Economy
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First vessel berths at Lekki deep seaport
Three Ship-to-Shore cranes and 10 Rubber-Tyred Gantries critical to the beginning of operations of the Lekki Deep Seaport arrived in Nigeria on Friday, the News Agency of Nigeria (NAN) reports. Their arrival, according to the Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko, represents a major step toward birthing Nigeria’s first deep seaport. “It also demonstrates our readiness…
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Banks, telecoms, power sectors get $1bn UK investment
The British International Investment (BII), the UK Government’s Development Finance Institution (DFI), is investing $1 billion in Nigerian banks, infrastructure and power in the next five years. Chief Executive Officer, British International Investment, Nick O’Donohoe, made this known at a briefing in Lagos on Thursday. He said the BII has invested $100 million in FirstBank; $75 million in Stanbic IBTC;…
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Investors on NGX gain N5.648trn investment in H1
Investors on Nigerian Exchange Market recorded a growth of N5.638 trillion on investment return in the first half (H1) of the year despite pre-election jitters. The market capitalisation gained N5.638 trillion from N22.297 trillion at the beginning of the year to close at N27.935 trillion at the end of June, while the Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose…
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NGX, BOI collaborate to deepen capital market for inclusive growth
Nigerian Exchange Limited (NGX) and Bank of Industry (BOI) have signed a Memorandum of Understanding (MoU) to deepen capital market reach, build the capacity of stakeholders through financial literacy programs, facilitate market advocacy initiatives and promote listings. The announcement was made during the signing ceremony led by the Chief Executive Officer (CEO), NGX, Mr Temi Popoola and the MD/CEO, BOI,…
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Total active voice subscribers on MTN, others hit 199.6m – NBS
The National Bureau of Statistics (NBS) on Tuesday disclosed that total active voice subscribers increased to 199,558,540 in first quarter (Q1) of 2022 compared to 192,413,613 reported in first quarter of (Q1) 2021. This represents a 3.71per cent rise in voice subscriptions Year-on-Year. The NBS in its “Telecoms Data: Active Voice and Internet per State, Porting and Tariff Information (Q1…
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Sekibo, Obi others harp on security, leadership for economic prosperity
Managing Director and Chief Executive Officer (MD/CEO) of Heritage Bank Plc, Ifie Sekibo and other notable Nigerians have affirmed that the best way to boost economic prosperity and peace in the country is to start addressing leadership challenges and insecurity. Sekibo and the presidential candidate of Labour Party, Peter Obi, Pastor Ituah Ighodalo, Prof. Oyelowo Oyewo, Dr. Victoria Ekhomu and…
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We‘ll strengthen SEC to reposition Nigeria’s capital market, says FG
The Federal Government has said it would strengthen the Securities and Exchange Commission (SEC) to reposition Nigeria’s capital market to be at par with its peers globally. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made the commitment in Abuja Monday, when she received the Revised Nigerian Capital Market Master Plan (2021-2025). The Plan was submitted to the…
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Dollar shortages strike again, Nigeria Indexes in crosshairs
The difficulty in repatriating funds from Nigeria has placed the MSCI Nigeria Indexes in the crosshairs, writes Lukman Otunuga, Senior Research Analyst at FXTM Despite oil prices surging to multi-year highs, Nigeria has failed to cash in. The destructive combination of sub-optimal oil production, poor infrastructure, and fuel subsidies have drained oil revenues that account for roughly 90 per cent…
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Gwadabe, ABCON president highlights way forward on naira volatility, rising inflation, others
Naira volatility despite foreign exchange interventions by the Central Bank of Nigeria (CBN) is being compounded by rising inflation, interest rate hike and slow economic growth with consequences for middle and low income earners, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr) Aminu Gwadabe has said. Speaking in Lagos at the weekend, Gwadabe said the unfolding…
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Amosun, not Abiodun’s administration received N37bn road refund from FG, says finance commissioner
By Kolawole Olayinka, Abeokuta Ogun State government on Friday said that the current administration of Governor Dapo Abiodun did not receive N37billion from the Federal Government, as reimbursement of expenses on road projects carried out by the immediate past administration in the state. It maintained that the money was processed and received by the immediate past administration of Governor Ibikunle…
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