&P Revises Ecobank Nigeria’s Outlook to ‘Stable’
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.
Guinness Nigeria's $126 mln share sale oversubscribed
Guinness Nigeria’s 39.70 billion naira ($126 mln) share sale to existing shareholders was 116 percent subscribed, the company said on Wednesday.
Nigeria's 2017 capex to hit 440.9 bln naira next week, finance minister says
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.
Banks cut lending, opt for investment in securities
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.
FG Set to Release Second Tranche of Capital Budget
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.
OPEC Oil Output Climbed in September as Libya, Nigeria Recover
OPEC nations pumped slightly more crude in September as Libya’s biggest oil field returned to production.
Banks in fresh trouble over TSA
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).
CBN puts foreign reserves position at $32.16b
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.
Naira rebounds, closes at 365/dollar
The naira closed at 365 per United States dollar on Friday, up from 367/dollar as dollar supply continued to improve.
Nigeria’s Manufacturing Index Sustains Upswing in September
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.
FAAC allocation increased by N169.9bn in August
The Federation Account Allocation Committee on Thursday shared the sum of N637.7bn among the three tiers of government.
$400m convertible bond issue: ETI appoints transaction advisers
Ecobank Transnational Incorporated has announced its proposed convertible bond issue of up to US$400 million.
FG ready to negotiate offers for its 40% power sector stake – Fashola
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.
Nigeria's crude account held $2.31 billion as of Sept 22
Nigeria’s excess crude account stood at $2.310 billion as of Sept. 22, the finance minister said on Thursday, slightly lower than a year earlier despite a recovery in production.
Nigeria’s crude oil over-subscribed, says NNPC
The Nigerian National Petroleum Corporation has said the demand for the nation’s crude oil outstrips the current supply.
NNPC to lift force majeure on Bonny Light in October
NIGERIAN National Pe-troleum Corporation, NNPC, plans to lift the force majeure on Nigeria’s Bonny Light crude next month.
Nigeria now second world’s leading producer of Sorghum
NIGERIA’s agri-business in the sorghum cultivation is now amongst world’s leading position at number two after the United States of America, USA, which is the number one world’s leading producer.
Exit from recession still fragile, says CBN
The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday said the 0.55 per cent Gross Domestic Product growth rate, which took the economy out of recession, was still fragile.
Emefiele Defends Quantitative Easing, Says CBN is Not Overfunding Govt
The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has defended the Bank’s funding of the federal government through quantitative easing (QE), stating that there was no substance in the claim that the central bank was overfunding the government, on the one hand, and mopping up liquidity through special auctions, on the other.
Naira further appreciates to 359.89/$ in NAFEX
The naira, yesterday, appreciated further to N359.89 per dollar in the Investor and Exporter (I&E) Foreign Exchange Window.
$9bn Has Been Used by FG to Defend Naira, Says Senate
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.
NCC: telecoms sector investments hit $70b
The Nigerian Communications Commission (NCC) yesterday said total investments attracted by the telecoms sector to the country have reached $70billion.
Lafarge Africa lays out terms of proposed rights issue
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
Nigeria almost doubles bond size as funds grab high returns -traders
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.
Nigeria Plans to Sell $5.5 Billion of Eurobonds by Year-End
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.
Nigeria asks Senate to amend law for govt to settle 2.7 trillion naira debt
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.
Stubborn Inflation Sees Nigeria Keeping Rate at Record High
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.
Seven Energy finalizes Calabar gas sales agreement to boost power supply
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.
FG Open to Divestment of 40% Shares in Discos, Says Fashola
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.
PIB passage to be completed before 2018 – Saraki
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.
Nigeria’s External Reserves Rise To 31-month High At $32bn
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.
Investing in Palm Oil for Export
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.
Oil price hits 26-month high, nears $59
The global oil benchmark, Brent crude, extended its gains on Monday, rising to its highest level in more than two years.
Naira records marginal gain, closes at 366/dollar
The naira rebounded on Monday and closed at 366 per United States dollar.
NPDC to raise crude output to 500,000bpd by 2020
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.
EU-Nigeria trade hit €19.9 billion in 2016
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.
FOREX: CBN sells $195m ahead of MPC decisions
The Central Bank of Nigeria (CBN), yesterday, boosted the FOREX market by offering a total of $195m in three segments of the market.
2017 Budget: FG Keeps Mum on Capital Releases
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.
