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NSE ASI falls to 6-week low on sustained profit taking

NSE Live: Total, Unilever, Oando lead losers as the bourse closes Wednesday bearish

November 13, 2019

NNPC’s partner Pan Ocean builds longest oil pipeline in Africa

Government charges N50 for multi-billion pipelines licences

November 13, 2019

Stock Growth-graph-bar

NSE Live: Nigerian bourse closes first trading of the week bullish. See top gainers

November 12, 2019

VIDEO STREAMING: Disney joins the race to take down Netflix

VIDEO STREAMING: Disney joins the race to take down Netflix

November 12, 2019

President Muhammadu Buhari on Wednesday told members of his Presidential Economic Advisory Council (PEAC) that the economic growth of the country had not been fast enough to meet the national ambition of collective prosperity. He also told them that his government was commitment to lifting 100 million Nigerians out of poverty in 10 years, adding that the country must move forward with the home-grown solutions suitable to its local contexts. He told the council that he would be looking forward to receiving their baseline studies, which according to him, would help shape his administration’s economic efforts. Buhari spoke when he met with members of the council at the Presidential Villa, Abuja. He said, “I want to thank you for agreeing to serve Nigeria. Your task cannot be more important. Our goal is to lift 100 million Nigerians out of poverty in 10 years. “Yes we have exited the recession, but our economic growth rate is still not fast enough to meet our national ambition of collective prosperity. “We must move forward with the home-grown solutions, suitable to our local contexts. Our efforts must be both suitable and sustainable. I look forward to receiving your baseline studies as this will help shape our economic efforts. “All key MDAs will be available to meet with you and discuss how we can create a Nigeria that works for all”, he said. READ ALSO: Malami claims Nigerian government has become more transparent, accountable The President administered oaths of office on members of the newly constituted Council (PEAC), and set an agenda of what they should accomplish in the shortest possible time. Speaking at the meeting with the 8-man Council chaired by Prof. Doyin Salami, President Buhari charged them to focus on developing reliable data that will properly reflect what is happening in the country. The President said: ‘‘As you develop your baseline study, I would like you to focus on primary data collection. ‘‘Today, most of the statistics quoted about Nigeria are developed abroad by the World Bank, IMF and other foreign bodies. ‘‘Some of the statistics we get relating to Nigeria are wild estimates and bear little relation to the facts on the ground. ‘‘This is disturbing as it implies we are not fully aware of what is happening in our own country. ‘‘We can only plan realistically when we have reliable data. As you are aware, as a government, we prioritised agriculture as a critical sector to create jobs and bring prosperity to our rural communities. ‘‘Our programs covered the entire agricultural value chain from seed to fertiliser to grains and ultimately, our dishes. ‘‘As you travel in some rural communities, you can clearly see the impact. However, the absence of reliable data is hindering our ability to upgrade these programmes and assure their sustainability.” The President also used the occasion to set agenda and expectations from the Council, constituted on September 16, 2019, to replace the Economic Management Team (EMT). On the Social Investment Programmes (SIPs), the President told members that his administration was working to measure the impact of the programme targeted at improving the well-being of millions of poor and vulnerable citizens. As such, the President said he had directed the new Minister for Humanitarian Affairs to commence a comprehensive data-gathering exercise in all Internally Displaced Persons (IDP) camps in the North East. ‘‘Today, we hear international organisations claiming to spend hundreds of millions of dollars on IDPs in the North East. But when you visit the camps, you rarely see the impact. ‘‘In 2017, when the National Emergency Management Agency took over the feeding of some IDPs in Borno, Yobe and Adamawa, the amount we spent was significantly lower than the claims made by these international organisations. ‘‘Therefore, actionable data is critical to implement effective strategies to address pressing problems such as these humanitarian issues. ‘‘I, therefore, look forward to receiving your baseline study as this will help us shape ideas for a sustainable and prosperous future,’’ the President said. On his expectations from the council, the President urged them to proffer solutions on how to move the country and economy forward. The President directed the Council to coordinate and synthesize ideas and efforts on how to lift 100 million Nigerians out of poverty in 10 years, working in collaboration with various employment generating agencies of government. ''I am told you worked throughout last weekend in preparation for this meeting. ''I have listened attentively to findings and ideas on how to move the country and the economy forward. ''Yes, Nigeria has exited the recession. But our reported growth rate is still not fast enough to create the jobs we need to meet our national ambition of collective prosperity. ''Reason being we had to tread carefully in view of the mess we inherited. ''Many of the ideas we developed in the last four years were targeted at returning Nigeria back to the path of growth. ''I am sure you will also appreciate that during that time, our country was also facing serious challenges especially in the areas of insecurity and massive corruption. ''Therefore, I will be the first to admit that our plans were conservative. We had to avoid reckless and not well thought out policies. ''However, it was very clear to me after we exited the recession that we needed to re-energise our economic growth plans. This is what I expect from you, '' he said. President Buhari also assured the Council that the Federal Government will ensure that all their needs and requests were met before the next technical sessions in November. He said all key ministries, departments and agencies will be available to meet and discuss with them on how to collectively build a new Nigeria that caters for all. ''Now, no one person or a group of persons has a monopoly of knowledge or wisdom or patriotism. ''In the circumstances, you may feel free to co-opt, consult and defer to any knowledgeable person if in your opinion such a move enriches your deliberations and add to the quality of your decisions, '' he said. Chairman of Council, Professor Salami, said the mandate was about “Nigeria first, Nigeria second, and Nigeria always,” adding that it was about Nigerians, not as numbers, but as people. He added: “Our goal is that the economy grows in a manner that is rapid, inclusive, sustained and sustainable, so that Nigerians will feel the impact.” President Buhari had, in September 2019, constituted the EAC to advise him on economic policy matters, including fiscal analysis, economic growth; and a range of internal and global economic issues. He used the new economic team to replace the Economic Management Team (EMT), headed by his vice, Yemi Osinbajo.

