Heritage Energy Operational Services Limited (HEOSL), Operator of the OML 30 Joint Venture (JV) between NNPC E&P Limited (NEPL) and Shoreline Natural Resources Limited (SNRL), on behalf of the JV partners, has announced its collaboration with the West African Examinations Council (WAEC) to conduct a qualifying examination to select beneficiaries for its 2022/2023 university scholarship programme The examination, which held on Read More
The Minister of State for Industry, Trade and Investment, Amb Mariam Katagum has stressed that Micro, Small and Medium Enterprises (MSMEs) are the engines of economic growth. According to the minister, they also contribute nearly 50 per cent of the Gross Domestic Product (GDP) and over 80 per cent of employment in Nigeria. Amb. Katagum, who noted this in Abuja Read More
Jaiz Bank Plc, the leading non-interest bank in Nigeria has relocated its Head Office to its own building, Jaiz Bank House, Plot 1073 J.S Tarka Street, Area 3, Garki, Abuja The movement is coinciding with the 10th anniversary of the Bank, which commenced operations in 2012, with three branches in Abuja, Kano and Kaduna. The Bank currently has 46 branches Read More
Nigeria’s equity market on Tuesday sustained declining profile, shedding N62 billion fololowing share depreciation recorded by Nigerian Breweries and Ecobank Transnational Incorporated. Market capitalisation of listed equities dropped to N25.775 trillion from N25.837 trillion reported the previous day. The NGX All Share Index also depreciated by 113.58 basis points to 47322.87 points from 47436.45 traded on Monday. Investors traded 120.946 Read More
The National Pension Commission (PenCom) disclosed that Nigeria’s Pension Fund Assets, as at September stood at N14.42 trillion. PenCom’s Director General, Aisha Dahir- Umar, who made the dis CV disclosure at the second sensitization programme organised for Civil Society Organisations, CSOs in Abuja, said the Commission successfully concluded the increase of the Minimum Regulatory Capital (Shareholders’ Fund) requirements of PFAs Read More
The naira appreciates at the beginning of the week with increase in foreign exchange (FX) inflows, thus reducing demand pressure at the Investors and Exporters window.
The battle to save the naira has been ongoing, and the latest move to redesign some notes is expected stem the local currency from its persistent depreciation, according to foreign currency analysts.
Weak local currency, coupled with a rising inflation rate has weakened purchasing power of the naira, affecting both corporate and individual finances. At the investors’ and exporters’ FX market, the Naira gained 0.37 per cent against the US dollar, rising to N444.7 from N446.33.
According to Market Forces, Africa, the parallel market rate, however, remained constant at N775 ahead of the 2023 election. Consequently, the gap between the official and black market rates is collapsing fast after spurious demand pushed the exchange rate curve higher in recent weeks.
Lower foreign currency inflows remain top issues combating naira stability but it is unlikely to go away on account of the import-dependency of Africa’s largest economy by gross domestic product size.
Despite higher global oil prices, Nigeria has failed to position itself strongly as exporting country due to a bottleneck in crude production; including oil theft among others.
Higher oil prices at the global level are fast reducing due to changing dynamics and instability in major economies – due to partial economic lockdown in China and Russia-Ukraine war.
On Monday, Brent crude price dipped 3.06 per cent to $81.07 a barrel. Meanwhile, WTI crude oil fell 2.59 per cent to $74.30 per barrel as a result of widespread street protests in China over the country’s strict COVID-19 policy.
The United States granted Chevron Corp a license to produce oil in Venezuela, dampening investors’ expectations for increased energy demand in the near future. FX market data show that the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) rate traded within the range of N431.0-447.5 but closed at N446.33 last week.
This translates to a depreciation of -0.1% or N0.7 week on week. In the forwards market, the naira traded within the range of N447.0-465.8 per greenback in the foreign exchange market.
In the retail secondary market intervention sales (SMIS) market, the FX spot rate remained unchanged to close at N445 per dollar on Friday. As the naira holds strong across markets, the gap between the NAFEX and the parallel market rate has collapsed near 70 per cent.
According to data from FMDQ, NAFEX turnover increased by 20.5weeks $118.9 million on Friday, Coronation Research said in a market note.
Last week, analysts said the NAFEX window recorded an inflow of $126 million with the Central Bank of Nigeria accounting for 6.4 per cent, foreign portfolios investors (FPIs) accounting for 1.1 per cent, non-bank corporates accounting for 35.7 per cent, exporters accounting for 47.8 per cent, and others accounting for 9.0 per cent, according to a market report.
Meanwhile, the naira appreciated against the Chinese Yuan (CNY), according to data from the CBN, up +0.2 per cent to close at N62.2.
