Economy
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Ogun, Ondo, Osun fail to attract capital into Nigeria in Q1 2022
Three Southwest states, Ogun, Ondo and Osun have failed to attract capital importation into their domain in the first quarter (Q1) of 2022, according to National Bureau of Statistics (NBS) report. The NBS report titled, ‘Nigerian Capital Importation’ disclosed that Lagos and Oyo states reported $1,119.44million and $2million capital importation respectively. The report said: “By Destination of Investment, Lagos State…
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Nigeria total capital importation drops by 28.09% in Q1 2022, says NBS
The National Bureau of Statistics (NBS) has disclosed that the total value of capital importation into Nigeria in the first quarter (Q1) of 2022 stood at $1,573.14 million from $2,187.63 million in the preceding quarter, showing a decrease of 28.09per cent. NBS reported titled, ‘Nigerian Capital Importation’ said: “When compared to the corresponding quarter of 2021, capital importation decreased by…
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Equities market depreciates by N85bn over investors sell-off in NB, 25 others
For the fourth consecutive trading session yesterday, the Nigerian equities extended losses as the benchmark index closed lower by 0.30 per cent as investors sold off in Nigerian Breweries and 25 others. In summary, the All-Share Index (ASI) declined by 158.37 basis points or 0.30 per cent to close at 52,815.78 basis points, while, the overall market capitalization value lost…
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FG approves Nigeria-Morocco gas pipeline construction
The Federal Government has approved the construction of the Nigeria-Morocco gas pipeline. The approval was given to the proposal of the National Petroleum Corporation (NNPC) to sign an agreement with the Economic Community of West African States (ECOWAS) at the Federal Executive Council meeting presided over by Vice President Yemi Osinbajo on Wednesday. Minister of State for Petroleum Resources Timipre…
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Equities market begins June on investors profit-taking
Starting the new month, the Nigerian Exchange Limited (NGX) equities market maintained the losing streak for the third consecutive session as the benchmark Index lost 0.03 per cent. The All-Share Index fell by 16.13 basis points or 0.03 per cent to close at 52,974.15 basis points. Accordingly, investors lost N9 billion in value as market capitalisation declined to N28.559 trillion. The…
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FIRS to start recovery of unremitted tax deductions by states, LGs
The Federal Inland Revenue Service (FIRS) has stated that it will commence the process of enforcement and recovery of unremitted tax deductions owed by some States and Local Governments in Nigeria. This decision was contained in a Public Notice, signed by its Executive Chairman, Muhammad Nami, where the tax authority noted that most States and Local Governments have failed to…
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The equities market of NGX railed by N1.81trn in May.
The market capitalisation of the Nigerian Exchange Limited (NGX) gained by N1.81 trillion to close at N28.568 trillion on May 31, 2022 from N26.761 trillion at which it opened for trading activities for the month. Also, the overall market performance measure All-Share Index (ASI), which tracks the general market movement of all listed equities on the Exchange, rose by 6.23…
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Banks’ credit to govt surges 17.7% to N16.6trn
Credit to the government rose by N2.5 trillion or 17.7 per cent to N16.6 trillion as at April 2022 from N14.1 trillion as at January, 2022. This was contained in the latest Central Bank of Nigeria (CBN) Money and Credit data for April 2022, which showed that credit to the government rose steadily in the four-month period, rising from N14.1…
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NGX to deepen collaboration with ICAN for market devt
The Nigerian Exchange (NGX) Limited said it will deepen its collaboration with the Institute of Chartered Accountants of Nigeria (ICAN) for the development of the Nigerian capital market. The Chief Executive Officer of Nigerian Exchange, Mr. Temi Popoola, stated this at the Digital Closing Gong Ceremony of ICAN on the NGX in Lagos on Monday. The event is part of…
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Investors’ profit-taking depreciates Nigeria’s equities market by N169bn
Activities in the equities market of the Nigerian Exchange Limited (NGX) resumed this week on a sour note, as investors profit -taking in Presco Plc and 16 others, resulted in N169billion drop in market capitlaisation. The NGX All Share Index (ASI) decreased by 313.16 basis points or 0.58 per cent to close at 53,772.14 basis points. Similarly, the market capitalisation…
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