Ogunbanjo emerges NSE President, replaces Aig-Imoukhuede
The Nigerian Stock Exchange (NSE) on Monday announced the emergence of Abimbola Ogunbanjo as the new President of National Council of the Exchange.
Record-High Nigeria Rate Seen Held to Curb Inflation, Back Naira
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.
Merger: World’s largest brewer to increase Nigerian equity stake to 75.1%
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.
FX Window Records $1.323bn Transactions in One Week on Soaring Investor Confidence
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 $1.323 billion in just one week, trading results from the FMDQ OTC Securities Exchange showed at the weekend.
Nigeria records rise in non-oil export
Nigeria has recorded a significant rise in its non-oil export, with agricultural goods increasing the country’s foreign exchange earnings.
CBN, SEC Impose N214m Fine On 5 Banks Over Market Infractions
The apex financial sector regulating bodies in Nigeria, Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC) have sanctioned five commercial banks N213.7 million between January and June 2017 over 26 market infractions.
Nigeria-EU Trade Hits €20 Billion
Trade Counselor and Head of Trade and Economic section of the European Union (EU) Delegation to Nigeria & ECOWAS, Filippo Amato, has put the total value of trade between Nigeria and the EU in 2016 at €19.9 billion in 2016.
With Force Majeure on Nembe Oil Line, Nigeria Risks Revenue, Production Cuts
The volume of crude oil produced and sold daily by Nigeria could take a fresh cut from the shutdown of a critical oil line in the Niger Delta region – the Nembe Creek Trunk Line (NCTL) for emergency repairs.
Pressure on Nigeria as the world turns away from oil
It may assault sensibilities of some people to insinuate that Nigerians will have to drink their oceans of ?oil, as it may be unscientific to suggest that the resource will dry up soon. But the alarm bells are ringing loudly as the world increasingly turns away from oil.
Firms complain of naira shortage to buy dollars
A Central Bank of Nigeria requirement that companies back forward dollar purchases with naira is drying up supplies of the local currency.
Naira to take cue from MPC decision next Tuesday
The naira is expected to trade little change against the United States dollar next week as investors await the Central Bank of Nigeria’s Monetary Policy Committee decision on interest rate on Tuesday.
Naira depreciates further to N360.33/$ in NAFEX
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.
Poor World Bank ranking on Nigeria discouraging investments
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..
Oil prices rise toward $57 ahead of OPEC meeting
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.
Foreign investors drive treasury bills subscription in excess of N418bn
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.
Nigeria sells more treasuries as moves to support naira
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.
At $56 Per Barrel, Crude Oil Set for Highest Gain Since 2004
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.
Four Nigerian banks trade below minimum liquidity ratio
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.
Low oil price will help Nigeria, others – Dangote
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.
Equities rebound, indices up by N124 billion
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
EU-Nigeria trade hits 19.9 billion Euros
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.
CBN raises N216bn in oversubscribed Treasury bills
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.
Nigeria to save $14m with local production of road paints
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.
Nigeria FX market in doldrums as funds offer dollars at premium -traders
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.
Insider abuse: CBN probing bank directors, says Emefiele
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.
Unity Bank Disburses over N24 billion to Farmers
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.
Nigeria’s foreign debts hit $15.05bn in June – NBS
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.
Naira appreciates to N360.22/ $ in NAFEX
The naira, yesterday, depreciated to N360. 22 per dollar in the Investors and Exports (I&E) Foreign Exchange, forex Window.
FG Promises to Restore Investor Confidence in Capital Market
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.
Nigeria's Forte Oil puts 20 bln naira share sale on hold
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.
Oil prices move close to $56
Oil prices moved close to $56 yesterday, remaining near multi-month highs reached late last week.
Naira drops to 369, market anticipates dollar supply
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.
NFIU: FATF Threatens to Suspend Its Mission to Nigeria
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).
Union Bank to open N50bn rights issue on Wednesday
Union Bank Plc says the subscription for its N50bn rights issue will commence on Wednesday, September 20 and close on October 30, 2017.
CBN Gives Banks Four-week Ultimatum to Open FX Teller Points
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.
Kachikwu: $100 Oil Impossible in 2018
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.
Oil: Egina to add 200,000bpd to Nigerian production
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.
Nigeria Central Bank's Acting as Piggy Bank, MPC Member Says
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.
