Business News

Saturday, 10 October 2020 05:18

Banking sector credit rose to N18.9trn in Q2, 2020 - NBS

Total banking industry credit to customers in the 36 states of the federation and Federal Capital Territory (FCT) rose to N18.90 trillion in the second quarter of the year (Q2 2020), compared to N18.56 trillion in the preceding quarter and N15.44 trillion in Q2 2019, the National Bureau of Statistics (NBS) stated yesterday. According to the Selected Banking Sector Report: Quarterly Geographical Distribution of Credit by State Q1 2015 to Q2 2020, released by the statistical agency, Lagos State recorded the highest credit by geographical distribution with N14.92 trillion or 78.94 per cent of total credit, while Yobe State recorded…

Saturday, 10 October 2020 05:17

Nigeria pins hopes on first gold project to boost mining sector - Bloomberg

Nigeria’s first industrial gold project is on course to enter production next year, and its success will be crucial for boosting mining in Africa’s biggest oil producer, the country’s mines minister said. Thor Explorations Ltd. is spending $98 million to develop the project, which will have an annual average output of 80,000 ounces. The Canada-based company’s Segilola mine in the southwest should yield gold by the end of the first quarter of 2021, Minister of Mines and Steel Development Mr Olamilekan Adegbite told reporters in Abuja on Friday. Nigeria has sizable untapped deposits of metals including iron ore, gold, zinc…

Friday, 09 October 2020 04:57

NIPOST begins address verification service

Nigerian Postal Service has inaugurated an Address Verification Service. Through the service, corporate and private organisations can approach NIPOST to verify addresses given by customers or employees. Post-Master General of the Federation, Mr Ismail Adewusi, disclosed this in Abuja on Thursday during a virtual colloquium to mark 2020 World Post Day ceremony. He said NIPOST was working hand-in-hand with National Identity Management Commission to deliver the service. Adewusi said, “We have the vision of making post offices a one-stop shop whereby people can access several government services through our e-governance service.” He noted that NIPOST was rendering social service to…

Friday, 09 October 2020 04:50

Nigerian informal retailers turn tech-savvy to stock up amid pandemic

When coronavirus outbreak forced shops to close in Nigeria’s commercial capital Lagos, kiosk store owner Funmilayo Akinola weighed up her safety against the need to make a living. After deciding that she couldn’t afford to stop working, she faced the challenge of replenishing her stock as the pandemic has made it harder for informal traders to buy wholesale goo to ds due to safety measures disrupting supply chains. The answer lay in a logistics firm that provides an online marketplace where manufacturers and retailers connect. Lagos-based Trade Depot delivered goods that she bought using the company’s app. “(Without Trade Depot)…

Wednesday, 07 October 2020 05:42

FG to revamp refineries, end oil-for-fuel swaps

Federal Government aims to end the country’s so-called oil-for-fuel swaps system in the near future and rely instead on oil products from local refineries, which it hopes to have running again by 2023, head of Nigeria National Petroleum Corporation, NNPC, Mr Mele Kyari said on Tuesday. The oil-for-swap deals, in operation since 2016, provide virtually all Nigeria’s gasoline and some of the diesel and jet fuel. NNPC exchanges around 300,000 barrels per day of oil for the imported fuels. While NNPC has refineries with a combined nameplate capacity of 445,000 barrels per day, decades without regular maintenance or investment leaves…

Wednesday, 07 October 2020 05:41

Nigeria stocks jump in world-beating rally as traders hunt yield — Bloomberg

Nigerian stock market sustained its positive outlook on Tuesday for the 12th trading session as All-Share Index rose by 4.92 per cent to its highest in more than five years. The market capitalisation of equities appreciated by N710bn to hit N15.11tn from N14.40tn as market sentiment remained in the green zone. Nigerian Stock Exchange All-Share Index increased to 28,909.37 basis points on Tuesday from 27,554.49 on Monday. Meanwhile, a turnover of 749.10 million shares exchanged in 8,075 deals was recorded in the day’s trading. The premium subsector was the most active (measured by turnover volume); with 436.43 million shares exchanged…

Wednesday, 07 October 2020 05:40

Instant payments, PoS transactions gross N96trn in eight months

Value of transactions via two digital payment platforms – Nigeria Interbank Settlement System Instant payment system and Point of Sales terminals – across the country rose to N95.89tn from January to August this year. The two platforms recorded a 39 per cent growth in value of payments when compared to an aggregate of N69.01tn in the corresponding period in 2019. A breakdown of data obtained from Nigeria Interbank Settlement System showed that NIP grossed N89.9tn from January to August this year while PoS deals were worth N5.99tn during the same period. In the first eight months of 2019, total NIP…

