Cost Of Making Jollof Rice Rose 32% In 6 Months – Report
Within the last six months, Nigerian households paid significantly more to make a pot of jollof rice, a newly-released survey found this week. SBM Intelligence, a strategic intelligence analysis firm, said in its March 3 report that a nationwide sampling of ingredients for the popular Nigerian dish showed it cost N5,388 to make a pot for a family of four as at February 2017. This, SBM Intelligence said, represented a 32 per cent increase from July 2016 when it cost an average N4, 087 to make a pot for the same number of people. Not unexpectedly, the firm attributed the sharp rise to inflation in the country.
Nigeria’s Exports To South Africa Hit N552.2 Billion In 2016
South Africa’s Minister of Trade and Industry, Rob Davies, said that Nigeria’s exports to South Africa hit N552.2 billion (R23 billion) in 2016. According to a statement from the country’s Department of Trade and Industry on Thursday, Mr. Davies said South Africa’s exports to Nigeria slightly declined to about N153.7 billion (R6.4 billion) in 2016. He said the two countries “continuously traded goods at high capacity and Nigeria maintained the trade surplus of R23 billion (N552.2 billion) in 2016”. According to the minister, the department of trade and industry would lead a business delegation on a trade and investment mission to Nigeria and Ghana from March 20 to 25.
Equities Market Extends Gaining Streak
Equities market closed Thursday on a positive note as NSE ASI appreciated by 0.46 per cent to close at 25,418.08 basis points, as against 0.07 per cent appreciation recorded previously. Data gathered shows that its Year-to-Date (YTD) returns currently stands at -5.42%. Market breadth closed positive as Port Paint led 18 Gainers against 14 Losers topped by 7UP at the end of Thursday’s session. This represents an improved performance when compared with previous outlook.
Nigeria Stock Exchange To Launch Forecast Disclosure Regime
The Nigerian Stock Exchange, NSE, on Thursday said it would launch its forecast disclosure regime before the end of 2017. Tinuade Awe, General Counsel and Head of Regulation, NSE, made this known at a Sustainability and Corporate governance seminar in Lagos. Ms. Awe, while speaking on the topic “Corporate Governanc, Growth and Sustainability”, noted that the NSE is working on forecasts and disclosures as it currently receives feedbacks on disclosure regimes from stakeholders in the industry.
Transcorp Hotels Plc Posts N4.5bn Profits, Announces A dividend Of 40k Per Share
Transcorp Hotels Plc has announced a profit after tax of N4b at its 3rd Annual General Meeting which took place at Transcorp Hilton Abuja. At the meeting, the Shareholders of Transcorp Hotels Plc commended the management and staff of the Company for recording a strong financial and operational performance in the financial year ended 31st December 2016, with improvements across all indices despite the economic recession which took a hefty toll on hospitality businesses generally.
Malabu: Court Returns OPL 245 To Shell, ENI
John Tsoho, justice of the federal high court, Abuja, has reversed his order revoking OPL 245, an oil block, from Shell Nigeria Limited and Eni. Shell and Eni had filed an application seeking the vacation of the order of interim forfeiture of OPL 245, which is considered as Nigeria’s largest oil block. On Monday, the judge had adjourned the case to Friday after Malabu Oil and Gas filed an application to join the matter. The Economic and Financial Crimes Commission (EFCC) had got an order for the forfeiture of the oil block. The agency had asked the court to temporarily return OPL 245 to the government while it continued its investigation of alleged corruption in the sale of the block.
Etisalat, Lenders Disagree Over $1.2b Loan Settlement Terms
Local lenders have opposed a proposal by Etisalat Nigeria to convert part of the $1.2 billion loan into naira. Rather, the lenders want its parent, Abu Dhabi telecoms group Etisalat, and its shareholders to recapitalise the telco, it was gathered yesterday. A source privy to the negotiations said the seven-year syndicated loan, on which the telco defaulted in payment schedule, has a dollar portion of $235 million which the carrier wants to convert into naira to overcome chronic foreign exchange (forex) crunch at the interbank market.
Fashola, Adeosun, Others For IIM’s Economic Recovery Confab
The Minister of Power, Works & Housing, Mr. Babatunde Fashola, Minister of Finance, Mrs. Kemi Adeosun, Minister, Budget and National Planning, Senator Udoma Udo-Udoma are set for this year’s annual lecture of the Institute of Information Management (IIM). The lecture is slated for tomorrow at the University of Lagos. Other members of the Federal Executive (FEC) expected at the occasion are the Minister of Industry, Trade & Investment, Dr. Okechukwu Enelamah, Minister of Solid Minerals, Dr. Kayode Fayemi and the and his counterpart in the Labour & Employment Ministry, Dr. Chris Ngige.