Author: Olu Anisere

Interbank rates eased in the money market following a moderate inflow and signature bonus that boosted the balance in the financial system at the beginning of the week. The market also received N9.52 billion in FGN coupon payments.

Africa Needs $74bn Debt Service – AfDB Chief Economist Prof. Kevin Urama, Chief Economist and Vice President, Economic Governance and Knowledge Management, African Development Bank (AfDB), says the continent needs 74 billion dollars in 2024 for debt service. Urama disclosed this at the launch of the Debt Management Forum for Africa (DeMFA) and its innaugural policy dialogue on Monday in Abuja. The theme of the dialogue is; “Making Debt Work for Africa: Policies, Practices, and Options”. He cautioned that the actual figure could be higher if hidden debt and contingent liabilities were accounted for. Umara said, “According to the African…

Nigeria’s headline inflation increased by 72 basis points to 34.60% year on year in November due to price instability, from 33.88% in October, according to the statistics office.

FG, Foreign Partners Sign Letter of Intent to Improve Healthcare The Federal Government has signed two letters of intent with foreign healthcare companies to enhance healthcare access and capacity in Nigeria. The Ministry of Health and Social Welfare disclosed this in a statement issued in Abuja on Sunday, by the Deputy Director, Information and Public Relations, Mr Alaba Balogun. According to the statement, the agreements involve Siemens Healthineers’ Nigerian partner, Tanit Medical Engineering, and Abbott Laboratories GmbH. The Memorandum of Understanding (MoU) outlines the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC) and reaffirms the Federal Government’s commitment to…

FG Allocates N80bn for Construction of 4 New Institutions in Zaria The Federal Government has commenced construction of Federal College of Nursing and Midwifery in Zaria, Kaduna State to address shortages of human resources in the health sector. The other three institutions to be constructed are; Federal College of Education, Federal Open University and Federal College of Legal Studies. Performing the ground breaking ceremony for the institutions in Zaria on Sunday, Dr Abbas Tajuddeen, Speaker of the House of Representatives said the projects, which has 18 months completion period would gulp N80 billion. He said the instructions were established after…

AfDB to Launch Debt Management Forum for Africa The African Development Bank (AfDB) group is to launch the Debt Management Forum for Africa (DeMFA). DeMFA is a new platform aimed at promoting high-level dialogue on debt productivity and sustainability across the continent. A statement by the bank on Sunday added that the launch will take place on Monday and Tuesday in Abuja. The launch will also bring together Africa’s Ministers of Finance, central bankers, debt managers, policymakers, experts and relevant stakeholders. Participants will exchange views and lessons on challenges related to Africa’s debt vulnerabilities. According to the bank, the DeMFA…

ECOWAS Issues Deadline to Bukina Faso, Mali, Niger The authority of ECOWAS heads of state and government on Sunday set Jan. 29, 2025 to July 29, 2025 as a transitional period to keep ECOWAS doors open to Burkina Faso, Republic of Mali and the Republic of Niger. Dr Omar Touray, President of the ECOWAS Commission, said this while reading the Communique at the end of the 66th Ordinary Session of the Authority of Heads of State and Government, in Abuja. He said the authority had taken note of the notification by the three countries of their decision to withdraw from…

Nigerian Exchange Crosses N60Trn as Investors Gain N374bn Equities investors gained more than N374 billion on the Nigerian Exchange (NGX) trading platform as oil stocks Oando Energy and Aradel Holdings drove momentum. The local bourse sustained its positive streak, closing trading activities for the week in the green with key market performance indicators up by +0.63% on Friday. Stockbrokers noted that buying interest in some blue-chip and mid-tier stocks and others fuelled the market’s strong performance. The Nigerian Exchange All-Share Index rose by 617.47 basis points today, up by 63 basis points to close at 99,378.06. Given the trading direction,…

The Securities and Exchange Commission (SEC) has said the Federal Government of Nigeria issued six sovereign sukuk worth N1.1 trillion

The Central Bank of Nigeria (CBN) conducted foreign exchange market intervention sales on Thursday to defend the naira further.