Nigeria Can Fund International Capital Market But…—FMDQ

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 Adedapo Adesanya  The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has projected that its Industry Sustainability Initiative (NISI) will create over $575 billion in capital investment opportunities for Nigeria through the decarbonisation of operations. According to a statement, NMDPRA, while hosting a session on Nigeria’s Pathway to Energy Sustainability and NMDPRA’s Role at the UN Climate Change Conference 2023 (COP28) in Dubai, UAE, x-rayed Nigeria’s journey towards reducing carbon emission and achieving Net Zero by 2060. Speaking at the event, Mr Mustapha Lamorde, the authority’s Executive Director on Health, Safety, Environment and Community (HSEC), said the investment would be

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 Poultry business will be given necessary government attention so as to maximise the potentials of the industry, the Acting President, Prof. Yemi Osinbajo has promised. Speaking with a delegation of Poultry Association of Nigeria which paid him a courtesy visit this week in his office, the Acting President wondered why poultry business seemed to have been ignored even as agriculture is resurgent. He acknowledged the need to address some of the challenges facing the industry, because it is a significant contributor to the country’s economy. During his own remarks, the National President of the association, Dr Ayoola

By Adedapo Adesanya Oil prices rose on Tuesday, pausing sharp losses from the previous session amid tighter supplies in the United States. Brent crude futures gained 68 cents or 0.92 per cent to settle at $74.59 per barrel, while the US West Texas Intermediate (WTI) crude futures gained 22 cents or 0.31 per cent to settle at $70.51 a barrel. The slow return of some of the production in the Gulf of Mexico and the rising energy prices globally supported oil prices on Tuesday, after a drop on Monday driven by a stronger US dollar and a broader market sell-off

By Aduragbemi Omiyale The federal government can achieve its strategic economic development goals through the recently revised Capital Market Master Plan (CMMP) 2015-2025 developed by the Securities and Exchange Commission (SEC), the director-general of the agency, Mr Lamido Yuguda, has submitted. According to him, the plan was designed to ensure that the capital market unlocks some opportunities aimed to facilitate an environment that attracts capital to priority economic sectors and ensures the sustained interest of foreign investors in Nigeria. He stated that the CMMP is a blueprint for positioning the Nigerian capital market as an efficient and internationally competitive market

By Adedapo Adesanya Brent Crude hit $36 per barrel on Thursday, May 21, the highest level since March, as decisions by governments to ease restrictions begin to yield results, causing an increased fuel use. Brent crude oil, the international benchmark, rose by 1.01 percent or 35 cents to $36.11 per barrel on Thursday night, while the West Texas Intermediate crude oil, the US benchmark, rose 1.4 percent or 46 cents to $33.96 per barrel. In April, the international benchmark hit its lowest point in 21 years, trading around $15 a barrel as demand collapsed, while the US crude went to

By Adedapo Adesanya  The Naira depreciated further at the Investors and Exporters segment of the foreign exchange market on Tuesday, October 15, 2019 as the federal government announced the complete closure of land borders with neighbouring countries. At a briefing on Monday, Nigeria’s head of customs said government has placed a total ban on the importation and exportation of goods through the land borders. This decision has generated mixed reactions in the country. However, despite the closure of its land borders, importation and exportation of goods can be still be carried out using alternative routes available such as the sea

By Modupe Gbadeyanka The Standards Organisation of Nigeria (SON) and the Council of Registered Builders of Nigeria (CORBON) have resolved to renew their collaboration towards institutionalizing standards in the construction sector with a view to stemming the tide of building collapse and structural failures throughout the nation. This resolution was reached during a courtesy visit of the council officials led by the Chairman, Professor Kabir Bala, to the office of the Director General of SON, Mr Osita Aboloma, and his management in Abuja. Prof Bala, who is also the Deputy Vice Chancellor, Administration, Ahmadu Bello University (ABU), Zaria, called for

By Aduragbemi Omiyale An initiative aimed to provide comprehensive financial and investment support for women entrepreneurs has been introduced by Standard Chartered Bank Nigeria. The double-packed proposition called Women Banking and Women Winning with Wealth (WWWW) will provide quality financial and non-financial support to boost productivity and increase economic diversification for businesswomen and businesses with women as majority shareholders. “We have researched extensively, and the core focus is to ensure that we fill the gender gap. Our propositions, informed by several factors, include cost-saving on business accounts where clients get a zero per cent maintenance fee on any business account

By Modupe Gbadeyanka It is a new week and investors are looking forward to fruitful trading sessions and how the market will react to the action taken on Oando Plc last weekend. The market is going to open only for three days this week as a result of the two-day holidays on Tuesday and Wednesday to mark the end of Ramadan by Muslims in the country. As usual, analysts at Meristem Research have released their recommendations for this week, which gives investors an idea of which stock to buy, sell or hold. They are of the view that investors will