FG Sees 477% Rise in Nigeria’s e-Commerce Revenue to $75bn in 2025

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

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 Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Dipo Olowookere In one week, investors bought and sold 2.543 billion shares worth N38.644 billion in 36,138 deals on the floor of the Nigerian Exchange (NGX) Limited. In the preceding trading week, a total of 2.425 billion shares valued at N22.665 billion were transacted by investors in 33,230 deals. It was observed that financial stocks led the activity chart as usual with 1.721 billion units worth N18.281 billion in 17,151 deals, contributing 67.68 per cent and 47.30 per cent to the total trading volume and value, respectively. Conglomerates equities trailed with 200.584 million units valued at N1.546 billion in

By Adedapo Adesanya  The federal government, through the Nigerian Ports Authority (NPA), has announced plans to invest $1.1 billion to fully rehabilitate decaying port infrastructure at TinCan, Apapa, Rivers, Delta, Calabar, and Onne ports as part of efforts to improve the efficiency of the nation’s existing ports. Out of the estimated 47,000 kilometres of coastline in Africa, Nigeria makes up about 853 kilometres, creating the perfect opportunity to get access to its much-needed revenue. This coastline and a 200 nautical mile exclusive economic zone make up Nigeria’s coastline in the Gulf of Guinea. The coastline equals a maritime area of

By Investors Hub European stocks have moved mostly higher on Monday despite U.S. President Donald Trump’s elevated trade-war rhetoric with China and Japan. While the U.K.?s FTSE 100 Index has edged up by 0.2 percent, the German DAX Index is up by 0.5 percent and the French CAC 40 Index is up by 0.7 percent. Apple supplier Dialog Semiconductor fell nearly 3 percent after Trump called for Apple to move production from China to the U.S. Hannover Re shares gained 1 percent. The German re-insurer said that it is well on track to achieve its 2018 year-end targets, based on

By Modupe Gbadeyanka The United Nations has highlighted the importance of making mental health care available to all people who need it, whatever their circumstances and wherever they live. The world body, in its message on the celebration of World Mental Health Day, said it was drawing attention to the urgent need to provide immediate support to people who experience psychological distress after surviving a crisis. “These events take many forms. Today, we are witnessing an unprecedented wave of humanitarian emergencies linked to conflict and natural disasters. Meanwhile, millions of people each year endure sexual assault, violent crime and traumatic

By Dipo Olowookere Steps are already being taken by the Federal Government to put an end to the incessant clashes between farmers and herdsmen across the country. At the end of a security meeting in Benue State recently, which was attended by Inspector-General of Police, the Director-General, Department of State Security and the Commandant-General, Nigeria Security and Civil Defence Corps (NSCDC), Minister of Interior, Mr Abdulrahman Dambazau, said the move followed the spate of attacks nationwide between both parties. During the meeting with the Governors of Benue, Niger, Kaduna, Adamawa, Taraba and Nasarawa states, as well as the Minister of

By Modupe Gbadeyanka A new show to look into possible ways of living in the future and how the cities of tomorrow are being imagined today has been launched by CNN. This television programme called The Next Frontier is hosted by CNN Business Correspondent, Rahel Solomon, and it involves talks with architects, designers, and others working on the future way of life. In the new six-episode series, which made its debut on December 10, 2022, on CNN International, the anchor examined the topic of How We Will Live. From soaring skyscrapers to subterranean designs, the ways cities will evolve in

By Dipo Olowookere The board of Dangote Flour Mills Plc has announced the postponement of the company’s 2019 Annual General Meeting (AGM) earlier slated for this month. In a notice to the Nigerian Stock Exchange (NSE) the flour miller said though it has no specific date this gathering of shareholders would take place, it was optimistic it should occur before December 21, 2019. Explaining the rationale behind the cancellation of the AGM, the board said it was because of the Court-Ordered Meeting (COM) scheduled to hold on October 14, 2019 in Lagos. “Based on the forthcoming Court Ordered Meeting, the

By Dipo Olowookere Last week, the Nigerian Stock Exchange (NSE) closed bearish after recording losses in four of the five trading sessions. The stock market posted a week-on-week loss of 0.51 percent as foreign portfolio investors continue to take profit as a result of uncertainty in the political scene in the country. The decline last came despite the 50.55 percent rise in turnover. At the close of business last Friday, the Nigerian equity market has gone down by 7.78 percent this year. This week, the market will open for three days as there would be public holidays on Tuesday and

By Module Gbadeyanka An investment banker and co-founder of Bukka Hut, Mr Laolu Martins, has died. He was said to have kicked the bucket in the early hours of Wednesday. According to reports, Mr Martins has allegedly been battling depression and had made efforts to overcome it. His family, which confirmed his demise in a statement on Wednesday, asked for understanding and privacy as they mourn him. “We hereby solicit the support and understanding of everyone as the family grieves the loss of our beloved Laolu in our privacy. “Our kind request is that you support the family – wife,