₦airaland Forum

The total volume of trade in 2018 stood at N32.2 trillion, according to the National Bureau of Statistics.

The figure contained in the foreign trade statistics report for the fourth quarter was 39.31 per cent higher than the number recorded in 2017.

Total export from the country stood at N19.09 trillion in the year, 40.46 per cent higher than 2017. While import was N13.13 trillion, also more than 37.67 per cent recorded in 2017.

Nigerian economic growth continued to deepen after the Federal Government implemented its economic and recovery growth plan. Export of agricultural goods surged by 115.1 per cent, while the value of imports that has been an issue over the years dropped by 14.99 per cent in the fourth quarter of 2018.

The report read in part, “The value of the total imports fell 14.99 per cent in Q4 2018 compared to Q3 2018, but rose 69.6 per cent over the corresponding quarter of 2017.

“Imported agricultural products were valued at N5bn, or 2.23 per cent less than in Q3 2018, and N8.7bn or 3.8 per cent lower than Q4 2017.

“The value of raw material imports grew 9.5 per cent more than the value recorded in Q3 2018, and 10.8 per cent more than the value recorded in Q4 2017.

“The value of solid minerals imports was 5.26 per cent lower than the value of imports in Q3 2018, but 15.25 per cent higher than the value recorded in Q4 2017.”

The report revealed that the value of imported manufactured goods declined by 23.5 per cent in the fourth quarter when compared with the valued recorded in the third quarter of 2018.

Also, the value of agricultural exports increased by 115.1 per cent in the fourth quarter of 2018 while raw material exported was 26.7 per cent higher than the value in the third quarter.

Federal Government efforts at encouraging local businesses by restricting manufacturers of goods that can be produced locally from accessing forex have started yielding results. Importation of manufactured goods declined by 23.5 per cent last year. Suggesting more businesses are now manufacturing locally as shown by the manufacturing Purchasing Managers' Index released by the Central Bank of Nigeria last week.

Analysts at Investors King Ltd believed it will further boost growth in the sector and expand job creation.

https://investorsking.com/nigerias-trade-volume-rises-n32-2tn-in-2018/

@InvestorsKing

Zenith Bank Plc founder Jim Ovia will earn over N9 billion from his holdings in the bank for the financial year ended December 2018, checks have revealed.

The billionaire owner has a direct stake of 3,546,199,395 shares in the bank. This represents 11.29 per cent of the bank’s 31,396,493,787 shares in issue. Investigations showed the founder may have increased his shares in the bank from the 9.38 per cent stake he had in 2017.

The Bank’s Board of Directors declared a dividend of N2.50 per share, as shown in the financial results filed through the Nigerian Stock Exchange on Tuesday. That was in addition to the N0.30 per share paid as interim dividend in 2018. Bringing the total dividend paid for the year to N2.80 per share.

At N2.80 per share, Ovia would earn N9.9 billion on his direct holdings of 3,546,199,395 shares.

The founder also has indirect holdings of 1,513,137,010 shares. This amounts to another N4.2 billion in dividends.

Indirect holding means the founder is a direct shareholder in a firm that owns direct shares in Zenith Bank. If he also owns the entire company, he will earn a combined N13.5 billion in dividends.

Zenith Bank shares rose by 5.63 per cent to N25.35 on Tuesday.

https://investorsking.com/jim-ovia-to-earn-over-n9bn-in-dividends/ mynd44

@Investorsking

Over the years, Nigerians in the diaspora have helped stimulate economic productivity through substantial remittance back home.

The data compiled by BusinessDay has shown that Nigerians in the diaspora remitted a total of $277.3 billion into the Nigerian economy in the past 14 years.

Remittances were mainly from the United States of America, Switzerland, Germany, Russia and China, according to the Global Knowledge Partnership on migration.

Another report by Dalberg Advisors, titled ‘Nigeria Diaspora: Opportunities for Increasing the Development Impact of Nigeria’s Diaspora,’ revealed that most of the remitted funds were invested in the real estate sector.

