BUSINESS ROUNDUP: Food gulps 22.8tn in 10 years; Naira depreciates to N445 per dollar; See other stories that made our pick

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market, mainstream business activities while not forgetting the tech/economy build up.

Here are the Headlines:

• Nigerians spent N22.8tn on food in 10 years —NBS
• JET Mover becomes Africa’s first customised minibus to test the road.
• Naira depreciates to N445 per dollar at parallel market
• Lagos Airport Hotel, owned by S’West govts, sends 250 staff on 3-month leave without pay

Summary:

The total amount spent by Nigerians on food in the ten years to 2019 came to over N22.777 trillion, a 75% leap over the figure posted a decade ago (2009/2010), when food consumption spending was N13.016 trillion, the statistics office has said.

According to the Consumption Expenditure Pattern in Nigeria 2019, released by the National Bureau of Statistics (NBS) Friday, food gulped 56.65% of the total household expenditure of more than N40.207 trillion in the period under review while the rest 43.35% or N17.430 trillion went to transport, health, education, rent, fuel and other non-food essentials. Read more

Nigerian automaker, JET Motor Company, Thursday said it was consolidating on its plans to dominate the mobility space with the launch of JET Mover, a new line of minibus, into the automobile market. The product, which is currently receiving rave reviewers, has been described as a luxury, durable, yet affordable minibus built specifically for African roads.

Rupani Sanjay, the company’s Director of Sales and Marketing told Ripples Nigeria that the new minibus was a product of intensive research, spanning years of collaborative efforts between some of the best brains in the automotive industry across Europe, Asia and Africa.“The JET Mover is a combination of the best design and technology practices from Europe and Asia, tropicalisedfor Africa,” Sanjay said. Read more

The Naira shed value against the dollar at the parallel market on Friday, going down by 1.83% after trading without budging at the last two previous sessions.According to Abokifx, the dollar sold at N445 to a dollar as against N437 to a dollar recorded on Thursday.

Despite the resumption of forex sales to commercial banks and dealers by the central bank, the pressure on the currency market has continued to mount as demand for dollars rise with importers scrambling for the currency to meet past due obligations, following the easing of the coronavirus lockdown. Read more

Staff of Lagos Airport Hotel, about 250 of them, were sent home in March as the country began its lockdown to check the spread of COVID-19. The Lagos Airport Hotel is owned by the six South West states of Lagos, Oyo, Ogun, Ondo, Ekiti, and Osun through the OduaInvestment Limited platform.

Read also: BUSINESS ROUNDUP: Rise in oil price; fall in foreign reserves; See other stories that made our pick

A text message sent to staff dated April 21 obtained by Ripples Nigeria, claimed it was a management decision. Our findings, however, showed it may have been the unilateral decision of the Managing Director, Mr. KayodeBakare, executed through the Human Resources Manager, Mrs. Yemi Madu. Read more

On NSE ROUNDUP: Market gains N534 billion as trade volume improves

The Nigerian bourse recorded considerable gains Monday through Friday as investors’ appetite for big-cap and medium-cap equities continued to grow. However, the bull run in the market ended abruptly at the Friday session as profit-taking actions caused trade to end in the negative territory for the first time in ten days.

The significant rallies in the market in the past few weeks made the index to improve by 16.39% in April, a development that attracted global attention as Bloomberg ranked the Nigerian bourse second on its list of the best performing indexes in the period.

All the key market performance indicators closed higher. A positive market breadth was recorded this week as 39 gainers emerged against 22 losers. The All Share Index (ASI) and the Market Capitalisation both grew by 4.45% to 24,045.40 basis points and N12.531 trillion respectively. Read more

Thanks for joining the roundup this week. See you next week for another serving of Business Roundup. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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