Monday, June 24, 2019

Tag "investment"

    Report: DisCos require $10bn investment to improve electricity supply in 5 years

Report: DisCos require $10bn investment to improve electricity supply in 5 years

The French Agency for Development (AFD) says the 11 electricity distribution companies (DisCos) in Nigeria will need an investment of $10 billion to improve power supply in the next five years.AFD said it commissioned AF Mercados, a consultancy firm, to carry out an in-depth study of the challenges of the Nigerian Electricity Supply Industry (NESI) with the support of the [...]

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    ‘Come to Nigeria and prosper’ — Buhari woos UAE investors

‘Come to Nigeria and prosper’ — Buhari woos UAE investors

President Muhammadu Buhari has urged investors in the United Arab Emirates (UAE) to invest in Nigeria.The president spoke on Monday while meeting groups of investors on the sidelines of the annual investment meeting in Dubai.According to Femi Adesina, spokesman of the president, Buhari assured the investors of handsome returns within a short time.“Come to Nigeria and prosper. Come and have [...]

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    Online group meets to discuss opportunities in Nigerian Stock Exchange

Online group meets to discuss opportunities in Nigerian Stock Exchange

Alpha Trust Investment Club (ATIC), an online group, has urged its members to make use of investment opportunities on the platform to build a sustainable financial base.Remi Adeoye, founder of ATIC, said this when members of the group converged on Ikeja in Lagos on Saturday.He said the platform presents many opportunities in the stock exchange sector.Adeoye said the group which [...]

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    Botswana, an oasis in the desert and new investment haven of southern Africa

Botswana, an oasis in the desert and new investment haven of southern Africa

The Africa Rising narrative has suffered a terrible blow in the last couple of years. With headwinds from falling commodity prices, many African countries suffered significant economic slowdowns. Some of the continent’s largest economics like Nigeria, South Africa and Egypt did officially enter into a recession. Overall, there is hope that the continent will be on a slow path to [...]

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    Sterling Bank says net profit rose by 65% in 2017

Sterling Bank says net profit rose by 65% in 2017

Sterling Bank has reported a profit after tax of N8.5 billion for 2017, as against N5.2billion for the corresponding period in 2016.The spike represents a 65 percent increase in profitability. The solid performance was driven by growth in interest and non-interest income.Gross earnings increased to N133.5 billion as against N111.4bn in 2016.The bank said its net operating income rose by 7.9 percent [...]

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    FG to Korea: Please encourage your companies to invest in Nigeria

FG to Korea: Please encourage your companies to invest in Nigeria

Udoma Udo Udoma, minister of budget and national planning, has pleaded with the Korean government to encourage its companies to pursue investments in Nigeria.Speaking in Abuja on Thursday when he received Lee In-tae, Korean ambassador to Nigeria, Udoma said although Nigeria appreciates Korea’s assistance in grants and aids, it would also appreciate more Korean investments.The minister said Nigeria has abundant [...]

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    DMO: Sukuk made it possible to construct Okene bypass

DMO: Sukuk made it possible to construct Okene bypass

The Debt Management Office (DMO) says Sukuk represents a step forward in Nigeria’s drive for the development of infrastructure, in line with the economic recovery and growth plan (ERGP).DMO, in a statement on Monday, said Sukuk "made it possible" to construct the Okene bypass and also the resumption of work on the Kaduna Eastern bypass on which infrastructure had been delayed.The statement [...]

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    Private sector accounts for 90% of Nigeria’s GDP, says Osinbajo

Private sector accounts for 90% of Nigeria’s GDP, says Osinbajo

Vice-President Yemi Osinbajo says Nigeria’s private sector accounts for 90 percent of the nation’s gross domestic product (GDP).Consequently, he said the federal government will build a vibrant economy for the sector to flourish.He said this on Thursday at the launch of the Nigerian Economic Diplomacy Initiative (NEDI)."In the case of Nigeria, the private sector is particularly important because it accounts [...]

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    Kaduna needs $65.5bn for infrastructure

Kaduna needs $65.5bn for infrastructure

Naisr El-Rufai, governor of Kaduna state, says the state requires $65.5 billion to address its infrastructure challenges over the next 30 years.While unveiling the Kaduna infrastructure master plan (2018-2050), El-Rufai said the long-term infrastructure master plan summarised the infrastructure target of the state aimed at providing job opportunities and making lives better for the people.“The breakdown of the future infrastructural developments between [...]

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    CBN fixes MPC meeting for April 3

CBN fixes MPC meeting for April 3

The Central Bank of Nigeria (CBN) has announced April 3 and April 4 as dates for the first monetary policy committee (MPC) meeting in the year.According to THISDAY, Isaac Okoroafor, CBN spokesman, said the new dates were fixed after the senate resolved to confirm the presidential nominees needed for the committee to form quorum.“We are grateful that the senate reconsidered its stance on [...]

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    AfDB says Africa’s growing population is a time bomb

AfDB says Africa’s growing population is a time bomb

The African Development Bank (AfDB ) says unless the government of African countries match the continent’s growing population and youth unemployment, the continent could trigger a time bomb.Akinwunmi Adesina, president of the bank, said this a recent meeting which had government officials from east and north African countries in attendance.He described the continent’s growing young population as a potential growth engine [...]

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    Nigeria to raise N150bn from green bonds in 2018

Nigeria to raise N150bn from green bonds in 2018

Nigeria will issue green bonds worth N150 billion to the public in 2018 as a means of increasing climate funding.Ahmad Salihijo, a technical assistant to the minister of environment, made this known while speaking at a panel discussion on climate finance work for women and non-state actors in Lagos.Nigeria issued its first green bond, which was worth N10 billion, in [...]

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    NCC: Incompetent investors won’t take over 9mobile

NCC: Incompetent investors won’t take over 9mobile

The Nigerian Communications Commission (NCC) has promised to ensure that 9mobile is taken over by investors with the requisite technical capability and pedigree to manage the organisation.Tony Ojobo, spokesman of the NCC, said this in a statement issued on Friday.The statement said the regulatory agency has vowed to avoid past mistakes that led to the near-collapse of Nigeria’s fourth largest mobile [...]

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    Nigerian banks have been investing heavily in T-bills, says Fitch

Nigerian banks have been investing heavily in T-bills, says Fitch

Global credit rating agency, Fitch, says Nigerian banks averaged a 7.5% margin on treasury bill (T-bills) yields in the first half of 2017 (1H17).According to a statement released by the rating agency on Friday, banks have been investing heavily in T-bills since second half of 2016 (2H16), improving interest income and maintaining margins. WHAT IS T-BILL?T-Bill is a short-term debt [...]

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    Investors call for restructuring of power sector

Investors call for restructuring of power sector

Some participants at the Nigerian Economic Summit holding in Abuja have called for the restructuring of power.Tony Elumelu, chairman of Heirs Holding, said the power sector needs to be recapitalised, citing access to electricity as a game-changer in the development of the nation’s economy.Elumelu advised the government to increase their investment in the sector, scaling up ownership from 51% to [...]

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    Investors confidence soars as FX window records $1.323bn transactions

Investors confidence soars as FX window records $1.323bn transactions

Trading results from the FMDQ OTC Securities Exchange, has shown that foreign exchange trading at the investors' and exporters' (I & E) window recorded an unprecedented high.The total market turnover rose to $1.323 billion from $803.1million in just one week.The surge in activities at the I & E window was linked to offshore investor interest in treasury bills and the primary [...]

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Exchange Rates

June 19, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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