China’s renminbi needs significant domestic reforms to challenge dollar’s dominance
Phillip Isakpa
August 10, 2017
China’s currency, the renminbi, which was added last year to the International Monetary Fund’s Special Drawing Right basket of major currencies, requires significant domestic reforms in its home economy to be able to challenge the United States’ dollar’s dominance in international finance, says Eswar Prasad, a former IMF economist and professor at Cornell University, in […]
Five Nigerian cities dominate ranking of Africa’s largest markets
Oluwafemi OgunjobiAugust 10, 2017
Five Nigerian cities including Lagos, Abuja, Kano, Ibadan, Port Harcourt and Benin City dominate the ranking of Africa’s biggest markets, according to the 2017 Fraym Urban Markets Index released recently and seen by businessamlive. Among the 35 African cities listed on the index, Lagos, Abuja, Kano, Ibadan and Port Harcourt made the top 25 cities, as […]
Afreximbank opens shareholding to investing public through $300m depositary receipts issuance
Businessam StaffAugust 10, 2017
In a major innovation in Africa’s capital markets, supranational trade finance bank, African Export-Import Bank (Afreximbank), an investment grade rated multilateral financial institution, is opening its shareholding to the investing public through the issuance of depositary receipts. In a deal being arranged by SBM Group, a leader in the financial sector in Mauritius, and announced […]
OPEC raises output again as it sees higher 2018 oil demand
Businessam StaffAugust 10, 2017
OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another jump in the group’s output suggested the market will remain in surplus despite efforts to rein in production. In a monthly report Thursday, the Organization of the Petroleum Exporting Countries said the world […]
Jumia, Konga, Jiji main drivers of Nigeria’s $13bn e-commerce growth
Oluwafemi OgunjobiAugust 9, 2017
Jumia, Konga and Jiji, three Nigerian e-commerce champions, have been identified in a new report by London based Economist Intelligence Unit (EIU), as leading the African charge to boost the continent’s growth of online, technology based retail business on the continent. The report, which highlights countries and metro regions in Africa with the biggest potential […]
Nigerian equities maintain gaining streak as market index appreciates by 0.38%
Oluwafemi OgunjobiAugust 9, 2017
Nigerian equities Wednesday sustained its gaining streak since the beginning of the week, as the all-share index rose 38 basis points to close at 38,144.02 points. Consequently, year-to-date gain improved to 41.9 percent while market capitalization added N49.8 billion to settle at N13.2 trillion. Wednesday’s bullish performance was largely driven by sustained interest in consumer […]
Households in 3 Nigerian cities earn over $5000 per annum, to double in 2030 – Report
Oluwafemi OgunjobiAugust 9, 2017
A report by The Economist Intelligence Unit (The EIU) has revealed that households in three Nigerian cities – Lagos, Ibadan, Port Harcourt– earn over $5,000 per annum, and this number is projected to double by 2030. 3,875,000 households in Lagos – the commercial and business capital of Nigeria – earn $5,000 per annum, and these […]
Nigeria in pole position to benefit from $75bn e-commerce driven African market opportunity – Report
Oluwafemi OgunjobiAugust 9, 2017
Nigeria, Africa’s economy by gross domestic products and its most populous, sits in pole position among the continent’s countries to benefit from an emerging but technology driven e-commerce market estimated to be worth between $50 billion and $75 billion, a report by the London-based Economist Intelligence Unit (EIU) and by Businessamlive has shown. The report […]
Increased regulatory pressures, high punitive fines seen ‘derisking’ banks
Steve OmanufemeAugust 9, 2017
Increased regulation on anti-money laundering and accompanying swinging fines have made banks too risk-averse and left many genuine clients unserved, writes the London-based Economist in its July 6, 2017 edition. The view contained in a banks-focused article titled, “The great unbanking1 – Swingeing fines have made banks too risk-averse – It is time to rethink […]
Nigeria’s ERGP mere rhetoric, lacks commitment to power free markets, says EIU
Steve OmanufemeAugust 9, 2017
Nigeria’s Federal Government economic blueprint, the 2017-20 Economic Recovery and Growth Plan (ERGP) released in March 2017, which recognizes the power of free markets and envisions an economy that would be largely driven by the private sector, has been described as mere rhetoric. The Economist Intelligence Unit (EIU), a member of The Economist Group, says […]