“Among potential future investments, real estate and entrepreneurship are the most popular categories. Nearly all currently investing or interested in investing in Nigeria would like to invest in the South-west.”

International remittances has been recognised as an important growth driver in most developing economies. However, experts believed the federal government needs to do more to further encourage broad base investment.

“The government in collaboration with other partners can address barriers to engagement at the ecosystem level to make it easier and more compelling for the diaspora to engage in Nigeria.”

On average, Nigerians abroad remit over 15.8 billion pounds to the country yearly.

These funds have helped deepen growth and reduce pressure on the foreign exchange reserves. In the last 4 years, Nigeria’s foreign exchange reserves have risen from about $23 billion to over $42 billion. While some analysts have attributed this to stable oil prices and effective forex policy. Majority of experts believed it is a combination of huge inflow via remittance, capital importation and oil earnings.

https://investorsking.com/nigerians-abroad-remits-277bn-home-in-14-years/ mynd44

Still way below the 15% target. Despite all the noise about improved revenue generation policy and the surge in customs revenue in 2018, the administration only recorded 1 percent increase in revenue from the old 6 percent. The 7 percent is even lower than the old 6 percent when the economy was growing at 7 percent (GDP $523 billion).

It is impossible to up revenue to GDP ratio when earnings are poor, unemployment jumped to 23.1 percent, interest rate remained unchanged at 14 percent, youth unemployment and underemployment (55.4%) higher than national average of 43.3 percent.

It is practically impossible to improve revenue when the economy is now growing at 1.81 percent, down from an average of 6-7 percent. Affordable loans will stimulate growth and enhance economic productivity.

In fact, in the 2019 proposed budget, non-oil revenue is expected to tick up by just 0.1 percent from the 2018, yet recurrent expenditure will account for 71.3 percent of the budget, 18.1 percent higher than 2018. Still, revenue generation is not reflecting those spendings.

Until local players are empowered and supported to create jobs and compete effectively, we won't grow our earnings. Damn inflation, knock down the high interest rate and create massive jobs, enhance wage growth and consumer spending, but no, the CBN knows we are nothing without foreign capital inflow, hence, the high interest rate to lure foreign investors at the expense of real growth. The whole policy is just wrong!

It will hit 12% by feb, election spending, budget implementation, etc. CBN may even be forced to raise interest rate by 200 basis points to lure investors to the economy and contain rising inflation rate.

It will start moderating by June, when will expect capital importation to start improving.

truthfulparrot:
The economic signals are very bad.....Nigeria is about to enter a very troublesome economic tsunami and people are busy playing politics!

Foreign investors are pulling their investors out of Nigeria due to ominous signal of a volatile election, coupled with security and pendulum-like economy policy of APC government.

The most alarming fact that Nigerians are not aware of is that we are faced with imminent food shortages and starvation. Forget about the annoying propaganda by the government on agriculture. The fact is that we are producing less now due to the fact that herdsmen, bandits and bokoharam attacks has displaced farmers producing more than 40% of the food we consume in this country. These farmers are located in Benue Basins, Lake Chad area, Zamfara, Yobe axis etc.

Despite all the lies about rice productions, Nigeria is still importing more than 60% of its rice consumption. Granted the government pumped money via anchor program, but the environment is not conducive for farmers and our yield per acre is still very low, not to talk of processing and transportation cost. A lot of rice farmers in Lake Chad basins and Zamfara have abandon their rice farms due to insecurity.

Honestly the two major candidates for the presidential election are not the best for this country, but we may have no other alternative than to go for lesser devil. APC may plunge the country into economic Armageddon

So many factors contributed to the surge in capital outflow in 2018, sadly it will continue in 2019, at least the first half. I explained it in my Nigeria's economic outlook for 2019 here https://www.nairaland.com/4944491/nigerias-economic-outlook-2019 .

Amoto94:
The future looks bleak

External factors, weak non-oil revenue, high interest rate, and huge recurrent expenditure are our problem.

Nigeria’s economic outlook remains challenging in 2019 as investment inflows and revenue generation are projected to drop further in the new year.