ICRC: $100bn Required for Nigeria’s Infrastructure Development
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.
ICRC: $100bn Required for Nigeria’s Infrastructure Development
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.
BRIEF-S&P says Federal Republic of Nigeria ratings affirmed at 'B/B' outlook stable
Nigeria’s stable outlook signals assessment that oil sector improvements will support higher economic growth, fiscal revenues, among other things
Exchange rate, NPLs top agenda as MPC meets today
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).
FG Sets Bid Round Guidelines for Award of 46 Marginal Oil Fields
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.
N’Assembly will get 2018 budget next month – Enang
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.
Liquidity squeeze threatens settlement at equities market
The inability of investment firms and stockbrokers to access amenable funds is threatening efficient settlement at the Nigerian equities market.
At $33bn, External Reserves Hit 31-month High, Oil Rebounds to Five-month High
Nigeria’s foreign exchange reserves have risen to a 31-month high of $33 billion, the Central Bank of Nigeria (CBN) disclosed Thursday.
China, India Best Bets for Green Investors, Morgan Stanley Says
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.
Era of depending on FG for finance over —Sanusi
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.
FG begins sale of N100bn debut sovereign sukuk
The Federal Government has started the sale of a N100bn ($326m) debut sovereign sukuk on the local market to fund road infrastructure, the Debt Management Office has said.
Nigeria’s oil production exceeds OPEC’s 1.8mbpd restriction target
Crude oil production freeze is now imminent for Nigeria, as the country’s oil production increased by 138,300 barrels per day (bpd) from the 1.723 million (bpd in July to 1.861million bpd, according to the latest report from the Organisation of the Petroleum Exporting Countries (OPEC).
Naira depreciates against dollar
The Nigerian currency, naira, lost N2 to the dollar at the parallel market on Thursday, the News Agency of Nigeria (NAN) reports.
Interswitch Nigeria Sees Delayed IPO Concluded by End-2019
Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019.
Dangote Cement Confirms Bid for PPC of South Africa
Dangote Cement Plc, which is the mostcapitalised company listed on the Nigerian Stock Exchange (NSE), wednesday confirmed that it plans to acquire the entire share capital of PPC Limited-South Africa’s leading cement firm.
Nigeria Records N2.4tn Crude Oil Exports, Total Trade Hits N5.7tn in Q2
Nigeria recorded a total of N2.43 trillion crude oil exports in the second quarter (Q2) of 2017 as total trade hit N5.69 trillion.
UPDATE 1-Nigeria unlikely to join OPEC cuts before March -oil minister
Nigeria is very unlikely to join OPEC’s cuts in oil production before March, its oil minister said on Wednesday.
CBN to tame inflation, cut interest rate - Emefiele
The Central Bank of Nigeria (CBN) will continue to explore further avenues to ensure that interest rates are supportive of domestic production needs.
Naira depreciates to N360.2/$ in NAFEX
The naira, yesterday, depreciated further to N360.2 per dollar in the Investors and Exporters (I&E) window.
FG offers tax holidays, duty waivers to mining investors
The Federal Government has offered tax holidays and duty waivers on imported mining equipment to foreign investors in the nation’s mining industry.
After recession, focus on non-oil sector, Utomi, others advise FG
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.
Budget: FG targets N100bn from Islamic bond, sukuk
The Federal Government will today (Thursday) commence activities preparatory to the issuance of N100bn non-interest bearing Islamic bond, better known as sukuk.
Nigeria’s economic indices conducive for growth - CBN
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.”
Buhari, economists, others caution against celebrating Nigeria’s exit from recession
Buhari, economists, others caution against celebrating Nigeria’s exit from recession
With Population Growth at 2.7%, Nigeria Still Not Out of the Woods
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.
Naira appreciates against dollar
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.
Dangote invests N400bn in sugar backward integration projects
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.
CBN spends $9bn to defend naira in 7 months
Central Bank of Nigeria (CBN) sold $9 billion to forex dealers through the interbank market between February 21 and August 31, Daily Trust reports.
DMO sets borrowing limit for FG at $22bn
DMO sets borrowing limit for FG at $22bn
Adeosun confirms N350bn release for capital projects
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.
Worst May Be Over as Biggest Africa Economies End Growth Rut
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.
FIRS generates N2.11 trillion in 7 months
The Federal Inland Revenue Service, FIRS, through tax collections, generated N2.11 trillion as revenue from January to July, 2017.
