Nigeria’s inflation to decelerate further on stable exchange rate, tight liquidity
Businessam Staff
August 31, 2017
Financial analysts say Nigeria inflation may decelerate further in August albeit marginally to 16 percent, citing stable exchange rate and tight liquidity as well as a reduction in inventory cycles by manufacturers as major influencers. Analysts at Financial Derivatives Company (FDC) specifically forecasts headline inflation would decline slightly for the seventh consecutive month to 16.03 […]
Investors’ move for profit in banking bellwethers, NB, sustains bearish sentiment in Nigeria equities market
Businessam StaffAugust 31, 2017
Nigeria equities market maintained its negative trend Thursday as the bourse’s benchmark index shed 35 basis points to close at 35,504.62 points, while year-to-date gain contracted to 32.1 percent. Sustained profit-taking in NIGERIAN BREWERIES (-2.2%), STANBIC (-4.3%), GUARANTY (-0.3%) and UBA (-3.7%) largely influenced market performance. The negative trend saw market capitalization decreased by N42.9 […]
Nigeria naira trades N362/$ as CBN injects $547m in one week
Businessam StaffAugust 31, 2017
Nigeria’s central bank Thursday raised the total intervention for the week to $547 million as against $195 million offered the previous week, just as analysts say the move was in anticipation of the Muslim holidays. Consequently, the local currency traded fairly at N362 to the dollar Thursday as against the N370 it did earlier in […]
Nigerian banking sector hovers near top of risk watch, says EIU
Businessam StaffAugust 31, 2017
The Economist Intelligence Unit (EIU), a member of The Economist Group, has indicated that Nigeria’s banking sector is hovering near the top of its risk watch list on high levels of non-performing loans, excess credit growth and low capital ratios Simon Baptist, global chief economist at The Economist Intelligence Unit, in a note Thursday, said […]
Full privatization seen behind the success of SACHOL, says BPE
Businessam StaffAugust 31, 2017
Alex A. Okoh, director general of Nigeria’s Bureau of Public Enterprises (BPE), has said that the full privatisation method used for Skyway Aviation Handling Company Limited (SAHCOL) was chiefly responsible for the success so far recorded by the company, adding that the method ensured that the company had ample opportunity to optimise quality of service […]
Nigeria re-awards $5.8 billion Mambilla hydroelectric power plant contract to Chinese state firm
Businessam StaffAugust 30, 2017
Nigeria has approved the construction of a $5.8 billion hydroelectric power plant by a Chinese state firm, the power minister said Wednesday, the latest in a series of Chinese deals since the project was first envisioned decades ago. The project, if completed, could provide a much-needed source of energy for Nigeria. Despite its wealth of […]
Nigeria stocks continue losing streak as market index dip for third consecutive trading day by 1.5%
Businessam StaffAugust 30, 2017
Nigeria’s equities market extended losses from two previous trading sessions to Wednesday as the benchmark index fell 1.5 percent to close at 35,629.13 points while year-to-date gain retreated to 32.6 percent. As a result, stocks lost N185.0 billion in value as market capitalization settled at N12.3 trillion. The continuous decline in market performance as seen […]
Dangote’s ‘ghost’ tomato factory showcases Nigeria’s farming, industry challenges
Businessam StaffAugust 30, 2017
Nigeria’s biggest and state-of-the-art tomato factory located in northern Nigeria owned by Dangote is producing tomato puree only on paper, as there are hardly activities in the plant. Investigations indicate that there are not enough tomatoes to run the plant even though there are machines ready to crush tomatoes to satisfy the country’s insatiable demand […]
Nigerian insurer, Ensure, in buyout deal with Germany’s Allianz in African push
Businessam StaffAugust 30, 2017
Germany’s Allianz said Wednesday it is buying control of Nigerian insurer, Ensure Insurance Plc, in a push for growth in the relatively uninsured African market. Allianz said in a statement that it would acquire a 98 percent stake in Ensure Insurance from UK-based holding company Greenoaks Global Holdings. However, there was no disclosure on the […]
Satellite data hint Nigeria’s economy is improving
Businessam StaffAugust 30, 2017
Nigeria’s battered economy improved between April and June, at least according to satellite data. San Francisco-based SpaceKnow’s Nigeria Night Light Index, which measures light intensity and provides an indication of electricity usage, rose 29 percent year-on-year in that period, the first time it has shown a positive reading since the final three months of 2015, which […]