BUSINESS REVIEW: Nigerian economy failing because its managers choose to walk backward into the future

November 12, 2019

Ahead of its dual listing, Interswitch acquires eClat; branches off its core to health tech

Visa to acquire 20% stake in Interswitch ahead of IPO. What this means

November 11, 2019

Dangote Sugar, Unilever, UACN make Ripples Nigeria watchlist

Dangote Sugar, Unilever, UACN make Ripples Nigeria watchlist

November 11, 2019

World Bank approves $2.1bn loan for Nigeria to support investments

Nigeria’s low revenue hampering human capital development – Economist

November 10, 2019

ECONOMY: The road ahead is rough, really rough, Emefiele tells Senate

Nigerian govt records N3.05trn deficit in eight months

November 10, 2019

Private sector got over N46trn in loans from banks in 9 months –NBS

BUSINESS ROUNDUP: Buhari’s new special adviser on economy, NEITI’saccount of $41.9bn worth of stolen oil; see other stories that made the pick

November 10, 2019

Fuel supply ban: Brace up for communication disruptions, telecom operators tell Nigerians

FUEL SUPPLY BAN: Brace up for communication disruptions, telecom operators tell Nigerians

November 9, 2019

Equities market maintains uptick as ASI up 88bps

NSE ROUNDUP: Nigerian bourse closes week bullish. See top 10 gainers, losers

November 9, 2019

GIGgo goes live in Lagos. This App may just be what GIG Logistics needs to consolidate market leadership

ICYMI: GIGgo goes live in Lagos. This App may just be what GIG Logistics needs to consolidate market leadership

November 9, 2019

Stock Growth-graph-bar

NSE: Zenith Bank, Access Bank, CAP dominate trades as bourse closes Friday bullish

November 8, 2019

LAGOS: Babajide Sanwo-Olu leads, set to be announced governor-elect

Sanwo-Olu presents N1.68tr 2020 budget to Assembly for approval

November 8, 2019

BUSINESS REVIEW: Every business risks losing millions to fire. Here is how to stay aloft, unaffected

November 8, 2019

Stock Market: Investors lose N546b in first half

NSE: Investors lose N27.4bn as the Nigerian bourse closes bearish again

November 7, 2019

Osinbajo to youths: Integrity is your most valuable collateral

What Nigeria needs to grow the economy in ten years —Osinbajo

November 7, 2019

NSE delists Alumaco, Vono, 7Up, 19 others for non-compliance

Nigerian Stockbrokers considering commodities due to struggling stock market

November 7, 2019

$41.9bn worth of oil stolen from Nigeria – NEITI

$41.9bn worth of oil stolen from Nigeria – NEITI

November 7, 2019

Investors lost N56bn as stock market resumes losing streak

NSE: Insurance stocks lead gainers as the Nigerian bourse closes bearish

November 6, 2019

Opay places 1% fee on bank transfers to pave way for its Cash-In/Cash-Out services. What it means

November 6, 2019

Epileptic power supply may persist till 2023 – DisCos

Ikeja Electrics, 7 other DisCos risk losing their licenses as NERC blows hot over poor service delivery

November 6, 2019

Stock Market: Investors lose N546b in first half

NSE Live: Law Union and Rock Insurance, UBA, Zenith Bank dominate trades as Nigeria bourse ends Tuesday bearish

November 5, 2019

Sarah Omotunde Alade

Buhari gets special adviser on economy

November 5, 2019

BUSINESS REVIEW: What the Chinese do differently to penetrate, convert and dominate a market

BUSINESS REVIEW: What the Chinese do differently to penetrate, convert and dominate a market

November 5, 2019

NNPC to build two new condensate refineries

NNPC to build two new condensate refineries

November 5, 2019

Growth graph bar

NSE: Champion Breweries, Honeywell Flour top gainers as market closes bullish. Is the market repeating last week’s trend?

