Economy
-
Buhari approves Lekki Deep Seaport for commercial operations
President Muhammadu Buhari has approved the designation of Lekki Deep Seaport as a Customs Port and Approved Wharf. This was contained in the official Twitter handle of the Nigerian Ports Authority (NPA) on Friday. It stated that the Managing Director, Mr Mohammed Bello-Kokoin, in a letter through the Ministry of Transportation, secured the approval for the port to be gazetted…
Read More » -
Equities market depreciates by N137bn as investors weak sentiment trading persist
Bearish sentiments persisted in the equities market of the Nigerian Exchange Limited (NGX) on Wednesday as losses in MTN Nigeria (MTN N) and 33 others dragged the market overall capitalisation lower by N137 billion as investors sought to take advantage of the rising yield environment in the fixed income space. The market continued in a downward spiral shedding further as…
Read More » -
Naira plunges to N700/$1 at black market
The exchange rate between the Naira and the US dollar has fallen to a record low at N685.5/$1 at the peer-to-peer (P2P) foreign market. The dollar which was traded at N667/$1 yesterday has now fallen further by 2.8per cent to N685.5/$1, as demand for foreign exchange remains elevated amidst sustained scarcity. The P2P market often traded in small volumes and…
Read More » -
CNN INTERVIEW: Africa must cut reliance on food imports – Rabiu, CEO BUA Group
Food prices have been rising around the world, driven first by the Covid pandemic and poor harvests, and made worse by the conflict in Ukraine, which has hit exports of both wheat and fertilizer. Even with a new deal that would allow grain exports from Ukrainian Black Sea ports, the impact of elevated prices could still be severe in Africa,…
Read More » -
FAAC: FG, 36 states LGAs share N802bn in June
The federal, the states and 774 local governments shared N802.407bn as federation allocation for the month of June, 2022. The figure was 18 per cent higher than the N681bn shared in May. The sharing decision was reached at Federation Account Allocation Committee (FAAC)’s meeting, according to a statement sent to The Punch on Tuesday night by the Director of Press/Information,…
Read More » -
Equities market depreciates further, drops by N516bn
The bears continued to dominate the equities market of the Nigerian Exchange Limited (NGX) as the capitalisation declined by N516 billion to close on Tuesday trading following profit-taking activity on large capitalised stocks. The All Share Index (ASI) decreased by 958.16 absolute points, representing a dip of 1.86 per cent to close at 50,442.37 points. Similarly, the market capitalisation lost…
Read More » -
Expert forecasts investment climate in next six months
A Professor of Capital Market at the Nasarawa State University, Keffi, Uche Uwaleke has given insight into what to expect in the fixed income and equities market for the remaining part of the year. Speaking as a guest lecturer at the July 2022 monthly forum of the Finance Correspondents Association of Nigeria (FICAN), Uwaleke said that the second half (H2)…
Read More » -
Dangote Petrochemical plant to position Nigeria as polypropylene hub in Africa, says Dangote
The Dangote Group President, Aliko Dangote said that the $2 billion Petrochemical Plant located in Lagos when fully operational will position Nigeria as one of Africa’s largest petrochemicals hubs and boost non-oil export earnings for the country, The 900,000 metric tons per annum capacity Plant, which is being built alongside the 650,000 barrels per day Dangote Petroleum Refinery will produce…
Read More » -
Nigeria to become Africa’s petrochemical hub with $2bn plant – Dangote
President of Dangote Group, Aliko Dangote says the company is set to be one of Africa’s largest petrochemical hubs when its $2bn becomes fully operational. Dangote disclosed this in a statement signed by Media and Communication Personnel, Dangote Industries Limited, Francis Awowole-Browne, on Sunday. He said the 900,000-metric-tons-per-annum capacity plant, built alongside the 650,000 barrels per day Dangote Petroleum Refinery,…
Read More » -
Federation Account to experience revenue drop over PIA – RMAFC
The Revenue Mobilisation Allocation and Fiscal Commission (RMFAC) says revenue accruable to the Federal Account will drop due to the implementation of the Petroleum Industry Act 2021. This was contained in a report RMAFC presented to oil and financial stakeholders at a retreat in Uyo, Akwa Ibom State on Wednesday. “The Petroleum Industry Act 2021 is a bold attempt to…
Read More »
