FG fails to heed history lessons as inflation surges on FX controls

Nigeria’s September inflation reading saw the fastest increase in the prices of consumer goods and services in four months, a sign that the Federal Government has failed to heed the lessons of the country’s historical inflation story: local prices often move up once foreign supply is cut off. inflation rose to 11.24 percent in September. Click here for more.

Nigeria Inflation Surges After Border Crackdown Curbs Food Smuggling

The shutdown of Nigeria’s land borders to tackle rampant food smuggling and encourage an agricultural revival in Africa’s top oil producer is having an unintended side effect: higher inflation. Click here for more.

UNIDO to boost Nigeria’s industrialisation with new country programme

The United Nations Industrial Development Organization (UNIDO) Representative to ECOWAS and Regional Director, Nigeria Regional Office Hub, Jean Bakole, has said that the new UNIDO Country Programme (2018-2022) would boost Inclusive and Sustainable Industrial Development in Nigeria. Click here for more.

IMF recommends unified exchange rate for Nigeria

The International Monetary Fund has advised the Central Bank of Nigeria to unify the country’s exchange rate system in order to avoid situations where public and private sector decisions are distorted due to uncertainties. Click here for more.

Why Nigeria is yet to achieve food security

Many citizens are hungry — Experts All is well – Agric minister As Nigeria joins the world to mark the World Food Day today, stakeholders in the food sector have decried the rising number of Nigerians being ravaged by hunger. Click here for more.

NSEASI Erases Previous Day Gain; Dips By -0.16%

Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.16% to close at 26,513.65 points as against +0.09% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.64%. Click here for more.

Pension assets hit N9.4trn in August, PenCom says

Nigeria’s contributory pension industry has accumulated assets worth over N9.4 trillion as at August 2019. This was disclosed by the Acting Director-General of the National Pension Commission (PenCom), Aisha Dahir-Umar, at the 7th Conference for directors of pension operators held In Abuja yesterday. Click here for more.

Listed firms raise N768.7bn capital in three years

Companies that are publicly listed in the capital market have raised a total of N768.7bn capital in the last three years. Data obtained from the Securities and Exchange Commission showed that these firms are listed on the Nigerian Stock Exchange and the NASD OTC Securities Market. Click here for more.

AIICO increases authorised share capital to N18 billion 

AIICO Insurance Plc has received shareholders’ approval to increase its authorized share capital from N10 billion to N18 billion as it is prepared to meet the new minimum capital requirement for the insurance industry. Click here for more.

Seplat takes lead in indigenous scramble for onshore assets

The decision by Seplat Petroleum Development plc to acquire London-listed independent exploration company Eland Oil & Gas for $484 million is expected to show other local players how to take advantage of current wave of investment opportunities as International Oil Companies (IOCs) divest from onshore to offshore assets. Click here for more.

Kenya to Double Debt Ceiling to Almost Match Economy’s Size

Kenya’s debt-ceiling review not only shifts the goalposts but also changes the rules on how goals are scored, and that could move the government closer to debt distress. Lawmakers last week approved the government’s plan to present the debt limit in absolute figures and not as a percentage of gross domestic product. Click here for more.