US Trade Mission Seeks to Expand Agribusiness Cooperation

By Precious Olisa The Lagos Chamber of Commerce and Industry (LCCI) and the Nigeria Employers’ Consultative Association (NECA) have expressed their disappointment over the increasing exit of multinationals from the Nigerian market. The two organisations reacted to the planned exit of Procter & Gamble (P&G) from the country over economic headwinds. P&G announced its intention to close down its manufacturing operations in Nigeria and adopt an import-only business model due to the foreign exchange (FX) crisis in the country. This is coming some weeks after GlaxoSmithKline (GSK), Sanofi, Unilever Nigeria, Equinor and others have also indicated their interest in quitting

By Adedapo Adesanya Some Nigerians have expressed anger over the upward review in the foreign exchange (FX) rate, a move that could see imported goods and by extension, domestic products record surge in prices at a time when the country is battling a high cost of living. The federal government, through the Central Bank of Nigeria (CBN), has hiked the duties payable on imported goods at Nigerian ports. Business Post gathered that the upward review of prices showed the US Dollar equivalent had been put at N951.941/$1 while for the Euro, the rate was pegged at N1,030.762/€1 and the Pound

By Aduragbemi Omiyale Moody’s outlook on Nigeria has been upgraded from stable to positive after the federal government implemented a few economic reforms. In a statement on Friday, the rating agency said the decisions to remove the costly petrol subsidies, devaluation of the Naira and the unification of the foreign exchange (FX) market were good for the economy. When Mr Bola Tinubu assumed office in May 2023, he announced an end to the payment of subsidies on premium motor spirit (PMS). A month later, the Central Bank of Nigeria (CBN) announced the unification of the forex market, while the Naira

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange recorded a further rise of 0.55 per cent, extending its stay in the green territory to a fourth straight session on Thursday, November 7. This increased the NASD Unlisted Security Index (NSI) by 4.81 points to wrap the session at 872.54 points compared with 867.73 points in the previous session, as the market capitalisation of the OTC exchange jumped by N6.52 billion to settle at N1.182 trillion, in contrast to the preceding trading day’s N1.176 trillion. The unlisted securities market ended the trading session with two price gainers, 11 Plc and

By Modupe Gbadeyanka Last weekend, distributors of Dangote Cement Plc were rewarded by the company for their unflinching loyalty. They were given N2.4 billion as their sales bonus for 2016, while the company promised to give them N5 billion for 2017. Speaking at a ceremony organised to reward the distributors, Chairman of Dangote Cement Plc, Aliko Dangote, who personally handed the cheques to them, enthused that, “Our success story would not have been possible without you, our distributors, who work tirelessly to ensure that the product gets to our customers in every nooks and crannies of the country. “We can

By Adedapo Adesanya The federal government has tasked state governments to codify the recently signed Nigerian Startup Act into law. The Act gives every state the opportunity to build a thriving startup ecosystem and stay competitive. Senior Special Assistant to the President on Digital Transformation and Nigeria Startup Act, Mr Oswald Osaretin Guobadia, urged the adoption and implementation of the law by states, noting that states would boost youth empowerment and develop the technology ecosystem. “The youth are key players for growth in the nation, and it is important that they contribute to the impact of the Act by supporting,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange depreciated by 0.81 per cent on Tuesday, February 7 on the back of a decline in the share prices of FrieslandCampina WAMCO Nigeria Plc and Niger Delta Exploration and Production (NDEP) Plc. The value of NDEP Plc went down by N9.63 during the session to close at N190.37 per unit compared with the preceding day’s N200.00 per unit, as FrieslandCampina Wamco Nigeria Plc lost N3 to trade at N65.00 per share versus Monday’s closing price of N68.00 per share. As a result, the market capitalisation of the NASD OTC exchange depreciated

By Modupe Gbadeyanka The stock market could not maintain the positive momentum gained last Friday at the close of activities on the Nigerian Stock Exchange (NSE) today. The market, which had bounced back from consecutive losses last Friday, recorded a huge slump on Monday with the all-share falling by 226.04 basis points or 0.80 percent to finish at 27,634.99 basis points. Likewise, the market capitalisation, which ended at N9.569 trillion last week, closed at N9.492 trillion today, indicating a whopping loss of N77.639 billion. Market analysts informed Business Post that today’s giant slump was primarily caused by price loss recorded

European stocks were subdued on Monday as ongoing concerns over Brexit negotiations and U.S. tax reform plans continued to keep investors nervous. Disappointing bank lending data from China also weighed on markets on a light day on the economic front. The pan-European Stoxx Europe 600 index was down 0.30 percent at 387.52 in late opening deals after falling 0.4 percent on Friday to hit its lowest level since Oct. 25. The German DAX was moving down 0.1 percent and France’s CAC 40 index was declining 0.2 percent while the U.K.’s FTSE 100 was rising 0.3 percent, helped by a weaker

By Dipo Olowookere Energy stocks at the Nigerian Exchange (NGX) Limited put up a sterling performance on Tuesday, influencing the 0.05 per cent growth recorded at the close of business. At intraday, the market was down due to selling pressure on some consumer goods and banking equities, especially Nigerian Breweries and Access Holdings. However, when the closing gong was beaten by 2:30 pm, interests in energy shares led by Conoil, Oando and Ardova lifted the bourse and prevented what could have been the first loss of the week. Data obtained by Business Post showed that the energy counter appreciated by

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.23 per cent on Wednesday following renewed buying interests in some stocks, especially Geregu Power Plc, which completed a deal with a new investor. The stock enjoyed investors’ patronage at the bourse during the midweek session as a result of the fresh equity investment, giving retail investors the confidence that something big may happen in the nearest future. At the close of transactions, its share price rose by 10.00 per cent to N246.40, finishing as the best-performing stock. John Holt rose by 9.59 per cent to N1.60, Living Trust Mortgage

By Dipo Olowookere A credit facility of N500 million has been granted to a Nigerian lender, Accion Microfinance Bank (Accion MFB) for use in the growth of small and medium-sized enterprises in the country. The loan was given by Citibank Nigeria as part of efforts to enhance the development of microfinance sector in the country as well as SMEs. Citibank Nigeria chief executive, Mr Akin Dawodu, stated that “Citi is committed to working with microfinance partners in support of the national financial inclusion strategy by availing credit to micro and small enterprises in Nigeria.” “We are delighted to partner with