Microsoft has stated that African enterprises’ cloud journey requires holistic cybersecurity strategies from migration start to finish, noting that cybersecurity remains a significant concern for enterprises in Africa. According to Microsoft Nigeria’s Country Manager, Ola Williams, Africa may lag behind the rest of the world’s cloud adoption with only 15 percent cloud penetration, the continent’s public cloud market has doubled Read More
Seplat Energy Plc, a leading Nigerian independent energy company has emerged winner of the tensely coveted ‘Highest Net Asset Ratio’ award at The Pearl Award 2022. The energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange was announced winner by the organisers of the award at a ceremony held in Lagos at Eko Hotel. The Read More
The Minister of State for Science, Technology and Innovation, Henry Ikechukwu Ikoh, has said the federal government will continue to ensure women and youth develop keen interest in science, research and Innovation programmes and sector. He said this during the North-East zonal dialogue between government and stakeholders in the science technology and innovation ecosystem on the establishment and Implementation of Read More
The Minister of State for Industry, Trade and Investment, Amb. Mariam Yalwaji Katagum, says the Micro, Small and Medium Enterprises (MSMEs) are the engines of economic growth and contribute nearly 50% of the Gross Domestic Product (GDP) and over 80% of employment in Nigeria. Katagum stated this in Abuja during the 50th anniversary of the Standard Organization of Nigeria (SON). Read More
Oil prices fell to near their lowest levels this year on Monday as street protests against strict COVID-19 curbs in China, the world’s biggest crude importer, stoked concern about the outlook for fuel demand. U.S. West Texas Intermediate (WTI) crude slid $2.39, or 3.1%, to $73.89 a barrel. It fell as far as $73.60 earlier, its lowest since Dec. 22, Read More
The Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari has said that Nigeria, requires a more gradual and flexible approach to achieve its energy transition goal. Kyari, in his address at the just conclude 40th annual international conference and exhibitions of Nigerian Association of Petroleum Explorationists (NAPE) in Lagos, said there was need for Read More
The Minister of State for Petroleum Resources, Chief Timipre Sylva has restated government’s eagerness and commitment towards achieving its Net-zero emission targets by 2060. In a statement by signed, Director (Information) in the ministry Enefaa Bob-Manuel said the minister gave the assurance at the 7th National Council of Hydrocarbons which held in Minna, Niger State. Sylva, who was represented by Read More
The Debt Management Office (DMO) has disclosed that its Sukuk bond offerings are designed to improve the road infrastructure, develop the financial market and also promote financial inclusion. The Director-General of the DMO, Patience Oniha, who spoke in Abuja recently, said the bond provides the opportunity to raise that quantum of funds just for roads and bridges. She spoke against Read More
The Federal Housing Authority (FHA) is set to conduct the groundbreaking for the development of its Diaspora Smart City Project in Kabusu settlement, Maitama District, Abuja, the Minister of State for Works and Housing, Mr. Umar El-Yakub, has said. The minister, who spoke during an inspection tour of the project site, said the estate upon completion would close up the Read More
The Nigerian Institute of Quantity Surveyors (NIQS) has called for a reduction in the cost of governance and consumption in the face of dwindling resources to save more for infrastructure investments. Also, they called on the nation’s leadership to adopt transparent infrastructure procurement processes to promote timely and adequate infrastructure delivery across the country. The NIQS President, Mr. Olayemi Shonubi, Read More
The Country Manager, Microsoft Nigeria, Ola Williams, says digital revolution is changing how banking gets done, as every bank is eager to evolve, using secure and compliant technology to fundamentally reimagine their business. Ola Williams in a paper said maintaining a competitive edge and differentiation means understanding customer needs and adapting to market trends while reaching the under-served and the Read More
REDTV, United Bank for Africa’s Lifestyle and Entertainment channel, has reiterated its support for the youth and creative industry, as it continues to empower young talents in the film making industry on the continent, especially in the field of production, scriptwriting and film festivals. With top hits such as Unintentional, Mighty, The Men’s Club Season 1-3, and other popular shows Read More
The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has reiterated that the agricultural sector remains the critical factor behind the continuing resilience of Nigeria’s domestic economy despite the many downturns recorded in the last three years. The Apex Bank Governor, said though the Nigerian economy was not insulated from the spillover effects of the many shocks recorded Read More
Foremost industrialist, Aliko Dangote, is optimistic that the new multibillion Naira investment in the sugar sub-sector would help provide no fewer than 300,000 jobs in Nigeria. A statement from the Corporate Communication Department of the company, said that the Group’s President, Dangote said the company was providing fresh funds for expanding its operations in the sugar sub-sector. Dangote, who was Read More
Secretary to the Government of the Federation (SGF), Boss Mustapha, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, Executive Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami, and tax experts have advocated a paradigm shift on tax administration to overcome challenges of taxation in a digitalised economy. Speaking Monday in Abuja, during the opening ceremony of the 42nd Read More
The Raw Materials Research and Development Council (RMRDC) over the years continue to spear head the promotion of the establishment of oleochemical (palm oil) producing plants in Nigeria to reduce importation of palm oil and boost Nigeria’s Gross Domestic Product (GDP); BINTA SHAMA reports. Research states that oil palm, derived from the palm fruit (Elaeis guineensis) is indigenous to Africa Read More
Nigerian Exchange Limited (NGX), the sustainable Exchange championing Africa’s growth, and International Finance Corporation (IFC), entered into partnership to facilitate the issuance of green, social and sustainability bonds in Nigeria to increase financing for projects that address climate and social issues. They made the announcement during a Green and Sustainability Bond workshop co-hosted by both institutions in Lagos, and supported Read More
The Nigeria Deposit Insurance Corporation (NDIC) said it has developed and deployed the single customer view (SCV) platform to strengthen the process and procedure for data collection in microfinance and primary Mortgage Banks in the country. The Managing Director/Chief Executive Officer of the NDIC,Mr. Bello Hassan disclosed this in Port Harcourt at a workshop organised by the Corporation for business Read More
The African Export-Import Bank (Afreximbank) has announced its support for The Zanzibar Trade and Investment Forum which will take place on 30 November-1 December. The Forum will showcase investment opportunities and projects in Zanzibar, facilitate B2B engagements, as well as encourage joint ventures, partnerships and business deals within the context of the African Continental Free Trade Area. This conference builds Read More