Headlines news for the day – First Ideas Limited

Headlines news for the day

Disband NNPC now, says Sanusi

The Nigerian National Petroleum Company (NNPC) Limited should be disbanded and unbundled, Sanusi Lamido Sanusi, former governor of the Central Bank of Nigeria (CBN) has said. During his keynote speech at the Kaduna investment programme titled, ‘Building a resilient economy,’ in Kaduna, Sanusi…

Osinbajo decries lack of synergy between fiscal, monetary policies

Vice President Yemi Osinbajo on Monday decried what he described as the ‘absence of synergy between fiscal and monetary policies in Nigeria. He said this has led to unnecessary drawbacks in the nation’s economic performance and planning. “What imports are eligible for foreign exchange must agree with the…

How FG plans to spend N126.53bn on transportation in 2023

The federal government of Nigeria has proposed to allocate a total of N126.53 billion of its N20.51 trillion budget to the ministry of transportation, for the year 2023. The budget proposal, which cuts across departments and agencies under the ministry also has the usual provisions for capital and recurring expenditure.

Stock market’s free fall seen eroding 2022 gain

It was indeed another disappointing outing on Tuesday as the Nigerian stock market continued its free fall, thereby eroding the gain seen year-to-date (YtD). Airtel Africa Plc has for the second time this week topped the league of decliners pushing the market further South.The decrease by 2.16 percent or N545billion…

Inflation hits 20.7% as weak naira stokes prices

Nigeria’s headline inflation rate accelerated for the eighth consecutive month in September to 20.77 percent as weak naira stoked a fresh spike in prices, according to the National Bureau of Statistics (NBS). The NBS said Monday that the inflation rate, which is at a 17-year…

Nigeria lags as Africa’s corporate energy deals hit $21 bn

Mergers and acquisitions (M&A) deals across Africa’s oil and gas upstream sector hit a new record of $21 billion in nine months but Nigeria, which is home to the continent’s second-largest oil reserves, is not at the party.

The N438trn infrastructure gaps and the way out

At the 77th United Nations General Assembly, while soliciting for foreign direct investment into the country, the president declared that Nigeria requires N438 trillion (approximately $1.0trn) investment in infrastructure over the next 10 years

Local investors outperform foreign peers in Africa’s startup funding

A new report has found that African investors outperformed their foreign counterparts in investments in tech startups from January to September. The report by Africa: The Big Deal showed that local investors’ involvement amounted to 58 percent of the investment…

Nigeria’s oldest fast-food chain in fresh push for market share

Nigeria’s oldest fast-food chain is making a fresh attempt to stage a comeback amid growing competition in the industry. Mr Bigg’s is rebranding its business and expanding menu offerings to woo new and old customers in a bid to regain market share.

Ministerial Retreat: Buhari Backs Nigeria Air, Osinbajo Lament FX Woes

 – The President, Major General Muhammadu Buhari (retd.), has said that going by the lineup of completed and ongoing infrastructure projects executed in the past seven years, his regime has met the yearnings and aspirations of Nigerians. Source Punch Read More

Heightened Risks to Global Financial Stability

 The IMF’s recently published Global Financial Stability Report (GFSR) once again highlights the fragilities of the global macroeconomic environment and key vulnerabilities that pose risks to the global financial system. Source FBNQuest Read More

Headline Inflation Increases by 20.77% YoY in September 2022 as Food Inflation Rises by 23.34%

– In September 2022, on a year–on- year basis, the headline inflation rate was 20.77%. This was 4.14% points higher compared to the rate recorded in September 2021, which was (16.63%). Source NBS Read More

FG to Unbundle Nigerian Railway for Efficient Delivery

 The Federal Government is considering unbundling the Nigerian Railway Corporation to make its services more efficient and effective.  The Minister of Transportation, Mu’azu Jaji Sambo, made this disclosure at the weekend in Abuja when members of the NRC Governing Board paid him a courtesy visit. Source Sun Read More

UAC of Nigeria PLC H1 2022 Result: Rising Debt Torpedoes Earnings as Profit Before Tax Slumps 99.05%

 UACN Group’s profit slumped by 99.05% in H1 2022 as rising debt sent the company’s bottom line downward. The downward pull was despite a +11.03% rise in revenue. Source Proshare Research Read More

FX Calendar – Key Advice for Using It in the Best Way

 – Among the simplest tools, you can use to make more sound trades is the fx calendar. This tool gives you a clear summary of all ongoing and short-term worldwide events that can affect the forex market. So we’re going to tell you all the ways you can use it to help you to maximize your profit chances! Source Netpeak Read More

Fidelity Bank Plc Announces Redemption of its $400m Eurobond

– Fidelity Bank Plc (“Fidelity Bank” or the “Bank”) announced today the redemption of the $400,000,000.00 Eurobond Notes due October 17, 2022. Source Fidelity Bank Read More

Oil Prices Steady on U.S. Dollar Weakness; Recession Fears Weigh

 – Oil prices steadied in early Asian trade on Tuesday as a weaker U.S. dollar lent support, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains. Source Reuters Read More

 ‘It’s Fraudulent’– NCC Disowns Circulating ‘Certificate of Site Ownership’ Letter

 – Reuben Muoka, director, public affairs, NCC, in a statement on Monday, said the commission had, through its social listening and environmental surveillance, discovered the fraudulent letter. Source TheCable Read More

NITDA, Google to Train MSMEs on Business Improvement, Revenue Generation Skills Using Digital Technologies

 – The Bootcamp is aimed at providing free online training for Micro, Small and Medium Enterprises (MSMEs) to promote career skills and improve business operations, thereby helping Jn.small businesses to be repositioned and increase their revenue generation. Source Tech Economy Read More

N10.5m Scholarship up for Grabs as UBA Foundation Extends NEC 2022 Call for Entries

 UBA Foundation, the corporate social responsibility arm of the United Bank for Africa (UBA) Plc, has announced that the three top winners of this year’s National Essay Competition (NEC) will get educational grants worth N10.5m to study in any African university of their choice just as it has stated that students now have up to October 28th, 2022 to send in their entries. Source UBA Read More

 

Islamic Finance Market Weekly Review October 10-14, 2022

– Jaiz Bank last week hosted a webinar that discussed the topic “10 Years of Pioneering Islamic Finance in Nigeria: Issues and Prospects”.  It was an opportunity for stakeholders to assess the evolution of Islamic Finance in Nigeria, and the impact, challenges, and opportunities for the industry to achieve scale in Nigeria and Africa. Source WebTV Read More

 

 

 

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