Equities lose N234bn in one day…Nigeria faces exclusion from MSCI:
Amid speculations of a possible exclusion from the Morgan Stanley Capital International Frontier Markets Index, Nigerian equities raced southwards on Monday.
ICT accounts for 10% of Nigeria’s revenue –Don
An academic at the Lagos Business School, Dr. Doyin Salami, has said that in 2016 alone, “Information and Communications Technology accounted for 10 per cent of the total Nigerian revenue, the highest in a decade and half.”
Oil price hits four-month high at $43:
Global oil benchmark, Brent crude, rose on Monday, trading around $43 per barrel as the proposed meeting by oil producers aimed at freezing output levels draws nearer.
We’ll institute policies to reduce food imports – CBN:
The Central Bank of Nigeria said on Monday that it would institute pro-agricultural policies that would assist in reducing the huge amount spent annually on food imports.
Oil slump: FG to increase non-oil income by 87%:
The Federal Government is expecting non-oil revenues to nearly double this year as it steps up plan to offset the slump in oil revenues, according to a presentation seen by Reuters on Monday.
Telecoms, others contribute 8.7% to Nigeria’s GDP :
The telecommunication and other services sectors have contributed 8.7 percent to Nigeria’s Gross Domestic Product, GDP in 2015, with the country’s main economic stay, oil, accounting for 6.4 percent.
United Capital Grows Profit by 61% to N1.4bn in Q1:
United Capital Plc has announced a profit before tax of N1.422 billion for the first quarter ended March 31, 2016, showing an increase of 61 per cent above the N707 million recorded in the corresponding period of 2015.
Investors’ wealth depreciates by N234 billion:
Following heavy price losses incurred by virtually all the blue chip companies, equity transactions on the trading floor of the Nigerian Stock Exchange re-opened on a downward note, causing market capitalisation to depreciate significantly by N234 billion.
Dangote invests $20b in pipeline infrastructure, fertilizer, petrochemicals:
Dangote Group is investing about $20 billion into gas pipeline infrastructure, power generation, petrochemical, fertilizer, sugar refinery and petroleum refinery in the country.
Nigeria’s gas-to-power suffers as flaring hits 702m scfpd:
The nation’s gas-to-power supply may still be in the doldrums as the thermal power stations continued to face shortage of feedstock, while the resources are largely wasted away through flaring.