Nigeria’s GDP records growth in Q3 — NBS

By Thompson ABISOLA  The National Bureau of Statistics (NBS)  said the nation’s Gross Domestic Product (GDP) grew by 1.81 per cent  (year-on-year) in real terms in the third quarter of 2018. The bureau disclosed this in its Overview of GDP in the third quarter of 2018. According to the NBS, the figure is 0.64 per cent greater than the growth rate of 1.17 per cent recorded in the third quarter of 2017. It said the second quarter of 2018 had a growth rate of 1.50 per cent, showing a rise of…

Read More

NSE: Index closes southward with 0.82% loss, amid Yuletide mood

By Giwa SHILE The Nigerian Stock Exchange (NSE) All-Share Index resumed trading for the week on Monday southward, shedding 0.82 per cent. The  index closed lower at 30,614.73 compared with 30,866.82 achieved on Friday, following huge loses posted by some blue chip. In the same vein, the market capitalisation, which opened at N11.268 trillion, dipped N92 billion or 0.82 per cent to close at N11.176 trillion as investors prepare for Yuletide celebrations. Nestle topped the losers’ chart, dropping by N64 to close at N1,485 per share. Mobil Oil followed with…

Read More

First Bank restates commitment to SMEs, Agric Sector growth

By Elizabeth ADENUGA First Bank of Nigeria Pls has expressed its commitment to the growth of the agricultural value chain and creating opportunities for the Small and Medium Enterprises (SMEs) to thrive in the country. Its Group Head, Marketing and Corporate Communications, Mrs Folake Ani-Mumuney, made the assertion on Sunday at the fourth edition of Fiesta of Flavours in Lagos. The  Fiesta of Flavours is a food and beverage fair that provides an avenue for participants to fully experience the entertainment, art and business of food. The fair organised by First Bank in…

Read More

BoI restates commitment to deepen finance to real sector

By Aliyu DANLADI The Bank of Industry (BoI) has reaffirmed its commitment to increase developmental financing to the real sector toward enhancing capacities to drive optimal economic growth. The Managing Director of BoI Mr Olukayode Pitan made the pledge during the facility tour of Proforce Ltd., on Saturday at Ode-Remo, Ogun State. Pitan said that the bank would continue to support companies that were investing in backward integration, evolving innovative products, providing employment to Nigerians and supporting government’s diversification agenda. He said that the tour of the company showed that…

Read More

Stock market indices record marginal growth

By Elizabeth ADENUGA The crucial indices of the Nigerian Stock Exchange (NSE) recorded a marginal growth of 0.15 per cent, after succumbing to the bears. The All-Share Index rose by 47.72 points or 0.15 per cent to close at 30,866.82 compared with 30,819.10 achieved on Thursday. Also, the market capitalisation which opened at N11.251 trillion inched N15 billion or 0.15 per cent to close at N11.268 trillion. Nestle led the gainers’ table increasing by N69 to close at N1,549 per share. Dangote Sugar followed with a gain of 40k to…

Read More

Ecobank customers decry poor services, call for improvement

By Elizabeth ADENUGA Customers of Ecobank Plc in Kubwa, Abuja on Friday decried the poor services being rendered by the bank and called for improvement. The customers of the two branches of the bank had on Tuesday turned violent over near total collapse of banking services. Officials of the bank were not attending to their customers over what they referred to as “no network’’. Customers who came to withdraw and deposit money in the banks were turned back by the bank workers. The tellers told the customers that they had…

Read More

Naira sells at N363 to dollar at parallel market

By Meletus EZE The Naira on Thursday exchanged at N363 to the dollar at the parallel market in Lagos, the TBI Africa reports. The Pound Sterling and the Euro closed at N470 and N415, respectively. At the Bureau De Change (BDC) window, the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N470 and N415, respectively. Trading at the investors’ window saw the naira closing at N 365.16 as investors transacted 223.63 million dollars for the day. The CBN’ special forex intervention…

Read More

AfDB earmarks $220m for projects in Nigeria

By Giwa SHILE The African Development Bank (AfDB) has earmarked $220 million for various intervention projects in the country. The President of AfDB, Dr Akinwumi Adesina, said this at the official launch of Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Programme (IBSIP) in Abuja on Thursday. Adesina was represented by the Senior Director of the bank, Mr Ebrima Faal. He explained that $20 million would be approved soon by the management of the bank, for its programme designed as `say no to famine’ by addressing food insecurity and malnutrition.…

Read More

Profit taking halts gaining streak on NSE

By Thompson ABISOLA The Nigerian equities market on Thursday halted two-day gaining streak on the back of profit taking. Specifically, the market capitalisation shed N123 billion or 1.07 per cent to close at N11.251 trillion against N11. 374 trillion recorded on Wednesday. In the same vein, the All-Share Index which opened at 31,151.68 lost 332.58 points or 1.07 per cent to close at 30,819.10 following loses by Nestle and Dangote Cement. Nestle recorded the highest loss to lead the losers’ chart, shedding N5 to close at N1,480 per share. Dangote…

Read More

FG, AfDB inaugurate $256m intervention projects for North-East

By Giwa SHILE The Federal Government in collaboration with the African Development Bank (AfDB), on Thursday inaugurated a 256 million dollars Inclusive Basic Service Delivery and Livelihood Empowerment Integrated Project (IBSIP) in the region. The President of AfDB, Dr Akinwumi Adesina said at the inauguration in Abuja that the intervention project would focus on agriculture, water and sanitation. Adesina, represented by a Senior Director in the bank, Mr Ebrima Faal, explained that the project had five states, Borno, Adamawa, Bauchi, Taraba and Gombe as beneficiaries. The AfDB president said that…

Read More