Nigeria’s Manufacturing PMI Shrinks in June

By Adedapo Adesanya The African Development Bank Group (AfDB) has revealed that a $1 billion facility would be used to provide insurance to more than 40 million farmers across the continent against severe impacts of climate change. Initially unveiled at the Africa Climate Summit held in Nairobi in September, the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) brings together governments, development agencies, the insurance sector and the private sector, said the president of the bank, Mr Akinwumi Adesina, while speaking during a side event at COP28 in Dubai. He said ACRIFA aims to mobilise $1 billion of concessionary financing,

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 started the first trading session in the last month of 2023 on a negative note after it depreciated against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), which is the official FX window, by 11.4 per cent or N94.87 on Friday, December 1, closing at N927.19/$1, in contrast to Thursday’s exchange rate of N832.32/$1. The December rush for forex contributed to the weakening of the domestic currency in the spot market yesterday, as the supply of foreign currency could not meet what customers needed. Data showed that the value of FX transactions recorded

By Adedapo Adesanya The Nigerian Shippers’ Council (NSC) has expressed its readiness to partner with the Lekki Deep Seaport by promoting the seamless movement of cargo and the efficiency of the nation’s ports. The NSC Executive Secretary, Mr Pius Akutah, gave the assurance when the Managing Director, Lekki Port LFTZ Enterprise Limited (LPLEL) – promoters of Lekki Deep Seaport, Mr Du Ruogang, led the port’s management on a courtesy visit to the NSC in Lagos. Mr Akutah, who commended the Lekki Deep Seaport management for the visit, said the council would partner with the port in areas that would boost

By Dipo Olowookere It was another bad day for the Nigerian Exchange (NGX) Limited as the bears ran away with N106 billion from the market due to profit-taking by investors on Friday. Business Post reports that the selling pressure witnessed on the week’s last trading session sank the bourse by 0.33 per cent at the close of transactions. As a result, the exchange’s market capitalisation finished at N32.126 trillion compared with the previous day’s closing value of N32.232 trillion. In the same vein, the All-Share Index (ASI) depreciated by 194.25 points to settle at 59,000.96 points, in contrast to Thursday’s

By Modupe Gbadeyanka On Monday, July 30, 2018, Seplat Petroleum Development Company released its financial results for the period ended June 30, 2018 to the Nigerian Stock Exchange (NSE). During the period, the company grew its revenue to N104.8 billion from N40.3 billion. It was revealed that the finance income increased by 393 percent to N1.3 billion from N270 million, while the other income was N8.5 billion. Seplat said its cost of sales in the first half of this year went up to N51.5 billion from N23.9 billion, while the administrative expenses rose by 6 percent to N11.8 billion from

By Dipo Olowookere The board of Medview Airline Plc will hold a crucial meeting today, Thursday, July 23, 2020, to discuss how the firm can remain afloat in the present situation. The aviation sector has been badly hit since the deadly Coronavirus disease (COVID-19) broke out in Wuhan, China in December 2019. Early this year, many countries from around the world shut down their airspaces, preventing passengers from other nations to land in their countries except for essentials. In Nigeria, the federal government closed all the airports in March and only reopened them this month to domestic flights. Worried about

From May 29-30, 2019 in Banjul, The Gambia, the Economic Commission for Africa (ECA) and the International Trade Centre (ITC) held a Gambian Private Sector Workshop on the African Continental Free Trade Area (AfCFTA). The AfCFTA was launched on March 21, 2018 in Kigali, Rwanda and a year later, the Gambia was the 22nd nation (the minimum threshold needed for the Agreement to enter into force) to ratify the agreement and deposit its instruments of ratification with the AU Commission Chairperson. As a result, the AfCFTA entered into force on May 30, 2019. The AfCFTA means expanded market access, lower

By Kester Kenn Klomegah Undoubtedly, a number of Russian companies have largely underperformed in Africa, which experts described as primarily due to multiple reasons. Most often, Russian investors strike important investment niches that still require long-term strategies and adequate country study. Grappling with reality, there are many investment challenges including official bureaucracy and technical hitches in Africa.  Lukoil, the largest Russia’s oil company, has had a long history, going forth and back with the declaration of business intentions or mere interests in tapping into oil and gas resources in Africa. In the past, Lukoil has said in separate reports about

By Modupe Gbadeyanka Chairman of UBA Group, Mr Tony Elumelu; and his counterpart at Dangote Group, Mr Aliko Dangote, were recently with former President of the United States of America (USA), Mr Bill Clinton. Mr Clinton celebrated his 70th birthday at the Rockerfeller Plaza in New York and the two prominent businessmen were part of his guests. The former US President was glad to have Mr Elumelu and Mr Dangote at the event.

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the positive zone for another trading session with a 0.04 per cent growth on Wednesday, January 5. The bulls remained at the unlisted securities market yesterday as a result of the bullish price movement in the shares of Central Securities Clearing Systems (CSCS) Plc. The value of the securities depository company further appreciated during the midweek session by 5 kobo or 0.3 per cent to trade at N19.05 per share in contrast to the previous closing price of N19 per share. This development expanded the total value

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