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Nigerian rice millers import paddy despite mega pyramids

Nigerian rice millers have said they are importing paddy from some neighbouring West African countries to keep their mills running, a development that runs counter to the claim by the Federal Government that the country has achieved self-sufficiency in the production of the grain.

Mortgage opportunities abound in Nigeria’s real estate – Experts

There are growing opportunities in unlocking the potential of Nigeria’s mortgage sector valued at over N6.4 trillion but lack of awareness, accessibility, security, lack of infrastructure and government policy are dampening demand, experts have said.

Four alternatives to N4tn petrol subsidy

Nigeria will spend as much as N4 trillion on petrol subsidy in 2022, about the same amount spent on subsidy between 2017 and 2021, according to the Federation Account Allocation Committee, and more than the N3.4 trillion reported as total federal government revenue in 2021.

Emefiele bars further monetary policy tightening despite global inflation concerns

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Thursday dismissed the likelihood of an additional monetary policy tightening anytime soon, despite global concerns on surging inflation.

70% of Nigeria’s real estate investment from diaspora – expert

There is fresh data that shows Nigerians in the diaspora are the biggest investors in the Nigerian real estate sector, experts have said. Speaking at Day two of the maiden edition of BusinessDay’s property investment conference tagged PRINVEST 2022, experts say more Nigerians in the diaspora are investing in

Nigeria to meet daily crude output quota in two weeks – Finance Minister

Nigeria, Africa’s largest oil producer, is expected to reach its daily crude production quota in about two weeks as authorities reopen wells that had to be closed to keep criminals at bay, Zainab Ahmed, the country’s Finance Minister, has said during an interview with Bloomberg TV.

Elon Musk unveils his Twitter bid package, largest buyout in history

Elon Musk has unveiled a $46.5bn financing package to fund his takeover bid for Twitter as he pushes ahead with a deal that would be one of the largest leveraged buyouts in history.

Mr. Cyril Ilok Resigns as Chief Risk and Compliance Officer of MTN Nigeria Plc

MTN Nigeria Communications Plc has notified the Nigerian Exchange Limited and the investing public of the resignation of Mr. Cyril Ilok, Chief Risk and Compliance Officer effective 30 September 2022.

 Mr. Ilok joined MTN Nigeria on November 4, 2002, as a Senior Internal Auditor and rose steadily through the ranks to his current position. During his 19+ years at the Company, he contributed immensely to the growth of the organization, leading Audit and Risk Management projects that laid a sound foundation, leading to an improvement of the internal control and governance framework of MTN Nigeria.

 The Board and Management of MTN Nigeria wish Mr. llok the very best in his future endeavours. His successor will be announced in due course.

Investors Gain N511.76bn as NGXASI Inches up by 2.00% to Close the Week Positive

 Equities market closed on a positive note, as NGXASI appreciated by +0.49% to close at 48,459.65 basis points as against +0.18% appreciation recorded previously. Its Year-to-Date (YTD) return currently stands at +13.44%.

Market breadth closed Positive as OANDO led 34 Gainers as against 18 Losers topped by ACADEMY at the end of today’s session an improved performance when compared with previous outlook. 

Market turnover closed negative as volume moved up by 39.82% as against 30.00% downtick recorded in the previous session. FIDELITYBK, SOVRENINS, and ZENITHBANK were the most active to boost market turnover. ZENITHBANK and MTNN topped market value list.

REGALINS leads the list of active stocks that recorded impressive volume spike at the end of today’s session.

Nigeria’s Headline Inflation Accelerates Again, No More Wiggle Room for MPC

 The NBS released its CPI report for the month of March over the Easter holidays (Friday). As expected, Nigeria’s headline inflation rose for the 2nd consecutive month to 15.92% in March from 15.7% in February. Source FDC Ltd Read More

Inflation: Central Banks Should Raise Interest Rates – IMF

 The International Monetary Fund (IMF), has called on Central banks across the globe to raise interest rates, in order to halt the escalating inflationary trends. Source Vanguard Read More

8 Months Into PIA: Committee, NUPRC Unveil 6 Draft Regulations

 Eight months after President Muhammadu Buhari signed the Petroleum Industry Act (PIA), the Presidential Steering Committee on the PIA and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have unveiled six draft regulations for the oil industry. Source Daily Trust Read More

Rethink Your Policy on Fuel Subsidy, World Bank Tells Nigeria

 The President of the World Bank Group, Mr. David Malpass has once more reiterated the need for Nigeria’s federal government to reconsider its policy on fuel subsidy, saying that the huge amount being expended on the policy could be channeled to other critical sectors. Source THISDAYLIVE Read More

 NBS: Travellers Through Nigerian Airports Increased by 43% to 13m in 2021

 The National Bureau of Statistics (NBS) says about 13 million passengers travelled through Nigerian airports in 2021. The figure represents a growth rate of 43.41 per cent from 9 million recorded in 2020. Source TheCable Read More

LASG, NPA to Streamline Checkpoints Along Apapa

 Special Adviser to the Lagos State Governor on Transportation, Oluwatoyin Fayinka, has said that checkpoints at Apapa and Tin Can axis have been assigned to specific agencies as part of the state government’s effort to eliminate gridlock and curb illegal extortion. Source Guardian Nigeria Read More

Italy Snaps Up Angolan Gas After Deals for North African Supply

 Italy struck a deal to boost natural gas imports from Angola as Mario Draghi’s government rushes to cut energy dependence on Russia. Source Bloomberg Read More 

 Beyond Banking: Union Bank Launches Future-Forward Innovative Co-Creation Hub in Lagos

Globally, technology and innovation are key drivers of growth, and locally, the tech community is at the forefront of the ongoing digital revolution. To promote the burgeoning growth of Nigeria’s tech sector, leading financial institution, Union Bank has launched a technological and innovation hub known as SpaceNXT. Source Union Bank Read More

The Nigerian Telecommunications Sector Update 2022 – A Bright Spot Amid Miry Waters

In our 2021 telecommunications sector report (“Resilience through a COVID-led Recession”), our outlook depicted three major themes that would guide growth for the sector: favourable demographics, investment in network infrastructure expansion, and mobile money. Source Afrinvest Research Read More

SIM-NIN: Telecom Consumers Set to Sue FG, Demand Policy Suspension

Telecommunication subscribers under the aegis of the National Association of Telecoms Subscribers have said they are set to drag the Federal Government to court in May in a bid to temporarily suspend the government’s barring of subscribers’ outgoing calls. Source Punch Read More

Ackman gives up on Netflix, taking $400 mln Loss as Shares Tumble

 Billionaire investor William Ackman liquidated a $1.1 billion bet on Netflix (NFLX.O) on Wednesday, locking in a loss of more than $400 million as the streaming service’s stock plunged following news that it lost subscribers for the first time in a decade. Source Reuters Read More

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