The Central Bank of Nigeria’s (CBN’s) interventions in the foreign exchange (forex) market last year put pressure on the country’s external reserves, the Lagos Chamber of Commerce and Industry (LCCI) Director-General (DG) Muda Yusuf has said. According to him, this made the external reserves to drop from $47.5 billion in July to $43 billion as […]
Author: Isaac Umunna
Nigeria earns N808bn from VAT in 9 months – NBS
The National Bureau of Statistics (NBS), says the revenue generated from Value Added Tax (VAT) from sectoral distribution from first to third quarters of 2018 was N808 billion. VAT is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. […]
Oil volatile, ends up 2 percent but demand concerns still weigh
Oil prices rose about 2 percent in choppy trading on Wednesday, supported by a slight recovery on Wall Street, even as concerns remained about weakening global economic growth which could hurt demand for oil. Brent crude (LCOc1) futures gained $1.11, or 2.1 percent, to settle at $54.91 a barrel, after trading between $52.51 and $56.56. […]
Nigeria: Manufacturers see bleak outlook for budgetary process, inflation in 2019
The Manufacturers Association of Nigeria, MAN, has expressed fears that worse fate awaits the economy on the heels of a likely late passage of the 2019 budget. They also projected that developments in the global economy, especially in the area of interest rates and tightening commodity markets, would likely contract investment inflow to the country. […]
Minimum wage: NLC begins indefinite strike Jan. 8
Following the inability of the Federal Government to urgently transmit the bill on the new national minimum wage to the National Assembly, the Nigeria Labour Congress (NLC) has set Jan. 8 as date for the commencement of an indefinite nationwide strike. NLC President Comrade Ayuba Wabba said the strike would be inevitable if nothing happened […]
‘2019 will be tough if Nigeria Does Not Change Fiscal Federalism’
An economist, Chika Onuegbu, has said that the economic indicators in the country for 2019 are unfavourable to Nigeria, adding that the year will be very tough for the country. Onuegbu, who is the Chairman, Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Staff Association Committee on Petroleum Industry […]
Oil ends at 2-week high as traders eye signs OPEC output cuts
Oil futures on Wednesday shook off earlier losses to settle at their highest in two weeks, buoyed by a reported drop in December crude exports from Saudi Arabia, as the new year marked the start of output cuts by the Organization of the Petroleum Exporting Countries and its allies. Oil fell in early trading, fueled […]
Apple confirms stock market biggest fear
More and more companies are confirming that President Trump’s trade war is slowing down the global economy. On Wednesday, Apple (AAPL) shocked markets when it said revenue in its holiday quarter would miss expectations. This news sent Apple shares down as much as 7% after hours and confirmed the market’s biggest fear about the global […]
Shell to load first condensate cargo from Prelude FLNG project end Jan
Shell will load the first condensate cargo from Australia’s Prelude FLNG project at end January, according to shipping reports and sources Thursday. The condensate will be loaded in a 80,000 mt clip over January 31 to February 2, shipping reports showed. A vessel has not been fixed for the cargo, and shipbrokers said Shell began […]
2019 elections: Stock market indicators depreciate by 19.77%
The year 2018 was not so rosy for the Nigerian Stock Exchange (NSE) as its crucial indicators depreciated by 19.77 per cent due to uncertainties surrounding the forthcoming general elections. The News Agency of Nigeria (NAN) reports that the exchange which was named the third best performing stock exchange in the world in 2017 with […]