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:
- Nigeria’s economic growth will be stagnant for the next 3yrs – World Bank
- BMO faults World Bank, IMF projections, says 2.9% economic growth achievable
- Unilever posts N4.224bn loss amidst revenue crunch
- CBN raises concern against govt’s escalating debt profile
The World Bank predicted that the next three years will prove gloomy for Nigeria as growth in the real Gross Domestic Product (GDP) will stall at 2.1% for 2020, 2021 and 2022.
The Washington-headquartered institution, in its January 2020 Global Economic Prospects, gave a bleak prognosis of Nigeria’s economic growth in the years ahead, saying a rudderless government policy framework would account for the poor GDP growth in 2020. Read more
The Buhari Media Organisation (BMO) on Wednesday faulted the forecasts by the World Bank and the International Monetary Organisation (IMF) on Nigeria’s 2020 economic growth, which both Bretton Woods institutions had put at 2.1 percent and 2.5 percent respectively.
The organization said in a statement issued by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, that the Federal Government’s estimate of 2.9 percent growth is achievable irrespective of the IMF’s and the World Bank’s stances.
It said measures taken by the federal government to enhance the predictability of economic policies had yielded positive results in the past. Read more
Consumer goods company, Unilever Nigeria Plc, has declared a N4.224 billion loss for the year ended 31st December 2019.
This and other details of its financials are stated in Unilever Nigeria Plc Unaudited Interim Financial Statements, posted on the website of the Nigerian Stock Exchange (NSE) on Thursday.Read more
The Central Bank of Nigeria (CBN) on Friday sent a cautionary note to the Federal Government in respect of the rising debt profile of the country.
Godwin Emefiele, the apex bank chief, while briefing journalists after the CBN’s Monetary Policy Committee (MPC) meeting, called for dampers to be put in place in a bid to subdue the adverse effects of oil price decline on the economy. Read more
On NSE ROUNDUP: Market Capitalisation inches up marginally as bourse records two bearish days
Just like last week, the Nigerian bourse recorded two straight bearish sessions this week as investors moved to recoup their investments on Tuesday and Wednesday.
There was a rally on the last two trading days thanks to gains recorded in some blue-chip stocks mostly in the Industrial Goods sector. However, three days of gain had a very modest impact on market performance, causing market capitalisation to rise by N6 billion week on week.
All the key market performance indicators appreciated. A positive market breadth was recorded this week with 32 gainers against 28 losers. The All Share Index (ASI) grew marginally by 0.03% to 29,628.84 basis points. Market Capitalisation similarly grew by the same margin to N15.262 trillion. Read more
Meanwhile, on our editorial Business Review segment;
We considered, during the week, the Paga story -how Appositmoves from being its auxiliary service provider to becoming a full subsidiary.
We started off by noting that more Nigerian-owned companies, especially those operating in the tech space, are recording significant growth as they increasingly acquire other startups, fund multimillion projects, or simply expand to new verticals.We reviewed the prospect in the new deal for both parties and looked forward to the future eventualities from the new formation. Read more
We equally went behind the news on Whatsapp’s recent upgrade where the instant messaging App added the dark mode features. We revealed that this introduction might be another way to dig Telegram’s grave.
We explained how the rivalry between 6 years old Telegram and the Mark Zuckerberg-owned Whatsapp has become intense, in recent time. And, how the heat of this competition has remarkably been instrumental to how these instant messaging apps have been constantly rebuilding, and upgrading existing features. We illustrated by citing the 2019 Google/Facebook war that came in similar light. 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.
- BREAKING: 176 new cases of COVID-19 take Nigeria’s total to 57,613; death toll now 1,100 - September 22, 2020
- Nigerian Navy deploys six warships for special operation in Rivers, Akwa Ibom, two others - September 22, 2020
- Buhari, AbdulRazaq meet on Kwara flood disaster - September 22, 2020