Nigerian Stock Exchange Capitalization Hits Historic $51bn On Sustained Rally
The market capitalisation of the Nigerian Stock Nigerian (NSE), which is the total value of all listed equities, hit a historic peak of N20.281 trillion (about $51bn) on Wednesday, as investors increased demand for stocks to reposition for year-end seasonal trends and the much expected economic recovery in 2021.This is the highest the market would […]
Nigeria’s BUA Signs Pact With China’s CBMI To Build Cement Plants Worth $1.05bn
Nigeria-headquartered BUA Cement Plc has signed an agreement with Sinoma CBMI of China for the construction of three new cement plants of three million tonnes each per annum in Edo, Sokoto and Adamawa States. The nine-million tonnes combined capacity expansion project, estimated to cost about $1.05billion, is slated to be completed by the end of […]
European Stocks Tumble At Open
European stocks slumped at the open Monday and the pound crashed as a new highly infectious strain of coronavirus found in Britain sent traders running for cover. London’s benchmark FTSE 100 index slid more than 1.0 percent, while eurozone indices dived over 2.0 percent — with trade impacted also by Britain and the EU failing […]
WTO Laments Absence Of Substantive DG, US Makes Weird Proposal To Restart Elective Process
The World Trade Organisation on Friday stated that the absence of a substantive director general is hurting its operations and would not describe 2020 as a very successful year. The WTO made this statement during a press briefing, adding that a special general council early in the New Year is needed to make a decision […]
Nigerian Senate Passes 2021-2023 MTEF/FSP, Pegs Total At Expenditure At $35bn
The Nigerian Senate on Thursday passed the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) shortly before it adjourned plenary. The passage of the document was sequel to the consideration of a harmonized conference report of the Joint Committee of the Senate and House of Representatives. In his presentation, Chairman of the […]
US Still Not In Support Of Okonjo-Iweala’s Bid for WTO DG
The United States has suggested that the process to find a new Director-General of the World Trade Organisation (WTO) needs to be reopened, in what would be an unprecedented move. President Donald Trump’s trade chief, Robert Lighthizer, told the British broadcaster BBC that the WTO needs “someone with real experience in trade”. The US had earlier […]
Benin Traders Anxious For Nigeria’s Borders To Reopen
The main border crossing between Benin and Nigeria was buzzing following the announcement it would reopen after more than 16 months, relieving thousands who suffered from the closure. Nigeria said Wednesday it was lifting the closure of its borders with neighbouring Benin and Niger imposed in August 2019 in a move it said would curb […]
Trump Organization Must Turn Over Documents To NY Attorney General, Judge Rules
A state judge ruled Tuesday that the Trump Organization must turn over documents related to a property whose tax abatements were being investigated by New York Attorney General Letitia James’ office. The Trump Organization previously claimed the documents were protected by attorney-client privilege. Amy Carlin, an attorney for the Trump Organization, argued Tuesday that the […]
Nigeria Hits 14.89% Inflation, Food Prices Increase
Nigeria’s headline inflation has increased for the 15th consecutive month to 14.89% in November 2020, from 14.23% in October. The report which was released on Tuesday by the National Bureau of Statistics (NBS) also shows a spike in food inflation which jumped to 18.30% in November from 17.38% the previous month, while core inflation declined […]
FGN Give Two Weeks Ultimatum To Service Providers To Block SIMs Without NIN
The Federal Government of Nigeria has issued an ultimatum to all telecommunications operators in the country to block all Subscriber Identification Modules (SIMs) without National Identification Number (NIN). It also ordered the network operators to ask all their subscribers to provide valid NIN to update their records and suspend SIM registration. These formed parts of […]
