FG to Expand Efforts in Potential N33trn Livestock Sector

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 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 Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Modupe Gbadeyanka Business owners in Lagos have been assured of more incentives by the state governor, Mr Babajide Sanwo-Olu, who added that this is part of his administration’s commitment to reforms aimed at improving the ease of doing business and enhancing investment opportunities. Speaking at the commissioning of the newly-built wet hair production factory of Godrej Nigeria Limited, the Governor said his government would continue to pursue actions that would eliminate red tapes and regulatory impediments hindering the growth of businesses in the state, thereby demonstrating his willingness for continued collaboration with the private sector to improve the livelihood

By Adedapo Adesanya The Lagos State Government has disclosed that all audio and visual contents produced and sold within the state shall attract the payment of five per cent tax each. This was disclosed by the Lagos State Film and Video Censors Board (LSFVCB) at the unveiling of a platform by the Performing Musicians Employers Association (PMAN) and Lafrique Promedia, to track and generate revenue for entertainers. According to the Executive Secretary of the board, Mr Bamidele Balogun, the state has also issued a 30-day notice on content producers in Nigeria to duly register their contents with the body. “The

By Adedapo Adesanya The Naira appreciated against the Dollar at the Peer-to-Peer (P2P), the black market, and the Investors and Exporters (I&E) windows of the foreign exchange (FX) market on Thursday, November 17. In the P2P segment, the value of the local currency strengthened by N12 or 1.5 per cent to trade at N798/$1 compared with the previous day’s value of N810/$1. In the parallel market, the domestic currency appreciated against the greenback by N15 to sell for N785/$1, in contrast to Wednesday’s rate of N800/$1. Furthermore, in the I&E market, the Nigerian currency gained 92 Kobo or 0.21 per

By Adedapo Adesanya Following the extension of lockdown in three states of the federation by two weeks by the federal government to contain the rapidly increasing COVID-19 cases in the country, the Naira fell by 0.46 percent against the US Dollar at the Investors and Exporters (I&E) segment on Tuesday, April 14. According to data obtained by Business Post, the local currency fell by N1.80 kobo yesterday to close at N386.63/$1 compared with the previous exchange rate of N384.83/$1. The market turnover for the session dropped by 79 percent 116.49 million to $30.42 million from the $146.91 million recorded before

By Modupe Gbadeyanka Owners of illegal event centres in Lagos State have been advised to quickly bring down the structures before the state government does so for them. Commissioner for Physical Planning and Urban Development, Mr Wasiu Anifowose gave this warning on Tuesday at the 2017 Ministerial Press briefing in Alausa as part of activities marking the second-year anniversary of Governor Akinwunmi Ambode’s administration. He also warned owners of structures under high tension cables to relocate in their best interest as government would spare no effort in removing such illegal structures. “When this government came on board, what we did

By Adedapo Adesanya As the year enters into the ember months, the Federal Road Safety Corps (FRSC) has issued safety guidelines to travellers in order to safely guide commuters during the period. This was disclosed by the Corps Marshal, FRSC, Mr Boboye Oyeyemi, in a statement by the Corps Public Education Officer, Mr Bisi Kazeem, on Monday in Abuja. Mr Oyeyemi explained that the Corps has also begun the nationwide campaign in order to minimise the tendencies of crashes and gridlocks in the next four months of the year. He called on the motoring public to make the year 2020

By Dipo Olowookere In three years, the Nigerian green bond market grew by N49.19 billion from the scratch, giving local investors alternative investment opportunities and deepening the ecosystem, Business Post reports. Before 2017, the space was untapped but the desire by the regulators, including the Securities and Exchange Commission (SEC), the Debt Management Office (DMO) and the Nigerian Exchange (NGX) Limited, spurred the creation of the market in Nigeria. A total of four issuances have been recorded in the country from 2017 to 2019. Nigeria has not recorded any since the last two years and one of the major reasons

By Modupe Gbadeyanka The equities market finished in the negative territory on Wednesday for the fifth consecutive session with the All-share Index (ASI) and market capitalization losing 0.25 percent. This occurred despite the improving macroeconomic environment in Nigeria with 1.95 percent GDP growth in Q1 2018 and the inflation moderating to 12.48 percent, according to figures released by the National Bureau of Statistics (NBS) few days ago. Specifically, the ASI went down by 98.74 points to close at 40,150.55 points, while the market capitalisation depreciated by N36 billion to end at N14.544 trillion. Business Post reports that apart from the

By Ezedi Udom The digital economy pre-corona virus disease (COVID-19) pandemic was embraced largely by glamorous people who were being driven by a lifestyle of sophistry. So, it was more of a status symbol, a show practice than a necessity. Despite the various promotional campaigns that pointed to the unlimited products, convenience and the cost-saving attributes of the digital economy, it was only seen as some novel and problematic concept that put people at unnecessary risk. Then came the COVID-19 pandemic and its various restrictions – the social distancing and shelter-in-place restrictions (lockdown), as well as the economic lockdown that