IMF Rates Nigeria’s Sovereign Wealth Fund Second Worst

By FBS As Black Friday approaches, global broker FBS delves into the relationship between the year’s biggest sales season and its impact on the financial markets. The FBS analysts particularly discover the trends of the world’s largest economy – the American. They analysed reactions across assets and macroeconomic conditions to understand the Black Friday impact better. What influences the Black Friday numbers FBS analysts highlight three critical indicators for gauging Black Friday’s impact on the US economy: the number of buyers, the average amount spent, and the total spending. Over the past 18 years, notably successful in terms of total

By Aduragbemi Omiyale The sum of N75 million has been disbursed to 15 small and medium-sized businesses (SMBs) in Nigeria to support their expansion drive. The funding package was given by Google’s Hustle Academy, with beneficiaries drawn from various industries, including agriculture, and fashion, among others. The 15 Nigerian small business owners were among the 5,300 entrepreneurs who graduated from the academy, designed by the tech giant to provide an avenue for participants to enhance their business skills and knowledge, and contribute to the growth of the continent’s economy. The recipients of the funding support are Ifeoma Augusta Anselem of

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Adedapo Adesanya Appreciation in the prices of three stocks saw the NASD Over-the-Counter (OTC) Securities Exchange closed with a 1.36 per cent rise on Friday, November 24 despite efforts by two equities to bring down the market. Aradel Holdings Plc recorded a N79.20 appreciation to sell at N871.20 per share compared to the previous day’s N792.00 per share, FrieslandCampina Wamco Nigeria Plc increased by N2.82 to close the day at N74.00 per unit versus Thursday’s closing price of N71.14 per unit, and UBN Property Plc jumped by 15 Kobo to finish at N1.65 per share, in contrast to the

By Ebitonye Akpodigha Former Vice Presidential candidate to President Muhammadu Buhari in 2011, Mr Tunde Bakare, has disclosed that Nigeria needs restructuring to record any meaningful growth. Mr Bakare, speaking at the 14th Anniversary Lecture of the Foursquare Gospel Church, Asokoro, said the present structure was not giving room for proper development. He also said he was not sure up to four states in Nigeria can pay workers’ salaries, expressing shock that some were still agitating for more states to be created. Mr Bakare further said it was regrettable that Nigerian leaders lacked the will and political courage to restructure

By Adedapo Adesanya  Oil prices fell further on Thursday at the global market to extend losses brought about by comments from President Donald Trump which eased tension of the United States retaliating against Iran. Brent crude, the international benchmark, which had dropped by over 3 percent at the previous session, further went down by 0.15 percent equivalent to 10 cents to trade at $65.34 per barrel. Also, the US West Texas Intermediate (WTI) crude further moved down below $60 by shedding 0.07 percent or 4 cents to close at $59.57 per barrel. President Trump’s comment had eased the fear of

By Modupe Gbadeyanka On April 2-3, 2017, Jordan will host the 3rd Jordan International Energy Summit (JIES) under the patronage of His Majesty King Abdullah II and the Ministry of Energy and Mineral Development. The summit comes at a crucial time for Jordan and as support for its Energy Strategy with progress being made on several key projects across the energy spectrum designed to secure Jordan’s energy future. The JIES summit is centred around a world-class programme with speakers from Governments, global energy companies and experts in their fields and is combined with an international exhibition to allow companies to

By Adedapo Adesanya  Trading ended on Thursday at the foreign exchange market with the Naira depreciating by 24 Kobo against the US Dollar at the Investors and Exporters (I&E) segment. The local currency traded at N363.46 against the American Dollar at the investors window yesterday from N363.22 /$ in the previous trading day, indicating a decline by 0.07 percent. It was observed that the Naira came under heavy pressure at the window as a result of the huge demand for the greenback by investors, who are converting their Naira investments to Dollar as a result uncertainties in the country. At

By Dipo Olowookere Small business owners in the country have been given a rare opportunity to obtain interest-free credit facility to catalyse their growth against the backdrop of the global economic downturn occasioned by the COVID-19 pandemic. This offering is from leading consumer and SME finance company, Zedvance Finance Limited, and it is to empower small and medium-sized enterprises (SMEs). “We understand the critical role loans play in helping SMEs looking to take their businesses to the forefront of the market. “More importantly, we know that interest-free loans will allow them accelerate growth by reducing the burden of loan interest

By Modupe Gbadeyanka Some authorised foreign exchange (forex) dealers under the aegis of Association of Bureaux De Change Operators of Nigeria (ABCON) have donated N10 million to the private sector-led Coalition Against COVID-19 (CACOVID) Relief Fund, spearheaded by the Central Bank of Nigeria (CBN). The group led by its president, Mr Aminu Gwadabe, stated that the money was doled out to support the on-going efforts of the federal government to curb the spread of coronavirus in the country. “In this, the Association has donated N10 million to the CBN inspired CACOVID Relief Fund,” the ABCON boss said. He also said

By Dipo Olowookere Business Post has compiled a list of companies quoted on the Nigerian Stock Exchange (NSE) having their Annual General Meetings (AGMs) in the month of July 2019, which commenced yesterday. There are 17 AGMs fixed for this month and an Extraordinary Meeting (EGM). Investors look out for these meetings because for firms which declared dividends, it is at these AGMs the cash payment are approved by shareholders in attendance. Also, investors use the opportunity to ask questions from the board and management and possibly chip in how things can be improved upon so as to have more