Nigeria targets 30% renewables in its energy mix by 2030, signs 14 solar power purchase agreements
Businessam Staff
October 17, 2017
In a bid to diversify its energy sources and optimize other assets for power production, Nigeria is targeting 30 percent of its energy needs from renewables by 2030. Babatunde Fashola, minister of works, power, and housing disclosed this in a keynote address at the Africa Today Summit in Abuja Tuesday. He said since the current […]
Africa holds key for feeding 9bn world population by 2050 – AfDB Adesina
Businessam StaffOctober 17, 2017
Calls for land tax for unused agricultural land or underutilized agricultural land The African continent is in prime position to feed an estimated nine billion people that would inhabit the world by year 2050, according to Akinwunmi Adesina, president of the African Development Bank (AfDB) Akinwunmi, the 2017 World Food Laureate, disclosed this in a […]
Nigeria’s inflation eases marginally to 15.98% in September but food prices remain sticky, rising 0.07% m-o-m
Businessam StaffOctober 17, 2017
Nigeria’s inflation rate eases marginally to 15.98 in September from 16.01 percent in August but food prices remain sticky, rising in the review period by 0.07 percent. This is according to data released Tuesday by the Nigerian statistical agency, the National Bureau of Statistics (NBS). The NBS data indicate that consumer price index (CPI) which […]
Nigeria’s apex bank maintains market liquidity with $195m
Businessam StaffOctober 17, 2017
The Central Bank of Nigeria (CBN) Monday continued to maintain liquidity in the Foreign Exchange (FOREX) market by injecting 195 million dollars in the Nigerian inter-bank foreign exchange market. A statement by the Acting Director, Corporate Communications Department of the CBN, Isaac Okorafor indicated that the apex Bank would continue to increase liquidity to meet […]
Nigerian stocks start week positive as banking sector buoys benchmark index 0.33%
Businessam StaffOctober 16, 2017
The Nigerian equities market closed Monday in the green as the bourse’s all-share-index rose 0.3 percent to 36,971.27 points on rallies in bank stocks. This just as Wall Street inched higher as bank stocks bounce back. Monday’s performance thus indicates a positive start of the trading, just as year-to-date gain climbed to 37.6 percent. In […]
London property costs remain highest in Europe despite Brexit induced relocation fears
Businessam StaffOctober 16, 2017
Bloomberg Global City Housing Affordability Index has indicated that London properties are still being priced high despite impending relocations post-Brexit vote, with average monthly rent and mortgage payments equaling 135 percent of monthly net income. The index specifically sees London as currently the least-affordable major city in Western Europe, that prices have been elevated by […]
Oil prices up $57.8 on fears of new Iran sanctions, Iraq conflict
Businessam StaffOctober 16, 2017
Oil markets jumped Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq. An explosion at a U.S. oil rig and reduced exploration activity also supported prices there. Brent crude futures, the international benchmark for oil prices, were at 57.85 dollars. There were also concerns about the stability of […]
Nigerian stocks advanced 1.45% w-o-w as tech stocks boost Wall Street to record highs
Businessam StaffOctober 13, 2017
Nigerian equities Friday appreciated 0.32 percent to close benchmark index at 36,848.17 basis points as against 36,320.93 points last week, which represents 1.45 percent improved performance week-on-week. This is just as technology stocks boost Wall Street to record highs. Particularly, a jump in Apple and other technology stocks sent the three major Wall Street indexes to record […]
Blockchain Modex announces initial coin offering to boost adoption of cryptocurrency in emerging markets
Businessam StaffOctober 13, 2017
Following the Jamie Dimon’s strange rebuke of crypto currencies and Lloyd Blankfein’s ambiguous tweet about still making up his mind on the future of blockchain the enfant terrible, Modex, a smart contract marketplace based in London and Bucharest best known for its social money transfer app Moneymailme has announced its own initial coin offering (ICO). […]
Bitcoin surges 750% year-to-date despite criticism from main bankers
Businessam StaffOctober 12, 2017
Despite criticism of it not fulfilling some of the most important functions of currency, Bitcoin, the digital currency, has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins exchange and optimism that faster transaction times will encourage broader use. Prices have climbed more than four-fold this year to about $5240 […]