Wednesday, 07 October 2020 05:38

CBN vows sanctions on airlines, shipping companies in breach of export laws

Central Bank of Nigeria has said it will be a breach of extant regulations for any shipping company or airline, to take on-board any cargo for which Form NXP is not duly completed and approved on Trade Monitory System platform. It said that a breach would attract severe sanctions that include refund of forex value of goods illegally exported as well as post-no-debit on all bank accounts nationwide. It stated this in a circular released on Tuesday addressed to all authorised dealers, Nigeria Customs Service, Nigerian Shippers’ Council, Nigerian Civil Aviation Authority, Federal Airport Authority of Nigeria, shipping companies, airline…

Wednesday, 07 October 2020 05:35

Zamfara signs N5bn gold supply deal with CBN

Governor Bello Matawalle of Zamfara says that his administration has entered into a N5 billion gold supply deal with Central Bank of Nigeria (CBN). The governor made the disclosure on Tuesday in Gusau, at a press conference to present the 31-kilogramme Zamfara processed gold. He said the state government would, at an agreed time during the year, supply the gold equivalent of the amount. “Following the global acceptance of the high quality of gold dug from the state, the apex bank approached us with the deal, which we believe is a good business. “At the moment, we have commenced our…

Tuesday, 06 October 2020 05:42

Nigeria stock market rises by N297bn, as investors move away from money market

The nation’s bourse opened trading on Monday with a growth of N297 billion following gains by some highly capitalised stocks. Specifically, market capitalisation inched higher by N297 billion or 2.11 per cent to close at N14.402 trillion from N14.105 trillion recorded on Friday. Similarly, All-Share Index increased by 568.72 points or 2.11 per cent to close at 27,554.49 compared with 26,985.77 posted on Friday. The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Airtel Africa, Seplat, MTN Nigeria Communications (MTNN), Presco and Guinness. Chief Operating Officer, Mr Ambrose Omordion, InvestData Ltd., attributed the…

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Tuesday, 06 October 2020 05:40

Oil sustains gains after Trump’s discharge from hospital

Oil prices edged higher in early trade on Tuesday after U.S. President Donald Trump returned to the White House from hospital after being admitted for treatment for COVID-19 last Friday, while another storm brewed in the U.S. Gulf of Mexico. Prices fell sharply last Friday when Trump went into hospital, then climbed more than 5% on Monday after he said he would return to the White House and as hopes grew that a deal could be agreed for a U.S. economic stimulus package to counter the impact of the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude (CLc1) futures rose…

Tuesday, 06 October 2020 05:38

Covid-19: Livestock farmers forced to sell off stocks to survive – NBS

Agriculture sector showed highest increase in people returning to work in July and August, National Bureau of Statistics (NBS) has said. NBS disclosed this in its fourth Covid-19 impact monitoring report. Details of the impact monitoring report said the increase is mostly due to the harvesting season. “Despite that many non-farm family businesses have reopened since the start of the crisis, some of these businesses closed again between July and August,” it said. NBS said as of August, about 35 per cent of households who operated a non-farm business since the beginning of 2020 have remained in operation since April/May,…

Tuesday, 06 October 2020 05:32

4 work from home strategies that’ll keep your team on track

This is how we keep our 1,000-person team aligned in the Zoom world. As we navigate these uncertain times, keeping teams engaged without working face-to-face continues to be a real challenge for many businesses. On one hand, businesses don’t want to slow their operations down. But on the other hand, moving quickly at all costs can leave employees feeling overwhelmed, particularly as many have additional duties to fulfill at home. The balance is tough. And more than ever before, the key to forging that balance lies in making sure employees are aligned to how their individual contributions piece into a…

Monday, 05 October 2020 05:48

Stock Exchange revises trading fee on debt instruments

Following 50 months of zero-fee income on debt instruments traded via its platform, Nigerian Stock Exchange (NSE), at the weekend, announced that it has received approval of Securities and Exchange Commission (SEC) to charge a fee of 0.005 per cent or N5 per million with effect from Monday. The Exchange in a statement, noted that the revised trading fee was in line with its goal to support Nigeria’s economic growth by providing a liquid, efficient, and multi-asset securities exchange hub. “Following the end of 4-year Fixed Income Securities Trading Fee moratorium, the Exchange has now received the regulatory approval of…

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