Equities on the Nigerian Stock Exchange have continued to decline in price more than two weeks after the devaluation of the naira.
The move, announced by the Central Bank of Nigeria (CBN) on November 25, had been expected to among other things discourage foreign investors from pulling out their investments, thereby bringing calm to the market.
The decline in the price of crude oil in the international market may have forced the Federal Government to increase its target for non-oil revenue from N3.28tn in the 2014 budget to N3.53tn in 2015.
The proposal, which is contained in the revised 2015-2017 Medium Term Expenditure Framework sent by President Goodluck Jonathan to the National Assembly, is N243.62bn higher than the non-oil revenue approved in the 2014 fiscal period.
Foreigners have reduced their investments in the Nigerian Stock Exchange due to concern about insecurity and fears regarding the outcome of 2015 elections.
The latest investment details from the NSE showed that foreign investments dropped significantly by N73.40 billion at the end of October.
Bureau of Public Enterprises (BPE) yesterday handed over the remaining 51 per cent shares of the Stallion Property Development Company (SPDC) Abuja, to the Nigerian National Petroleum Corporation (NNPC)) Pension Fund Limited (PFL) .
Recent report by the National Bureau of Statistics (NBS) has indicated that the pace of price increases observed by the Consumer Price Index (CPI) eased for the third consecutive month in November 2014, to 7.9 per cent year-on-year, down by 0.2 percentage points from 8.1 percent recorded in October.
The Standard Organization of Nigeria (NSO) has approved the quality, environmental and safety measures put in place by the Dangote Cement and some business units of the Dangote Group and certified them accordingly.
The business units were certified for quality management, Occupational, health and safety as well as environmental management system.
Asst. Bus Editor
The Chief Executive of the Nigerian Stock Exchange (NSE) Mr. Oscar Onyeama at the weekend red riot act to stockbrokers just as he revealed that the Exchange has signed a Memorandum of Understanding (MoU) with the Economic and Financial Crime Commission (EFCC) to increase cooperation and communication in the fight against financial crimes in the Capital Market.
The expansion of the cargo apron at the Murtala Mohammed International Airport Ikeja will lead to the generation of more revenue for the government especially at this time of dwindling oil prices.
This is as Federal Airports Authority of Nigeria, FAAN has called for synergy in protecting air travellers emphasising the need to adhere to the safety management system.
The future progress of Africa as a continent is in the hands of its youthful population, Phillips Oduoza, Group Managing Director and CEO of United Bank for Africa (UBA) Plc has said.
Mr. Oduoza made the submission recently at the Future Awards and Summit also popularly known as The Future Awards where hundreds of youths gathered at the prestigious Intercontinental Hotel, Lagos to celebrate youths excelling in different aspects of life.
Oil producers group OPEC can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators.
Speaking at a conference in Dubai, Abdullah al-Badri defended November’s decision by the Organization of the Petroleum Exporting Countries to not cut its output target of 30 million barrels per day (bdp) in the face of a drop in crude prices to multi-year lows.