Nigerian sovereign wealth fund grows to $2bn, says CEO
Businessam Staff
September 7, 2017
Uche Orji, chief executive officer of the Nigeria Sovereign Investment Authority said Wednesday that the country’s sovereign wealth fund stood at $2 billion this month with the investment agency seeking further growth through agriculture and the addition of asset management. The government’s contribution stands at $1.5 billion, with the rest including funds owned by the institution […]
Libya piles pressure on OPEC, resumes crude pumping after two weeks shutdown
Businessam StaffSeptember 7, 2017
Libya’s largest oil field resumed production after a halt of more than two weeks, putting pressure on OPEC and other producers seeking to rein in a global supply glut and firm up prices. Libyan authorities reopened a valve on the pipeline from the southwestern Sharara field to the Zawiya refinery after they reached a final […]
Buy interest in Guinness, Zenith, NB, Stanbic, Dangcem, Seplat puts brake on 5-day bearish streak as Nigeria bourse rebounds
Businessam StaffSeptember 6, 2017
A raft of buy interest in quoted equities on the Nigerian Stock Exchange Wednesday saw a rebound of the market, trading positively after a five-day stretch of losses in the performance index as trading closed, the activity result obtained by Businessamlive shows. Active trading in the shares of Guinness, Seplat, Zenith, Nigerian Breweries, Dangcem and […]
Day after GDP: Reality checks as global survey of expats shows Nigeria among world’s worst places to live, work, do business
Phillip IsakpaSeptember 6, 2017
Nigeria’s gross domestic products numbers may have turned the corner following Tuesday’s release by the National Bureau of Statistics showing a 0.55 percent growth recorded in the last quarter ending June 2017. But the stark reality confronting the country and its political and economic leaders is that things aren’t what they seem to be. A […]
Nigerian lenders still favour public sector with 6% credit growth against 0.02% decline to private sector
Businessam StaffSeptember 6, 2017
Average credit to the private sector by Nigerian banks declined marginally by 0.02 percent in 2Q17 as against a 5.91 percent growth in public sector credit, according to data released by Nigeria’s National Bureau of Statistics (NBS) on the economy, Tuesday. Analysts say the development was as a result of banks hedging against the risk […]
Africa’s $1trn food market seen driving economic growth in a decade
Businessam StaffSeptember 6, 2017
Food production and agribusinesses, estimated at over $1 trillion in market value, have been identified as sources of growth for African economies by 2030, according Africa Agriculture Status Report released Wednesday in Cote d’Ivoire. According to the report, agriculture will be Africa’s quiet revolution, with a focus on SMEs and smallholder farmers creating the high […]
Nigeria’s Q2 growth figures not broad-based, seen pointing to pedestrian recovery
AnalystSeptember 6, 2017
A review of Nigeria’s growth figures released Tuesday, according to analysts, has shown that the growth was not broad-based as only a handful of sectors, the oil and gas and financial services sectors, pulled the economy out of recession. Finance is the outlier from the services sector, growing 11.8 percent year-on-year in 2Q17 against a […]
Largest Libyan oil field set to reopen Wednesday after deal
Businessam StaffSeptember 6, 2017
Libya’s biggest oil field is due to reopen Wednesday after a forced closure of more than two weeks, putting pressure on global crude producers seeking to rein in a supply glut and firm up prices. Libyan authorities reached a final agreement with the group that had closed a valve on a pipeline from the southwestern […]
Nigeria’s growth figures fail to lift equities market as bourse index sinks further
Businessam StaffSeptember 6, 2017
Nigeria’s equities market sustained its bearish trend Tuesday as the release of growth figures by the country’s National Bureau of Statistics (NBS) failed to lift market after a week of bearish trading. Despite the positive growth figures, the Nigerian equities market recorded a decline for the 5th consecutive trading session as the all-share index contracted […]
Nigeria’s CP market out of lull as Ecobank Nigeria quotes ₦12.53bn worth on FMDQ
Businessam StaffSeptember 5, 2017
After a lull, commercial papers (CPs) are coming back onto the shelf of the Nigerian debt market as Ecobank Nigeria in August quoted N12.53 billion worth on the FMDQ platform, according to the August monthly newsletter of the FMDQ. The quotation of the N12.53 billion series 2 commercial paper notes under the bank’s multi-currency CP […]