Asian Markets End Mixed on Disappointing Chinese Data

By Adedapo Adesanya President Bola Tinubu is targeting to grow Nigeria’s economy by 3.76 per cent next year and moderate the country’s inflation to 21.4 per cent. Speaking at his first budget speech to lawmakers on Wednesday, President Tinubu also projected higher oil production and tax collection, noting that this will boost government revenues and cut down on reliance on borrowing to finance budget deficits. Nigeria plans on spending N27.5 billion in the 2024 fiscal year, with priorities on security, infrastructure and easing the high cost-of-living crisis. The country will borrow around N9 trillion and N18.5 billion generated from internally

By Adedapo Adesanya Nigeria will accept and work with a production quota of 1.5 million barrels of crude oil per day in 2024 as the country aims to grow on the back of its oil resources, following a revision done by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+. According to a statement issued by the Press and Public Relations unit of the Ministry of Petroleum Resources, Thursday’s meeting of the 23-man group addressed crucial aspects, including the completion of assessments by independent sources (IHS, Wood Mackenzie, and Rystad Energy) on the projected production levels for Angola,

By Dipo Olowookere Local equities rebounded by 0.34 per cent on Wednesday on the back of buying pressure on a few energy stocks and others at the Nigerian Exchange (NGX) Limited. According to data from the bourse, the bullish stance was attained despite profit-taking activities in the banking space amid plans by the Central Bank of Nigeria (CBN) to recapitalise the industry, leaving the market breadth index negative. This was because the number of price losers was more than the price gainers at 39 and 19 apiece, indicating a weak investor sentiment. Business Post reports that the energy counter grew

By Aduragbemi Omiyale President Bola Tinubu has said the 2024 budget presented to the joint session of the National Assembly on Wednesday was designed to achieve macroeconomic stability, a better investment environment, greater access to social security, poverty reduction and enhanced human capital development. According to him, if these goals are achieved, the standard of living of Nigerians will improve and the citizens will enjoy the dividends of democracy. While presenting the 2024 Appropriation Bills to the parliament yesterday, the President said this was why he christened the budget proposal as the Budget of Renewed Hope. Mr Tinubu told the

By Adedapo Adesanya The oil market dropped by almost 4 per cent on Wednesday, extending the previous session’s sharp losses, as recession shadowed a report that showed US crude inventories fell more than expected. Brent crude settled at $77.69 a barrel after losing $3.08 or 3.8 per cent, while the U.S. West Texas Intermediate crude settled at $74.30 a barrel after shedding $2.77 or 3.6 per cent. The Energy Information Administration (EIA) reported an inventory draw of 5.1 million barrels for the week to April 21 compared with another draw of 4.6 million barrels for the previous week and an

By Investors Hub Asian stocks closed mostly lower on Wednesday after bond yields jumped in the U.S. and inflation data from China painted a mixed picture. Consumer prices in China rose an annual 1.8 percent in December, the National Bureau of Statistics said. That missed expectations for an increase of 1.9 percent but was up from 1.7 percent in November. The bureau also said that producer prices jumped an annual 4.9 percent, exceeding forecasts for a gain of 4.8 percent but down from 5.8 percent in the previous month. Japanese shares ended in the red as traders locked in some

By Modupe Gbadeyanka Teachers newly recruited to secondary schools in Lagos State are beginning to receive their appointment letters, the state government has confirmed. Chairman of Lagos State Teaching Service Commission, Mrs Elizabeth Olabisi Ariyo, thanked the administration of Governor Babajide Sanwo-Olu for the recruitment, saying that it will contribute immensely to the education sector in the State. She explained that the new entrants have shown the desire and zeal to join the pool of productive and efficient teachers across the state, observing that “this set of successful candidates have gone through the required screening process, oral interviews and micro-teaching

By Aduragbemi Omiyale A deal to further develop football in Nigeria has been sealed between Stanbic IBTC Holdings Plc and the Nigerian Football Federation (NFF). The agreement will enable Stanbic IBTC to provide Group Life Insurance for all 35 players of the national team with a total sum assured of N1.75 billion and total personal accident insurance for all 35 players with a total of N583 million annually for the next 3 years. It was also gathered that Stanbic IBTC, a member of Standard Bank Group, will also provide gender sensitivity support for female sports correspondents in Nigeria. “Today, you

When you take a look around you, you’re always targeted by ads, offers and limited time discounts. They’re in print, on buildings, and everywhere you go online; but what are the most effective methods used by the most lucrative brands? And how can we expect them to evolve in the years ahead? Let’s take a closer look at 3 notable examples of popular techniques used to attract and retain customers. Remove friction, increase sales Netflix rose to the top of the streaming world in large part due to their willingness to offer 30-day free trials all over the world. The

By Dipo Olowookere The huge appetite for the shares of Zenith Bank and Sterling Bank extended the rally at the Nigerian Stock Exchange (NSE) on Monday by 0.39 per cent. Investors are mopping up the banks’ stocks, especially Sterling Bank, because of its decision to operate as a holding company, which is expected to bring more value to the company as a result of the additional revenue to be generated by the expanded business. During trading yesterday, Zenith Bank transacted 90.9 million units of its stocks worth N1.6 billion, while Sterling Bank exchanged 82.3 million equities valued at N98.8 million.

By Modupe Gbadeyanka A motorcycle rider, Mr Adegoke Adejare, has charged pupils to imbibe a reading culture as this will make them become great in life. Mr Adejare gave this advice when he donated writing materials such as books, pencils, pens and erasers, worth thousands of naira to pupils of St. Paul’s Anglican School, Yanbule in Ibadan, Oyo State on Monday. He urged them to make use of the donated materials to enhance their studies, noting that the gesture was his way of making his country a better place by encouraging those who may be in need. Nicknamed One Nigeria,

By Adedapo Adesanya The Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Hydro Hotels Limited over N600 million debt. This was confirmed at the weekend by Mr Jude Nwauzor, who is Head of Corporate Communications Department at the government recovery agency. He said the seizure was in line with the decision of an appeal court, which affirmed the decision of the Federal High Court in Minna, Niger State. The Court of Appeal through Justice Habeeb AO Abiru, Justice Abubakar Datti Yahaya and Justice Amina Audi Wambai in Suit No: CA/A/70/2018 involving AMCON vs Hydro Hotels Limited