ECA Holds Policy Debates on Structural Reform

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 return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

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 The Nigerian Exchange (NGX) Limited recorded the sale of 711.618 million shares worth N15.338 billion in 16,662 deals last week, higher than the 694.376 million shares valued at N8.667 billion transacted in 15,418 deals the preceding week. This improvement in the total weekly trades was triggered by renewed interest in the stock market by offshore and domestic investors as they buy up shares trading at low prices ahead of the festive period when traders normally sell for profit. Business Post reports that financial equities were the most attractive in the week, transacting 461.230 million units worth N3.697

By Sodeinde Temidayo David The Chairman of Dangote Sugar Refinery Plc, Mr Aliko Dangote, has expressed optimism with the National Sugar Master Plan (NSMP), saying the country could generate more revenue from the policy. According to Mr Dangote, if the NSMP is executed as designed, it could fetch the nation foreign exchange in excess of $700 million yearly from the backward integration component of the plan. “If the national sugar master plan is followed strictly and the players all follow the rules, the country will be better for it as Nigeria will save between $600 million and $700 million annually

By Modupe Gbadeyanka All civil servants from grade levels 1-12 in the Bayelsa State Civil Service have been directed to resume work from Tuesday, September 1, 2020. This directive was given by the state Governor, Mr Douye Diri, on Monday during a meeting with the state’s COVID-19 Taskforce in Government House, Yenagoa. He ordered the Head of Service, Mrs Biobelemoye Charles-Onyeama, to ensure that workers abide by all COVID-19 safety guidelines when they resume. “We insist on the use of face masks, especially in urban areas. We are appealing to the sensibilities of people to comply with the COVID-19 protocols

By Ahmed Rahma The Nigerian Primary Health Care Development Agency (NPHCDA) has started the vaccination of frontline health workers today. The agency kicked off the vaccination campaign on Friday after undergoing a final assessment by the National Agency for Food & Drug Administration Control (NAFDAC). “We have confirmation that they have concluded their final checks with positive results. “Nigeria can now go ahead and use the 3.924m doses of AstraZeneca vaccines,” NPHCDA stated. Speaking at the national flag-off ceremony for COVID-19 vaccination at the National Hospital, Abuja, the Chairman of the Presidential Task Force (PTF) on COVID-19 and the Secretary

By Modupe Gbadeyanka Gains recorded by some blue-chip equities on Thursday lifted the Nigerian Stock Exchange (NSE) by 0.05 percent, Business Post is reporting. It was observed that during the trading session, there were renewed bargain hunting activities at the local bourse with the market turnover rising significantly by 334.36 percent to N15.2 billion from N3.5 billion yesterday amid increased investor interest in Zenith Bank shares, which contributed 96 percent of value traded today. In addition, the volume of shares traded by investors increased by 182.89 percent to 672.6 million from 237.8 million. Business Post reports that the market breadth

By Dipo Olowookere The wealth of stock investors in Nigeria was trimmed by N34 billion on Thursday after the Nigerian Exchange (NGX) Limited further depreciated by 0.15 per cent. Sustained sell pressure extended the stay of the bears on Customs Street by another trading session as traders booked profit in banking and energy equities. Business Post reports that activities of profit-takers shortened the market capitalisation of the exchange to N22.589 trillion as against the preceding day’s N22.623 trillion and weakened the All-Share Index (ASI) by 63.93 points to 43,285.97 points from 43,349.90 points. The banking and energy sectors appreciated each

By Ahmed Rahma The United Nation (UN) Secretary-General, Mr Antonio Guterres, has called for a collective action stop to violence against women. The UN chief made the call at the start of the annual Commission on the Status of Women which takes place from March 15 to 26 and brings together thousands of women for speeches, exchanges and dozens of specific events. According to Mr Guterres, women have been more exposed to harmful consequences such as loss of jobs, sexual abuse or child marriage than men during the global pandemic. “Women’s equal participation is the game-changer we need,” he said, calling

By Modupe Gbadeyanka The average treasury bills yields slightly appreciated by 0.02 percent on Thursday as OMO bills worth N408 billion matured via secondary market. This was as the mood in the treasury bills space was generally mixed as investors put hopes in an OMO auction by the Central Bank of Nigeria (CBN). At the close of business yesterday, the average T-bills yields jumped to 14.18 percent. Specifically, the yields on the one-month instrument gained 0.17 percent to settle at 11.51 percent, the 3-month paper rose by 0.01 percent to end at 13.44 percent, and the 9-month note appreciated by