FG Plans New Model to Equalise Gas Prices across Nigeria
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.
Nigeria’s External Debt May Hit N6.31tn in 2018
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.
Naira records marginal gain, closes at 368/dollar
Naira records marginal gain, closes at 368/dollar
Access Bank redeems $350m Eurobond
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…
UPDATE 1-Nigeria's Buhari says delighted that economy is improving
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.
Buhari Weighs Options as Cabinet Reshuffle Tops Agenda
Buhari Weighs Options as Cabinet Reshuffle Tops Agenda
Nigerian annual inflation slows in July to 16.05 pct, food inflation soars
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.
CBN Injects Additional $250m into Forex Market
CBN Injects Additional $250m into Forex Market
Northern Nigeria Flour Mills invests N2bn in new sorghum plant in Kano
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.
Nigeria: Govt to Connect All Airports, Seaports, Inland Depots to Rail
Nigeria: Govt to Connect All Airports, Seaports, Inland Depots to Rail
Nigeria naira eases on black market as dollar demand resurfaces
Nigeria naira eases on black market as dollar demand resurfaces.
Monetary policy offers limited tools for economic recovery – Emefiele
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.
UK, US, Singapore and Belgium account for 74% of capital inflow into Nigeria
UK, US, Singapore and Belgium account for 74% of capital inflow into Nigeria
Mutual Funds assets in record high of N333bn on Money Market growth
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.
Afreximbank Seeks to Tap from Investors with $300m Depositary Receipts
Afreximbank Seeks to Tap from Investors with $300m Depositary Receipts
Forex turnover rises to $146m as CBN auctions N193.14bn TB
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.
FG spent N1.3trn on capital projects in 2016, says Osinbajo
FG spent N1.3trn on capital projects in 2016, says Osinbajo
CBN boosts forex market with $195 million
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.
Competition heats up in insurance as Willis, Marsh make new Nigeria acquisitions
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.
Nigerian Investor Sets Up $135 Million Commodities Exchange
Nigerian Investor Sets Up $135 Million Commodities Exchange
Nigeria's Buhari returns home after three-month sick leave in Britain
Nigeria's Buhari returns home after three-month sick leave in Britain.
Buhari Faces Key Challenges in Nigeria as he Ends Medical Leave
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.
External Reserves Chalk up $1.26bn as Shale Oil Threat Persists
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.
Nigeria’s debt reaching critical levels — NEITI
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/
Forex turnover jumps to $265.59m at investors window
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.
Naira falls against dollar
Naira falls against dollar
NNPC signals intention to privatise refineries
NNPC signals intention to privatise refineries
Investors’ crave for Nigerian mutual funds heighten with AUM all-time high
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.
Nigeria Seeks to Diversify From Oil With $41 Billion of Rail
Nigeria has started a $41 billion railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports.
“The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi, 52, said in an interview in the capital, Abuja.
Naira appreciates to N359.7/$ as External reserve hits $31.35bn
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.
Fitch affirms AfDB’s triple ‘A’ rating
Fitch Ratings has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook
Investors, exporters FX market hits over $1bn turnover in one week
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 $6.51 billion.
Foreign Securities Expert Bullish on Nigerian Capital Market
A fellow of the Chartered Institute for Securities and Investment (CISI), United Kingdom, Mr. Alan Burr, has said that the Nigeria’s capital market, has become the focus of the international financial expert because of the growth it is recording and many investment opportunities
PenCom criticizes bill to exclude paramilitary agencies from contributory pension scheme
The National Pension Commission (PenCom) on Friday kicked against the bill seeking to exclude paramilitary organisations including the police from the Contributory Pension Scheme (CPS).
The Acting Director-General of PenCom, Mrs Aisha Dahir-Umar, said in Abeokuta that the exclusion of the paramilitary organisations from the national pension scheme would not augur well for the officers and men of the outfits.
She spoke at the 2017 annual retreat organised by Pension Operators (PenOp) comprising 21 Pension Funds Administrators (PFAs) and four pension custodians.
Naira gains at investors' forex window
The Nigerian currency on Thursday appreciated at the investors and exporters’ window gaining N0.96k to close at N366.50k per US dollar from N367.46k/$ 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.
Crude Oil Price Inches up to $49 as US Drilling Declines
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.
Osinbajo: FG to Bring Down Cost of Aviation Fuel
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.
