Author: Julius Alagbe

Investment in Livestock will Turn Tragedy to Economic Opportunity—Tinubu President Bola Tinubu says his administration’s renewed focus on driving international and local investments into the livestock sector will end farmer-herder clashes. Tinubu said this on Thursday in Rio de Janeiro, Brazil, at the signing of a Letter of Intent between the Nigerian Government and the JBS S.A, one of the top three largest meat processing companies globally. “What we are doing right now is that we are solving a problem that afflicts humanity in that part of Africa. “Clashes between farmers and migrating cows that have caused some lives and…

Borrowing: LCCI Advises FG on Options to Fund Budget The Lagos Chamber of Commerce and Industry (LCCI) has expressed concerns over the Federal Government’s plan to borrow $2.2 billion, warning of potential debt sustainability issues and impacts on infrastructure. The chamber, in a statement on Friday in Lagos, said that there was need for diversifying funding sources beyond debt financing. Its Director-General, Dr Chinyere Almona, said that the Federal Government could intensify efforts to expand the non-oil revenue base through tax reforms and promote export-driven sectors like agriculture and manufacturing. Almona also suggested other options such as boosting exports, tourism,…

Tax Evasion can now Lead to Imprisonment, Assets’ Seizure, Oyo Warns The Oyo State Government may soon be using legal action against residents and business owners domiciled in the state who evade the payment of taxes, an official said on Friday. Mr Olufemi Awakan, the Executive Chairman of Oyo State Board of Internal Revenue, disclosed in a statement in Ibadan it was time to clear all backlog of tax payments. “It is also time we ensure residents of the state fulfil their civic responsibilities and obligations to the state. “The payment of taxes and levies are not optional, as stated…

FX Reforms Improve Valuation Transparency, Foreign Investment—Issuing Houses The Association of Issuing Houses of Nigeria (AIHN) says reforms in the foreign exchange (FX) market have significantly improved valuation transparency in companies and increased foreign investment in the economy. AIHN’s President, Ms. Kemi Awodein, said this at the association’s Annual General Meeting (AGM) in Lagos. Awodein explained that the several successful transactions facilitated within the year were boosted by the forex reforms. These, she mentioned, included Heineken’s 24 billion dollar acquisition of a controlling stake in Nigerian Breweries and Sahara Group’s one billion dollar purchase of Egbin Power. “These deals were…

Bago Strikes $5bn Sugar Deal to Transform Niger Economy Gov. Muhammed Bago of Niger says the five billion dollars Memorandum of Understanding (MoU) signed by the Niger Foods and Uttam Sucrotech International Ltd. will transform the economy of the state. Bago said this during the signing of the MoU by the Niger Foods and Uttam Sucrotech International Ltd., a consortium of Brazilian and Indian sugar value chain experts, on Nov. 20 in Rio de Janeiro, Brazil. He said the deal was targeted at developing 250,000 hectares of sugarcane field and six sugar/ethanol plants in Niger over the next three years.…

Oil prices climbed again in the global commodities market as Russian President Vladimir Putin warned of global conflict after US and UK made missiles were fired by Ukraine.

The spot rate on one-year Treasury Bills (NTBs) issued by the Central Bank of Nigeria (CBN) increased by 50 basis points to 23.50% during the recently concluded primary market auction.

Nigeria Eurobonds Rally as Foreign Investors Eye Attractive Yield Amidst a plan to raise $2.2 billion in external borrowing, Nigeria’s sovereign Eurobond has continued to attract foreign portfolio investors (FPIs) in the international market. The renewed buying interest by the offshore investors followed mild selloffs triggered by uncertainties spooked by consumer price index data for October. After Nigeria’s statistics office announced the inflation rate climbed to 33.88% last week, offshore investors sold down their interest. The riskoff sentiment was not sustained, as the trading trend showed a bullish tendency that will persist. Most global rating agencies believe that the monetary…

Trading activities on Nigerian Treasury bills boomed in the secondary market after the spot rate on the 364-day paper was adjusted by 50 basis points to 23.50% during midweek auction.

Naira Mixed as Markets Brace for $2.2bn External Borrowing The naira appreciated on the strength of external borrowing approval, FX intervention, and sustained increase in external reserves. Increased demand for foreign currencies in Nigeria has caused the naira to lose its allure. On Thursday, the one-sided exchange rate gain raised the gap between official and parallel market rates to N82. U.S dollar supply is still somewhat constrained by the underperformance of the oil and gas sector, which is one of the major sources of foreign currency inflows in Nigeria. The markets have braced for Eurobond issuance following the lawmaker’s approval…