PUNCH
Equity Market Sustains Recovery With N577bn Gain
The Nigerian Exchange extended its recovery, gaining N577bn on Thursday, driven by buying interest in Unilever Nigeria, Vitafoam Nigeria, and MTN Nigeria Communications. The All Share Index appreciated by 1.05 per cent, settling at 98,118.30 points from the previous close of 97,098.98 points, as the year-to-date gain rose to 32.09… Read More
SEC To Unveil Plans For Capital Market
The Securities and Exchange Commission is set to unveil its vision for the Nigerian capital market at the Second Capital Market Committee Meeting. A statement by the SEC made available to our correspondent on Wednesday, the meeting, scheduled for August 14 in Lagos, aligned with President Bola Tinubu’s Renewed Hope… Read More
SUN
CBN Adjusts Stop Rate On 1-Year T-Bills As Total Subscriptions Rise To N480bn
The Central Bank of Nigeria (CBN) has slightly lowered the stop rate for one-year Treasury Bills (T-Bills) to 21.889 per cent from 22.1 per cent in the previous auction. This reduction of 0.211 percentage points or 0.95 per cent was noted during the auction on August 7, 2024. Analysis of the auction revealed that despite the rate drop, investor… Read More
VANGUARD
Manufacturers Incur N1.5trn Forex Losses In 6 Months
The Manufacturing companies recorded N1.5 trillion in foreign exchange-related losses in the first six months of the year, following the impact of the unsettled forward contracts worth $2.4 billion by the Central Bank of Nigeria, CBN. Consequently, the Manufacturers Association of Nigeria (MAN), warned that the continued non-redemption… Read More
ECONOMY HEADLINES
PUNCH
NUPRC Set To Amend Domestic Crude Supply Regulations
The Nigerian Upstream Petroleum Regulatory Commission is set to amend the Domestic Crude Supply Obligations Regulations 2023. The commission stated this in a notice signed by the Chief Executive of the NUPRC, Gbenga Komolafe, on Thursday. According to the NUPRC, the National Data Repository Regulations will also be reviewed… Read More
NAIRAMETRICS
Energy Cost Of Nigeria’s Cement Manufacturers Rises By 140% In First Half Of 2024
The energy cost of cement manufacturers listed on the NGX rose by 140.66% in the first half of 2024 compared to the figure for the same period of 2023. A review of the 2024 half-year financial statement of BUA, Dangote and Lafarge Cements Plc reveals that the companies spent a combined N525.78 billion on energy between January and June… Read More
VANGUARD
Federal Government Spends $600m Monthly On Fuel Importation – Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the country currently spends $600 million monthly on fuel imports. He attributed the high cost to neighboring countries, extending to Central Africa, benefiting from the nation’s fuel imports. Edun shared this information during an interview… Read More
POLITICAL HEADLINES
SUN
Stakeholders Critical To Exit Economic Crisis –Federal Government
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said Nigeria needs collaborative efforts of stakeholders to exit the current economic crisis. “These choices we need to make to revive the economy are not the preserve of government or anybody but the collective effort of all stakeholders” he said… Read More
NAIRAMETRICS
Seyi Makinde Counters President Tinubu’s Claim: Federal Government Never Gave N570 Billion To 36 States
Oyo State Governor, Seyi Makinde, has countered claims by President Tinubu that the federal government granted N570 billion to the 36 states of the federation, stating that the information is not completely accurate. In a newsletter signed by the governor and published on the state’s official website on Thursday, Makinde said the… Read More
TECHNOLOGY HEADLINES
NAIRAMETRICS
National Space Agency Partners Proforce To Develop Four Advanced Satellites For Nigeria
The National Space Research and Development Agency (NASRDA) has announced a collaboration with Proforce Ltd. to develop NigeriaSAT 3, 4, 5, and a Synthetic Aperture Radar (SAR) satellite. The News Agency of Nigeria stated that the Director-General of NASRDA, Dr. Matthew Adepoju, disclosed this during a visit to the… Read More