Category: Business
The stock market was down by 0.35 percent on Monday as the equity capitalisation crashed to N19.72 trillion at the close of business on the floor of the bourse. The market capitalisation was N70 billion lower than the N19.79 trillion recorded at the stock market on Friday. The All Share Index was down by 136.3 basis points […]
A major African brand operating within the mobility and logistics sector may be in advanced stages in their collaboration with a set of international partners to develop and launch what may be the first Africa-wide decentralised blockchain-enabled project financing platform, revolutionising not just how projects are financed in Africa, but the range of partnerships possible. […]
Petroleum product marketers have started the process of converting more than 7,000 retail outlets across the country to autogas stations as part of measures to deepen the use of gas in automobiles as a cheaper source of energy. The marketers have concluded plans to deploy the N250 billion gas intervention fund provided by the Central […]
Dangote Cement Plc has moved to boost the distribution of the company’s products across the country as it announces the acquisition of 2,000 additional vehicles. The new vehicles which include trucks, trailers and tippers were purchased at a cost of $150 million. According to a report by the News Agency of Nigeria (NAN), this disclosure […]
Crude oil futures started the London session bearish today as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled. Brent crude oil is down 1.61%, currently trading at $74.34 a barrel while U.S. oil, West Texas Intermediate crude is down 1.68%, […]
The Debt Management Office (DMO) on behalf of the Federal Government has announced the offer for subscription of the July 2021 FGN Savings Bond. This is contained in a disclosure released by the agency on its website on Monday, 5th July 2021. According to the disclosure, the 2-year bond was offered at 8.35% per annum as against […]
The Federal Government through the Nigerian Investment Promotion Commission (NIPC) has released the report on Pioneer Status Incentives (PSI) Application for the first quarter (Q1) of 2021. This is in compliance with the requirements of the Industrial Development (Income Tax Relief) Act cap 17, laws of the Federation 2004 and the Pioneer status (Delegation of […]
The Federal Government will set a crude oil benchmark price of $57 per barrel at 1.88 million barrels a day for its 2022 budget. This was disclosed by the Minister of Finance, Zainab Ahmed on Wednesday in a report by Reuters. The Minister added that the new crude benchmark would lift Nigeria’s current oil production from 1.47 […]
The Board of Directors of the African Development Bank (AfDB) have approved a loan of $50 million to Nigeria’s First City Monument Bank (FCMB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors. The disclosure is contained in a public statement titled, ’African Development Bank bolsters women-empowered businesses with $50 […]
The Economic Community of West African States (ECOWAS), has expressed concerns over the use of cryptocurrency in the sub-region, calling attention to the potential risks associated with the asset class. Backstory ECOWAS is a regional and economic union comprising 15 member countries that are located in the Western African region. These countries have both cultural […]
Southern governors on Monday rejected the proposed 3 percent equity shares proposed for oil- bearing communities in the Petroleum Industry Bill (PIB) recently passed by the National Assembly, but insisted on 5 percent, as proposed by the House of Representatives. The governors disclosed this in a communiqué issued at the end of their meeting in […]
The federal government has projected a rise to 4.2 percent of the country’s Gross Domestic Product (GDP) in 2022. The Minister of Finance, Budget, and National Planning, Zainab Ahmed, made this projection at the Public Consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF/FSP) on Thursday. Mrs. Ahmed […]
The Naira opened the first trading day of the week strong to the U.S dollar on Monday at the official foreign exchange market. Data published on the FMDQ Security Exchange where forex is officially traded showed naira closed at the NAFEX window at N411.13/$1 in contrast to N411.25/$1 it ended at the previous session. This […]
The Federal Government has insisted that the 5 National Integrated Power Plants (NIPPs) put up for sale will go on as planned. This follows the determination of the government to resuscitate these power plants and put them to full use for the benefit of Nigerians. According to a statement by the Head, Public Communications, Bureau of […]
The Central Bank of Nigeria (CBN) has said that it will increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in the country. This was disclosed by the CBN Governor, Mr Godwin Emefiele at the 51st Convocation Lecture of the University of Lagos, Akoka, on Monday in Lagos. Emefiele […]
