Nigeria’s domestic economy shores up outlook for Q3
Businessam Staff
September 26, 2017
Nigeria’s recovery is firming up, according to recently released data by the National Bureau of Statistics (NBS). The performance of the economy has given reasons for analysts to foresee further improvement in the third quarter and in 2018. “Growth should increase next year thanks to greater oil production and higher oil prices,” analysts at FocusEconomics, […]
Economic recovery in sub-Saharan Africa picks up steam as Nigeria returns to growth
Businessam StaffSeptember 26, 2017
Recent data confirms that the slow economic turnaround of the sub-Saharan Africa (SSA) region continued in the second quarter buoyed chiefly by recovery in Nigeria. According to a preliminary estimate compiled by FocusEconomics, a Spain-based leading provider of economic analysis and forecast, regional GDP increased 2.4 percent annually in Q2, an acceleration from Q1’s 2.0 […]
Dangote Group to invest $4.6bn in Nigeria’s agriculture, calls for youth involvement in sector
Businessam StaffSeptember 25, 2017
The Chief Executive Officer, Dangote Group, Aliko Dangote, has said that the company would invest $4.6 billion in nation’s agricultural sector in the next five years. Dangote, according to News Agency of Nigeria (NAN) report, listed sugar, rice, tomatoes and oil palm as some of the agricultural sectors where the monies would be invested. He […]
Nigeria’s GTBank launches invitation to repurchase $400m debt
Businessam StaffSeptember 25, 2017
Nigeria’s Guaranty Trust Bank (GTBank) has indicated that it is seeking to deploy dollars to repurchase its $400 million 6 percent notes due 2018. In a notice released to the Nigerian Stock Exchange (NSE) Monday, the bank indicated its intent to launch an invitation to holders of its $400 million 6 percent notes due 2018, […]
NPDC to grow equity production to 500,000 bpd by 2020, becomes 5th largest oil producer in Nigeria
Businessam StaffSeptember 25, 2017
Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of Nigeria’s state oil company, the Nigerian National Petroleum Corporation (NNPC), has indicated its plan to grow its equity production from the current 180,000 barrels per day (bpd) to 300,000 by 2018 and that by 2019 and 2020 its production is expected to hit 400,000 bpd and […]
Nigerian trawlers bet on waterways with N18bn vessels despite economic, security challenges
Businessam StaffSeptember 25, 2017
The Nigeria Trawler Owners Association (NITOA) said it acquired a total of 18 vessels in the last one year at a whopping cost of a billion naira each, despite the economy recession and relative security challenges in the nation’s waterways. The trawlers said the fishing industry has continued to grow in leaps and bounds following […]
Nigerian equities in negative close as market contracted 0.4% on profit booking
Businessam StaffSeptember 25, 2017
The Nigerian equities market opened the week on a negative note as the benchmark index contracted 0.4 percent to close at 35,361.52 points as against 0.85 appreciation recorded in the previous trading session. Market year-to-date gain retreated to 31.6 percent. Consequently, market capitalisation declined by N44.8 billion to settle at 12.2 trillion as against N12.233 […]
Nigeria’s macro risks, concentration worsen lenders’ asset quality as top five banks account for 47% of impaired credits
Businessam StaffSeptember 25, 2017
The intense weakening of the macroeconomic fundamentals against the backdrop of lower crude oil prices – Nigeria’s major revenue source – and the unorthodox demand management in the foreign exchange market in the past two years, have contributed negatively to the asset quality of banks, say Agusto & Co, Nigeria’s foremost rating and research firm. […]
Analysts call rate retention as Nigeria central bank seen focused on reining in inflation amid naira woes
Steve OmanufemeSeptember 25, 2017
Ahead decision of Nigeria’s central bank’s monetary policy committee (MPC) meeting Tuesday, financial analysts and the business community are forecasting policy rate retention on the grounds that the CBN would want to focus on fighting inflation and shoring up the local currency. The MPC has kept its interest rate at a record-high 14 percent since July 2016, trying […]
OPEC must address rising Libya, Nigeria oil output, says Iran
Businessam StaffSeptember 25, 2017
Bijan Namdar Zanganeh, Iran’s Oil Minister said OPEC’s commitment to cutting production to clear a global glut is working, but the group needs to address rising output from Libya and Nigeria, said. Compliance with the output cuts is “acceptable,” Zanganeh told reporters Sunday in Tehran. The Organization of Petroleum Exporting Countries should focus on “the […]