Selloffs Bring Down Nigerian Stock Market by 0.01%

By Adedapo Adesanya Nigeria has repaid a total of $12.56 billion in external debt as of 2022, data from Intelpoint showed. According to the latest debt figures, Nigeria’s total public debt rose by 75.3 per cent to N87.38 trillion at the end of the second quarter of 2023 against N49.85 trillion recorded in the first quarter of the year. The rise came as the country securitised the N22.71 trillion Ways and Means Advances of the Central Bank of Nigeria (CBN) to the federal government. The overdraft is a loan facility through which the CBN finances the shortfalls in the government’s

By Adedapo Adesanya Crude oil prices went in different directions on Friday amid profit-taking as markets weighed supply concerns from Russia’s fuel export ban against demand woes from future rate hikes. While the Brent futures lost 3 cents to close at $93.27 a barrel, the US West Texas Intermediate crude (WTI) futures rose by 40 cents to sell for $90.03 a barrel. However, both benchmarks closed downwards on a week-on-week basis, with Brent shedding 0.3 per cent, breaking a three-week streak of gains, and WTI sliding by 0.03 per cent for the week, the first decline in four weeks. Russia

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By Adedapo Adesanya President Bola Tinubu has been charged by the Socio-Economic Rights and Accountability Project (SERAP) to investigate the allegations that over $15 billion of oil revenues and N200 billion budgeted to repair the refineries are missing and unaccounted for between 2020 and 2021, as documented by the Nigeria Extractive Industries Transparency Initiative (NEITI). In the letter dated September 23 and signed by SERAP deputy director, Mr Kolawole Oluwadare, the organisation urged him to “name and shame anyone suspected to be responsible for the missing and unaccounted for public funds and to ensure their effective prosecution as well as

By Haley Thompson At a United Nations debate in New York, Isabel dos Santos, who is currently the richest woman in Africa, spoke of the economic empowerment of African women as a key to transforming society. This and many of her other hopeful and encouraging messages have inspired many citizens in African countries, mainly young women, to pursue their ambitions in business. Dos Santos believes that some of the most promising and successful businesspeople in the world have been African because of the continent’s entrepreneurial spirit. This spirit, however, has been weighed down by the stigmatization of women in the

By Adedapo Adesanya Days after her appointment to the International Monetary Fund (IMF) external advisory board, Nigeria’s former finance minister, Mrs Ngozi Okonjo-Iweala, has been appointed as part of a four-member AU Special Envoy. The appointment was announced by the Chairperson of the AU, President of South Africa, Mr Cyril Ramaphosa. He said joining Mrs Okonjo-Iweala are Mr Donald Kaberuka, Mr Tidjane Thiam and Mr Trevor Manuel. Their job will be to mobilise international support for Africa’s efforts to address the economic challenges of the COVID-19 pandemic. The Special Envoys will be tasked with soliciting rapid and concrete support as

By Adedapo Adesanya The Africa Fertilizer Financing Mechanism (AFFM) has started a $2.2 million project to provide fertiliser suppliers in Nigeria with financial support to improve supply for 200,000 smallholder farmers. The trade credit guarantee project is AFFM’s first in the West African nation and will involve 10 fertilizer suppliers, 12 hub agro-dealers and 120 retail agro-dealers. In a press release issued by APO Group on behalf of African Development Bank Group (AfDB) on Monday, it was disclosed that the project will also train farmers in proper fertilizer use and other agricultural best practices. It was stated that that project

By Modupe Gbadeyanka The African Development Bank Group will help the Union of Comoros Government to diversify its economy with a $20.4-million road network rehabilitation project grant approved by the Board of Directors on Monday, January 23, 2017. The project will be implemented in four years to 2020 in the islands of Grande Comore and Anjouan, which account for 94% of the country’s total population of almost 756,000 inhabitants. The project will focus on improving the quality of key roads infrastructure on the National Road-2 and Road-23 to boost trade and spur economic growth. The road network rehabilitation will improve

By Adedapo Adesanya The Naira appreciated by 0.12 per cent or 50 kobo against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, April 14. According to data obtained from the FMDQ Securities Exchange, the value of the Naira closed at N410.50/$1 yesterday in contrast to N411/$1 it closed on Tuesday. One of the major reasons for the strengthening of the local currency at the market segment at the midweek trading session was due to ease in the pressure on the Naira. Yesterday, FX worth $21.92 million were transacted at the I&E

By Dipo Olowookere The management of United Bank for Africa (UBA) Plc has already rolled up its sleeves to ensure its 2019 financial year is better than 2018 fiscal year. The results released by the pan African financial institution recently were not too impressive, but the lender is determined to make amends. Addressing an investor call last Thursday, Group Managing Director of UBA Plc, Mr Kennedy Uzoka, assured that the bank’s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help it achieve its objectives and priorities for the 2019 financial

By Modupe Gbadeyanka About $195 million was on Monday released into the foreign exchange market by the Central Bank of Nigeria (CBN) to sustain liquidity. Spokesman of the apex bank, Mr Isaac Okorafor, gave a breakdown of how the amount was disbursed to various sectors of the market. In a statement issued today, Mr Okorafor said $100 million was allotted to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got $50 million, and tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million. He expressed optimism that the Naira would sustain its run