FG Targets 2025 to Implement WTO Trade Facilitation Agreement

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 Adedapo Adesanya The Naira put up a weak performance against the United States Dollar across the various segments of the foreign exchange (FX) market on Thursday. November 30, 2023, the last trading session of the month. In the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, which is the official market, the Nigerian currency lost 0.1 per cent or 85 Kobo against the greenback during the session to settle at N832.32/$1 compared with the preceding day’s value of N831.47/$1. A slight strain in the supply of forex into the spot market was partly responsible for the weakening of the local

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

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 Ahmed Rahma There have been a series of fire outbreaks in the past few weeks in Lagos State and these have been attributed to human errors. The Director-General/Chief Executive Officer of the Lagos State Emergency Management Agency (LASEMA), Mr Olufemi Damilola Oke-Osanyintolu, said some residents of the metropolis have been careless with electrical appliances, which sometimes trigger the infernos. Recently, a fire outbreak was recorded at 62, Igaidungarun Street, Lagos Island and when LASEMA arrived the scene, it discovered that a three-storey building consisting of 32 shops and warehouses was engulfed in flames, starting from the second floor and

By Dipo Olowookere The positive performance witnessed lately around the shares of Champion Breweries Plc continued last week with a price appreciation of 59.49 per cent. During the five-day trading session, the brewer closed at N3.11 per unit compared with N1.95 per unit it finished the earlier week. This upward trajectory was sustained on the back of the demand for the shares of the company, following information that its major shareholder, Heineken International, which also controls a larger stake in Nigerian Breweries, increased its control in the firm with the purchase of N5 billion stocks. This has pushed the appetite

By Dipo Olowookere A new secretary has been appointed by one of the insurance companies operating in Nigeria, Staco Insurance Plc. A statement issued by the insurer disclosed that Jackson, Etti & Edu is now the new Company Secretary of Staco Insurance. The appointment of this legal firm followed the resignation of the former occupier of the position, Mr Taiwo Ogunbajo. It was disclosed that Jackson, Etti & Edu was picked as the Company Secretary at the meeting of the board of directors of the company held on July 30, 2018 in Lagos. “We wish to notify the Nigerian Stock

By Dipo Olowookere The recent appreciation in the prices of stocks at the Nigerian Exchange (NGX) Limited is already attracting investors to the landscape as moneybags now have a reason to take a gamble in equities. Last week, the market attracted investments worth N27.194 billion through the sale of 1.816 billion shares in 36,286 deals compared with the N19.603 billion attracted a week ago through the trading of 1,598 billion shares in 21,494 deals. Analysis showed that financial equities were the most attractive in the week with the sale of 904.860 million units valued at N8.498 billion in 12,883 deals,

By Modupe Gbadeyanka Probably worried by the disappointing outcome of its 2018 financial year performance, which saw the total revenue generated by the company reducing to N350.2 billion from N365.8 billion in 2017 fiscal year, the management of Nigerian Breweries has taken a major decision to improve things in the 2019 financial year. In its 2018 results, the implementation of the new excise duty by federal government in the second half of the year had a negative effect on the company. As part of efforts to improve this year, the brewery giant has signed a Solar Power Purchase Agreement deal

By Adedapo Adesanya The Governor of Ekiti State, Mr Kayode Fayemi, has called for more investments into the arts and culture sector of the country. This charge was given by the state governor at the opening session of the 34th National Festival of Arts and Culture (NAFEST). Declaring open the cultural fiesta themed Celebrating National Unity in Diversity,  the Ekiti State Governor, who is also the Chairman, Nigeria Governors’ Forum (NGF), described the annual cultural celebration as a vital tool for integration, unity, economic prosperity and political stability of the country. He maintained that the current economic and political state

By BHM The Nigerian Professional Football League (NPFL) ended its 2015/16 season with a resounding final match that saw Rangers International Football Club of Enugu win the league after a 4-0 trumping of El-Kanemi Warriors of Borno on Sunday 2nd October 2016 at the Nnamdi Azikiwe Stadium, Enugu. Rangers International’s bid to end a thirty-two year wait for the league title eventually paid off as Chisom Egbuchulam and Osas Okoro recorded their names on the score sheet to help Rangers clinch the title. The season’s final match supported by Star Lager, the official beer partner of NPFL ensured that thousands

By Dipo Olowookere The aggrieved resident doctors in Nigeria under the aegis of National Association of Resident Doctors (NARD) have called off their strike. The action was suspended after a meeting with the federal government in Abuja on Thursday at the instance of the Minister of Labour and Productivity, Mr Chris Ngige, who is a trained medical doctor. At the meeting, the parties signed a Memorandum of Understanding (MOU) on all matters raised by NARD after it was stressed that eight of the 10 issues raised by the doctors have been addressed. The MoU was signed by Mr Ngige; Minister