In November, the domestic equity market halted its long-standing monthly bearish trend as the benchmark index, Nigerian Stock Exchange All-Share Index (NSE-ASI) was up 2.4 percent month-on-month to settle at 27,002.2 points while the year to date return improved to -14.1 percent compared wot -16.1 percent in October. Notably, the market traded up on...
Read MoreThe World Bank has warned that Nigeria could slide back into recession if crude prices fall by 25 percent to $50 a barrel, and ask policymakers to act to revive economic growth and lift employment. The bank said in its Nigeria Economic Update report published Monday, also warned that the country risks becoming home...
Read MoreNigeria generated a total of N275.12 billion from Value Added Tax (VAT) in the third quarter of the year, 11.81 percent lower than the amount generated in the second quarter of 2019, National Bureau of Statistics (NBS) has said. Africa’s biggest economy generated N311.94 billion from VAT in the second quarter of the year,...
Read MoreLumos Global BV, a Dutch company specialising in off-grid solar power, plans to provide electricity for over a million Nigerian households by 2025, deploying about $75 million from the Nigeria government. The Dutch company is expanding its operations in Africa’s most populous country of more than 200 million where only 60 percent have access...
Read MoreDangote Refinery, majorly owned by Africa’s richest man, Aliko Dangote on Sunday took delivery of the world’s largest crude distillation equipment, a major component of the company 650,000 barrels per day capacity plant. In a tweet by the group @DangoteGroup says “World’s largest single train crude distillation column berths at Dangote Oil Refinery.” “This...
Read MoreNigerian bank customers will be required to produce evidence of tax payment before they could operate their accounts as from January 2020, a provision in the newly passed Finance Bill by the National Assembly has stipulated. The Finance Bill, which was passed by the two arms of the National Assembly is expected to be...
Read MoreThe Central Bank of Nigeria (CBN) is seeking to expand the payment system by issuing licence to more payment providers and by that improve the rate of financial inclusion in the country. Governor Godwin Emefiele told bankers in Lagos late Friday that the regulator plans to increase the rate of financial inclusion in the...
Read MoreGhana, Nigeria neighbour intends to conclude plans on its broad borrowing outlook for next year in a bid to secure finance for flagship programs ahead of next year’s general elections. The West African country wants to issue a Eurobond and conclude a $750 million share sale in a mining royalties fund by February, Finance...
Read MoreThe Nigerian National Petroleum Corporation (NNPC) will execute the Final Investment Decision (FID) for NLNG Train 7 in December as part of bids to grow the Nigerian Liquefied Natural Gas (NLNG) business in the Country. Mallam Mele Kyari, chief executive officer of NNPC said the corporation would continue to align its business processes with...
Read MoreNigeria may see inflationary pressures rising from excess liquidity in the banking system due to negative real yield on short-term government debts, the International Monetary Fund (IMF) said. Yields on Nigeria’s one-year Treasury bills is at lowest since January 2016, while interest on three-month debt dropped to 6.5 percent as local funds pile into...
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