New NNPC draws mixed bag of reactions
The transition of the Nigerian National Petroleum Corporation, the country’s oil behemoth, into a commercial venture has elicited mixed reactions from stakeholders. The reform efforts that led to the emergence of the Nigerian National Petroleum Company Limited…
Manufacturers get 5% of FX from banks on limited access
Manufacturers in Nigeria are now only able to get about 5 percent of the foreign exchange they need from banks for the importation of raw materials due to the shortage of dollars, BusinessDay has learnt. A source in the financial sector said the Central Bank of Nigeria…
Pension assets hit N14.2trn on improved compliance
Nigeria’s total pension assets under management (AUM) hit N14.2 trillion at the end of May 2022, as the number of registrations into the Contributory Pension Scheme rose to 9.7 million. The assets increased in May by 14 percent year-on-year and 1 percent month…
Small businesses warn of job losses over diesel price
Small business owners have warned that the steep rise in the price of diesel, which they rely heavily on for electricity generation, will trigger job losses in Nigeria. From a January average of N288 per litre, diesel now sells for over N800 per litre in Africa’s biggest…
Shadows of old problems seen haunting new NNPC
With its transition to a commercial entity, there are growing concerns that the Nigerian National Petroleum Corporation (NNPC) Limited may battle old problems as it seeks to raise capital from financial institutions to fund projects and tackle funding shortfalls with joint ventures.
MTN, others drive over N300bn market loss as week opens
Nigeria’s equities market opened the new week in red, down by 1.11percent or N312billion. The record negative close on Monday July 25 was driven among others by MTN Nigeria Plc which led the decliners after its share price dropped by N16 or 6.99percent, from N229 to N213. “We expect the impact of the…
For Tinubu, his ‘lifelong ambition’ trumps the unity of Nigeria
Over two decades ago, Bola Ahmed Tinubu, the controversial presidential candidate of the All Progressives Congress (APC), said he did not believe in one Nigeria. He said so in an interview with ThisDay, which the newspaper published on April 13, 1997, with the headline: “I don’t believe in one Nigeria – Tinubu” At…
CBN MPR Hike; Of Big Issues and Bigger Headaches
Nigeria’s Central Bank (CBN) recently decided to jerk up its policy rate by 100 basis points to 14%. The Bank’s move was a strong policy statement to the domestic markets that the regulator would dig into the trenches to curb inflation. Source Proshare Read More
Removal of Subsidy, NNPC Import Monopoly’ll End Queues – Marketers
The problem is that every side needs to be transparent. We as retail outlet owners, we are ready to sell petroleum products to the teeming Nigerian public. We have no reason not to sell our products. Every single money that is used to buy 145,000 litres of PMS, almost N7m, is loaned and is time-bound. Source Punch Read More
Oil Falls on Concerns Expected Fed Hike Will Impact Fuel Demand
Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world’s biggest oil user, may limit fuel demand growth. Source Reuters Read More
SEC Seeks Harmonised Exchange Rate to Attract Foreign Portfolio Investment
The Securities and Exchange Commission, SEC has advocated for a unified foreign exchange rate in order to attract Foreign Portfolio Investment, FPI into the country. Source Vanguard Read More
Amid Plunge in Nigeria’s Eurobond Prices, Yield Hits 13.76% High
Data by the Debt Management Office (DMO) has revealed that yield on the 13 tracked Nigeria Eurobond prices has continued to dwindle as yield continued to skyrocket, hovering around 8.33 per cent and 13.76 per cent. Source THISDAYLIVE Read More
Financial Crisis: NCAA Audits Distressed Airlines
The Nigerian Civil Aviation Authority have begun an economic and financial audit of some domestic airlines passing through what industry stakeholders have described as financial challenges. Source Punch Read More
Standard Gauge: NRC Set to Kick Start Evacuation of Import, Export Goods from Apapa Port
Determined to decongest the port access roads in Lagos, Nigerian Railway Corporation (NRC) has concluded plans to kick start the evacuation of import and export goods in and out of the Apapa port through the newly constructed Lagos-Ibadan Standard gauge railway line to designated Freight Yards. Source LeadershipNG Read More
AfCFTA National Committee Develops Strategies to Facilitate Trade
The National Action Committee (NAC) on African Continental Free Trade Area (AfCFTA), says it has developed eight strategic pillars in line with the African Union’s framework for boosting trade in the region. Source TheCable Read More
NITDA Boss Lays out Nigeria’s Blockchain Adoption Strategies to Over 1500 Participants at Developers’ Summit
The National Information Technology Development Agency (NITDA) remains commitment to creating and stimulating the ecosystem for Blockchain technology and indeed Nigerian innovators to thrive. Source TechEconomy Read More
Using Micro Takaful to Improve Nigeria’s Insurance Industry
Micro Takaful could be used by the National Insurance Commission (NAICOM) to improve insurance penetration across the nation. Mr. Adedoyin Afun, Partner, Bloomfield Law Practice, Lagos made the point while discussing “The Prospects for the Growth of the Takaful Industry in Nigeria”. Source Proshare Read More
May 2022 Pension Industry Report: Considerable Ground to Cover for Pension Penetration
The latest monthly report from the National Pension Commission (PenCom) shows that total assets under management (AUM) for the regulated pension industry increased by 14% y/y to NGN14.2trn as at end- May 2022. Source FBNQuest Read More
