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Religion raises political stakes, risks dividing Nigerians
As President Muhammadu Buhari was delivering a lecture on peace and security in Liberia on Tuesday, unity schools in Abuja, Nigeria’s capital city, had been shut over fears of terrorists’ attacks, even as religion looks set to drive a wedge between Nigerians ahead of the 2023 elections.
IMF raises Nigeria’s economic growth forecast for 2023
The International Monetary Fund (IMF) has forecast that the Nigerian economy will grow by 3.2 percent in 2023, up from the 3.1 percent it previously projected in April this year. The IMF, which released its World Economic Outlook report on Tuesday, left its 2022 growth…
Nigerians’ health perception exceeds longer-living Japanese’ – Report
Despite lower life expectancy at birth, the presence of diseases, and shrinking household income, Nigeria has a health perception that is 67 percent higher than Japan, a global survey conducted by the McKinsey Health Institute has revealed.
Police’s aircraft concession criteria disqualify domestic carriers
The requirements listed by the Nigerian Police Force (NPF) for the concession of its underutilized aircraft and facilities in its air wing mean domestic carriers cannot bid, BusinessDay’s findings have shown.
Senators threaten to impeach Buhari’s over insecurity
Dissatisfied with the manner of the security situation in the country, Senators across political parties, on Wednesday gave President Muhammadu Buhari a six weeks
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ultimatum to properly address worsening insecurity or face immediate impeachment. The senators tried to raise a motion to effect the impeachment by…
80% of businesses in Africa fail within five years of establishment – report
Eighty percent of businesses under the Micro, Small and Medium Enterprises (MSME) in Africa fail within the first five years of their existence despite having the highest entrepreneurship rate in the world, a 2022 Nigeria MSME report has shown. The report titled ‘fuel for Africa’s next billion businesses’ compiled by.
Stocks shed over N960bn in 3 days as investors switch assets
Nigeria’s listed equities value have decreased by N969billion in just three (3) days amid declining bargain hunting activities on the local Bourse. The nation’s stock market has since this week recorded three consecutive days of negative closes, causing its record positive returns to reach new low of 17.49 percent, now..
Bullish Sentiment Creeps Back into Oil Markets- OIR 260722
For the second straight week, the main oil futures contracts have seen a marked rejuvenation in open interest, primarily coming from bullish long positions. This suggests that, despite ongoing fears of an economic recession, traders believe that the selloff earlier this month was overdone. Source Proshare Read More
Reps Move to Amend CBN Act Over Emeifile’s Political Adventure
The House of Representatives has passed for second reading, a bill to determine the appointment or cessation of the governor of the Central Bank of Nigeria (CBN), deputy and directors. Source Daily Trust Read More
Confronting the Energy Crisis: An Action Plan to End Load Shedding
Load shedding is the single biggest constraint on South Africa’s economic growth. Government is taking action both to address the immediate crisis and to make load shedding a thing of the past. We are mobilising all the
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resources at our disposal and will do whatever it takes to achieve energy security. Source Presidency, South Africa Read More
FAAC Shares N802.4 b to FG, States & LGCs
The Federation Account Allocation Committee (FAAC) has shared a total sum of N802.407 billion to the Federal Government, States and Local Government Councils. The funds represented Federation Revenue earned in the month of June, to be used for expenditure in the month of July. Source Vanguard Read More
AFEX Introduces an Investment Opportunity for Investors via its Trade Finance Note
AFEX is introducing an investment opportunity for investors looking to tap into the export market and enjoy the benefits of their investment – the AFEX Trade Finance Note. This is a fixed-income product designed to finance the operation of exporters of commodities. Source AFEX Read More
The Markets in Review: Earnings Suggest the NGX All-Share is Cheap – Coronation Research
Nigeria has lacked Foreign Portfolio Investment (FPI) in recent years, but this has not stopped a remarkable rally in the NGX Exchange All-Share Index since April 2020. The significant reduction in foreign investor participation on the NGX Exchange in recent years has coincided with a fall in stock valuations. Source Coronation Research Read More
Bakers End Strike, Hike Bread Price Again
The Premium Breadmakers Association of Nigeria says it has suspended its four-day warning strike which began on Thursday. Speaking in an exclusive interview with The PUNCH on Tuesday, the PBAN President, Emmanuel Onuorah, said his members had resolved to increase prices of bread in order to cushion the impact of the harsh operating environment. Source Punch Read More
No Immediate Solutions to Current Aviation Fuel Crisis – Sirika
The minister of Aviation, Hadi Sirika said there are no immediate solutions to the crises rocking Nigeria’s aviation sector because the variables impacting the crises in the aviation sector are beyond the industry’s control. Source LeadershipG Read More
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NEPC Moves to Tackle Supply Chain Constraints, Issues 13 Warehouse Licences to Operators
The Nigerian Export Promotion Council (NEPC) says it has issued licences to thirteen domestic export warehouse (DEW) operators across all geopolitical zones in the country. Source TheCable Read More
MAX Partners With Yamaha to Expand Operations Across the Continent
Following their recent milestone of 100 million kilometres, Max has announced a partnership with Yamaha’s Nigerian subsidiary, Moto Business Service Nigeria (MBSN), to finance and maintain over 50,000 vehicles over the next 2 years. Source TechCabal Read More
Nigerian Banks to Suspend Int’l Transactions on Naira Visa Debit Card by August 1
With the increasingly harsh operating environment, some Nigerian banks have started notifying their customers that it is set to suspend international transactions on Naira visa debit cards by August 1, 2022. Source The SUN Read More
SMEDAN to Leverage D-8 Region for Economic Integration, Trade Linkages
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has expressed commitment to leveraging partnerships within the D-8 to promote, encourage, advance and support the activities of MSMEs at the national level as well as within the D-8 region to further strengthen economic, trade and commercial integration and linkages. Source The Guardian Nigeria Read More
BUA Cement Plc Reports N61.36bn PAT in Q2 2022 Result;(SP:N69.30k)
BUA Cement Plc released its Q2 2022 Unaudited results for the period ended June 30th 2022.
Key Highlights
· Revenue grew by 51.7% from N124.28bn to N188.56bn.
· Profit before tax stood at N74.89bn
· Profit after tax stood at N61.36m
· Share Price Currently Stands at N69.30k
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