November 4, 2019

Nigeria's first delivery app, GIGGo, set for launch

Nigeria’s first delivery app, GIGGo, set for launch

November 4, 2019

Ahead of its dual listing, Interswitch acquires eClat; branches off its core to health tech

Ahead of its dual listing, Interswitch acquires eClat; branches off its core to health tech

November 4, 2019

Nigerian to head US state’s oil and gas unit

Nigerian to head US state’s oil and gas unit

November 4, 2019

FG floats new savings bond

NIGERIA: Debt Management Office set for November Savings Bond sale. This is how you can participate

November 4, 2019

University Press, Champion Breweries, Stanbic IBTC, lead Ripples Nigeria Stock Watchlist

University Press, Champion Breweries, Stanbic IBTC lead Ripples Nigeria Stock Watchlist

November 4, 2019

While NNPC lags, its Saudi counterpart, Aramco prepares for world's biggest IPO on stock exchange

While NNPC lags, its Saudi counterpart, Aramco prepares for world’s biggest IPO on stock exchange

November 3, 2019

Private sector got over N46trn in loans from banks in 9 months –NBS

BUSINESS ROUNDUP: Battle for share of cement market, Arik Air’s mess; see other stories that made our pick

November 3, 2019

BUSINESS REVIEW: The women are coming, but will they conquer politics like their strides in business?

BUSINESS REVIEW: The women are coming, but will they conquer politics like their strides in business?

November 2, 2019

Nestle, GTBank, others drag stock market down by 1.25%

NSE ROUNDUP: University Press, Cornerstone Insurance lead gainers as the bourse closes week bearish

November 2, 2019

Google set to acquire Fitbit for $2.1bn in a move to rival Apple

November 1, 2019

NSE RoundUp! Nigerian equities lose N542bn amidst global downtrend

NSE LIVE: Champion Breweries, Nigerian Breweries lead losers’ chart as market closes bearish

November 1, 2019

FG has assured me that Ajaokuta Steel Complex is not up for sale— Yahaya Bello

Ajaokuta Steel Company may not resume soon as former concessionaire sets for legal battle with Nigerian govt

November 1, 2019

Forex dealers get $4.47bn from CBN in two months

Nigeria’s foreign reserves shed $1.2b in October

November 1, 2019

NSE: Zenith Bank, FCMB, GTBank dominate trades as Nigerian bourse closes bullish again. Is the market returning to profitability?

October 31, 2019

Forte oil records N5.3bn in profit for Q3 2019; revenue from fuels up by 30.9%

Forte oil records N5.3bn in profit for Q3 2019; revenue from fuels up by 30.9%

October 31, 2019

Dangote Flour posts abysmal 309.7% loss in Q3 2019 earnings report, records negative earnings per share

Dangote Cement posts N679.8bn in revenue in Q3 2019; records 2.5% drop in profit

October 31, 2019

34 containers of rice seized by Customs in Lagos

Auto dealers lament over Customs’ double duty regime

October 31, 2019

Minister writes off Arik as national carrier, advises airline on how to key into govt’s vision

Minister writes off Arik as national carrier, advises airline on how to key into govt’s vision

October 31, 2019

Dangote Flour posts abysmal 309.7% loss in Q3 2019 earnings report, records negative earnings per share

Dangote Flour posts abysmal 309.7% loss in Q3 2019 earnings report, records negative earnings per share

October 30, 2019

Number of unemployed Nigerians rises to 21m in one year

NSE: Multiverse, Sterling Bank, Access Bank dominate trade as the bourse closes bullish

October 30, 2019

Nestle reports N36.8bn profit in Q3 2019 earnings report; Declares N25 per share dividend

Nestle reports N36.8bn profit in Q3 2019 earnings report; Declares N25 per share dividend

October 30, 2019

MTN, 7 Nigerian banks sign N200bn medium-term loan facility

MTN claims innocence in $2billion tax dispute with Nigeria

October 30, 2019