Renewed Indian COVID-19 Worries Dampen Oil Prices

By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has admitted that the country recorded a revenue drop of $1.4 billion between 2015 and 2019 after imposing foreign exchange (FX) restrictions for import of 43 items over eight years. The apex bank governor made this known on Friday while delivering his keynote address at the 58th Annual Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos. The apex bank head, during the preparation of his monetary policy thrust, cited available data saying, “Studies have shown that during the period when the

By Bliss Okperan, Adedapo Adesanya  The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post. Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive. According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as

By Adedapo Adesanya  Nigeria’s economy, measured through its gross domestic product (GDP), witnessed a 2.54 per cent growth in the third quarter (Q3) of the year 2023. In a report published on Friday by the National Bureau of Statistics (NBS), the 2.54 per cent year-on-year growth in real terms in the third quarter of 2023 is higher than the 2.25 per cent recorded in the third quarter of 2022 and higher than the second quarter 2023 growth of 2.51 per cent. The bureau further said that the performance of the GDP in the third quarter of 2023 was driven mainly by

By Investors Hub The major U.S. index futures are pointing to a roughly flat opening on Tuesday following the climb to record highs seen in the previous session. Traders may stick to the sidelines as they wait for further developments on the U.S.-China trade front, with optimism about a potential deal helping push stocks higher on Monday. A statement from China?s Commerce Ministry revealed Chinese Vice Premier Liu He held a phone call with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin earlier today. The statement said the two sides discussed how to resolve each other’s core concerns,

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

By Modupe Gbadeyanka Nigerian equities sustained gains today with the Nigerian Stock Exchange (NSE) closing 1.37 percent higher on bargain hunting. The year-to-date (YTD) return today stood at 43.24 percent, while the market breadth ended positive with 32 price gainers and 11 price losers. At the close of transactions on Tuesday, the market capitalisation rose by N181 billion to settle at N13.406 trillion, while the All-Share Index (ASI) increased by 519.8 points to finish at 38,494.43 points. The Financial Services sector led the activity chart with 452.179 million shares exchanged for N5.5 billion and was followed by Consumer Goods, which

By Dipo Olowookere Chairman of Okomu Oil Plc, Mr Gbenga Oyebode, has disclosed that some of the developments to be achieved this year by the firm are the refurbishment of its oil mill and the rubber factory effluent ponds. Mr Oyebode made this known at the 37th Annual General Meeting (AGM) of the company held last Friday in Abuja. Updating shareholders of Okomu Oil on its achievements last year, the Chairman also said there would be planting of a further 4,000ha in Extension 2 this year as well as the expansion of the banga production facilities at the oil mill

By Dipo Olowookere Brewery giant, Nigerian Breweries Plc, has declared a 27.72 decline in its profit after tax (PAT) in the first half of this year, closing at N13.3 billion against N18.4 billion in the first six months of 2018. In the same vein, the profit before tax significantly depreciated to N19.4 billion in H1 2019 from N27.6 billion. In the results, the finance costs of the leading brewery company increased to N5.3 billion from N4.3 billion, while the finance income declined to N198.5 million from N219.7 million, leaving the net finance costs at N5.1 billion in the period under

By Adedapo Adesanya The balance in Nigeria’s stabilisation fund has now dropped to $201 million following the withdrawal of $150 million, the Nigeria Sovereign Investment Authority (NSIA) has disclosed. Last week, President Muhammadu Buhari directed that the sum of $150 million be withdrawn from the NSIA stabilisation fund to augment disbursements by the Federation Accounts Allocation Committee (FAAC) to the three tiers of government for June 2020. Business Post had earlier reported that FAAC disbursements dropped in previous months from N716 billion in January to N647 billion in February and the Minister of Finance, Mrs Zainab Ahmed, noted that it

By Ahmed Rahma The 44 local government chairmen in Kano State have been directed to inaugurate committees on the fight against COVID-19. This directive was given by Governor Abdullahi Umar Ganduje, during a meeting with them at the Africa House, Government House, Kano. Mr Ganduje commended council bosses for their unrelenting efforts in helping the government to reach out to residents across the nooks and crannies of the state, stressing that the fight against COVID-19 must be taken seriously by all stakeholders. According to him, the committee will be saddled with the responsibilities of engaging and sensitizing the public, just

By Modupe Gbadeyanka Some participants at the ongoing Nigerian Economic Summit (NES) in Abuja were surprised on Monday when the Minister of Budget and National Planning, Mr Udoma Udo Udoma, could not state categorically what Nigeria’s debt profile was. His response to a question asked by one of the moderators at the occasion, Zain Asher of CNN, provoked loud murmurs from the audience, who were apparently shocked. Asher had requested the Minister to say what Nigeria’s debt profile was, but Mr Udoma could not provide an accurate answer. “How much is Nigeria’s total debt?” the CNN anchor asked the Minister.