21 Nigerian Stocks Weaken Index by 0.07%

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

By Dipo Olowookere The Nigerian Exchange (NGX) Limited commenced the first trading session in December 2023 on a bullish note, with a marginal growth of 0.08 per cent. Sustained buying pressure kept Nigerian stocks in the positive territory, extending the dominance of the bulls on Customs Street, though the turnover waned. Business Post observed that investors cherry-picked equities in the banking and the energy sectors during the session, leaving them rising by 1.14 per cent and 0.05 per cent, respectively. However, the insurance counter lost 1.10 per cent, the consumer goods index depreciated by 0.08 per cent, and the industrial

By Adedapo Adesanya  Oil prices rose by more than $1 a barrel on Wednesday as investors focused their attention on an upcoming OPEC+ output policy meeting and looked past a jump in crude stockpiles in the United States. Brent crude futures were up by $1.01 or 1.2 per cent to $82.69 per barrel, and the US West Texas Intermediate (WTI) crude futures gained $1.16 or 1.5 per cent to close at $77.57 a barrel. Prices were lifted by a media report that the Organisation of the Petroleum Exporting Countries and allies such as Russia, known collectively as OPEC+, was considering

By Modupe Gbadeyanka The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has been summoned by the House of Representatives. The country’s chief banker was summoned by the lower chamber of the National Assembly to answer questions in connection with the $1 billion approved by the federal government a few years ago for the procurement of arms to fight insurgency. The House of Representatives Ad Hoc Committee on the Need to Review the Purchase, Use and Control of Arms, Ammunition and Related Hardware by Military, Paramilitary and Other Law Enforcement Agencies in Nigeria, wants the CBN chief

By Modupe Gbadeyanka An inferno gutted the palace of Oba of Lagos, Mr Rilwan Akiolu, on Tuesday, reports say. This comes barely a week after the Lagos monarch incurred the wrath of some Nigerians over the way he greeted the Ooni of Ife, Mr Adeyeye Enitan Ogunwusi, at a public event in Lagos. According to reports, smoke was seen rising from the roof of a section, but spokesman of the South West region of National Emergency Management Agency (NEMA), Mr Ibrahim Farinloye, says the fire incident was just a “minor one” and nothing to worry about. It was gathered that

By Modupe Gbadeyanka In a bid to ensure genuine customers who need foreign exchange (forex) to complete their transactions get it, the Central Bank of Nigeria (CBN) on Wednesday released another $210 million into the market. A statement issued by the apex bank disclosed that the amount was specifically injected into the inter-bank forex market. According to spokesman of the CBN, efforts would be intensified to boost interbank foreign exchange market to ensure liquidity in the market and sustain stability of the Naira in the market. Figures obtained from the CBN indicated that authorized dealers in the wholesale segment of

By Lukman Otunuga There are two ways one could interpret Nigeria’s latest Gross Domestic Product (GDP) figure of 3.11% in Q1 of 2022. The optimists will say the country’s economy grew for the sixth consecutive quarter in Q1 while pessimists may highlight how economic growth slowed for the third consecutive quarter. Either way, Nigeria’s economy continues to display resilience against external and domestic risks. With the improvement in the non-oil sector driving growth, this may brighten the growth outlook. But could these be signs of Nigeria breaking away from the chains of oil reliance to derive growth from sustainable sources?

By Modupe Gbadeyanka The Lagos State government has said it would begin to clampdown of riders of motorcycle fondly called Okada, and tricycle otherwise known as Keke Marwa, who violate traffic laws of the state. Commissioner for Information and Strategy, Mr Gbenga Omotoso, said in a statement that the ongoing enforcement of traffic laws will be stepped up across the State to check motorcyclists and motorists violating the laws. The violation of traffic laws by commercial motorcyclists was unacceptable, thereby necessitating the enforcement of the State Traffic Law 2018 to pave the way for the implementation of the present administration’s

By Dipo Olowookere Federal Government has approved the agripreneurs programme financed by the African Development Bank (AFDB). The scheme is aimed at making agriculture attractive to youths and also to help Nigeria with its diversification dream. The agripreneurs programme is designed based on the International Institute for Tropical Agriculture (IITA) Youth Agripreneurs model, and tagged: ‘ENABLE Youth’. It is expected to give African youths the opportunity of tapping into the vast resources in agriculture. Speaking on the approval by the Nigerian government, the Communications Officer at IITA Abuja office, Mr Obinna Chukwuezie, stressed that the ‘ENABLE Youth’ initiative has the

By Investors Hub Asian stocks recovered from nearly two-week lows on Tuesday even as underlying sentiment remained cautious amid renewed concerns over U.S. interest rate hikes and ahead of a potential meeting in Beijing between officials from the world’s two largest economies. Chinese stocks rose the most in two months after a top decision-making body of the ruling Communist Party said the country would strive hard to achieve this year’s economic targets in the face of rising global trade tensions. The benchmark Shanghai Composite Index jumped 60.59 points or 2 percent to close at 3,128.60, while Hong Kong’s Hang Seng

To commemorate the 5th anniversary of Rainbow Complex, a dynamic edifice by a construction firm situated in Lagos Island, the CEO Rainbow Tech Construction and Engineering Company, Mr Waheed Usman Ogunbiyi, extended his hands of generosity to some students and residents of his host community. At an elaborate event held at the complex premises, books and other educational materials were presented to students from different schools, while foodstuffs were also gifted to the aged and residents. Mr Ogunbiyi explained that the gesture was part of giving back to the society. “This is our Corporate Social Responsibility (CSR). We are making