Nigeria’s Alternative Stock Exchange Drops 0.02%

By Adedapo Adesanya The new Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said he would adopt an evidence-based monetary policy as he assumed office upon confirmation by the Nigerian Senate on Tuesday. He said the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.” The Godswill Akpabio-led Senate confirmed the nomination of Mr Cardoso’s nomination as well as that of the four Deputy Governors of CBN nominated by President Bola Tinubu. The four deputy governors whose appointments were confirmed by the Senate are Mrs

By Aduragbemi Omiyale The value of unsold finished products in the inventory of Nigerian manufacturers in the first half of 2023 increased by 44/9 per cent on a year-to-date basis to N272 billion from N187 billion in the same period of 2022. This information was contained in the report released by the Manufacturers Association of Nigeria (MAN) on Tuesday. According to Punch, the document also revealed that in the period under review, the manufacturing sector laid off 3,567 workers due to the harsh business environment triggered by high inflation, the foreign exchange (FX) crisis, and fuel subsidy removal. “This increase

By Adedapo Adesanya  Africa Finance Corporation (AFC) has secured a $300 million loan from the Export-Import Bank of China (CEXIM) to drive increased trade finance and investment across the African continent, fostering economic growth and development. The infrastructure solutions provider on the continent announced the successful signing of the landmark agreement on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual meetings in Egypt. The 3-year credit facility is a significant development in AFC’s long-standing relationship with CEXIM. The two institutions have collaborated since 2018, with AFC receiving $400 million in bilateral loans from CEXIM to date. According to

By Adedapo Adesanya Nigeria is set to receive a supply of 105,000 tonnes of fertilizer (raw material) from Russia and Canada on June 3 and June 6 respectively. This is according to the Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority (NSIA), Mr Uche Orji, at the ministerial press briefing at the State House on Thursday. He stated that the Russia-Nigeria potassium link has been re-established in spite of the ongoing Russia-Ukraine war. The expected Russian and Canadian potassium used for blending fertiliser is also part of efforts to ramp up production of the commodity in time

By Dipo Olowookere The Securities and Exchange Commission (SEC) has approved the mandatory takeover (MTO) of Courteville Business Solution Plc by BOWS Nigeria Limited. BOWS Nigeria is the majority shareholder of Courteville, the foremost Nigerian e-business solutions and advisory company. It controls a 67.01 per cent stake in the firm. However, because it wants to pull Courteville out of the Nigerian Exchange (NGX) Limited, it is offering to buy out the stocks held by other shareholders. In a regulatory disclosure on Wednesday, Courteville said BOWS Nigeria is offering 48 Kobo per unit for the 1,171,939,459 shares held by other investors,

By Investors Hub Asian stocks rose on Monday despite conflicting signals from the U.S. and China on the trade front and a landslide victory by the pro-democracy camp in the Hong Kong district council election. China’s Shanghai Composite Index surged up20.88 points, or 0.7 percent, to 2,906.17 after a tabloid run by the ruling Communist Party discounted “negative” media reports and said both countries were “very close” to a phase one trade deal. China also remains committed to continuing talks for a phase two or even a phase three deal with the United States, the state-backed Global Times said on

By Adedapo Adesanya The Naira depreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.09 per cent or 38 Kobo on Monday, August 22. Data from the FMDQ Securities Exchange showed that the exchange rate of the Naira to the Dollar stood at N429.43/$1 yesterday compared with last Friday’s value of N429.05/$1. This depreciation occurred amid a significant rise in the demand for forex at the investors’ FX window, with many business owners making efforts to jostle for the few available in the system. The turnover for the session stood at $161.94

By Jerome-Mario Mario Utomi As the nation Nigeria braces for the forthcoming February 25 and March 11 general elections, each time I look at the sea of heads that flood every political campaign and rallies put together by public office seekers at both state and federal levels, it reminds me of an event that happened back in the days. Though used in part a while ago in a similar intervention, I, however, believe that such an account has become even more relevant in the present threshold of our nation. The referenced event was recorded one Sunday morning during the celebration

By Adedapo Adesanya President Muhammadu Buhari has charged the new board of the Nigeria Sovereign Investment Authority (NSIA) to attract more investments to the country, especially those that support economic diversification, as global oil prices are projected to drop to around $40 per barrel by 2030. Inaugurating the third NSIA board on Wednesday in Abuja, the President reaffirmed his administration’s commitment to implementing long term projects and programmes that create jobs for Nigerians. He noted that the full impact of most of the strategic projects started under his watch will only be felt long after he had left office. He

By Dipo Olowookere Investors trading stocks in Nigeria gained N213 billion on Wednesday on the back of interest in the shares of BUA Cement, International Breweries and Eterna, which rose by 10 per cent each. During the session, the Nigerian Stock Exchange (NSE) appreciated by 1.03 per cent as a result of the bargain hunting on these equities and others. At the close of business, the All-Share Index (ASI) increased by 402.14 points to 39,512.31 points from 39,110.17 points, while the market capitalisation grew by N213 billion to N20.660 trillion from N20.447 trillion. Yesterday, the shares of BUA Cement grew

By Kester Kenn Klomegah President Vladimir Putin has held an extended meeting with the visiting Mozambican leader Filipe Nyusi in the Kremlin where both discussed bilateral cooperation between the two countries. The leaders further discussed issues related to the current international and regional issues. The visit, first for Mozambican leader after the collapse of the Soviet empire, was part of the consolidation and deepening of the existing relations of friendship and cooperation between Mozambique and Russia. Mozambique is a natural, time-tested and long-standing partner, the Soviet Union played an important role in Mozambique. Diplomatic relations between the two countries were