FG, NDDC Move to Revitalise Abandoned Rice Mills
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.
CBN Sells $195m to Banks
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.
Nigeria’s federally collected revenue declines by 13.42 per cent
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.
FMDQ lists Nigeria Infrastructure Debt Fund, others
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.
Oando under investigation over $1.5bn oil asset
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.
UBA Board Meets to Consider Accounts, Interim Dividend
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.
Unilever Nigeria’s Profit After Tax Soars to N2bn in Six Months
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.
UPDATE 1-U.S. seeks to recover $144 mln in Nigeria oil industry bribery case
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.
Larbie: Producing Locally is a More Sustainable Business Strategy
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
Etisalat to raise fresh capital, reassures customers of continuity
Etisalat Nigeria on Monday said it had commenced the paperwork to raise fresh capital to bolster its operations...
Nigeria Can’t Borrow Anymore, Warns Adeosun
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...
EU, Nigeria to facilitate trade, investment
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...
BoI to Inject N1tn into Economy
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...
Dollar flow raises capacity utilisation in manufacturing sector to 60%
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…
Banks raise dollar spending by 900%
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...
Dangote Cement aims to double size of Africa plants in three years
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...
Africa's Richest Man Invests $4.6 Billion in Nigeria Farming
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...
Cement Price to Fall Soon as Cost of Production Drops
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...
‘Nigeria’s crude oil production hit 2.025mbpd in June’
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...
Udoma Puts Nigeria’s Debt Stock at N19tn
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)...
Banks tap two advisers to manage Etisalat sale
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…
Etisalat debt: Reps want telcos’ financial accounts audited
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...
Default filing: Stock Exchange suspends trading in 17 companies
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...
BPE: FG to Divest 20% of Its Shares in Privatised Companies on Stock Exchange
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...
Nipco’s Mobil Oil takeover bid offer extended
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...
Nigeria’s return to JP Morgan Index seen not earlier than 9 months away
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…
Nigeria Has Succession Jitters, Again
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...
Investors showing interest in power distribution networks —Fashola
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...
Time for administrative control of Naira over says Emefiele
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…
Finally, Nigerian Stock Exchange Delists Ashaka Cement
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...
IOCs to Dispose of More Assets After PIB Passage, Licence Expiration
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...
Recession: FG enlists foreign firms to enhance recovery
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...
N3.57tn borrowed in 21 months to finance budget deficit –FG
The Federal Government said on Tuesday that it borrowed N3.57tn between June 2015 and March 2017 to finance budget deficits...
Nigeria to raise up to 450 bln naira in bonds by Q3 -debt office
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...
Naira appreciates marginally against dollar
The Naira on Wednesday appreciated marginally against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports...
Crude Oil Price Rises for Eight Days, the Longest Since 2012
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...
Nigeria’s tax revenues could hit N19 trillion annually
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…
Nigeria rated Africa’s 19th most attractive investment destination
Nigeria is the 19th most attractive economy for investments flowing into the African continent, a new report has indicated...
CBN pumps $195m into interbank market
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...
Seplat Gets Extension on $150m Revolving Credit Facility
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...
Zenith, FBN, GTbank, Access, UBA, Diamond among Top 1000 Global Banks
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...
UPDATE 1-Regulators step in to save Etisalat Nigeria from collapse
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...
Nigeria bank shares suffer losses as Etisalat woes stoke sell-off
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...
Nigerian state oil firm says saved $2 bln with cheaper contracts
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...
UPDATE 1-Guinness Nigeria starts $126 mln share sale to cut funding costs
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...
Sack of former PENCOM DG lands Buhari, others in court
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…
Naira appreciates against dollar
The Naira on Monday appreciated against the dollar at the parallel market, the New Agency of Nigeria, NAN, reports...
Exchange Traded Derivatives can support Nigeria’s growth ambition – NSE Vee Pee
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...
UPDATE 1-Etisalat Nigeria chairman resigns after debt talks collapse -sources
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...
Again, Nigeria’s Manufacturing Index Expands in June
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...
FG’s N140b debt threatens PenCom’s N7.2tr target
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...
Equities: Investors reap over N2.2tr gain in first half
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...
Ahead of public listing, MTN woos institutional investors
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...
Forex reserves dip to $30.25b as CBN issues N32b debt
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...
