Wednesday, January 20, 2021
NSE CEO Bullish on Capital Market Outlook for 2021
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday expressed optimism that the market would record another impressive performance in 2021, saying the exchange would consolidate on the benefits of demutualisation. The Nigerian equities market recovered from a decline of 2019 and ended 2020 with a growth of 50 per cent. Read more
Stocks as Hedge against Inflation
Goddy Egene writes that given the gains being recorded in the equities market, discerning investors could invest in stocks to hedge against the rising inflation rate the hit 15.8 per cent in December 2020 Last week the National Bureau Statistics (NBS) released the consumer price index report, which showed that the headline inflation rose to 15.8 per cent in December 2020. Read more
AfCFTA: Ecobank Pledges to Facilitate Payments for Customers
The Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI), Mr. Ade Ayeyemi, has said that the pan-African banking group is positioned to facilitate payments across Africa as the implementation of the African Continental Free Trade Area Agreement (AfCFTA) commences. Read more
CBN: FG’s Revenue Dropped by 18% to N616bn in October,
At N616.35 billion, Nigeria’s gross federally-collected revenue in October 2020 reduced by 18.3 per cent, compared with the N729.14 billion recorded the previous month. The Central Bank of Nigeria (CBN) revealed this in its monthly economic report for October 2020, which was posted on its website yesterday. Read more
FG raised N2.36tn from capital market in 2020
The Nigerian Stock Exchange has disclosed that the Federal Government of Nigeria raised over N2.36tn from the capital market in 2020. The Chief Executive Officer of the Nigerian Stock Exchange, Mr Oscar Onyema, stated this at the 2020 market recap/2021 outlook on Tuesday. He said the Federal Government issuances amounted to 92 per cent of total bond issuances in the market. Read more
Fiscal deficit climbed to N451.22bn in October – CBN
The Federal Government recorded a fiscal deficit of N451.22bn in October 2020. The Central Bank of Nigeria disclosed this in its monthly economic report for October which was released on Tuesday. Part of the report read, “At N616.35bn, gross federally collected revenue in October 2020 was below the budget benchmark by 27.2 per cent. Read more
FG, Ekiti industry chamber to boost economy
Minister of Industry, Trade and Investment, Adeniyi Adebayo, has promised to partner with the Ekiti Chamber of Commerce, Industry, Mines and Agriculture to boost commerce and industry in Ekiti State. He also called on industrialists in the state to avail themselves of the opportunities provided by the Africa Free Continental Free Zone to grow their businesses. Read more
Nigeria’s cooking gas consumption rises, exceeds 1m MT
The Petroleum Products Pricing Regulatory Agency on Tuesday announced that the consumption of Liquefied Petroleum Gas in Nigeria, popularly called cooking gas, exceeded one million metric tonnes in 2020. The PPPRA said this made 2020 the first year in the nation’s history where LPG consumption had reached the one million MT threshold. Read more
Fresh worry over aviation fuel quality, contaminants
Aviation stakeholders have expressed worry over the quality of aviation fuel airlines use locally, especially its exposure to contaminants within the supply chain. The concern is not unconnected with recent findings that linked some air crashes and contaminated fuel. Again, some of the recommendations that emerged from the accident investigations have not been implemented. Read more
Importers lose N2.8tr to irregular import procedures, infrastructure deficiency
Importers and exporters have continued to count losses to the inefficiencies at Nigerian seaports, as the Shippers’ Association Lagos State (SALS), estimated that operators lost an average of N2.8 trillion to irregular import procedures last year. Read more
