Author: Aishat Olalere

Humanitarian partners will need $4.7bn to assist 20.9 million vulnerable people in parts of Nigeria, Chad, and five other African countries. The United Nations Office for the Coordination of Humanitarian Affairs disclosed this in the 2024 Humanitarian Needs and Requirement Overview report published on its website on Thursday. The international community are encouraged to give to humanitarian needs to make the humanitarian plans to be implemented by the end of the year. The lives of 32.8 million people across the Sahel are affected by a complex and interlinked web of crises, which are exacerbated by instability, a deteriorating security situation,…

The International Monetary Fund (IMF) has forecasted Nigeria’s economy to grow by 5.5% in 2029 to $1.85trillion in Purchasing Power Parity terms. Nigeria Gross Domestic Product in Purchasing Power Parity terms has been steadily increasing by 0.77 percent from $1.36 trillion in 2023 to $1.852 trillion in 2029. The forecast indicate a significant growth in Nigeria economy over the next five years. The Fund also predicted Nigeria’s share of global GDP based on PPP to reach 0.78 per cent by 2029. GDP is the most commonly used single measure of a country’s overall economic activity. PPP is a theory that…

Nigeria Treasury bills yield experienced 45 basis points loss in May. The crash in the treasury bill is as a result of increased buying interest spurred by the rate repricing in the primary market aucton. “ARM Securities analysts, said the Nigerian Fixed Income (FI) market reversed its bearish trend in May 2024, buoyed by increased liquidity. The latest rally suppressed yield, which had climbed near 25%. Analysts said. The Treasury bills market ended with the average yield dropping 48bps to 21.72% from more than 22% in April”. The high policy rate is pushing up yields across the fixed-income market as…

The Central Bank of Kenya kept its Monetary Policy Rate at 13 percent for the second time in 2024. The Monetary policy committee explained that the rate has lowered the inflation rate of the country. It has stabilized the exchange rate and anchored inflationary expectations. Food inflation went up to 6.2 percent in May compared to 5.6 percent in April, due to supply disruptions attributed to the recent heavy rains and flooding in some parts of the country. The MPR was maintained to anchor inflationary expectations while ensuring stability of the shilling in a bid to allow for previous hikes…

Ecobank, Oando and AIICO recorded stocks gain in the Nigeria Exchange Equities Market. Alpha Morgan Capital notified the investors through mail that the Nigeria Exchange, All Share Index trended upward reflecting a marginal gain of 0.02%. OANDO, one of the off takers of AfreximBank oil-backed loans, had an increase of 6.76% in its market price. AIICO had an increase of 2.04% during the intraday trading session. Also, NB Plc market valuation has climbed by 0.36%, among others. Overall, the NGX Banking Index has gained 0.16% at mid- way. “Stockbrokers attribute this positive movement to buying sentiment of investors in some…

Nigeria’s cargo revenue experienced a loss of ₦7 billion as a result of the two days workers nationwide strike. The nationwide strike was embarked on by the Organized Labour on Monday and Tuesday to agitate for an increment in minimum wage. The Chairman of the Board of Trustees of DACAA, Mr Ikpe Nkanang, disclosed this in an interview with the News Agency on Friday in Lagos. Nkanang said a lot of cargoes had been gathered and ready for freight before the commencement of the strike on Monday. He added that about about 30 tonnes of cargoes were lifted across the country’s domestic…

The Presidency said there are two unofficial fiscal policy in the circulation which has been given a wide coverage by social media platforms and mainstream media. The claim was made by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Thursday in Abuja. He said one of the documents titled: “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” was being shared as if it was an executive order signed by President Bola Ahmed Tinubu. The second one is titled, “Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions on how to improve…

Nigeria Purchasing Manager’s Index second highest reading for the year occurred in May as it rose from 51.2 point in April to 52.1 point in May. The highest reading happened in January when PMI stood at 54.5 points. Increase in PMI leads to improvement in business environment for private sector. According to data gathered from the responses of about 400 purchasing managers in private sector companies, indicated a pick-up in growth in the sector. “The monthly Stanbic IBTC Bank Nigeria PMI, which was released on Tuesday, inflationary pressures eased, but remained marked, leading to sharper rises in output and new…

Stanbic IBTC has announced the launch of its 2023/2024 scholarship programme. According to the financial institution, it is to be awarded to 200 students across the country. The scholarship is designed to support and invest in the educational development of exceptional Nigerian youths. It is to relieve financial burdens and inspire students to strive for excellence in their academic pursuits. Interested Students must have a UTME score of 250 and above, at least five credits in O’Level (WAEC/WASSCE or NECO SSCE), and proof of admission to a Nigerian Federal or State University to be qualified for the scholarship. Applications for…

Kano Customs Service announced that it generated a total of ₦50.7 billion in May as revenue. The State Area Comptroller of Customs, Mr Dauda Chana said this at a talk with the News Agency in Kano on Thursday. He said this serves as testament and shows the effort of customs towards curbing of illegal trades and smuggling in the state. The command was implementing measures to enhance security at the border posts. He added that the state custom officer should ensure a 100 per cent physical examination of goods to prevent offensive items from entering the country. Combat smuggling, the…