Gas Projects will Boost GDP By $50bn In 2021 – NNPC

The Nigerian National Petroleum Corporation has said with the 3,500 million standard cubic feet per day of additional gas to be supplied from seven critical gas development projects, the nation’s economy can create up to seven million jobs and boost the Gross Domestic Product by about $50bn. Click here for more.

FG unlikely to meet revenue projections in 2019 budget

The year 2013 was the last time Nigeria, Africa’s biggest oil producer, hit its projected revenue in the annual budget. This scenario is likely to continue in 2019 as the price of Brent crude, the global oil benchmark, continues to drop, according to analysts. Click here for more.

Why Nigeria struggles to produce enough food for 200m people

Nigeria’s population is growing at 2.6 percent annually but its food production is not following the same pattern, sparking rising crop prices and fears of food insecurity among the majorly impoverished 200 million people. Click here for more.

Investors Gain N82.84bn WoW As NSEASI Inches Up By 0.61% To Close The Week Positive

Equities market closed Friday on a negative note, as NSEASI depreciated by 0.59% to close at 31,069.37 points as against 0.17% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -1.15%. Click here for more.

External Reserves To Hover Below $46bn In June

There are indications that the nation’s external reserves will hover below the $46 billion mark this month following the slowdown in monthly accretion by 13 percent last month. Click here for more.

Forex: Turnover In I&E Falls By 11% To $4.1bn In May

The volume of dollars traded in the Investors and Exporters, I&E, foreign exchange window fell by 11 percent, month-on-month, to $4.1 billion last month from $4.6 billion in April, 2019. Click here for more.

Q1’19: Investors’ Stake In Mutual Funds Rises 29.7%

Activity in Mutual Funds, otherwise known as Collective Investment Scheme, CIS, rose by almost 30 percent in the first quarter, Q1, to March 2019, following increased awareness on the part of the investing public of the importance of including this asset class in their portfolio. Click here for more.

Manufacturing Sector’s Output Drops By N78bn In Three Months

The manufacturing sector recorded a decline of about N77.92bn in output in the first quarter of this year, figures obtained from the National Bureau of Statistics have revealed. An analysis of the Gross Domestic Product report prepared by the NBS revealed that the sector recorded a total output of N1.69tn as of the end of the fourth quarter of 2017. Click here for more.

SEC Appoints Interim Management Team For Oando Plc; Headed By Mr. Mutiu Olaniyi Adio Sunmonu, CON

Further to our Press Release on Oando Plc, dated May 31, 2019, the Commission hereby informs the public of the constitution of an Interim Management Team headed by Mr. Mutiu Olaniyi Adio Sunmonu CON, to oversee the affairs of Oando Plc. Click here for more.

Banks non-performing loans hit N1.676tn

Banking sector’s non-performing loans stood at N1.676tn as of the end of March 2019, latest statistics from the National Bureau of Statistics revealed. The gross loans recorded in the banking sector stood at N15.480tn, while the loans after specific provisions stood at N13.739tn in the period under review. Click here for more.

Recapitalisation: Insurance companies consider merger, acquisition

Recently, the National Insurance Commission announced new capital requirements for operators in the insurance industry. In a recent circular to its regulated entities, life insurance companies’ capital was raised from N2bn to N8bn, general companies got a raise from N3bn to N10bn, while composite insurance companies’ capital was raised from N5bn to N18bn. Click here for more.

N5.4tr debt: AMCON opts for alternative recovery plan

The Asset Management Corporation of Nigeria (AMCON) is seeking better ways to recover the over N5 trillion debts. The corporation will be exploring the Alternative Dispute Resolution (ADR) option that involves out-of-court settlement. About 80 per cent of the debts is owed by 350 individuals. Click here for more.