Author: Marketforces Africa

Mr Ekperikpe Ekpo, the Minister of State for Petroleum Resources (Gas), has reiterated Federal Government’s commitment towards

Some ministers have stressed the significance of the power sector in achieving economic growth and industrialisation.

NIRSAL Plc Empowers Over 2,000 Farmers in 4 States to Boost Output NIRSAL Plc has completed a midyear training programme for lead farmers and extension agents in the aquaculture and cassava value chains across locations in Imo, Sokoto, Kwara, and Oyo States. The programme, aimed at boosting farmers’ capacities to access and repay commercial loans, had over 2,000 participants, with state government representatives also in attendance. As it continues to promote the Agro Geo-Cooperative® approach to primary production, NIRSAL primarily targets lead farmers with the experience and skill to share new knowledge with members of their various cooperatives for its…

Equities Investors See N97bn Gain as OANDO, Banks Stocks Rally Equities investors trading the highs and lows on the Nigerian Exchange (NGX) saw about N97 billion in gains due to improved buying sentiment on the local bourse. The positive performance in the market was buoyed by strong investor sentiment in banking stocks. Tier-1 banks that saw gains included: FBNH (+4.60%), ZENITHBANK (+1.37%), and GTCO (+1.47%), alongside continued momentum in OANDO (+9.98%). As a result of the bargain hunting, the NGX All-Share Index increased by 0.18 percent to settle at 97,098.98, against 96,928.52 recorded on Tuesday. Trending behind the annual inflation…

SEC to Outline Vision for Capital Market at CMC Meeting Emomotimi Agama, Director General, Securities and Exchange Commission (SEC), says the commission is set to outline its vision for the Nigerian capital market at the second Capital Market Committee (CMC) meeting. Agama, in a statement made available to newsmen on Wednesday in Lagos, said this aligns with President Bola Tinubu’s Renewed Hope Agenda. He stated that the meeting, scheduled to take place in Lagos on Aug. 14, aims to develop strategies for enhancing the capital market’s role in driving economic growth and development through initiatives that attract investments. According to…

Nigeria to Issue $500m Domestic Bonds to Investors The Federal Government of Nigeria (FGN) has introduced its series-1 domestic US dollar-denominated bond as it hopes to raise at least $500 million from local and international investors. The bond- the first dollar-denominated instrument to be launched locally is five years tenured and will offer a medium-term investment opportunity for investors looking for stable returns. The bond is benchmarked against the federal government’s Eurobond yield. Under this first series, the government, however, hopes subscriptions could upscale to US$1 billion, considering the increasing appetite for Nigerian instruments. The size of the entire domestic…

CBN Uses $876m to Buy Naira at Dutch FX Auction With the aim of promoting price discovery in the currency market, the Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction System (RDAS) in US dollars to alleviate demand pressure in the FX market on Wednesday. In a two-way FX transaction at the auction, FX users represented by local deposit money banks and other eligible authorised dealers were required to fund accounts with naira in exchange for US dollars. According to the auction results, authorised dealers submitted bids totaling $1.18 billion, and the auction concluded with a cut-off rate…

Nigeria’s gross external reserves balance climbed to $36.86 billion amidst expectation of further inflows from various

A coalition of 92 Civil Society Organisations (CSOs) on Wednesday urged President Bola Tinubu not to sack Malam Mele Kyari, Group

The Kano State Government has approved ₦2.67 billion for infrastructure development in different parts of the state. This is contained in