Nigeria | - Part 88

Nigeria: Legislators approve 2015 ‘s Appropriation Bill

A week after the House of Representatives passed the 2015 Budget, the Upper Chamber fulfilled its part of the Appropriation process by passing a N4.5tn budget. This is N134.4bn in excess of the N4.4tn submitted by the Executive arm late 2014. Meanwhile, recurrent expenditure was reduced slightly by N0.5bn to N2.6tn while capital expenditure was scaled down by additional N85.9bn to N557.0bn from N642.8bn proposed by the Executive arm. Effectively, this implies that recurrent expenditure…

Nigerian central bank orders lenders to get tough with bad debtors

Posted on by The Editorial Team

LAGOS (Reuters) – Nigeria’s central bank ordered banks on Friday to crack down on borrowers with non-performing loans (NPLs) in a move aimed at avoiding a repeat of a 2009 industry bailout that cost the government $4 billion. A sharp drop in the global price of oil, Nigeria’s main export, has triggered a currency crisis in Africa’s largest economy and strained government’s finances, while also harming the cash flow of some companies with foreign currency…

Nigeria Capital Market: Week Ended 24th April, 2015

Posted on by The Editorial Team

Nigerian Stock Market Weekly Summary and Outlook The market continued to trade sideways this week as investors treaded more cautiously. The NSE ASI shed 1.5% W-o-W settling at 34,485.72 at the close of trade on Friday. Nevertheless, MtD return closed positive at 8.6% although YtD was negative at 0.5%. Following the course of the benchmark index, aggregate market capitalization declined N779.1bn W-o-W and closed at N11.7tn. Market activity was mixed with the aggregate volume of…

Nigeria: 2015 Budget Snapshot

Posted on by The Editorial Team

The Nigerian Federal House of Representative on Thursday passed the sum of N4.5tn budget for the 2015 fiscal year with an increase of N135.4bn over initial proposal submitted in November 2014. In addition, the House has adopted an oil benchmark of US$53.0, daily oil production of 2.3mbpd, exchange rate of N190.00/US$1.00 and fiscal deficit/GDP ratio of 1.1%. Surprisingly, no provision for fuel subsidy was made in the approved 2015 Appropriation Act. A further review of…

Nigeria’s Verod Capital in Union Trustees Limited Management Buyout

Posted on by The Editorial Team

Verod Capital has along with the management team of Union Trustees Limited acquired Union Trustees Limited. This is the third investment in Verod Capital’s Fund II. The company, a fully owned subsidiary of Union Bank of Nigeria is duly licensed and registered by the Securities and Exchange Commission as Trustees and Fund and Portfolio Managers. Union Trustees Limited, based in Lagos Nigeria, is well known as one of the top corporate Trustees’ and Fund Managers…

Despite the End of the Commodity Boom, African Countries Can Sustain Their Growth

Posted on by The Editorial Team

The World Bank Group forecasts that economic growth for African countries will slow in 2015 to 4.0 percent from 4.5 percent in 2014, a downturn which largely reflects the sharp fall in global prices for oil and other key commodities. At a seminar with African finance ministers, central bankers and their delegations during the World Bank Group Spring Meetings, the Bank’s Africa Chief Economist Francisco Ferreira explained that his 2015 forecast was below the 4.4…

Nigerian current-account deficit is 0.1% GDP in Q4 2014

Posted on by The Editorial Team

The CBN’s External Sector Development Report for Q4 2014 shows a modest current-account deficit equivalent to 0.1% of GDP. This was to be expected, given that the international oil price fell by about US$25/b over the quarter in question. The report also revised earlier data, notably for Q2 for which a surplus representing 1.1% of GDP was transformed into a 0.4% deficit. The deterioration predates the latest slide in the oil price and can be traced to…

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