Expectations of Analysts at Stock Market This Week

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

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 The Naira appreciated against the US Dollar in the Nigeria Autonomous Foreign Exchange Market (NAFEM) and the unregulated Peer-to-Peer (P2P) and the parallel market segments of the foreign exchange (FX) market on Wednesday, November 29 as President Bola Tinubu reiterated his administration’s promise to meet its obligations. Speaking during the presentation of his administration’s N27.50 trillion 2024 budget proposal to the joint session of the 10th National Assembly on Wednesday, Mr Tinubu said, “Despite the challenges, we continue to meet our obligations.” In the official NAFEM segment of the market, the value of the local currency went

By Adedapo Adesanya The Naira ended in a stalemate against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (forex) market on Wednesday, December 22 as it closed the trading session at N415.10/$1, the same rate it finished on Tuesday. This came as there was a decrease in the demand for forex at the special window created by the Central Bank of Nigeria (CBN) to cater for needs of investors intending to repatriate their funds from the country. The value of FX trades recorded at the market segment was $215.29 million, 33.5 per cent or

By Dipo Olowookere Transactions on the Nigerian Stock Exchange (NSE) continued to be bullish on Monday. By the time the market closed for the day, the main indices appreciated further by 1.38 percent. The market capitalisation increased by N179 billion to close at N13.199 trillion, while the All-Share Index (ASI) appreciated by 370.89 points to settle at 27,339.68 points. Gains posted by Dangote Cement boosted the overall market performance yesterday as stocks of the cement firm increased by N4 to finished at N146 per share. Flour Mills appreciated by N1.25 to settle at N21 per unit, NASCON rose by N1

By Modupe Gbadeyanka The Programme Coordinator for Media and Policy at the Social and Economic Justice Advocacy (SEJA), Mr Jerome-Mario Utomi, has challenged the Lagos State government to lead the movement against environmental injustice. Mr Utomi, while speaking on Tuesday as a panellist at the Institute for Housing and Urban Development Studies (IHS), Erasmus University, Rotterdam, the Netherlands, also advised the government to stop being the coach and captain during environmental conversations. At the panel discussion themed “The role of multi-stakeholder engagement in achieving environmental justice, he noted engagement and collaboration have been overused by those in the position of

By Bliss Okperan Nigeria’s President, Mr Bola Tinubu, has approved the appointment of new Chief Executive Officers for some agencies and parastatals under the Federal Ministry of Industry, Trade and Investment. A statement on Friday from the President’s Special Adviser on Media and Publicity, Mr Ajuri Ngelale, disclosed that the appointments, which take immediate effect, are in line with his resolve to base the country’s economic revival on the foundation of trade expansion through small, medium and large scale industry facilitation. Mr Ngelale said his boss “expects all new appointees in the critical sector to optimally deliver in accordance with

By Modupe Gbadeyanka About 44,000 companies have been delisted from the database of the Corporate Affairs Commission (CAC), Economic Confidential is reporting. The affected firms were removed from the agency’s database because they failed to adhere to rules and conditions set for them during registration. Specifically, they severally breached the Companies and Allied Matters Act (CAMA) and other extant regulations of the commission, notably, late and outright refusal to file returns. It was revealed that the 44,000 companies were delisted by the CAC in two batches and more firms would also further similar fate. In the first batch, the commission

By Adedapo Adesanya  Crude oil prices continued in the bearish territory on Wednesday, falling more than two percent, driven by the spread in COVID-19 affecting demand. The disease has now reached other nations in Asia, Europe, Latin America, and the Middle East. The virus, which had been affecting oil prices for more than a month, spread into oil-producing countries in the Middle East and new markets in America as hundreds of new coronavirus cases have been reported. Brent crude fell $1.53 or 2.82 percent to $52.73 per barrel on Wednesday as the US West Texas Intermediate (WTI) crude dropped further

By Dipo Olowookere The new group managing director of Chams Holdings Plc, Mrs Mayowa Olaniyan, has disclosed that the company was investing more to increase its footprint in the fintech space. She made this disclosure on Thursday at the closing gong ceremony to honour her appointment as the first female GMD of the organisation. While addressing the investing community, Mrs Olaniyan announced that the firm had obtained a mobile money licence from the Central Bank of Nigeria (CBN), noting that this would enable Chams to offer innovative financial services to Nigerians. She said the aim of the board and management

By Modupe Gbadeyanka As part of its ongoing commitment to protecting customers from cyberthreats, regardless of their origin or purpose, Kaspersky Lab has announced the launch of its Global Transparency Initiative. With this Initiative, Kaspersky Lab will engage the broader information security community and other stakeholders in validating and verifying the trustworthiness of its products, internal processes, and business operations, as well as introducing additional accountability mechanisms by which the company can further demonstrate that it addresses any security issues promptly and thoroughly. Also as part of the Initiative, the company intends to provide the source code of its software