Akwa Ibom, Kano, Ogun, Nasarawa, and the Onitsha to Port Harcourt corridor are areas in Nigeria outside the main commercial centers of Lagos and Abuja that offer opportunities in Nigeria at sub-national level for investors as there is a lot of entrepreneurial activity going on in those states which most analysts overlook. This was disclosed by Cheta Nwanze, the Lead Partner at SBM Intelligence, at the 2023 Nairametrics Economic Outlook. Mr. Nwanze also stated that there are immense opportunities in the area of agricultural technology in Nigeria as people would always need food taken to them cheaply and efficiently. Opportunities…
Author: Oladi Samuel
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The Nigerian Exchange (NGX) closed positive amidst buy-interests and sell-offs as bulls dominated proceedings, driving up the broad market. The All-share Index (ASI) appreciated by 0.28% to close at 54,367.74 points. In the same vein, market capitalization grew by N84 billion to close at N29.612 trillion while the Year-to-Date (YtD) returns settled at 5.37%. The stock market has advanced by 2,772.08 basis points since the start of the year. Market breadth closed flat as SOVRENINS led 16 gainers, and 16 losers topped by MCNICHOLS at the end of today’s session. Market Indices NGX ASI: 54,367.74 points Previous ASI: 54,213.09 points …
AXA Mansard Insurance Plc has released its unaudited financial statement for the full-year 2022. The company reported N3.629 billion as profit before tax for the year, representing a 37.3% decline from the N5.784 billion pre-tax profit reported in 2021. See the key details of the financial report below. Gross Written Premium 2022 FY: N68.980 billion 2021 FY: N60.197 billion Change: +14.6% Gross Premium income 2022 FY: N69.445 billion 2021 FY: N55.722 billion Change: +24.628% Net premium income 2022 FY: N46.207 billion 2021 FY: N37.142 billion Change: +24.4% Net underwriting income 2022 FY: N48.604 billion 2021 FY: N39.002 billion Change: +24.6%…
High demand for accommodation by international students have pushed rental prices up by as much as 8% across the developed world. In Canada and Australia, the average rent for purpose-built student housing increased by about 8% last year. And this was due to increased demand from international students. According to a new report by BONARD titled ‘Student Housing Annual Report 2022’, the average rent in the United Kingdom increased by 4.4% to £1017 per month for a single studio. For the rest of Europe, costs rose by 3.1%. Analysts believe that rising inflation and the energy crisis have also contributed to…
Twitter owner, Elon Musk, said he had a tough time over the last 3 months trying to rescue the company he bought for $44 billion from bankruptcy. The billionaire said it was tougher because he also had to combine that with carrying out his duties as the CEO of Tesla and SpaceX. While noting that Twitter is now regaining its balance and moving towards a breakeven, he said the company still faces challenges. Not financially healthy yet: While appreciating the public support he received since he acquired the company, Musk tweeted: “The last 3 months were extremely tough, as had…
Twitter owner, Elon Musk, said he had a tough time over the last 3 months trying to rescue the company he bought for $44 billion from bankruptcy. The billionaire said it was tougher because he also had to combine that with carrying out his duties as the CEO of Tesla and SpaceX. While noting that Twitter is now regaining its balance and moving towards a breakeven, he said the company still faces challenges. Not financially healthy yet: While appreciating the public support he received since he acquired the company, Musk tweeted: “The last 3 months were extremely tough, as had…
Thirteen political parties out of the 18 political parties in Nigeria have threatened to withdraw from participating in the February 25 and March 11, 2023, general elections, if the Central Bank of Nigeria (CBN) extends the February 10 deadline for the naira swap. This was made known on Monday by the National Chairman of the Action Alliance, Kenneth Udeze, on behalf of the coalition of chairmen of political parties, during a press briefing, saying that the parties won’t be interested in the elections if the new deadline of February 10, 2023, is shifted again as demanded by APC governors. The…
Tony Elumelu, the founder of the Tony Elumelu Foundation and Board Chair of United Bank for Africa (UBA), has shared a very inspiring story of how he obtained his first banking job. On Friday, he posted a photo of himself as a young man during his youth service days along with the inspiring story. Young Elumelu received his first banking job a few years after finishing his Master’s degree programme. He said he got the job even though he knew he didn’t meet the employer’s requirements. Getting his first job: According to him, the bank required graduates with at least a…
The exchange rate between the naira and the US dollar improved at the black market on Monday, 6th February 2023, to trade to an average of N744/$1, representing a 0.53% appreciation compared to N748/$1 recorded on Friday, 3rd February 2023. This is according to information from black market FX traders who spoke to Nairametrics. On the other hand, the exchange rate at the cryptocurrency P2P exchange depreciated marginally by 0.10% on Monday, 6th February 2023 to a minimum of N745.77/$1, as against N745/$1 recorded in the previous trading session. Meanwhile, the exchange rate at the investors and exporters (I&E) window…
The International Securities Services Association (ISSA) has admitted FMDQ Depository Limited, a wholly-owned subsidiary of FMDQ Group Plc, as a member of the association. The membership approval of the Central Securities Depository (CSD) registered by the Securities and Exchange Commission was contained in a press statement made available to Nairametrics. Benefits of memberships: Speaking on the membership acceptance, Mr Bola Onadele, Chief Executive Officer said the group considers the approval beneficiary to the execution of its mandate to provide a safe depository for financial markets assets, a platform for collateral services and transfer agency, as well as facilitate effective settlement of capital market transactions thereby reducing operational risk…