Business International investment US Stocks Fall as Fed Signals Slower Pace of Rate Cuts December 19, 2024 Ekemini US stock markets experienced significant declines following the Federal Reserve’s decision to cut interest rates for the third time in a row while signaling a more cautious pace of rate…
Business International Macroeconomic Bank of England Expected to Maintain Interest Rates at 4.75% December 19, 2024 Ekemini The Bank of England is expected to keep its base interest rate steady at 4.75%, following the Monetary Policy Committee (MPC) decision. This comes after inflation in the UK rose…
Economy Finance International investment Macroeconomic Capital Economics sees muted Saudi growth into 2025 December 19, 2024 Ekemini Capital Economics forecasts subdued economic growth for Saudi Arabia through 2025, attributing it to conservative oil policies and fiscal consolidation efforts. The country’s GDP growth slowed from 1.4% in the…
Business Finance Macroeconomic Tinubu Unveils 2025 Budget Targeting Inflation and Naira Stability December 19, 2024 Ekemini President Bola Tinubu presented the 2025 Appropriation Bill to the National Assembly, aiming to stabilize the exchange rate at N1,500 per dollar, down from the current N1,700, and reduce inflation…
Business Finance Macroeconomic MSMEs navigate tough economy, demand state of emergency to tackle issues December 19, 2024 Ekemini Micro, small, and medium enterprises (MSMEs) in Nigeria are facing a tough economic environment marked by rising costs, limited access to credit, multiple taxation, and inadequate infrastructure. These challenges have…
Business Finance International Macroeconomic Rupee Hits Record Low at 85/USD as Fed Outlook and Economic Pressures Weigh December 19, 2024 Ekemini The Indian rupee has plunged past the 85 mark against the U.S. dollar for the first time, marking a historic low. The decline follows the U.S. Federal Reserve’s hawkish outlook,…
Business Economy Finance Macroeconomic CBN caps PoS daily withdrawal at N100,000 to boost cashless economy December 19, 2024 Ekemini The Central Bank of Nigeria (CBN) has implemented a daily withdrawal limit of N100,000 for customers using point-of-sale (PoS) terminals to boost the country’s cashless economy. The policy, outlined in…
Business Energy Finance Macroeconomic Dangote to NNPC Ltd: Your statement on $1bn refinery investment inaccurate, misleading December 19, 2024 Ekemini Dangote Petroleum Refinery has refuted claims made by the Nigerian National Petroleum Company Limited (NNPCL) about its role in a $1 billion refinery investment. Describing NNPCL’s statement as misleading, Dangote…
Business Finance Macroeconomic Nigeria’s $42bn Reserves Can Fund Nine Months of Imports Says CBN December 19, 2024 Ekemini Nigeria’s external reserves have grown to $42.01 billion, enabling the country to finance imports for over nine months, according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso. Speaking before…
Business Economy Finance Investing Aradel Holdings and 41 Others Boost Nigerian Stock Market by N258bn December 19, 2024 Ekemini The Nigerian stock market maintained its upward trend, fueled by price gains in Aradel Holdings Plc and 41 other stocks. The Nigerian Exchange Limited All Share Index (NGX-ASI) rose by…
Business Economy Finance Macroeconomic SEC seeks policy support to drive $1tn economy December 18, 2024 Ekemini The Securities and Exchange Commission (SEC) has called for stronger policy support to help drive Nigeria’s ambition of reaching a $1 trillion economy, emphasizing the capital market’s crucial role in…
Business Finance Stock NGX gains N78bn as MRS, Wapic lead December 18, 2024 Ekemini The Nigerian Exchange (NGX) saw a positive trading session on December 18, 2024, with the equity market gaining N78 billion in value. This growth was driven by significant increases in…
Business Economy Finance Macroeconomic $1 trn economy is necessity for prosperity, resilience of Nigeria — SEC DG December 18, 2024 Ekemini The Securities and Exchange Commission (SEC) has emphasized that achieving a $1 trillion economy is essential for Nigeria’s prosperity and resilience. Dr. Emomotimi Agama, the SEC Director General, stated that…
Business Finance International Macroeconomic Senate Proposes Ban on Dollar Salaries and Foreign Currency Transactions December 18, 2024 Ekemini The Nigerian Senate has introduced a bill to amend the Central Bank of Nigeria Act, 2007, prohibiting the use of foreign currencies for payments and transactions within the country. Titled…
Finance investment Macroeconomic Hedge Funds Turn to Macro Strategies Amid Market Volatility in 2025 December 18, 2024 Ekemini Hedge fund investors are prioritizing macro strategies for 2025, driven by anticipated political and economic turbulence under the incoming U.S. administration. President-elect Donald Trump’s policies, particularly tariff hikes, are expected…
