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Economy

Nigeria’s e-payment transactions exceed N590tr

Nigeria’s e-payment transactions exceed N590tr

Economy, Technology
The nation’s electronic payment (e-payment) system landscape has risen to a new height of about N592 trillion worth of transactions in 2019, a data from the Central Bank of Nigeria (CBN), obtained by The Guardian, yesterday, showed. The e-payment’s value was recorded in about 93.84 billion different transactions across the country, through various electronic channels. These electronic channels include cheque truncations, ACH/Nigerian Inter Bank Settlement System (NIBSS) Automated Payment Services (NAPS)/PMS, Automated Teller Machine (ATM), Point of Sale (PoS), Internet (Web), Mobile Money, NIBSS Instant Transfer (NIP), m-Cash, E-BillsPay, Central Pay, and Inter-Bank transactions. The new record also contrasts with the e-payment’s activity in 2018, which though was estimate...
Pressure on equities defy earning season, index slumps by 2.69 per cent

Pressure on equities defy earning season, index slumps by 2.69 per cent

Economy
Despite improved numbers in 2019 full year result churned out by quoted companies, sentiments remained weak in the equities market, causing the All-Share Index (ASI) to shed 2.69 percent. Specifically, the index and market capitalisation depreciated by 2.69 percent and 1.61 percent to close the week at 28,067.09 points and N14.618 trillion respectively. All other indices finished lower with the exception of NSE Insurance index, which appreciated by 0.23 percent while NSE ASeM Index closed flat. Analysts said there would be sustained reversal amid the heightening insecurity witnessed in the country, in addition to the emergence of Coronavirus, which has continued to threaten the Chinese economy Specifically, the Chief Research Officer of Investdata Consulting Limited, ...
How N7.5 billion GPW will boost policyholders’ confidence

How N7.5 billion GPW will boost policyholders’ confidence

Economy, Politics
As insurers express commitment to the ongoing industry recapitalisation exercise, they have explained that a process is a form of a corporate reorganisation, which involves making substantial changes to a company’s capital structure. It is one of the strategies companies use to improve their financial stability. Currently, the insurance industry, post recapitalisation, is expected to be robust and capable of taking big risks, as well as contribute meaningfully to the nation’s Gross Domestic Product. Presently, some insurers are recording improved performances, which is boosting their chances to scale through the December 2020 deadline for the sector’s recapitalisation. African Alliance Insurance Plc recorded a 45 percent jump in its Gross Premium Written (GPW),...
CBN targets $12 billion in export trade by 2024

CBN targets $12 billion in export trade by 2024

Economy
The Central Bank of Nigeria (CBN) has disclosed plans to improve its agenda to diversify the nation’s economy from the oil sector to the non-oil sector, through the launch of a set of policies, noting that it targets to achieve $12 billion in export trade by 2024. The apex bank said it was putting everything in place, including the entire chain of export, to make sure it intervenes and gives all the necessary support from the beginning to the end of export to achieve its target. Specifically, the Principal Manager, Trade and Exchange Department, CBN, Richard Maikai, said 30 containers of cassava were recently rejected in China, which signified that our laboratories are not testing the goods properly. According to him, CBN is already working with the Nigeria National Ac...
Heightening insecurity, Coronavirus scare drag index further by N174 billion

Heightening insecurity, Coronavirus scare drag index further by N174 billion

Economy
Following massive sell-offs on the shares of most bellwethers, trading at the nation’s stock market extended the losing streak for the eighth successive sessions, as market capitalisation lost additional N174 billion. This is despite the full year 2019 results churned out by quoted companies on the sector of the Nigerian Stock Exchange (NSE). Yesterday, the All-Share Index (ASI) fell 338.51 absolute points, representing a dip of 1.19 per cent to close at 28,093.76 points. Similarly, the market capitalisation lost N174 billion to close at N14.471 trillion. The Chief Research Officer, Investdata Consulting Limited, Ambrose Omordion, attributed the persistent bear run to the heightening insecurity situation in Nigeria, in addition to the Coronavirus spread globally, w...
Oyo Assembly alleges inflation, duplication of contracts in 2018-2019 council finances

Oyo Assembly alleges inflation, duplication of contracts in 2018-2019 council finances

Economy
The Oyo State House of Assembly said it had unearthed what it called duplication of projects, outrageous contract sum, and abandonment of projects in the activities of local councils and Local Council Development Areas (LCDAs) in Oyo State between May 2018 and June 2019. This was part of the findings of the House ad-hoc committee set up to review and investigate the activities of the councils and the LCDAs in the state in the year under review. According to the report, the committee discovered that some programmes and projects worth millions of naira executed by the 33 local councils and 35 LCDAs in the state had the same titles with the same amount and were repeatedly captured in the expenditure. The report also noted that expenses incurred by the authorities of t...
Air freight market shrinks, records unprecedented loss

Air freight market shrinks, records unprecedented loss

Economy
Global air freight market last year recorded a decline in volume, the weakest outcome since 2012. The International Air Transport Association (IATA), in the full-year 2019 data released yesterday, stated that the global volume fell by 3.3 per cent compared to 2018 while capacity rose by 2.1 per cent. It was also the weakest performance since the global financial crisis in 2009 when air freight markets contracted by 9.7 per cent. Meanwhile, in the African region that accounts for marginal 1.8 per cent of the global traffic, the carriers saw freight demand increase by 10.3 per cent in December 2019, compared to the same month in 2018. The increase was reflected in the strong 2019 full-year performance, which saw Africa freight volumes expand 7.4 per cent. Capacity...
Inconsistent policies, insecurity, poor infrastructure to limit FDI inflow in 2020

Inconsistent policies, insecurity, poor infrastructure to limit FDI inflow in 2020

Economy
Nigeria is predicted to report slowing International Direct Funding (FDI) flows this yr, to be pushed by inconsistent insurance policies, insecurity, and poor infrastructure, in accordance to a report by FSDH Service provider Financial institution Restricted. Whole funding inflows as on the third quarter of 2019 stood at $19.7 billion, increased than the $16.eight billion achieved in full-yr 2018.  
Nigeria to enforce NIN as requirement for SIM card registration, activation

Nigeria to enforce NIN as requirement for SIM card registration, activation

Economy
SIM stands for Subscriber Identity Module. SIM card registration is the process of recording and verifying mobile phone number/s and personal information of a subscriber, by a communications service provider. Such information includes the subscriber’s photograph, name, date of birth, gender, residential address and other details of valid identification documents. The SIM registration exercise is aimed primarily to reduce mobile phone related crimes such as prank calls, cyber-crime, kidnapping, mobile money fraud and its related issues and general security matter. It is also intended to help the law enforcement agencies to identify the SIM card owners, track criminals who use phones for illegal activities, curb incidents such as phone theft, hate text messages, mobile fraud activitie...
Government to revoke non-performing licenses on silo concession

Government to revoke non-performing licenses on silo concession

Economy
Minister Agriculture and Rural Development, Sabo Nanono, has threatened to revoke the licence of any concessionaire that failed to meet the terms of agreement, nine months after the Federal Government concession 20 silo complexes to private sector operators. The Government had projected to generate about N6billion from concession fees over a period of 10 years, to which the concessionaires were expected to compensate government through a fee structure broken down into three components, including the upfront one-off payment, an annual fixed value; inflation linked concession fee and an annual share of profit from operations. To this extent, the “Government retains ownership of the silo complexes and at the end of the concession term, has the option to decide to manage them directly, n...