Author: Ogochukwu Ndubuisi

Weekly Review: NGX Transacts 7.772bn Shares, Gains N3.35trn The Nigerian Exchange Ltd. (NGX) All-Share Index and market capitalisation rose by 2.27 per cent and 2.13 per cent, respectively, to close the week at 250,330.92 points and N160.444 trillion. This compares with 244,775.83 points and N157.094 trillion recorded in the previous week. Analysis of market performance showed that investors gained N3.350 trillion as the market recorded three bullish sessions and two bearish sessions during the week. Similarly, all other indices closed higher except the NGX Oil and Gas Index, NGX Sovereign Bond Index, and NGX Commodity Index, which declined by 1.19…

BPP Issues Guidelines on Contract Variations The Bureau of Public Procurement (BPP) has issued comprehensive guidelines for the implementation of the Federal Government’s revised policy on contract variations and mandatory use of final designs for public projects. This is contained in a statement issued by Zira Nagga, Head of Press and Public Relations, BPP, in Abuja on Saturday. According to the statement, the guidelines, issued pursuant to Sections 5(a) and (o) of the Public Procurement Act (PPA), 2007, follow the approval of the revised policy by the Federal Executive Council (FEC). The statement said the policy was conveyed through the…

Inflation Still Weighing Heavily on Manufacturers, MSMEs – LCCI The Lagos Chamber of Commerce and Industry (LCCI) on Saturday urged the government to consolidate the ongoing macroeconomic reforms, as inflation continued to weigh heavily on manufacturers. It listed Micro, Small, and Medium Enterprises (MSMEs), traders, and consumers as those also affected. Director-General of the LCCI, Dr Chinyere Almona, advised in a statement in Lagos, while reacting to the latest inflation figures released by the National Bureau of Statistics (NBS). Almona noted that Nigeria’s headline inflation rate rose marginally to 15.69 per cent in April, from the 15.38 per cent recorded…

Tinubu Confirms Elimination of ISIS Abu-Bilal Al-Manuki by US, Nigerian Forces Bola Tinubu has confirmed the elimination of Abu-Bilal Al-Manuki, one of the senior leaders of the Islamic State, during a joint counter-terrorism operation carried out by Nigerian and United States forces in the Lake Chad Basin. In a statement issued from the State House on Saturday, Tinubu described the operation as a major example of effective international collaboration in the fight against terrorism. The president said that the operation was conducted overnight by the Nigerian Armed Forces in close coordination with the United States Armed Forces. “Our determined Nigerian…

AfDB Approves $200m BoI Facility The African Development Bank (AfDB) Group has approved a 200 million dollar financing facility for the Bank of Industry (BoI). The intervention is designed to support Nigeria’s industrial growth and strengthen private sector productivity across strategic sectors. The bank disclosed this in a statement issued on Friday in Abuja. The facility will provide medium- and long-term financing for businesses seeking expansion capital. The funding targets infrastructure, transport, agro-food processing, healthcare, pharmaceuticals, and green industrialisation sectors. The bank said the intervention aligned with efforts to deepen industrial capacity and improve economic competitiveness in Nigeria. It added…

Nigeria Grants Rwandans 30-day Visa-Free Entry The Nigeria Immigration Service (NIS) says it has completed arrangements to implement a 30-day visa-free entry policy for Rwandan nationals entering Nigeria. The Service Public Relations Officer (SPRO), NIS, Mr Akinsola Akinlabi, disclosed this in a statement on Friday in Abuja. Akinlabi said the directive followed President Bola Tinubu’s announcement at the Africa CEO Forum in Kigali, Rwanda. He said that the President granted Rwandan citizens visa exemption in reciprocation of a similar gesture by the Rwandan Government to Nigerians. He also said that under the bilateral arrangement, Rwandan nationals would be allowed entry…

Fitch Ratings has affirmed Guaranty Trust Holding Company Plc’s (GTCO) and Guaranty Trust Bank Limited’s (GTB) – its main operating subsidiary – Long-Term Issuer Default Ratings (IDRs) at ‘B’. Fitch has also affirmed their National Long-Term Ratings at ‘AA+(nga)’.

The South African rand or ZAR has weakened against major currencies, trading at R16.56 per U.S. dollar (USD), R19.29 per euro (EUR), and R22.11 per British pound (GBP), First National Bank said in a note on Friday.

The International Finance Corporation (IFC) says it would immediately send a mission to Nigeria to explore scalable investment structures that could unlock private capital into the sector.

APM Terminals President Pledges Fresh $600m Investment in Nigeria President Bola Ahmed Tinubu’s economic and investment drive received a further boost on Thursday, as world-class port operator APM Terminals pledged a $600 million investment in Nigeria’s maritime sector. Regional President, APM Terminals Africa-Europe, Igor van den Essen, disclosed this when he led other executives, including Head of Investments, APM Terminals, Martijn Van Dongen, and CEO, APM Terminals Nigeria, Frederik Klinke, to meet with President Tinubu on the sidelines of the ongoing Africa CEO Forum in Kigali, Rwanda. Igor van den Essen said the proposed investments will be deployed in Apapa…