The Nigerian All-Share Index (ASI) closed slightly lower on January 10, dropping by 79.68 points to end at 105,451.06.This represents a 0.08% decline from the previous day’s close of 105,530.74. Despite the dip, the index remained comfortably above the 105,000 mark.Trading activity picked up, with market volume increasing by 4.44% from 489 million shares to 511 million shares.Market capitalization also held firm at N64.3 trillion, recorded across 12,877 transactions, maintaining its position above the N64 trillion level.The session saw notable performances from top gainers CILEASING and HONYFLOUR, which rose by 10.00% and 9.99%, respectively.On the other hand, SUNUASSUR led the…
Author: Oladi Samuel
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The Niger Ministry of Agriculture and Food Security has deployed agricultural experts to promote innovative and impactful farming methods among local farmers, to improve crop yields.Dr. Matthew Ahmed, Permanent Secretary, announced the initiative during visits to Niger Foods Green House and Edozhigi Irrigation Scheme in Gbako Local Government Area.Dr. Matthew Ahmed, Permanent Secretary in the ministry, announced this initiative during a visit to the Niger Foods Green House and Edozhigi Irrigation Scheme in Gbako Local Government Area.The inspection, conducted in collaboration with the Alliance for Green Revolution in Africa (AGRA) and Synergos Nigeria, also covered 57.3 hectares allocated to permanent…
The National Bureau of Statistics (NBS) is set to rebase Nigeria’s Gross Domestic Product (GDP) this year, using 2019 as the new base year instead of 2010.The base year for GDP calculations is being updated from 2010, which has been in use for the past 15 years, to 2019.This means that constant prices previously based on 2010 will now be based on 2019.On January 9, 2024, the NBS in collaboration with the Nigerian Economic Summit Group (NESG), organized a workshop to explain the rebasing process to market and media stakeholders.What rebasing means Basing GDP against a benchmark of prices from a…
Shares of MTN Nigeria have soared by over 20% month-to-date in early January, with market activity exceeding 13 million shares traded.This strong rise reflects a correction from a low in 2024, where the stock dipped to N170 in November amid foreign exchange struggles.According to the earnings report released in late October for the nine-month period ending September 30, 2024, net foreign exchange losses spiked by 90.8% year-over-year, reaching N904 billion compared to N474 billion in 2023.To navigate macroeconomic challenges, MTN diversified its financing options and bolstered its short-term working capital by issuing commercial papers.From early November to late December, the…
Prof. Mojisola Adeyeye, Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), has called for financial support to facilitate clinical trials on herbal medicines.Speaking in an interview on Friday in Lagos, Adeyeye emphasized the importance of the agency’s financial stability as a key part of its strategic plan to ensure the safety, quality, and efficacy of herbal products.She explained that conducting clinical trials would enable NAFDAC to provide scientific evidence on the safety and efficacy of herbal medicines.“NAFDAC aims to provide scientific evidence on their safety and efficacy, ultimately protecting public health and promoting the development…
The Nigerian Electricity Regulatory Commission (NERC) has announced the transfer of regulatory oversight for the electricity market in Niger State to the Niger State Electricity Regulatory Commission (NSERC).The announcement was made via NERC’s official X (formerly Twitter) handle on Friday.This development aligns with the provisions of the Federal Republic of Nigeria’s amended Constitution and the Electricity Act 2023, which empowers states to regulate their electricity markets.While NERC remains the central regulator overseeing inter-state and international electricity generation, transmission, supply, trading, and system operations, this transfer marks a significant step towards localized regulation of electricity markets within states.Key Provisions of the…
Brent Crude Oil hit $80 a Barrel on Friday, the highest since October 2024.This marks an increase of over 3% from the previous day.The price of Brent had hovered around $74-$77 since it dropped from above $80 in October.Today, oil prices broke the $80 barrier, driven by concerns over potential US sanctions on Russian oil exports. This concern is backed by a U.S. treasury document quoted in a Reuters reportUS to impose harsh sanctions on Russian oil fleet A purported U.S. Treasury documents circulating among oil traders in Europe and Asia suggest that the United States will impose some of the…
The Central Bank of Nigeria (CBN) has launched two new financial products, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), aimed at attracting Nigerian citizens living abroad.In a statement released on Friday, the CBN emphasized that these accounts will enhance access for Non-Resident Nigerians (NRNs) to opportunities within the Nigerian economy and boost their contribution to the socio-economic development of the country.According to the CBN, these accounts will provide NRNs with a secure environment to manage their funds directly, reducing their reliance on third parties for local commitments and obligations.Effective January 1, 2025, eligible NRNs…
The National Bureau of Statistics (NBS) has listed the real estate sector as the third-largest sub-sector in Nigeria’s economy, up from 5th position, following the recent GDP rebasing exerciseAccording to data from the Nigerian Bureau of Statistics (NBS), the real estate sector contributed 5.20 per cent to the GDP in Q1 of 2024.The rebasing exercise has rearranged the hierarchy of Nigeria’s leading industries. While grain crop production and Trade remain the top and second-largest industries, real estate has surpassed crude petroleum and Natural gas to claim third place.Telecommunications remains in the fourth spot, followed by Crude Petroleum and Natural Gas, Construction, and Food, beverages,…
The Economic and Financial Crimes Commission (EFCC) said it has arrested four Chinese nationals and 101 Nigerians over an alleged perpetration of internet fraud in Abuja.According to the Commission, the suspects were apprehended in a business apartment in the Gudu axis of Abuja on Thursday, January 9, 2025.The EFCC said this was in continuation of its efforts to clean the nation of internet fraud and other acts of corruption.“The suspects, comprising 67 males (including four Chinese) and 38 females were allegedly involved in a hotel review job scam targeting victims and hotels in Europe and other parts of the world.“The…