World Bank Okays $200m Agric Loan for Nigeria

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 Oil slumped by more than 2 per cent on Friday as traders showed scepticism about the depth of supply cuts by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as well as concerns about sluggish global manufacturing activity. Brent crude went down by $1.98 or 2.45 per cent to close at $78.88 a barrel as the US West Texas Intermediate (WTI) crude dropped $1.89 or 2.49 per cent to sell for $74.07 a barrel. For the week, Brent posted a decline of about 2.1 per cent, while WTI lost more than 1.9 per cent.

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Aduragbemi Omiyale The Association of Bureaux De Change Operators of Nigeria (ABCON) has said foreign exchange (FX) users, especially in the Micro, Small and Medium Enterprises (MSMEs) sector of the economy, are undergoing untold hardship because of the decision of the Central Bank of Nigeria (CBN) not to sell forex to Bureaux de Change (BDCs). The group said the FX funding stoppage was hurting the nation’s economy as many medium and small scale users of foreign currencies were having it tough to process Form M in commercial banks for the importation of items needed to complete their productions. Speaking

By Adedapo Adesanya Top cryptocurrency exchange, Binance, has dissociated itself from Binance Nigeria Limited, stating that the banning of the operations of the Nigerian firm by the country’s Securities Exchange Commission (SEC) does not affect it. According to a report by an online platform, Mariblock, it was revealed that the entity addressed in the SEC circular, Binance Nigeria Limited, has been inactive since 2019 and is unaffiliated with the entity operating Binance.com. SEC had warned that Binance Nigeria Limited was soliciting Nigerians “to trade crypto assets on its various web and mobile-enabled platforms.” A Binance spokesperson told the publication that,

Some members of the International Executive Development Programme (IEDP) were on Wednesday, August 10, 2016, at the office of the Nigerian Stock Exchange (NSE). On ground to receive the team were top shots of the NSE and the Lagos Business School (LBS).

By Adedapo Adesanya Technology group, Wärtsilä, in collaboration with Aggreko, a global provider of mobile, modular power, temperature control and energy services has said that it will provide 40 megawatts (MW)of energy to Resolute Mining’s Syama off-grid gold mine in Mali. It was noted that four Wärtsilä Modular Block enclosures with one medium-speed Wärtsilä 32 engine in each will be domiciled in the West African country since the order was placed by Aggreko in November, being the first contract signed under the cooperation agreement between Wärtsilä and Aggreko, that was announced in June this year. The company revealed that the

By Okechukwu Keshi Ukegbu A US-based pharmacist and philanthropist, Mr Victor Chinedu Egbulefu, has offered succour to at least 10 persons with different eye defects such as cataracts, glaucoma, among others. Egbelefu, through his foundation, Victor Chinedu Egbulefu Foundation, is paying the medicals bills of the patients who have commenced the requisite medical examinations to determine their treatment plans. The optometrist undertaking the examinations at the Embassy Hospital, Aba, Dr Michael Okpe, told newsmen that the examinations would determine their treatment plan. Earlier, the foundation had offered scholarship awards to four indigent students to cover their secondary and undergraduate studies.

By Adedapo Adesanya The Abdul Samad Rabiu Africa Initiative (ASR Africa) has awarded a N1 billion infrastructure grant to the University of Benin (UNIBEN) as part of its 2021 Tertiary Education Grants Scheme. This was revealed during the grant presentation by ASR Africa management to the Vice-Chancellor and council members of the University of Benin on Wednesday. With this grant, the University of Benin becomes the fifth Nigerian university to receive the gesture from the ASR Africa Tertiary Education Grants Scheme, which is funded by the ASR Africa Fund for Social Development and Renewal, which has a yearly budget of

By Investors Hub European stocks are turning in a lackluster performance on Friday as traders weigh hopes of a possible breakthrough in the U.S.-China trade against the disappointing U.S. jobs data. Sentiment was boosted after China’s central bank proposed to cut the reserve requirement ratio for financial institutions by 50 basis points in the latest effort to inject liquidity into an economy facing headwinds to growth. While the German DAX Index is up by 0.5 percent, the U.K.?s FTSE 100 Index and the French CAC 40 Index are nearly unchanged. Thyssenkrupp shares have rallied after Finland’s Kone said it is

By Dipo Olowookere Justice Adedayo Oyebanji of Igbosere High Court has ordered the National Agency for Food and Drug Administration and Control (NAFDAC) to henceforth mandate the Nigerian Bottling Company (NBC) Plc to include on all bottles of Fanta and Sprite soft drinks manufactured by the company a written warning that the content of the said soft drinks cannot be taken with Vitamin C as same becomes poisonous. Justice Oyebanji also declared that NAFDAC has failed the citizens of this great nation by its certification as satisfactory for human consumption, products in which in the United Kingdom failed sample test