Populism of successive governments holding Nigeria back – Moghalu

The populist approach of successive Nigerian governments since the 1970s is impoverishing the nation and holding the economy back, says Kingsley Moghalu, a lawyer and political economist. Moghalu, in a statement, ‘Beyond Minimum Wage: The Limits of Populism and the Need for Fundamental Economic Reforms’, issued in Abuja on Thursday, congratulated labour and the Federal Government on the introduction of a new minimum wage. Click here for more.

Kano to Get N4.5 Agro Commodity Exchange

Conducting reporters round the site, the Project Consultant,  Gezawa Commodity Market and Exchange Limited, Mr. Binfa Binchang said it  was conceived in collaboration with some investors to provide a cost-effective platform for local farmers, buyers and sellers of agro commodities to transact business  in a seamless manner using  technology. Click here for more.

NNPC Saves $2.2bn From DSDP Scheme

The Nigerian National Petroleum Corporation, NNPC, Thursday, disclosed that it has saved $2.2 billion since the introduction of the Direct Sales, Direct Purchase scheme, DSDP. Click here for more.

Manufacturers see poor power supply as biggest challenge

Manufacturers in Nigeria have expressed lack of confidence in the power sector. This was revealed by the Manufacturers CEOs Confidence Index for the first quarter of 2019. The Manufacturers CEOs Confidence Index is a quarterly survey conducted by the Manufacturers Association of Nigeria to measure the pulse of the manufacturing sector. Click here for more.

NSEASI Inches Up By 0.04% Amid Negative Market Breadth; Halts Three-Day Sell Pressure

Equities market closed yesterday on a positive note, as NSEASI appreciated by 0.04% to close at 29,171.73 points as against -1.22% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -7.19%.Click here for more.

Demand For Long Term Bonds Pressure Yields Marginally Lower

The Bond market traded on slightly bullish note, with yields compressing marginally by c.4bps following slight demand on the long end of the curve. The most demand was witnessed on the FGN 2037s which compressed by c.11bps on the day. Click here for more.

We won’t encourage illicit funds in Capital Market –SEC

The Securities and Exchange Commission, (SEC), has restated it’s commitment to ensure that the Capital Market domain is not used in any way to inject illegal funds into the economy and the financial system in particular. Acting Director General of the SEC, Ms. Mary Uduk who gave the assurance in her opening remarks at the Anti Money Laundering (goAML) Training for Compliance officers of capital market operators held in Lagos, Thursday. Click here for more.

Nigeria, UK Explore Naira-Denominated Instruments

Nigeria and the United Kingdom have agreed to fast-track key regulation to deepen the insurance market, expand the digital economy, and explore Naira-denominated financial instruments in collaboration with the City of London. Click here for more.

132 firms bid for NNPC crude-for-product swap contracts

The Nigerian National Petroleum Corporation announced on Thursday that 132 firms had submitted bids for the 2019 crude oil-for-product swap programme, called the direct sale of crude oil and direct purchase of petroleum products scheme. Click here for more.

Nigeria’s multifaceted poor records, losses, corruption

Among the challenges besetting Nigeria’s economy, which has been internationally acknowledged is the multifaceted nature of losses that are largely induced by poor records, corruption and tardiness in enforcement of rules. Click here for more.

Nigeria offers 43 licences for large, modular refineries

The Federal Government has disclosed that about 43 refineries, including large scale and modular refineries have been licensed to refine petroleum products across the country. Click here for more.