Schlumberger Signs $700 Million Oil-Field Deal in Nigeria
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.
W’Bank approves $961m for Nigeria’s economic recovery plan
The World Bank on Tuesday approved $961m loan to support the implementation of Nigeria’s Economic Recovery and Growth Plan 2017-2020.
Nigeria to issue more bonds
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.
Panic as oil price drops to $43.90 per barrl
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.
Minister Facilitates $4bn Telecoms Investment to Nigeria
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.
I&E FX Window May Stop Nigeria’s Demotion from MSCI Index
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.
Investors bullish on Nigerian assets as economic prospects improve
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.
$1.2bn loan: GTBank, Access, others get 45% stake in Etisalat
The ownership structure of Etisalat Nigeria is now set to change after talks with lenders to restructure its $1.2bn (N541bn) loan failed.
Julius Berger, Petrolan Energy Partner to Acquire Oil Fields
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.
Nigerian fuel retailer Nipco launches $16 mln offer for Mobil Oil shares
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.
BPE to firm: Conclude equity investment in 60 days
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).
REFILE-UPDATE 2-Nigeria's Aug oil exports to top 2 mln bpd, 17-month high
(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.
Etisalat Nigeria Faces Hunt for New Owner After Talks Fail
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.
FG to Release N350bn Immediately for Capital Projects
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...
Nigeria’s Half-Measures on Currency Are Only Half-Working
A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice...
Oil price rises to $44.58, still threatens 2017 budget benchmark
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...
RMB Nigeria unveils N80bn commercial paper
Rand Merchant Bank Nigeria Limited has received approval from FMDQ OTC Securities Exchange to register its N80bn commercial paper programme on the FMDQ platform...
Nigerian govt to use N559 billion recovered loot to fund 2017 budget – Minister
The federal government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the...
Nigeria seeks improved tax and customs revenue collection to fund 2017 budget -minister
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...
Nigeria records first trade deficit with UK in seven years
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...
Economic recovery: Banks anticipate increased demand for loans in Q3
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...
NECA tasks FG on constitution of SEC, PenCom Boards
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.
Kale: Nigeria Will Exit Recession Next Year
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...
Nigeria: RMB Nigeria to Raise 80 Billion From FMDQ for Projects
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...
Nigeria’s inflation rate drops to 16.25% in May
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...
Naira posts marginal gain, closes at 364/dollar
The naira posted a marginal gain against the United States dollar at the parallel market on Monday, closing at 364/dollar...
Derivatives’ll trigger financial market growth – NSE
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...
CBN injects $413.5m in economy to sustain Naira value
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...
Naira soars in parallel market, gains further against dollar
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...
WEEKLY ECONOMIC INDEX: NIGERIA’S FOREIGN RESERVES DECREASES AS THE NAIRA CONTINUES TO APPRECIATE
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...
Acting President Osinbajo signs 2017 budget
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...
Osinbajo to sign 2017 budget today
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...
FMDQ approves registration of Rand Merchant Bank’s N80bn Commercial Paper
FMDQ OTC Securities Exchange has approved the listing of Rand Merchant Bank’s N80 billion Commercial Paper, CP, programme on its platform.
CBN injects $205m as Naira falls to N379/$
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.
Nigeria: Naira Watch - CBN Injects $186.5 Million for Invisible, SMEs As Naira Stable At N379/$
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.
Central bank of Nigeria
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.
Osinbajo signs three executive orders
In exercise of the presidential authorities, Acting President Yemi Osinbajo on Thursday signed three executive orders that will significantly change some of the ways government business and operations are conducted in the country forthwith.
MPC's Warped Monetary Policy
After a massive easing of monetary policy in its meeting in November 2015, the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) again tightened liquidity last week.
Therapy for Nigeria's Traumatised Economy
The federal government needs to develop a long-term economic plan to help address the challenges facing the economy, writes Obinna Chima
Economic Outlook and Review
This report is an analysis of the Nigerian economy over the 2010 through 2015 periods with particular focus on the nation's Gross Domestic Product, Inflation, and Merchandise Trade Statistics. The report also includes forecasts for the aforementioned variables over the 2016- 2019 period.
Central Bank of Nigeria Communique No. 105
The Monetary Policy Committee met on 25th and 26th January, 2016 against the backdrop of weakening global economic prospects as well as increased risks in the domestic economic environment. In attendance at the meeting were 10 out of the 12 members.