Headlines news

Rising costs shifts investment interest to low-income housing market
Investor and buyer-interest in Nigeria’s housing market is, increasingly, shifting from high-income to low-come segment of the market in response to rising costs in the country, Bismarck Rewane, CEO, Financial Derivatives Company, has said. Rewane who spoke recently at the July edition of his monthly Breakfast Session…
PMI hits benchmark amid surging production cost
Nigeria’s manufacturing Purchasing Managers’ Index (PMI), a gauge for manufacturing sentiments, has sustained an upward trajectory, as it hits 51.1 points in June 2022. This was revealed in a communique by the Monetary Policy Committee of the Central Bank of Nigeria (CBN) from a meeting held on July 18.
Nigerian passport moves up three places in global ranking
Nigeria has moved up three places as its passport is ranked 100th out of 116 countries, but it is still among the least powerful in Africa, the latest 2022 Henley Passport Index shows. The index, published by Henley & Partners, a London-based global citizenship and residence advisory firm, ranks 199 passports based…
Infinity Group, AFC to buy Lekela Power in Africa’s biggest renewable energy deal
Infinity Group and Africa Finance Corporation (AFC) have announced a strategic partnership that will see them buy 100 percent of the Lekela Power Plant in a deal adjudged to be Africa’s biggest renewable energy deal. The Lekela Power Plant, which operates five wind assets in South Africa and one each in Egypt and..
Nigerian Breweries, Oando, others cause stock market’s new low
Nigeria’s stock market on Wednesday recorded its second decline after the benchmark interest rate was hiked to 14percent by the Central Bank’s monetary policy committee (MPC). Stock investors lost about N66billion as the market dipped further by 0.23 percent, driven by counters like Nigerian Breweries Plc..
Manufacturers tap local inputs as FX crisis deepens
As the lingering scarcity of foreign exchange (FX) shortage is hampering their ability to import raw materials, manufacturers in Nigeria are increasingly shifting towards local substitutes. The FX scarcity in Africa’s biggest economy is helping businesses…
Opportunities open for local production of agro substitutes
After years of abandoning agriculture and other industries for the easy cash flow from crude oil, Nigeria is now grappling with declining revenue and foreign exchange scarcity, which are limiting food imports.
Forex crisis in Nigeria’s economy
Perhaps, the biggest crisis faced by investors in the Nigerian economy today is the foreign exchange (forex) crisis. This crisis has three major dimensions. The unprecedented sharp currency depreciation, the liquidity crisis in the foreign exchange market…
Fresh airfare hike looms as airlines seek 40% fuel surcharge
Airlines have written to the Nigerian Civil Aviation Authority (NCAA) seeking its approval to impose a 40 percent fuel surcharge as a measure to mitigate the effects of the consistent rise in the price of Jet A1 on airline operations in the country
Inflation/substitute goods: The growing headache of business owners
The COVID-19 pandemic as well as the economic turbulence have had significant impacts on businesses, manufacturers and households, including individual lifestyle and well-being in recent times. The direct consequence of these impacts has been a very…
CBN MPC Raises MPR to 14% at the End of July 2022 MPC Meeting
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria has today concluded its two-day meeting in July 2022. This meeting marks the fourth MPC meeting for the year 2022. Source Proshare Research Read More
NNPC Approves Upward Review of PMS Pump Price of N169 for Lagos, N189 for Northeast Region
Media platforms are reporting that the Nigerian National Petroleum Company Limited has approved an upward review in the pump price of Premium Motor Spirit from N165 per litre to N179 per litre, effective Tuesday, July 19th, 2022. Source Proshare Research Read More
History Made as Nigerian National Petroleum Company (NNPC) Transitions into a Limited Liability Company, Ensuring Corporate Governance and Long-Term Sustainable Value
The inauguration of the Nigerian National Petroleum Company Limited is poised to reshape the oil and gas industry in Nigeria and serve as a model for other National Oil Companies all over the world. Source African Energy Chamber Read More
Federal Govt Mum as Marketers Raise Petrol Pump Price to N185/Litre
The federal government has finally bowed to antics of petroleum products marketers who have wittingly adjusted upward the pump price of Premium Motor Spirit (PMS) also called petrol. Source LeadershipNG Read More
Lagos Commodities Futures Exchange Set for Inauguration on July 28, 2022
Lagos Commodities and Futures Exchange (LCFE) has concluded arrangements to commence real-time trading this month as part of the plans to inaugurate the pan African Commodities Exchange. Source Lagos Commodities Futures Exchange Read More
The Markets in Review: FGN Bond Yields on the Move – Coronation Research
These are interesting times. The FGN’s US dollar 5-year bond yields 14.0%: the FGN’s Naira-denominated 5-year bond yields 10.7%. A normal observation would be that the Naira is a more desirable currency than the US dollar, since it requires the lower yield: but conditions are far from normal. Source Coronation Research Read More
Exporters got N20bn Rebate from RT200FX – Emefiele
The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that the bank paid eligible exporters over N20bn rebates in the second quarter of implementing the RT200 FX programme for exports worth $600m. Source Punch Read More
Oil Marketers Urge FG to Pay Outstanding Bridging Claims
The Association of Distributors and Transporters of Petroleum Products (ADITOP) has expressed dissatisfaction over unpaid bridging claims owed to its members by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Source TheCable Read More
Airline Operators Write FAAN, Seek Review of 90-day Closure of Lagos Airport runway
Nigerian airlines, under the aegis of Airline Operators of Nigeria (AON), have asked the Federal Airports Authority of Nigeria (FAAN) to urgently review the 90-day closure of the Murtala Muhammed Airport (MMA) runway in Lagos. Source TheCable Read More
Oil Prices Ease Ahead of U.S. Inventory Data
Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product demand weakens. Source Reuters Read More
“We Remitted N757.7b in 2021,” MTN Reacts to Tax Remittance Discrepancies
MTN Nigeria has reacted to media reports indicating discrepancies in tax remittances to the Federal Government. The telecom giant said it made a total contribution of up to N757.7 billion to the Federal Government and its relevant agencies through taxes, levies, fees, and duties. Source TechEconomy Read More
Netflix Sees Return to Growth After Million-Customer Loss
After losing more than a million customers in the first half of 2022, Netflix Inc. has a message for investors: It could have been worse. The leader in paid streaming TV lost 970,000 subscribers in the second quarter, according to a statement Tuesday. Source Bloomberg Read More
Strengthening Health Security Cannot Be Achieved Without Universal Health Coverage and Effective Primary Health Care
To strengthen health security and a decentralized health system in Nigeria with regards to epidemic preparedness, the Federal Government of Nigeria has been encouraged to not only pay keen attention to strengthening human resources for health security but also set data and accountability structure at the national and sub-national levels. Source Nigeria Health Watch Read More
AfCFTA: Afreximbank Offers Grant to Train 200 Young Entrepreneurs
The African Export-Import Bank (Afreximbank) has announced a grant to the Grand Africa Initiative (GAIN) to train 200 young African entrepreneurs on entrepreneurship and intra-African trade for three months starting in July. Source Daily Trust Read More