The economy grew at 1.81 percent in the third quarter of 2018 after a 1.5 percent expansion in the second quarter but the unemployment rate rose to 23.1 percent from 18.8 percent recorded a year ago. A sign the economy is merely sustaining growth after recovering from the recession in 2017.

Despite growing for six consecutive quarters, new job creation is almost nonexisting and interest rate remained unchanged at 14 percent. Still, the manufacturing sector recorded growth for the 18th consecutive month without new jobs or substantial new entrants to broaden growth.

One of the key factors in measuring the healthiness of an economy, the stock exchange market, returned -15.39 percent in 2018 while the national foreign reserves dropped to $43 billion on weak capital importation.

Global Economy and Impacts in 2019

The trade war between the U.S and China, the two world’s largest economies, should slow down global growth in 2019 but as China continues to adjust its policy to accommodate U.S. demands for an open market, global growth should pick up and expand at about 3.5 percent in 2019, down from 3.7 percent in 2018.

While the four rate hikes in the United States, the two from the United Kingdom since the recession and Canada’s five times rate increase since summer of 2017 boosted capital outflows from Nigeria and other emerging economies in 2018. The trend is expected to continue in the first half of 2019 but into the Euro-area ahead of the European Central Bank rate increase.

Global oil market remains largely uncertain in 2019 due to the projected slow down in China’s economy, the world’s largest importer of crude oil. But with Saudi Arabia and Russia led OPEC+ recent accord to cut production by 1.2 million barrels a day, Brent crude may average $70 a barrel in the first half, however, that should fade in the second half of the year as U.S. producers sustain output at about 12 million barrels a day.

Employment/Unemployment

The labour market remained weak with low new job creation and shrinking existing jobs, the trend is expected to continue in 2019 and up until the second half of 2020 when new policies would have crystalised and interest rate lowered.

The Central Bank of Nigeria left interest rate unchanged at 14 percent, citing weak investment inflow and rising consumer prices. But with Dangote refinery scheduled to commence operation in 2020, the CBN would have more liquidity to stimulate growth and lower interest rates enough to support new jobs.

Therefore, the unemployment rate is projected to increase from the current 23.1 percent in 2018 to 25 percent by the third quarter of 2019 and start moderating by the second half of 2020.

Gross Domestic Product

OPEC+ production cuts and weak capital inflows will weigh on Nigeria’s economic productivity in 2019. Nigeria’s oil production is expected to be capped at 1.685 million barrels a day in 2019, this should reduce foreign revenue generation and impact Central Bank of Nigeria’s forex intervention program that has sustained economic activities in the last two years.

Despite crude oil production rising to 2.09 million barrels a day in 2018, growth remained lackluster with 20.9 million unemployed people and 43.3 percent national unemployment and underemployment rate. At a lower production level with a drop in investment inflow and high capital outflow, economic productivity is projected to slow down in the first half of 2019 and remained largely unchanged in the second half of the year when new administration would have been sworn-in.

Also, investment inflow and market sentiment are expected to start picking up by the second half of the year when implementation of the 2019 budget would have commenced.

However, analysts at Investors King Limited said: “The problem with the 2019 budget is that 71.34 percent of the 2019 budget will be spent on recurrent expenditure, 18 percent higher than 2018 budget. While non-oil revenue is expected to rise by just 0.1 percent in 2019.”

“In an economy that is likely to experience a drop in revenue in 2019 due to OPEC+ production cuts agreement, weak revenue generation amid huge capital expenditure that over the years has failed to stimulate new job creation and enhance economic productivity is the number one problem of the 2019 proposed budget.”

Rising interest rates in developed economies will continue to hurt capital inflow into emerging markets like Nigeria in 2019, especially with the European Central Bank likely to raise rates in the new year after announcing an end to its asset-buying program.

https://investorsking.com/nigerias-economic-outlook-for-2019/

The Organisation of Petroleum Exporting Countries, OPEC, is expected to cap Nigerian oil production at 1.685 million barrels per day in the first half of 2019.

