AfCFTA may increase Nigeria’s imports by 251% – Report
When the African Continental Free Trade Area agreement comes into full force, imported goods to Nigeria may jump by 251 per cent within 15 years. This, according to a research conducted by the Centre for Trade and Development Initiatives, University of Ibadan, is for goods currently attracting 20 per cent import duty. Click here for more.
AfDB Seeks More Chinese Agric Investments In Africa
A statement from the ADB on Thursday further disclosed that officials of the bank, led by Prof. Banji Oyelaran-Oyeyinka, the Senior Special Adviser on Industrialisation to the ADB’s President, paid a courtesy visit to Vice-President Yemi Osinbajo. Click here for more.
17 power stations cut output as demand plunges
Seventeen of the nation’s 27 power stations have been forced to shut down some of their units on the back of low demand by electricity distribution companies, worsening the blackout being experienced by millions of customers across the country. Click here for more.
Investors Gain N6.23bn As NSEASI Inches Up Marginally By 0.05%
Equities market closed yesterday on a negative note, as NSEASI appreciated by +0.05% to close at 27,424.92 points as against -0.42% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.74%. Click here for more.
T-BILL Yields Spike by c.70bps Following Renewed Offshore Selloff
The T-bills market traded on a significantly bearish note, as yields spiked by c.70bps, following renewed selloffs by offshore investors across the curve. Local market players also remained risk off following the renewed OMO issuance by the CBN in the previous session. Click here for more.
Total Pension Assets Rise To N9.32tn
The total assets under the Contributory Pension Scheme rose to N9.32tn as of the end of June 2019. The funds, which had continued to record a steady rise, hit N8.33tn as of the end of August 2018. Figures obtained from the National Pension Commission on Thursday revealed 69.5 per cent of the assets were invested in the FGN securities. Click here for more.
World Bank Investments in Nigeria Hit $11bn
The World Bank Country Director for Nigeria, Mr. Rachid Benmessaoud, Thursday said its net portfolio commitment to the country currently stood at over $11 billion, with 30 operational projects in all the states of the federation. Click here for more.
MTN Nigeria, Ghana push group’s growth by 30.9%
Combined service revenues in Nigeria and Ghana have further lifted MTN Group’s growth in the first half (H1) of 2019. Specifically, the Group service revenue rose 9.7 per cent to R67.8 billion (rand) in constant currency terms, led by 12.2 per cent growth in MTN Nigeria. Click here for more.
Multiple taxes, high-interest loans killing manufacturers – Makoju
Group Managing Director of Dangote Cement, Joseph Makoju, has revealed why many investors will not put large amount of money into the manufacturing industry. Click here for more.
NCC Crashes Telcos’ USSD Charge To N4.89k Per Session
The Nigerian Communications Commission (NCC) has issued an order to all telcos to bring down their Unstructured Supplementary Service Data (USSD) services to not more than N4.89k per session. Click here for more.
How Land Use Act’s frustrating prospective home owners
Land plays a pivotal role in housing development with its two major roles. One of that role is that you must secure piece of land and two it is on land that you build your house. So any rule that is made to hold land or to make land not available to those who need them at any point in time will eventually effect the number of housing and the extent of deficits that we have to battle with. Click here for more.
Trade War Escalation Nudges U.S. Closer To Recession
The recent escalation in the U.S.-China trade war has brought forward the next U.S. recession, according to a majority of economists polled by Reuters who now expect the Federal Reserve to cut rates again in September and once more next year. Click here for more.