Nigerian Stocks Extend Gains by N141bn as ASI Rises 1.01%

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 Nigerian Naira weakened to a new low on the American Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, December 8, amid speculations that the Central Bank of Nigeria (CBN) has again devalued the local currency. In the previous trading session, there were reports that the exchange rate for clearing cargoes has been raised to N952/$1, sparking rumours that domestic currency would hit N1,000/$1 in the spot market. On the last trading session of the week, the Naira lost N255.98 or 30.4 per cent of its value on the greenback to trade at N1,099.05/$1

By Adedapo Adesanya  After posting their fourth consecutive gains on Tuesday, top oil futures struggled to end the fifth straight day on Wednesday despite US government data showing a decline in crude inventories. Oil prices dropped earlier in the day after the data contradicted Tuesday’s report of a rise in crude inventories from industry group American Petroleum Institute (API). The figures had showed that crude inventories in the United States rose by 4.7 million barrels last week to 452 million barrels, leading investors to a post-settlement sell-off in oil futures. Following this, prices recovered on Wednesday night as Brent crude,

By Dipo Olowookere The industrial action embarked upon by organised labour in Nigeria since Thursday, September 27, 2017, has been suspended. The strike was called off by leaders of the group on Sunday, September 30, 2018. Workers in Nigeria had refused to work since last Thursday as a result of failure of authorities to increase their wages, which has the lowest presently pegged at N18,000. They want this increased to N56,000 as a result of inflation in the country. Briefing newsmen on Sunday afternoon in Abuja, President of the Nigeria Labour Congress (NLC), Mr Ayuba Wabba, explained that the action

By Kestér Kenn Klomegâh By June, the World Bank plans to provide $300 million to support the national budget of the Republic of Mozambique, according to the World Bank country director for Mozambique, Idah Pswarayi-Riddihough. After a meeting with the Mozambican Minister of Economy and Finance, Max Tonela, the global lender’s country director said that priority sectors would include health, education, energy and agriculture. The budget support proposal will be presented to the World Bank board by June. “We are talking about the first instalment of 300 million dollars, which we hope to take to our administration for approval by

By Adedapo Adesanya The Central Bank of Nigeria (CBN), in collaboration with the Free Trade Zone Authority (FTZA), has commenced moves to establish offshore banking in the zones in Nigeria so as to encourage investors to repatriate their returns from their businesses. Speaking on the sideline of a three-day conference to mark the 30th anniversary of the Free Trade Zones in Nigeria, the Managing Director of the Nigeria Export Processing Zone Authority (NEPZA), Mr Adesoji Adesugba, disclosed that having offshore banking operations in the FTZs is a factor that would further boost investors’ confidence in the nation’s FTZs operations. Mr

By Dipo Olowookere The board of Stanbic IBTC has proposed the payment of N10 billion as interim dividend to shareholders for the period ended June 30, 2018. This announcement was made on Thursday in a notice filed to the Nigerian Stock Exchange (NSE) after the firm released its half year financial results. Stanbic IBTC disclosed that this amount represents N1 per ordinary share of 50 kobo each, payable to shareholders whose names appear in the Register of Members as at the close of business on Tuesday, August 28, 2018 and also subject to deduction of appropriate withholding tax and regulatory

Experts and global actors from Africa, Asia and South America gathered in Manila to address child labour and poor working conditions in artisanal and small-scale gold mines (ASGM). The first-ever Inter-regional Knowledge-Sharing Forum on Child Labour and Working Conditions in ASGM of the International Labour Organization (ILO) served as a platform for dialogue. Governments, employers’ and workers’ organizations, international non-government organizations, civil society organizations, miners’ groups and their communities, and ASGM supply chain actors joined the forum. Countries represented were Colombia, Congo, Cote d’ Ivoire, France, Ghana, Guyana, Indonesia, Italy, Mali, Mongolia, Nigeria, Philippines, Thailand, Switzerland, United Kingdom and the

By Ebitonye Akpodigha Tuesday, September 27, 2016, federal, state, local governments and other stakeholders will gather in Ogun State to discuss the present economic situation in the country, with a view to finding a way out of it. The meeting, hosted by the Minister of Finance, Mrs Kemi Adeosun, is packaged under the umbrella of the National Council on Finance and Economic Development (NACOFED) 2016 conference. A statement issued Sunday by her aide. Mr Festus Akanbi, disclosed that the meeting would precisely take place in Abeokuta, the state capital. According to Mr Akanbi, the state Governor, Mr Ibikunle Amosun, is

By Modupe Gbadeyanka   Kebbi State Governor, Mr Abubakar Atiku Bagudu, has accused some rice producing countries, especially in Asia, of deliberately frustrating efforts of President Muhammadu Buhari administration in achieving self-sufficiency in rice production. While addressing newsmen in Birnin Kebbi, the state capital in an interview, the Governor alleged that these countries use the media to do what he termed as economic sabotage. He warned that if rice smuggling was allowed to continue in the country, it would have a drastic effect on the Nigerian rice market and the government’s plans to diversify the economy from oil to agriculture.