Recession Exit: Why 0.55% GDP Growth is Nothing to Rejoice About—Expert

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting scheduled to hold next week. In a statement, the apex bank noted that the MPC meeting, which was supposed to take place on Monday, September 25 and Tuesday, September 26, 2023, has been postponed until further notice. This is coming less than a week after President Bola Tinubu nominated Mr Olayemi Michael Cardoso to take over the role from Mr Folashodun Shonubi, who is filling the role following the ousting of Mr Godwin Emefiele, who is currently held in the custody of the

By Aduragbemi Omiyale The Nigerian Exchange (NGX) Limited is looking to drive gender equality and sustainable development in the country through strategic instruments like gender bonds and gender-themed sustainable financing mechanisms. The local bourse said it hopes to achieve this goal by collaborating with a global organisation like the United Nations Women (UN Women). According to the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, there is a need to galvanize public and private sector stakeholders to the development and adoption of gender-responsive instruments in Nigeria’s capital market and mobilise public and private capital

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By Adedapo Adesanya Oil prices fell by 1 per cent on Wednesday after the US Federal Reserve left interest rates unchanged, as widely expected. Brent futures fell 81 cents or 0.9 per cent to settle at $93.53 a barrel, while the US West Texas Intermediate crude (WTI) fell by 92 cents or 1.0 per cent to trade at $90.28 per barrel. Wednesday’s decision means the benchmark short-term interest rate will remain at 5.25 per cent to 5.5 per cent, a 22-year high. This is only the second time since March 2022 that the US central bank meetings have concluded without

By Modupe Gbadeyanka Although Africa’s growth has slowed, the long term fundamentals are strong, big business opportunities lie ahead and the overall outlook is positive. These facts are contained in the latest McKinsey Global Institute Report just released today titled, Lions on the Move II: Realizing The Potentials of Africa’s Economy. According to the MGI’S new report, four fundamentals are likely to underpin Africa’s economic growth.  Firstly, Africa has the fastest urbanization rate in the world. Over the next ten years, 187 million more Africans will live in cities—equivalent to half the US population today. Secondly, it has the biggest

Real estate valuation is the process of making a report which contains information about the present monetary value of a landed-property, the size of the building and the structure on it, the general and technical details, the physical status (especially if there are structural flaws) and the cost of properties with similar attributes in the same area. The position of a real estate property remains the same in every part of the world – An Asset with fluctuating value. Since assets rarely have a fixed value, the burden lies on the holder of the asset to constantly be abreast with

By Modupe Gbadeyanka Former President of the United States of America (USA), Mr George Bush, has died less than eight months after that of his wife of 73 years, Mrs Barbara Bush. He died on Friday night at his home in Houston at the age of 94. The deceased, who was America’s 41st President, occupied the White House from 1989 to 1993, capping a career of more than 40 years in public service. He was denied a second term at the Oval Office after support for his presidency collapsed under the weight of an economic downturn and his seeming inattention

The consumption levels of data for Internet connectivity and​ financial transactions are increasingly mounting pressure on telecoms infrastructure in Nigeria. The growing smartphone adoption coupled with increasing demand for high-speed Internet is a challenge for operators to reimagine their operations as it ​holds business prospects​ for existing and new investors. Absa, a leading pan-African Corporate and Investment Bank notes that the low Internet penetration rates in Nigeria in the midst of rising demand for data present a huge opportunity for increased investment in Nigeria’s telecoms industry. The number of active Internet subscriptions has exceeded 143 million as of February this

By Dipo Olowookere Group CEO of First City Monument Bank (FCMB) Plc, Mr Ladi Balogun, has disclosed that the financial powerhouse hopes to grow its loan by 5 to 10 percent in the 2019 fiscal year. Mr Balogun made this disclosure on Tuesday during the company’s FY 2018 analyst call in Lagos, which was monitored by Business Post. According to him, apart from the 5-10 percent loan growth the bank is targeting in 2019, the lender hopes to see its fees and commissions record strong growth in the year. He further stated that FCMB is anticipating a 20 percent rise

By Aduragbemi Omiyale The Central Bank of Nigeria (CBN) has said it does not have any intention to prevent offshore investors from participating in its regular sale of short-term bills via the Open Market Operations (OMO). Recall that a few years ago, the apex bank barred local investors from buying the liquidity management instrument. The attractive financial asset was only made available to foreign portfolio investors (FPIs) as part of moves to boost foreign exchange (FX) inflows into the country, especially at a time the nation was experiencing a squeeze in FX liquidity, which was putting pressure on the Naira

By Modupe Gbadeyanka One of the victims of flooding in Akinima, Ahoada West Local Government of Rivers State, Mr Onyebuchi Udoka, has received a brand-new wheelchair from the O.B. Lulu-Briggs Foundation. The 29-year-old Mr Udoka was among 2,000 residents of the area who got relief materials worth over N60 million from the organisation a few weeks ago. During the distribution of the items to the flood victims, Mr Udoka, a physically challenged person, crawled to receive his. He struggled through the crowd, and his matter was tabled before the group, which returned to gift him the wheelchair on Thursday, November

By Otori Emmanuel Change is constant. Private individuals and businesses experience this phenomenon. A disrupted environment is an atmosphere where unexpected events occur in a way that influences processes and procedures. Disruption could be positive or negative. For instance, an influence in marketing that led to tremendous sales is a disruption with a positive impact. Disruption can occur at any phase of a business. By the idea of disruption, a company will not be able to compete with rivals during the transition if sound plans and strategies are not in place. The global pandemic of 2020 increased the need for