The inflation numbers for February are in, and they do surprise. Prices, it seems, are not growing as fast as they did two months ago. According to the new numbers, consumer prices in the country rose by 11.1% in the year to February, down from 12.1% in the year to January. Why? The most basic problem with inflation statistics in…
The federal government at the weekend expressed disgust over the attitude of some financial operators to consumers, which include failure to provide useful information on their new products. Ify Umenyi, director general, Consumer Protection Council (CPC), gave the charge during a financial services stakeholders’ meeting marking the 2011 World Consumers’ Day in Abuja. The DG, described the recent Central Bank…
The two parameters for measuring performance at the Nigerian Stock Exchange (NSE), the market capitalisation and the All-Share Index, fell to three month figures at the close of trading last week. The NSE market capitalisation of the 194 First-Tier equities closed the week at N7.789 trillion from the N8.174 trillion it opened with on the first trading day of the…
Tanzania’s year-on-year inflation rate rose for a fourth consecutive month in February on the back of higher food and fuel prices, staying in step with trends at east African neighbours Kenya and Uganda. Tanzania’s National Bureau of Statistics said on Saturday that consumer prices rose 2.2 percent in February, helping push the country’s inflation rate to 7.5 percent from 6.4…
On March 8, 2011, several events took place all over the world to mark the centenary of International Women’s Day. Nigeria was no different and several workshops, seminars and conferences celebrated the economic, political and social achievements of women. Traditional gender roles historically presented household income from a perspective where women were expected to stay at home and look after…
Roberts Orya, Managing Director/Chief Executive, Nigerian Export-Import Bank (NEXIM), says no other agency is better placed to facilitate cross border trades in the Economic Community of West African States (ECOWAS) than the bank. Overview Nigerian Export-Import Bank (NEXIM) was set up in 1991 by the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance. Incorporated for the purpose…
Over the years, the value of trade between Nigeria has been lopsided. Due to the weak manufacturing base of Nigeria and the inability to develop competitive advantage in non oil exports, the lopsidedness has become pronounced. According to the Japan External Trade Organisation (JETRO), as at January, while Nigeria imported goods worth over $40.8 million from Japan, the value of…
The Securities and Exchange Commission (SEC) has thrown its weight behind the proposed extension of trading hours by the management of the Nigerian Stock Exchange (NSE) despite criticism by some market operators that aftermath of such action will not favour the nation’s bourse. The interim administration of the NSE, led by Emmanuel Ikazoboh, had announced that it will increase trading…
I was pleasantly surprised, in a conversation last week, to learn that of the many concerns over the Central Bank of Nigeria's (CBN) repairs to and reforms of the banking sector, the nationality of the would-be buyers of the banks rescued by the apex bank is the more troubling. Transparency of the accounting treatments of the intervention funds did not…
Yabawa Wabi, minister of state for finance, has advised the West African Insurance Companies Association (WAICA) to ensure adequate capitalisation of the WAICA Reinsurance Corporation. Mr. Wabi, who was represented by Fola Daniel, commissioner for insurance, at the National Insurance Commission (NAICOM), gave the advice at the 2011 WAICA Educational Conference in Lagos on Monday. The theme of the conference…
An explosion was heard at a Nigerian onshore oil flow station operated by Agip in the Niger Delta on Wednesday, security sources said, but the cause was not immediately clear. A joint military task force confirmed there had been an explosion in Bayelsa State in the Niger Delta, but did not specify the exact location. Italian oil firm, Agip, was…
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Nigeria's crude oil output dropped 3.8 per cent in February at 2.098m barrels per day (bpd), though it…
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} The Nigeria Export Import (NEXIM) Bank plans to spend about $40 million (N6 billion) within the next two…
Burundi’s main beer brewer firm, Brarudi, majority owned by Heineken NV, said on Wednesday its sales of beer and soft drinks rose 21 per cent in 2010. The company said volumes sold increased to 1.99 million hectolitres from 1.64 million in 2009, lifted by increased spending by more prosperous coffee farmers and higher demand during the country’s elections. The company…
The Nigerian Stock Exchange recorded a total loss of N260 billion on equities at the close of trading activities in February, after recording significant gains of N662 billion in the preceding month. The market value of the 217 listed equities, which opened the month at N8.575 trillion, closed on the last trading day in February at N8.315 trillion, reflecting a…