Economy

Nigeria Has Higher Investment Risk, Beats Sub-Saharan Africa Peers On Returns

Drops Out Of RMB ’S Top 10 Investment Destinations for First Time (Sundiata Finance) – Among Africa’s top three economies, it is Nigeria that offers both the highest risk and highest reward to foreign investors, according to a Risk-Reward index developed by global risk consultancy firm, Control Risks Group Limited. The “Africa Risk-Reward” index computed by UK-based Control Risks, in ...

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CBN Goes Tough On Banks Flouting Forex Rules

Sustains Intervention With $545m By Nse Anthony-Uko ABUJA, (Sundiata Post) – The Central Bank of Nigeria (CBN) on Monday, threatened to sanction any Deposit Money Bank (DMB) breaching its earlier directive of March 3, 2017 instructing them to, among other things, open teller points for retail forex transactions and to have electronic display boards in all their branches, showing rates ...

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Lagos Retains Top Spot, Gets 73% Revenues From IGR

• Ogun At 63%, As 28 States Make Less Than 30% (Sundiata Finance) – Lagos and Ogun states are fast moving away from other states in the country in financial capacity, following their ability to generate over 60 per cent of their revenue internally. The two states generated 73 per cent and 63 per cent of their revenue internally in ...

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NDIC Seeks Increased Focus On Financial Literacy, Protection

• As 46 Staff Get MBAs From Scotland By Nse Anthony-Uko (Sundiata Finance) – Managing director and chief executive of the Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim has stressed the need for Nigeria to pay more attention to issues such as financial literacy, consumer protection, sustainability and innovative financial services solutions. According to him, the banking environment was ...

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Enhancing Liquidity In Non-interest Financial Institutions

(Sundiata Finance) – Non-interest (Islamic) banking has expanded rapidly over the past few decades, growing at 10-20 per cent annually. The assets have been growing faster than conventional banking assets. According to Sani Dutsinma, managing director/ CEO, Islamic Banking and Finance Institute Nigeria, sharia-compliant financial assets are estimated at roughly $2 trillion, covering bank and non-bank financial institutions. Islamic banking ...

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Retailers’ Interest In Jabi Lake Mall Rising As Macro-Economy Improves

(Sundiata Post) – Over the last two quarters of this year, there has been a significant improvement in the macro-economic situation in Nigeria and, as a result, international and local retailers’ interest in retail malls, including Jabi Lake Mall in Abuja, has been rising. Until the second quarter of 2017, the real estate sector in Nigeria, especially the retail segment, ...

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Nigeria Bond Sale Wobbles Over Low Yield Say Traders

(Sundiata Finance) – Nigeria raised N56.05 billion ($179 million) in a bond auction on Wednesday, less than half the amount on offer as domestic pension funds and insurance firms cut orders due to low yields, traders said on Thursday. The Debt Management Office (DMO) offered N135 billion worth of bonds maturing in 2021, 2027 and 2037, but investors shunned the ...

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Nigeria’s Foreign Capital Inflow Rises To $1.8bn In Q2

• FDI increased by 30% over previous quarter By Nse Anthony-Uko (Sundiata Post) – The total value of capital imported into Nigeria in the second quarter (Q2) of 2017 has been put at $1.792 billion, indicating a $884.1 million increase over the figure recorded in Q1 2017 and a growing appetite by portfolio investors in Nigerian securities. This represented a ...

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Cutting Interest Rate Now Will Fuel Recession – Emefiele

By Nse Anthony-Uko (Sundiata Finance) – Despite the several calls from the real sector for a cut in the benchmark interest rate, the governor of the Central Bank of Nigeria, Godwin Emefiele has reiterated the decision of the apex bank to hold rates saying a cut in rates would cause the economy to sink further into recession. Speaking at 2017 ...

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