Ikeja Electric’s Use of Technology for Service Delivery Thrills NERC

By Dipo Olowookere The International Monetary Fund (IMF) has said Nigeria’s revenue–to-gross domestic product (GDP) ratio of about 9 per cent was too low to trigger the economic growth projected by President Bola Tinubu in his Renewed Hope Agenda. Addressing journalists at its last press briefing for 2023 on Thursday, the global lender said the administration of Mr Tinubu must boost the government’s revenue to have funds to achieve his goals. On May 29, 2023, Mr Tinubu took over from Mr Muhammadu Buhari, promising to jump-start the economy and work tirelessly to address food security, end hunger, eradicate poverty, create

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a 1.6 per cent appreciation on Friday, December 8, as investors gained about N19.12 billion to push the valuation of the unlisted bourse to N1.202 trillion from the N1.182 trillion it closed in the preceding session. This achievement was influenced by the gains recorded by the trio of Aradel Holdings Plc, FrieslandCampina Wamco Nigeria Plc, and Central Securities Clearing System (CSCS) Plc. Data showed that Aradel Holdings Plc improved its value by N30 to settle at N900.00 per unit compared with the previous day’s N870.00 per unit, FrieslandCampina Wamco Nigeria

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Monday mopped up N25.14 billion from the financial system to reduce excess liquidity in circulation. This exercise was done through the sale of treasury bills at the secondary market via Open Market Operation (OMO). During the OMO sale, the amount soaked was about 50 percent of the total debt instruments offered to market players. From the N10 billion worth of the 94-day paper, the apex bank sold N4.47 billion at 11.90 percent, from the N10 billion worth of the 185-day note, the sum of N1.13 billion was realized at 13.50

By Adedapo Adesanya The benchmark index of international food commodity prices declined in February, for the 11th consecutive month, albeit only marginally. The Food and Agriculture Organisation of the United Nations (FAO), in its monthly price watch, said the FAO Food Price Index averaged 129.8 points in February, a marginal 0.6 per cent decrease from January but 18.7 per cent down from its peak in March 2022. The decline in the index, which tracks monthly changes in the international prices of commonly-traded food commodities, reflected drops in quotations for vegetable oils and dairy products that more than offset a steep

By Investors Hub European stocks have fallen sharply on Monday as trade war fears showed no sign of abating. U.S. President Donald Trump on Sunday issued new threats against America’s trade partners, calling on all the countries to remove trade barriers and tariffs and raising concerns about potential escalation of the trade battle between the U.S. and the rest of the world. In another development, the Wall Street Journal reported that Trump plans to bar many Chinese companies from investing in U.S. technology firms and block additional technology exports to China. There was also some disappointment on the data front

By Investors Hub European stocks are turning in another mixed performance on the day. While the U.K.’s FTSE 100 Index has edged down by 0.1 percent, the German DAX Index is just above the unchanged line and the French CAC 40 Index is up by 0.8 percent. Attention remained largely focused on the upcoming French vote this weekend, with various polls showing a four-way race that is too close to call. Millions of French voters are still undecided, making it one of the most unpredictable elections in decades. Swiss engineering firm ABB has rallied after saying it expects 2017 to

By Modupe Gbadeyanka Minister of Finance, Mrs Kemi Adeosun, on Thursday disclosed that the balance left in the nation’s Excess Crude Account (ECA) is $1.916 billion. Addressing journalists in Abuja yesterday, Mrs Adeosun said with oil price at $76 per barrel in the spot market and Bonny Light at about $78, government wanted to be saving aggressively into the ECA because the window of relatively high oil price might not last. She said while the ECA has $1.916 billion, the Stabilisation Fund has N18.892 billion, and the Natural Resources Fund, N133.715 billion. According to her, an additional credit of $80.6

By Modupe Gbadeyanka Wema Bank Plc., the innovative bank which recently launched ALAT, Nigeria’s first fully digital bank has assured customers in Minna of its commitment to working with them to ensure they achieve their financial and personal goals. Some management staff of the Bank led by the Managing Director and Chief Executive Officer, Mr Segun Oloketuyi were in Minna on Tuesday at a Customer Forum event, where they reiterated the Bank’s resolve to nurture a long-lasting value-driven relationship with the customers. “At Wema Bank, we value relationships, and so we have taken note of what the people of Minna

By Dipo Olowookere Data released by the Debt Management Office (DMO) has revealed that as at December 31, 2017, the total domestic debts of the 36 states in Nigeria and the Federal Capital Territory (FCT) Abuja have increased to N3.35 trillion. According to the data obtained by Business Post from the website of the debt office, the debts rose sharply by 13.2 percent from N2.96 trillion as at December 31, 2016 A breakdown of the figures released by the DMO showed that Lagos emerged as the most indebted state in Nigeria with N363.3 billion as at December last year in

By Sodeinde Temidayo David The value of manufactured goods imports into Nigeria in the second quarter of 2021 depreciated by 5.1 per cent to N4.3 trillion, though it accounted for 61.86 per cent of the total imports of N7.0 trillion in the period under review. Data analysed by Business Post from the figures released by the National Bureau of Statistics (NBS) last week showed that used vehicles were mainly imported from the United States and Italy worth N33.8 billion and N5.7 billion respectively. Also, during the quarter, machines for reception, conversion and transmission were imported from China, Sweden and Hong