Nairametrics held its first Economic Outlook for 2023 termed ‘Economic Opportunities to mitigate the impact of headwinds” on the 4th of February 2023. The event was held online, via Zoom, and in attendance over 500 participants from all over the country and in the diaspora. The event featured, the CEO of SBM Intelligence, Cheta Nwanze, CMO of Mixta Africa, Rolake Akinkugbe-Filani, Partner and Chief Economist at PWC, Andrew Nevin, and Financial Instructure and Public Affairs analyst, Kalu Aja. Rotus Oddiri of Arise TV Business hosted the show. Nairametrics Founder, Ugodre Obi-Chukwu was the main speaker at the event opening with…
Author: Oladi Samuel
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The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Senate President, Dr. Ahmad Lawan and Speaker of the House of Representatives, Mr. Femi Gbajabiamila over their “failure to cut the unlawful National Assembly budget of N228.1 billion, including the N30.17 billion severance payments and inauguration costs for members.” The suit by the advocacy group followed the move by the National Assembly to increase its 2023 budget from N169 billion proposed by President Muhammadu Buhari to N228.1 billion, representing an increase of about N59.1 billion. What SERAP is seeking in the suit In the suit number FHC/ABJ/CS/152/2023 filed last Friday at the…
The market capitalization of Nigeria’s tier-1 banks, otherwise known as FUGAZ, appreciated by 2.30% to close at N2.57 trillion on Friday, February 3, 2023, as investors gained a total of N57.8 billion. At the end of this week’s five trading days, the five tier-1 Nigerian banks enjoyed positive market sentiments, with FBNH PLC leading the gainers. According to data from the Nigerian Exchange (NGX), the market capitalization of the top five banks rose to N2.58 trillion after appreciating by 2.30% during the week. A summary of the performance of each bank is captured below. FBNH PLC FBNH’s share price appreciated…
The presidential candidate of the Labour party, Peter Obi, has weighed in on the naira scarcity, saying that the currency redesign is not peculiar to Nigeria, although he believes that improvements could have been made in its implementation. Obi pleaded with Nigerians to bear with the Central Bank of Nigeria (CBN) and the Federal Government over the current scarcity of the newly redesigned naira notes with the hope that the general public will soon benefit from the reforms. This was made known in a statement issued by Peter Obi on Sunday, February 5, 2023, and can be seen on his…
Electricity remains an essential factor and economic tool in any nation. It’s important not just for individual use, but hardly will any sector of the economy or business survive without electricity. In Nigeria, “UP NEPA” is a lingua franca that spreads across the nooks and crannies of the country which mostly symbolizes the presence of electricity. Here are some things to note about electricity in Nigeria. As of December 2022, Nigeria has a generating capacity of 22,000 megawatts Nigeria as of 2020, has 54% electricity access Despite the nature of the country’s electricity, Nigeria exports electricity to neighbours Niger, Benin,…
The Nigerian National Petroleum Company (NNPC) Limited has said that 64.42 million liters of fuel were evacuated on a daily basis between January 28 and February 3. This disclosure is contained in a Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) weekly and daily dispatch report posted on its official Twitter account on Sunday, February 5. Meanwhile, the report also noted that within the week under review the total evacuation for the week was 450.92 million liters. These figures give credence to the February 2 statement made by Group Chief Executive Officer of the NNPC, Mele Kyari on the NTA News…
Dupe Olusola, the MD/CEO of Transcorp Hotels PLC, one of Africa’s leading hospitality companies, outlines what it means to her to be successful. She considers everyone’s definition of success to be exclusive because it depends on their experiences and the outcomes they seek. “It is about giving back to the people – individuals and community around me,” – she says, defining what it means to her. The leading woman believes that success does not only depict what has been achieved. It also shows how well one performs the role they introduced themselves for. She delves further into the point, demonstrating that it…
The Nigerian billionaire businessman is more than simply a strolling pose in his distinctive red socks and black suit. Tony Elumelu has had an enormous impact on the African commercial setting. Tony Elumelu is the Chairman of the UBA Group, a multinational Pan-African bank, and the CEO of Heirs Holdings, a family-owned investment firm. He has a majority stake in Transcorp Group, a publicly traded Nigerian conglomerate with activities in hospitality, farming, oil, and power. Here are five effective ways Tony Elumelu brands himself. His distinct sense of fashion Tony Elumelu is a billionaire with style. One thing you can’t…
The Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), Dr. Andrew Nevin said that Nigeria neither has a revenue problem, nor a debt problem, but a growth problem. This was made known on Saturday, February 4, 2033, by Nevin while speaking at the first Webinar session organized in 2023 by Nairametrics, with the theme: ‘2023 Economic Opportunities to Mitigate Impact of Headwinds.’ Nevins, in the statement, said that he disagrees with Nigeria’s minister of finance, who has on many occasions said “Nigeria doesn’t have a debt problem, but revenue problem. He said from the trajectory where economic growth is not…
Financial Analyst, Mr Kalu Aja, has said that with the inflation rate hovering above 20%, it is very difficult to make a real return on investment in Nigeria. Aja stated this today at the Nairametrics Economic Outlook 2023 Webinar with the theme: 2023 Economic Opportunities to mitigate the impact of headwinds. Return on investments: He noted that the implication of the current inflation rate in Nigeria is that to make a real return on investment in Nigeria, an investor may not make up to 21% return on investment. He said: “Look at all the top stocks in the Nigerian stock market…