Only Growth Can Defuse Nigeria’s Poverty Time Bomb
One of humanity’s most hopeful developments in recent decades has been the dramatic drop in extreme poverty. In 2000, some 1.4 billion people lived at or below the global poverty line of $1.90 a day. Today, the number is about 600 million. This remarkable change is mainly due to growth in China and India: Much of sub-Saharan Africa, particularly Nigeria, has failed to share in the success. Click here for more.
Nigerian Govt Gives Foreigners 48 Hours To Leave Zamfara Mining Sites
The Nigerian government has given all foreigners involved in mining activities in Zamfara State 48 hours to leave the sites. The government announced a ban on all mining activities as part of measures to restore peace in the state. Click here for more.
FG Approves N2.6bn To Pay Pension Increment Arrears
The Pension Transitional Arrangement Directorate has approved the payment of the final tranche of the six months’ arrears of 33 per cent pension increment to pensioners. Click here for more.
Investors Lose N547.96bn WoW As NSEASI Dips By -4.59% To Close The Week Negative
Equities market closed Friday on a positive note, as NSEASI appreciated by 0.21% to close at 29,616.38points as against 0.39% depreciation recorded previously. Click here for more.
Bond Yields Compress Marginally Following Bargain Hunt on Short Tenors
The FGN Bond market traded on quieter note in today’s session, with yields moderating by c.9bps owing to some bargain purchases mostly on the 2025 and 2026 maturities which traded at a low of 14.26%. Click here for more.
Forex Intervention: CBN injects $247.8m, CNY 34.8m into Retail SMIS
The Central Bank of Nigeria (CBN) on Friday, April 5, 2019, made an intervention of $247.8million in the retail Secondary Market Intervention Sales (SMIS) and CNY 34.8million in the spot and short tenored forwards segment of the inter-bank foreign market. Click here for more.
Experts call for market review to tackle confidence issues
Financial experts at the weekend called for a review of the nation’s capital market activities, in line with the current realities in the global space to address the issue of investor confidence for the benefit of all. Click here for more.
Lagos, Edo, Kaduna, Cross River Owe Over Half Of States’ Foreign Debt
Four states of the federation: Lagos, Edo, Kaduna and Cross River, dominate the list of sub-national governments indebted to foreign bodies, statistics obtained from the Debt Management Office, has shown. Click here for more.
Ambode Pre-launches $50m Factory in Lekki
Lagos State Governor, Mr. Akinwunmi Ambode yesterday performed the pre-launch of a $50 million manufacturing plant in Lekki Free Zone, where he expressed optimism that the facility would go a long way to create jobs and boost the nation’s foreign exchange earnings. Click here for more.
Concerns as 211 Nigerian oil blocks remain idle
Out of 390 oil blocks in the country, 211 are yet to be allocated by the Federal Government, latest data obtained from the Department of Petroleum Resources have shown. With many other countries extending efforts to ramp up their oil and gas production and reserves, industry experts have voiced concerns about the lack of oil licensing rounds in Nigerian since 2008. Click here for more.
RMAFC To Probe 22 Banks Over Stamp Duty Collections
In a statement issued by the commission’s spokesman, Mr Ibrahim Mohammed, in Abuja on Sunday, RMAFC said that the probe would involve a forensic investigation of the funds that had so far been collected as stamp duty by 22 Deposit Money Banks from 2000 to 2018. Click here for more.
Oil Hits $70 On Libya Unrest, Crisis In Venezuela
Oil prices rose in early trading on Friday on risks in Libya and positive trade news from the U.S.-China negotiations. “The geopolitics around Libya and Venezuela, alongside the possible reflation of risk appetite on positive U.S.-China trade talks may well pull the market out of its morning doldrums,” Click here for more.