Border Closure: Benin, Niger Haven’t Met Our Conditions – FG
The Federal Government on Monday said seizures made by security agents at the country’s land borders indicated that the republics of Benin and Niger were not addressing issues that led to the border closure. The Minister of Information and Culture, Lai Mohammed. Click here for more.
NSIA Allocates 50% of Investments to Infrastructure Fund
The Nigeria Sovereign Investment Authority (NSIA) has changed its fund allocation strategy such that the Nigeria Infrastructure Fund (NIF), which used to be allocated 40 per cent of funds under its management, will now get 50 per cent share. Click here for more.
Prices of tomatoes, frozen foods, onions, others jump, as low demand hits imported rice
As the Christmas festive season approaches, Nairametrics Research Team found out that the prices of major household commodities have increased significantly in the past two weeks. Also, as a result of varieties of local rice in major markets, prices of foreign rice slightly reduced. Click here for more.
Nigerian Stock Market Maintains Uptrend as NSEASI Inches Up By 0.16%; Closes Above 27,000bpts
Equities market closed yesterday on a positive note, as NSEASI appreciated by +0.16% to close at 27,035.78 points as against +0.44% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.98%. Click here for more.
SEC Approves 15 New Securities Worth N154.62bn In Q3
The Securities and Exchange Commission approved new securities worth N154.62 billion in the third quarter of 2019. The commission disclosed this in its current Nigerian Journal of Securities Market obtained by the News Agency of Nigeria in Lagos on Monday. Click here for more.
SEC suspends deadline for multiple accounts regularization
The Securities and Exchange Commission (SEC), has suspended the regularisation deadline for shareholders that opened accounts for the purchase of shares with different names. Click here for more.
CBN set to establish large-scale poultry in Benue
The Central Bank of Nigeria has selected the Federal University of Agriculture Makurdi to set up a large-scale poultry farm that would enhance poultry production in the country. The Vice Chancellor of the university, Prof. Richard Kimbir, disclosed this at a press conference in Makurdi on Friday. Click here for more.
Average NT-Bills Yield Declines To 8.7% WoW On Sustained Demand
Activities last week in the Nigerian Treasury Bills (“NT-Bills”) secondary market kick started on a tepid note as local investors digested the release of inflation data (+37bps to 11.6%). However, N-T-Bills demand picked up steam towards the end of the week as average yield across the curve was further pressured by 2.3% W-o-W to close at 8.7% from 10.9% the previous week. Click here for more.
Capital importation data show Nigeria losing FDI battle
Nigeria is losing a crucial battle for Foreign Direct Investment (FDI), compared to investor-friendly peers. Public data agency, the National Bureau of Statistics (NBS), reported, Monday, that capital importation through FDI into Nigeria declined 62.29 percent to $200.8 million (N61.4 billion). Click here for more.
Discos reject 8,848MW of electricity in one week
Power distribution companies in the country left a total of 8,848.24 megawatts of electricity unused in one week, latest data from the Transmission Company of Nigeria have shown. The amount of power unutilised by the 11 Discos stood at 680.72MW on November 11; 676.09MW on November 12; 1,100.04MW on November 13; and 1,145.99MW on November 14. Click here for more.
Kenya Cuts Rates After Scrapping Loan-Price Cap to Boost Growth
Kenya’s central bank cut its benchmark interest rate for the first time in 16 months as the removal of a cap on borrowing costs will make it easier for policy decisions to flow to help boost credit and economic growth. Click here for more.