Nigeria’s leading financial institution, Coronation Merchant Bank has announced the launch of its 2023 Economic Review and Outlook report which focuses on trends for core macroeconomic indicators and relevant emerging policy themes that will shape 2023. This report themed Baton Hand-Off: Economic Headwinds and Expected Resilience covers global economic headwinds and growth trends, inflationary pressures and expectations, dynamics in the domestic oil market, exchange-rate expectations, thoughts around monetary and fiscal policies and sectorial trends, among others. The report also takes a deep dive into potential implications of the imminent change in administration. Commenting on this report, Banjo Adegbohungbe, MD/CEO of…
Author: Oladi Samuel
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In its January Energy Outlook, British Petroleum (BP) highlighted the four trends it believes will determine the future of global energy. The trends, as seen by Nairametrics, include the following- the declining role of hydrocarbons, the rapid expansion of renewables, increasing electrification, and the growing use of low-carbon hydrogen. According to the outlook, the Russia-Ukraine war will also have long-lasting effects on the global energy system and spark weaker economic growth. This will manifest in many ways including increased energy security concerns which will trigger a shift towards a more local, lower-carbon energy mix, as well as energy security concerns that can…
Google for Startups Accelerator Africa is accepting applications from startups in 17 African countries including Nigeria. The Accelerator programme is a three-month virtual programme for high-potential Seed to Series A tech startups based in Africa. The programme is grouped into Google for Startups Accelerator (Women) Founders and Google for Startups Accelerator (Africa) More details about the programme: The Google for Startups Accelerator (Women Founders) programme is focused on supporting women-led tech startups up to the Series A stage. These startups must be based in Africa or building Africa-centered solutions. The programme is designed to offer the best of Google’s expertise, products,…
The maximum lending rate for Nigerian banks rose to 29.13% in December 2022 from 28.14% recorded in the previous month and 27.58% in the corresponding period of 2021. Lending rates increased on the back of the multiple rate hikes by the Central Bank of Nigeria in 2022. Specifically, the CBN raised the benchmark interest rate by a collective 500 basis points to 16.5%, representing its highest rate in 21 years. According to the money and credit statistics from the Central Bank of Nigeria, the maximum lending rate averaged 28.09% in 2022 compared to 28.06% recorded in the previous year. Meanwhile, the prime…
Online payment company, Paypal, has announced plans to cut its global workforce by 2,000 or 7% as part of cost-cutting measures. The company said this decision becomes inevitable in the face of the “challenging macro-economic environment.” Paypal’s announcement came as the latest in the series of layoffs by big tech companies, which have affected thousands of tech workers globally. Message to the employees: The Chief Executive Officer of Paypal, Dan Schulman, in a message to the company’s employees noted that while the company had made some progress in right-sizing its cost structure, it realized that has to do more to remain in…
The presidential candidate of the ruling All Progressive Congress (APC) has criticized the management of Nigeria’s foreign exchange market which has led to the depreciation of the naira, in what appears to be an attack on President Muhammadu Buhari’s administration. The recent attack is coming some days after he criticized the Central Bank of Nigeria (CBN)’s naira redesign policy and the current fuel scarcity in major cities across the country, alleging that they are part of the plots to sabotage his victory at the forthcoming presidential election. This was made known on Tuesday evening, January 31, 2023, by Tinubu, while…
As audited accounts start to trickle in, companies will propose dividend payments to their shareholders as recommended by their respective boards of directors. It is also important to track these announcements to know who is eligible to collect the dividend, when it will be approved, and when it will be paid. Dividend payment also affects share prices. This page will be updated from time to time. Legend Date announced – The date the company announced dividends, evidenced by a corporate action published on the website of the Stock Exchange. Dividend during the year – This represents all the dividend announcements…
Equity trading on the Nigerian Exchange Limited (NGX) finished the first month of the year (January) in the green territory as the NGX All-Share Index appreciated by 3.88% to close the final trading day with 53,238.67 index points. Despite the rising inflation, interest rate hike, and naira redesign, equity investors increased their buying pressures on an expected impressive full-year 2022 corporate earnings results. Market performance: Available statistics seen by Nairametrics showed that the All-Share Index opened the trading year at 51,251.06 indexes on January 4, 2023. It then closed the month at 53.238.67 points, gaining 1,987.61 basis points or 3.88%. Further…
The London School of Economics and Political Science (LSE) in collaboration with Channels TV via the Firoz Lalji Institute for Africa, has initiated a podcast focused on telling the inspiring stories of young individuals. Nairametrics gathered that the podcast is called “The Climb Podcast” and is intended to engage with Africa through research, teaching, public events, and reinforcing LSE’s long-standing dedication to making Africa a central aspect of global issue discussions. Recall that the Programme for African Leadership was established at LSE to empower a new generation of African leaders and promote the best practices of economic and social development…
Flutterwave, Africa’s leading fintech firm, has unveiled its plans to overhaul its signature retail product, Barter. This product offers money transfer and virtual card services to customers. On January 31st, customers received an email from Flutterwave stating that the company aims to make the platform more efficient and user-friendly by rebuilding it. The product team is working on a completely new version with improved features. The new design will tackle customer concerns by separating its services and addressing specific issues. During maintenance, some features such as new user sign-up and barter-to-barter transfers will be affected, but customers will still be…