Nigeria far from recovery, though out of recession, say SBM Intelligence analysts
Businessam Staff
September 5, 2017
Though data released by the Nigeria’s National Bureau of Statistics (NBS) Tuesday indicate that Nigeria’s economy is finally out of a recession, some economic analysts are not quite enthused about 0.55 percent growth, saying that it does not compensate for the lost ground. While others have celebrated what they consider a praise-worthy feat, which indicates […]
Nigeria officially out of recession as GDP grows 0.55% in Q2
Businessam StaffSeptember 5, 2017
Nigeria is officially out of recession, according to growth data published by the country’s National Bureau of Statistics (NBS) Tuesday. The NBS data indicate that Nigeria’s economy grew 0.55 percent in Q2 2017 compared to -0.91 percent (revised) in Q1 2017 and -1.49 percent in Q2 2016. A Reuters’ poll had suggested at the weekend […]
Global air freight rises 11% in July, says IATA
Businessam StaffSeptember 5, 2017
Global air freight rose 11.4 percent in July helped by continued economic growth, the third double-digit monthly increase in a row, the International Air Transport Association (IATA) said on Tuesday. IATA said, however, that while the outlook for the rest of the year remained positive, there were signs that freight growth may be nearing a […]
Nigeria’s tax agency generates N2.11trn in 7 months, targets improved tax ratio of 15% by 2020
Businessam StaffSeptember 4, 2017
The Federal Inland Revenue Service (FIRS) through tax collections generated N2.11 trillion as revenue from January to July 2017 as it promised to improve the nation’s low tax ratio from the current six percent to 15 percent by 2020, thereby curbing the use of tax havens for illicit fund flow and tax avoidance. This is […]
Nigerian smaller banks more at risk on growing NPL levels as some lenders record lower capital ratios
Businessam StaffSeptember 4, 2017
BMI Research, a Fitch company, has indicated that Nigerian smaller banks are on top of risk watch on growing non-performing loans (NPL) in the industry. In a recent Nigeria Commercial Banking Report, its analysts say NPLs threaten capital adequacy ratio (CARs) in the smaller banks, adding that a stress test by the CBN released in […]
Nigeria bad bank refutes business discussions with Ethiopian Airlines on Arik Air takeover
Businessam StaffSeptember 4, 2017
The Asset Management Corporation of Nigeria (AMCON) has refuted media reports that it is in talks with Ethiopian Airlines on the possible take-over of troubled Arik airlines. In a statement Monday, Jude Nwauzor, AMCON’s spokesperson, said that contrary to media reports that the corporation was in discussions with Ethiopian Airlines for the carrier to render […]
Nigeria’s banking industry seen strong, stable through 2018 amid pared profits FY2017
Businessam StaffSeptember 4, 2017
BMI Research, a member of the Fitch group, has forecast positive outlook for the Nigerian banking industry going into 2018. It however, has concerns for smaller banks on growing non-performing loans (NPL). In a recent Nigeria Commercial Banking Report, its analysts say they hold a positive view on the industry despite concerns raised in the […]
Nigeria’s exchange traded fund, ETF NGE, returns 21% year-to-date on equities rally
Businessam StaffSeptember 4, 2017
The Global X MSCI Nigeria ETF (NGE), which invests in among the largest and most liquid companies in Nigeria, has a year-to-date return of 21.07 percent as at close of business September 1, 2017, according to data gleaned by businesamlive. An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. […]
Fresh threat on Nigeria’s fragile economy in Niger Delta agitators’ planned attacks on oil installations
Businessam StaffSeptember 4, 2017
Trouble is brewing in the Niger Delta swamplands, home to oil, the mainstay of the Nigerian economy, as the Coalition of Niger Delta Agitators has said it will renew its attacks on oil installations in the region September 10, according to reports. The coalition is miffed that government has never inaugurated a committee to handle […]
Nigeria’s state oil company says it has crashed petrol, cooking gas prices nationwide
Businessam StaffSeptember 3, 2017
Nigeria’s state oil firm, the Nigerian National Petroleum Corporation (NNPC) says its sustained strategic intervention in the efficient supply and distribution of petroleum products has led to significant fall in the prices of premium motor spirit (PMS), also known as petrol, and liquefied petroleum gas (LPG), also known as cooking gas, nationwide. In a statement […]