Author: Olu Anisere

FG to Create Diaspora City to Boost Tourism The Minister of Art, Culture, Tourism and Creative Economy (FMACTCE) Hannatu Musawa, says plans are underway to establish a Diaspora City in Nigeria to boost inbound tourism. The minister stated this when she inaugurated a committee to drive the Motherland 2025 Initiative on Friday in Abuja. Musawa said the Motherland 2025 Initiative was aimed at positioning Nigeria as a premier global destination, where tourism would drive economic empowerment, cultural preservation and national pride. The committee members were drawn from the FMACTCE, Motherland Africa team and the National Tourism Development Authority (NTDA). The…

Interest Rate Pause Turning Point for Businesses – Cedrus Group The Monetary Policy Committee (MPC) of the Central Bank of Nigeria’s (CBN) decision to keep the benchmark interest rate unchanged and maintain all key parameters is a potential turning point for businesses, Cedrus Limited, a group of veteran African financial experts, said in a commentary note. Nigeria’s high interest rate environment has put pressures on borrowers, and taking new loans from banks have become a tough adventure in a growth starved Nigerian economy. Inflation fight forced the monetary authority to hike policy rate successively in 2024 but inflation remained at…

NASS Effects Corrections on N54.9trn Appropriation Bill The National Assembly on Tuesday made corrections on some sectorial allocation items in the N54.9 trillion 2025 Appropriation Bill earlier passed on Thursday. This decision, followed a motion presented by Sen. Solomon Adeola and Rep. Abubakar Kabir, chairpersons of the respective appropriations committees, citing the need for accuracy and alignment with national priorities. The Senate made corrections to some sectorial allocations for various Ministries, Departments and Agencies (MDAs), as some recorded increased allocations while others had their allocations reduced. The capital expenditure was reduced by more than N500 billion, while recurrent spending recorded…

Economic Uncertainties Temper Corporate Real Credit Growth With a struggling private sector, Nigeria’s macroeconomic dislocation has tempered real credit growth on the back of the hawkish pose of the Central Bank. Instead, Nigeria’s consumer credit outstanding surged by 26.29 per cent to N4.42 trillion in November 2024, up from N3.5 trillion in October, according to the latest Monthly Economic Report from the Central Bank of Nigeria (CBN). Top big companies have shown preference for commercial paper raises as borrowing from banks becomes expensive. The monetary policy inflation fighting triggered a significant hike in the benchmark interest rate with little impact…

Nigerian Stats. Office Delays January Inflation Report The National Bureau of Statistics (NBS) is in no hurry to release the inflation figure for January 2025, according to Broadstreet talks with some investment experts. The market stood agog awaiting the release of the inflation figure computed using a rebased consumer price index as planned by the Nigerian authority. Historically, the Bureau of Statistics has always released its monthly inflation report for the preceding month between 15 and 16th days, a culture it has maintained for several years. The market had anticipated the release of the inflation report, but it appears the…

Sokoto Launches N1bn Food Subsidy for Low-Income Earners The Sokoto State Government has launched a N1 billion subsidised foodstuff initiative aimed at providing affordable commodities to civil servants and low-income earners in six local government areas across the state. Speaking at a training session for shop facilitators on Monday, the Commissioner for Local Governments and Chieftaincy Affairs, Alhaji Ibrahim Dadi-Adare, emphasised that the programme was designed to improve the welfare of workers. Dadi-Adare urged facilitators to maintain transparency and follow established guidelines to support the success and sustainability of the programme. He also highlighted that the administration under Gov. Ahmad…

FG Begins Construction of Emerging Tech. Institute in Kano The Federal Government (FG) has commenced the construction of a sustainable and Emerging Technologies Institute (SETI) in Kano. The project is under the aegis of the National Agency for Science and Engineering Infrastructure (NASENI). Mr Olusegun Ayeoyenikan, the agency’s Director of Information, said in a statement on Saturday in Abuja that the institute’s ground-breaking ceremony was held at the Bayero University Kano (BUK) New Campus on Friday. He quoted Mr Khalil Halilu, Executive Vice Chairman, NASENI, as saying the new institute would sit on 30 hectares of land and would feature…

Euro Hits 3-Week High on Fresh Optimism The Euro gained against US dollar, settling at $1.05, its strongest level since late January due to fresh optimism amidst global tariff combats. With the trade war, demand for US dollar has increased, causing the greenback to record gains against its pairs. The global markets have continued to assess the impact of President Trump’s trade policies and ongoing geopolitical developments. Trump announced plans for country-specific reciprocal tariffs, set to take effect as early as April, though markets remain cautiously optimistic that negotiations could avert their full implementation. Additionally, diplomatic efforts to end the…

Aradel Sees Fractional Loss in Stock Value after Earnings Release Aradel Holdings saw fractional loss of about 7% in its stock value on the Nigerian Exchange, NGX, despite strong earnings performance. The company share price plunged to N530 on Friday as more than 1.2 million units valued at N637 million were traded on the Nigerian Exchange, from N569.30. Analysts said ARADEL is trading at significant discount to its 52-week in the equities market. Data from the Nigerian Exchange revealed that the oil stock is trading at 37.65% below its record high of N850.1. In 2024 earnings release, Aradel Holdings Plc…

MTN, Banking Names Drive Intraday Gain in Equities Market MTN Nigeria, and some heavy banking names drove intraday gain in the equities market on Friday. Investors interest in Dangote Cement Plc has also boosted stock market performance during the midday session along with its immediate rival Lafarge Africa. Hence, the Nigerian Exchange (NGX) All-share index or market index has increased further on the day after breaching psychological levels in the recent time. Investors’ sentiment has remained strong amidst earnings release and expectation of rebased consumer price index which could further boost equities market performance. Stockbrokers said demand has been strong…