Lagos External Debt Hits $1.27bn, Domestic Debt at N797.3bn in Q2 2022

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

By Adedapo Adesanya Crude oil prices fell on Thursday members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to voluntary output cuts for the first quarter of next year, falling short of market expectations. As a result, Brent crude futures lost 27 cents or 0.3 per cent to close at $82.83 per barrel, and the US West Texas Intermediate (WTI) crude futures went down by $1.90 or 2.4 per cent to $75.96 a barrel. On a monthly basis, Brent fell by 5.2 per cent while WTI was down by 6.2 per cent. Saudi Arabia, Russia

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 Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, has disclosed that tax holiday has been granted to 27 new industries and products, including the agro and agro-processing, industrialization, creative industries, power, science and technology. Mr Enelamah, while addressing newsmen on Wednesday after the weekly Federal Executive Council (FEC) meeting, noted that the tax break was to enable players in the sectors to grow and expand their investments. He emphasised that these new industries entered into the pioneer status would enjoy tax holidays for at least three years, with an option to extend for another one or

By Dipo Olowookere The market capitalisation of companies listed on the Nigerian Stock Exchange (NSE) closed above N11 trillion on Thursday after appreciating by N58 billion. The total value of the listed equities had slipped to the N10 trillion region this Monday, but the 0.53 percent further gained by the local bourse pushed it up above N11 trillion yesterday. At the close of business, the market cap closed at N11.023 trillion in contrast to N10.965 trillion of the previous session. In the same vein, the All-Share Index (ASI) increased on Thursday by 154.20 points to settle at 29,347.62 points from

By Adedapo Adesanya, Dipo Olowookere The gross domestic product (GDP) of Nigeria grew by 0.51 per cent in the first quarter of 2021, data from the National Bureau of Statistics (NBS) released on Sunday night has revealed. This is the second straight growth the nation’s economy is recording after it slipped into a recession in the third quarter of 2020, Business Post reports. In the second quarter of last year, the economy contracted by 6.10 per cent and in the third quarter of the year, the GDP declined by 3.62 per cent, resulting in a recession. However, in the fourth

By Dipo Olowookere The drive by the Oyo State Government to promote cultural tourism in the state has started yielding positive results, as some Brazilian tourists arrived Oyo State last week on a tour of sites and discussions on the development of a partnership between the Yoruba culture in Bahia, Brazil and Oyo State with a view to evolving a tourism axis in major cities of the Yoruba race. Receiving the tourists led by Baba L’Orisa, Leopoldino Alves De Campos also known as Baba Ogundare, the Commissioner for Information, Culture and Tourism, Mr Toye Arulogun said that it was expedient

By Ndem Nkem Isi ewu translated as ‘goat head’ is undoubtedly one of the most popular delicacies that originate from the Eastern Nigeria. Isi ewu is an Eastern Nigerian classic for a reason. It is difficult to visit a local pub or joint and not find the food on the menu; also, no Igbo celebration is complete without mounds of this tasty, delicately spiced traditional Igbo dish that is made with a goat’s head. If you are visiting the eastern part of the country and looking to have a taste of this palatable, you may want to lodge at hotels

By Adedapo Adesanya The Federal Government of Nigeria has released 49 new high yield crop varieties to farmers through the National Varieties Release Committee (NVRC) to boost food production in the country. This was disclosed by Mr Oladosu Awoyemi, the NVRC Chairman at the 30th meeting of the National Committee on Naming, Registration and Release of Crop Varieties, Livestock Breed/Fishes in Ibadan, Oyo State yesterday. He explained that “All the 49 hybrid varieties of 11 crops submitted for consideration, registration and release by the Nigerian research institutes and private sector seed companies were approved for release. “The released crop varieties

By Aduragbemi Omiyale A total of 96 new Nigerian Industrial Standards (NIS) have been approved for national use by the Standards Organisation of Nigeria (SON) governing council. The approval was announced at the first meeting of the council since the appointment of Mr Farouk Salim as the new Director-General of the agency. A statement from SON disclosed that the new standards cut across chemical technology, electrical/electronics, food/agriculture, textile/leather and services. Chairman of the council, Mr Nasir Sani-Gwarzo, who was represented at the meeting by Mr Halilu Hamma, explained that the approved standards were essential for the production of medical and

By Dipo Olowookere Preparations are in top gear to honour some Nigerians and others who have distinguished themselves in their various endeavours. The honour would be bestowed on these persons by a renowned lifestyle online news journal, Society Reporters, published by an ace journalist, Mr Sunday Adebayo. Mr Adebayo, in a statement made available to Business Post, disclosed that the presentation of the awards would be done later in August 2021 at the maiden edition of the Society Reporters Excellence Leadership Award (SRELA). According to him, the awardees and recipients of the awards were carefully selected by the selection panel