Business Finance insurance Pension PenCom Ensures Pension and Insurance Coverage for Over 38,000 Employers December 18, 2024 Ekemini The National Pension Commission (PenCom) has revealed that over 38,000 employers secured pension and insurance coverage for their workers in 2024. This move aligns with the provisions of the Pension…
Business Economy International Social dialogue crucial for economic development – ILO December 18, 2024 Ekemini The International Labour Organisation (ILO) has emphasized the critical role of social dialogue in addressing global labor, economic, and social challenges, as highlighted in its Social Dialogue Report 2024. The…
Business Crypto Finance investment As bitcoin soars, luxury brands consider accepting crypto payments December 18, 2024 Ekemini The recent surge in Bitcoin’s value has sparked interest among luxury brands to explore cryptocurrency as a payment option, aiming to attract affluent crypto investors and foster loyalty. While pioneers…
Business Local Sterling Bank champions African Cinema at 2024 S16 Film Festival December 18, 2024 Ekemini Sterling Bank has underscored its commitment to Africa’s creative economy by sponsoring the 2024 S16 Film Festival, a premier platform for independent African filmmaking. Organized by the Surreal Collective in…
Business insurance Leadway Assurance Plays Transformative Role in SMEs December 18, 2024 Ekemini Leadway Assurance has reaffirmed its commitment to supporting Small and Medium Enterprises (SMEs) by offering more than risk underwriting, positioning itself as a transformative partner for businesses navigating the challenges…
Banking Business investment UBA to Expand SMEs Lending, Invest in Digital Technology with N239.4bn Rights Issue December 18, 2024 Ekemini United Bank for Africa (UBA) Plc has announced plans to utilize the net proceeds of its ongoing N239.4 billion rights issue to enhance digital technology investments and expand business operations.…
Business Local Lagos State partners with Access Bank to develop 704 housing units December 18, 2024 Ekemini The Lagos State government and Access Bank have signed an MoU to build 704 two-bedroom apartments in Odo-Nla, Ikorodu, as part of the Lagos State Access Bank Housing Scheme. Situated…
Business Economy Finance Local ICPC Recovers N30 Billion and $966900 in Cash Over One Year December 18, 2024 Ekemini The Independent Corrupt Practices and Other Related Offences Commission (ICPC) announced the recovery of N29.7 billion and $966,900 in foreign currency within the past year, with the funds deposited at…
Business Finance Market Naira closes flat across FX markets December 18, 2024 Ekemini The naira remained stable across Nigeria’s foreign exchange markets on Tuesday as dollar demand eased slightly. At the Electronic Foreign Exchange Matching System (EFEMS), the dollar was quoted at N1,534.10,…
Business Finance investment Stock Foreign portfolio investment in the stock market rises 180.9% December 18, 2024 Ekemini Foreign Portfolio Investments (FPIs) in the Nigerian stock market surged by 180.95% in the first ten months of 2024, reaching N344.30 billion compared to N122.55 billion during the same period…
Business Local UBA donates N500m to Lagos security trust fund December 17, 2024 Ekemini The United Bank for Africa (UBA), through its corporate social responsibility arm, UBA Foundation, has donated N500 million to the Lagos State Security Trust Fund. This contribution aims to bolster…
Economy Finance International Africa Faces $74 Billion Debt Servicing Challenge in 2024 – AfDB December 17, 2024 Ekemini African nations, including Nigeria, require approximately $74 billion for debt servicing in 2024, highlighting the continent’s worsening debt crisis. Speaking at the launch of the Debt Management Forum for Africa…
Business Market Stock Stock Market Gains N330.24bn on Strong Demand for Aradel Holdings and Others December 17, 2024 Ekemini The Nigerian stock market kicked off the week on a positive note, driven by a surge in investor interest for Aradel Holdings Plc and 34 other stocks. Aradel Holdings saw…
Business Local Trade Nigeria’s exports to ECOWAS hit N1.5tn – NBS December 17, 2024 Ekemini Nigeria’s exports to the Economic Community of West African States (ECOWAS) surged to N1.54 trillion in the third quarter of 2024, according to the National Bureau of Statistics (NBS). The…
Economy Finance W’Bank plans $1.65bn loans for Nigeria next year December 17, 2024 Ekemini The World Bank plans to approve three major loans for Nigeria in 2025, totaling $1.65 billion, aimed at addressing the country’s pressing developmental challenges. These loans will focus on improving…
