Author: Olu Anisere

LCCI Calls for Targeted Fiscal Support for manufacturers, Farmers The Lagos Chamber of Commerce and Industry (LCCI) has called for targeted fiscal interventions to support manufacturers and farmers, aiming for more inclusive Gross Domestic Product (GDP) growth. LCCI Director General, Dr. Chinyere Almona, said this in a statement on Wednesday in Lagos, in reaction to the National Bureau of Statistics (NBS) GDP growth report of 3.46 percent. She said that the recent statistics reporting growth in economic activities and the latest 25 basis point hike in interest rates by the Monetary Policy Committee of the Central Bank presented a reality.…

Abidjan-Lagos Corridor Highway, a Potent Economic and Industrial Hub – AfDB The Abidjan-Lagos corridor highway is set to become a powerful economic and industrial hub courtesy of the Spatial Development Initiative promoted by the African Development Bank (AfDB). Mr. Mike Salawou, Director of the Infrastructure and Urban Development Department at the AfDB, said this in a statement. Work on the 1,028km transnational coastal motorway is due to begin in 2026 and is earmarked for completion by 2030. The highway connects Côte d’Ivoire to Nigeria while crossing through Ghana, Togo, and Benin. “Under the AfDB’s leadership, feasibility studies, financing options for…

Cryptocurrency market capitalisation rose on Wednesday as price of Bitcoin (BTC-USD) picked up again. 

Yuan Weakens 7.1982 Pips Against Dollar The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 72 pips to 7.1982 against the dollar on Wednesday. This is according to the China Foreign Exchange Trade System. In China, the central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. The Yuan is also allowed to rise or fall by two percent from the central parity rate each trading day in the spot foreign exchange market of the…

FG Cancels Foreign Training for Nigerian Scholars The Minister of Education, Dr Mauruf Alausa, says the Federal Government has, henceforth, cancelled foreign trainings for scholars. Alausa, who said this at the opening ceremony of a three-day conference organised by the British Council on Tuesday in Abuja, said that scholars would now be trained within Nigeria. The theme of the conference is “Building Sustainable and Relevant Tertiary Institutions and Systems in Africa”. The minister said that the Federal Government would be spending substantial money on building simulation lab, as well as building and developing the country’s universities. “We have just decided…

Kaduna Seals 5 Banks, Business Premises Over N1.7bn Debt The Kaduna State Internal Revenue Service (KADIRS) on Tuesday sealed five banks and other business premises within the Kaduna metropolis for a ‘Land Use Charge (LUC) debt’ of N1.7 billion It has also sealed the prominent Hamdala Hotel for a N115 million debt on LUC. The banks and other businesses sealed were Keystone Bank Plc, Unity Bank, FCMB, Zenith Bank, Bank of Agriculture (BOA), as well as Chicken Republic, all located along Yakubu Gowon Way. Others were: Forte Oil, New Nigeria Development Company, GT Bank parking lot and A.G. Leventis building.…

Global Uncertainties Suppress Investment in Africa – UNDP The United Nations Development Programme (UNDP), says global uncertainty over wars can lead to diminished investments critical for Africa’s growth. Dr Raymond Gilpin, the Chief Economist and Head of Strategy, Analysis, and Research Team, Regional Bureau for Africa, UNDP said this at the closing of the 2024 African Economic Conference (AEC) in Gaborone, Botswana. The 2024 AEC was co-hosted by the African Development Bank (AfDB), the Economic Commission for Africa (ECA) and the UNDP in collaboration with the Botswana government. The conference, which commenced on Nov. 23, ended on Nov. 25. “The…

Africa’s Progress on SDGs Faces Mounting Challenges—ASDR report The African Sustainable Development Report (ASDR) 2024 restates that progress on the Sustainable Development Goals (SDGs) and Agenda 2063 has continued to mount challenges. The ASDR 2024 report was unveiled on the sidelines of the African Economic Conference in Gaborone, Botswana. The report was jointly produced by the United Nations Economic Commission for Africa (ECA), the United Nations Development Programme (UNDP), the African Development Bank (AfDB), and the African Union. The report was presented by Dr Oyebanke Abejirin, Officer-in-Charge, Development Planning, Macroeconomics, Finance, and Governance Division of ECA. Abejirin quoted the report…

Sell Pressures on FBNH, ACCESS, Zenith Drive Intraday Loss on NGX The equities market is currently trading negative as investors began to take profit from banking names. The banking index was the sole loser on the Nigerian Exchange (NGX) last week as negative investor sentiment in some Tier-1 banks persisted. Demand for some Tier-2 lenders also waned following Moody’s report that predicted merger and acquisition deals for Tier-2 lenders who are known names. At midday, the NGX All Share Index trended negatively, reflecting a loss of -0.09% for Alpha Morgan Capital Limited. Stockbrokers said this bearish trend is due to…

A slew of equity analysts have become neutral on Wema Bank Plc shares due to slim upside potentials. Wema Bank Plc share price settled at N8.85, trading at more than 29% discount to its 52-week in the equities market on Friday.