TRIBUNE
Bears Persist at NGX As ASI Dips By 0.1%
The bears continued to dominate the domestic bourse as the NGX All-Share Index (ASI) extended losses for a second consecutive session, falling by 0.09 per cent to settle at 48,836.70 basis points on Wednesday. The market’s weak performance was basically driven by extended selloffs in Tier-1 banks Zenith Bank, Guaranty Trust Holding Company, FBN Holdings and Access Corporation ad their respective share prices… Read More
GUARDIAN
AfDB Approves Partly-Guaranteed $25m Loan to Nigeria’s SMEs
The African Development Bank (AfDB) Group has announced the approval of a $15 million trade finance credit line and a $10 million transaction guarantee for FSDH Merchant Bank to provide loans to local enterprises in Nigeria. The $25 million package, approved by its Board of Directors, will help to reduce the trade finance gap in Nigeria as it will scale up the much-needed financing… Read More
Regulation, Policy Frustrate 14,120 Megawatts Hydropower
There are strong indications that the Federal Government may have failed in its policy and regulatory direction towards harnessing existing 14,120MW of exploitable hydropower despite the country’s gross energy deficit. While hydropower currently provides the cheapest form of electricity on the national grid, $7.1 billion Mambilla Hydroelectric Power Station of 3,050MW and the 700MW Zungeru… Read More
NEW TELEGRAPH
Manufacturing Sector Retrogressing Speedily
On assumption of office in May 2015, President Muhammadu Buhari’s led administration was greeted with wide jubilation across the country as the messiah to recalibrate the economy, including the manufacturing sector. Sadly, the Buhari’s administration came at a period of uncertainty in the global oil market, with oil prices plunging into the lowest ebbs. In addition, the administration was also faced… Read More
ECONOMY HEADLINES
PUNCH
2023 Budget: Senate Approves Expenditure, Okays $73/Barrel Oil Price
The Senate on Wednesday approved the 23-25 Medium Term Expenditure Framework and Fiscal Strategic Paper ahead of the presentation of the 2023 budget proposals by the President on Friday. The Senate gave the approval following the consideration of the report of its Joint Committee on Finance and National Planning on the 2023-25 Medium Term Expenditure Framework and Fiscal Strategy Paper… Read More
GUARDIAN
Nigeria to Maintain Quota as OPEC+ Slashes Crude Output Target by 2mbpd
The Organisation of Petroleum Exporting Countries and its allies, (OPEC+), yesterday, agreed to slash its crude production target by two million barrels a day (bpd) from November, the biggest cut since the group reduced quotas by 9.7mn b/d at the start of the Covid-19 crisis in 2020. The coalition has also agreed to extend its production cooperation agreement until the end of 2023… Read More
NEW TELEGRAPH
Taming Inflation Via Monetary Policy Decisions
Not a few were surprised about Monetary Policy Committee’s (MPC) two pronged decisions last week. During the bi-monthly meeting of the Central Bank, MPC members ratified a decision to increase anchor lending rate, MPR, by 150 basis points, which saw it moved to 15.5 per cent from previous 14 per cent; and in addition, upped the Cash Reserves Requirement CRR to 32.5 per cent from previous… Read More
POLITICAL HEADLINES
THIS DAY
Buhari: Nigerians Owe Our Military Debt of Gratitude as Remaining 23 Train Victims Are Freed
President Muhammadu Buhari, yesterday, said the entire nation owed the military and other sister security agencies a debt of gratitude for walking the talk, as he basked in the euphoria of the safe release of the remaining 23 kidnapped Abuja-Kaduna train passengers held in captivity by Boko Haram terrorists since March 28. In a release by his spokesman, Mallam Garba Shehu, Buhari said the agencies had… Read More
GUARDIAN
APC Unsure of Campaign Flag-Off as Adamu Insists on Party Supremacy over PCC
Just as it was with the major opposition Peoples Democratic Party (PDP), on Tuesday when its meeting to mend fences ended in a deadlock, the meeting called, yesterday, by the ruling All Progressives Congress (APC) between its governors and the party leadership ended in similar fashion, as it failed to reach a compromise on the commencement date for the 2023 election campaign… Read More
TECHNOLOGY HEADLINES
THIS DAY
ICT: Game Changer for Nigerian Economy Since Independence
At Independence in 1960, Nigeria had a paltry 18,724 telephone lines, with a population of 40 million people, translating to a teledensity of 0.5 per cent. In 2001, when the Global System for Mobile communication (GSM) was launched in Nigeria, telephone lines, which were controlled under a monopolistic market by the Nigerian Telecommunications Limited (NITEL)… Read More