Diesel price falls 42% to N150 per litre as NNPC interventions bear fruits
Businessam Staff
July 3, 2017
The price of automotive gas oil (AGO) popularly known as diesel has fallen steadily from between N175 and N200 per litre as at June 18, 2017, to as low as between N155 and N160 per litre in some stations across the country as at last week. This is according to a national survey by Oil […]
Positive outlook seen for Nigeria’s hospitality sector despite economic headwinds
Businessam StaffJuly 2, 2017
*To grow revenue 14.6% annually in next five years…. Nigeria’s hospitality business is expected to be the fastest-growing market in Africa from a revenue perspective over the next five years, according to a PWC’s report. “Nigeria is projected to be the fastest-growing market from a revenue perspective over the next five years. This is mainly […]
Strong lending pushes Afreximbank assets up 64% to $12bn
Phillip IsakpaJuly 2, 2017
Afreximbank, Africa’s trade finance bank with interest in helping provide finance for the facilitation of import and export activities on the continent, rose from its 2017 general meeting of shareholders in Kigali, the capital of Rwanda Saturday, disclosing that its strong lending activities in the 2016 financial year helped its total assets to rise to […]
Oil enters bear market as investors lose faith in OPEC’s cuts
Businessam StaffJuly 2, 2017
* U.S output projected to average 10mbpd in 2018…. Oil prices tumbled in the second quarter, swinging into a bear market as many investors who at the start of the year clung to hopes of rapidly shrinking stockpiles finally cut their losses, reports Wall Street Journal. Crude ended the quarter nine percent lower, and sank […]
Nigeria economy continues recovery as manufacturing index expands third month in a row
Businessam StaffJuly 2, 2017
The Manufacturing Purchasing Managers’ Index (PMI) increased to 52.9 index points in June 2017, indicating expansion in the manufacturing sector for the third consecutive month. The Central Bank of Nigeria (CBN) revealed this in its PMI report for June 2017. The PMI expansion reflected the prediction that the economy would likely come out of recession […]
Nigeria seen included in possible OPEC oil output cap
Businessam StaffJuly 1, 2017
There are strong indications that the Organisation of Petroleum Exporting Countries (OPEC) may revisit the issue of including Nigeria in its output cap deal. This followed Royal Dutch Shell lifting of its force majeure on exports of Bonny Light crude after pipeline repairs which is expected to lead to significant increase in Nigeria’s crude oil […]
World coal production just had its biggest drop on record
Businessam StaffJuly 1, 2017
2016 saw a record drop in global coal production as the price ofrenewable energy continued to decline. World coal production drops 6.2% as renewable energy becomes cheaper to generate. With the rise of green energy and increasing use of lower carbon alternatives, including natural gas, coal production has been declining for several years. According to […]
B-R-E-A-K-I-N-G: Hakeem Belo-Osagie steps down as chairman of Etisalat Nigeria
Businessam StaffJune 30, 2017
The Chairman of Etisalat Nigeria, Mr. Hakeem Bello-Osagie, has resigned his appointment following the approval of a restructuring plan for the telecommunications firm. The resignation is effective immediately. Although the chairman had planned to leave immediately the banks made the take-over move, he opted to tarry until a road map for the company was finalised. […]
Nigerian bourse: Weak macro-economic environment weighs on sentiment as market closes negative
Businessam StaffJune 30, 2017
Nigerian stocks closed trading on a negative note Friday as the bourse all-share index depreciated by 0.46 percent to close at 33,117.48 points as against 1.88 appreciation recorded previously, with the market year-to-date returns standing at 23.23 percent. Analysts say the recent rally in the market, which has been attributed to the new NAFEX window […]
B-R-E-A-K-I-N-G: Oniha takes over from Nwankwo as DG DMO
Businessam StaffJune 30, 2017
The newly appointed Director General of the Debt Management Office, DMO Patience Oniha, resumed office Friday to put an end to the 10-year tenure of Green Nwankwo. Oniha, a former staff of the DMO, was seconded to the ministry of finance. The new DG was the former Head of the Efficiency Unit of the federal […]