OPEC and ten non-OPEC nations called OPEC+ had earlier in the month agreed to lower oil output by 1.2 million bpd starting from January to boost falling oil prices by reducing global supplies.

Nigeria, which was exempted from output cuts in 2017, was asked to join the new deal during the December 7 meeting in Vienna.

According to a report obtained by S&P Global Platts, Nigeria’s production is to be reduced by 3.04 percent or 53,000 barrels from 1.738 million bpd to 1.685 million bpd.

While OPEC’s largest producer, Saudi Arabia, will cut production by 322,000 bpd to 10.311 million bpd.

The report showed that OPEC would cut by 812,000 bpd in total, while non-OPEC would lower production by 383,000 bpd.

Iran, Libya and Venezuela are exempted from the cuts.

However, Dr Ibe Kachikwu, the Minister of State for Petroleum Resources, said Nigeria will struggle to cut production.

“It is very difficult to do that but where we are now, everybody must be seen to contribute. Obviously, the smaller it is, the more amenable we are to participate; the larger it is, the more we will struggle to participate.

“We have got exemption three times understandably. This time around, I think there is a decision that everybody should be seen to chip in.”

https://investorsking.com/opec-to-cut-nigerias-oil-output-by-3-in-2019/

This is actually a good idea if well implemented, it will open up the economy more and help deepen growth as investors will look to diversify in order to up revenue and profitability.

However, the issue with privatisation in Nigeria is lack of experience on the part of investors. They may not even know how to run an organisation as big as NNPC or even oil & gas experience as acquisition is about connection. Not ability!

Officialpdpnig:
This is why I hate this current version of my party. I thought they said the economic policies of this current fg is chasing away investors?

Why is mtn still further investing?

PDP is cursed as long as they refuse to rebrand, they are cursed.

As long as they remain the liars and thieves as a party then thunder will fire all of them

This should not be approved. MTN is seeking banking license to avert future occurrence of illegal fund transfer accusation like current $8.1 billion the telecom is being accused of. This is a strategic move to nullify CBN regulatory power! Only local companies should be allowed to hold such license, not MTN.

Amoto94:
US overbearing attitude is a threat to global peace and stability, it's not every time you flex your muscles just because you're one of the most powerful nations on earth.

Its a matter of time, China is forming unique trade alliances. They know, they are scared, and the reason the West is complaining about Chinese loans in Africa. But I have never heard complain about Chinese loans in South America and even the new FTA China signed with Australia.

South America, Australia do not have the potential to grow at over 10% rate. Africa can!

Very soon, US influence will drop from Europe to Asia, and Africa we are already looking towards the East, where the sun rises. The West can watch our back.

Rockyrascal:
The sanctions on countries like Venezuela, North Korea and Iran by the US now seem like an economic terrorism.

Sir, it is economic terrorism at best, look at what they did to Canada during NAFTA, now United States-Mexico-Canada Agreement (USMCA)? Canada had to give more access to US imports, before USMCA was born.

The US is becoming a pain to global progress and as projected by IMF yesterday, if not checked global growth will nose dive and nations will be forced to form a new trade alliance outside USA, like China is currently during after she signed trade agreement with over 40 nations earlier this year and moving aggressively into Africa, Asia and South America. A move I am projecting will industrialized Africa if our leaders understand our competitive edge.

erico2k2:
nah dem get the biggest economy

It doesn't matter, without trade the world's largest economy will suffer.

That is one of the reasons China is moving aggressively to Africa, new untapped market with potential to still grow above 10%.

Price of Brent crude oil fell more than 1 percent on Monday after Washington said it may grant Iran some waivers next month.

Brent crude oil declined from over $86 a barrel recorded last week to $83.53 a barrel on Monday. While the U.S. West Texas Intermediate (WTI) drop 54 cents to $73.80 per barrel.

U.S. sanctions are expected to target Iran’s crude oil exports from November 4 and further cut global oil supplies. A move experts believe will push global oil prices to $90 a barrel by Christmas and $100 a barrel by the New Year.

However, in an effort to force lower oil prices as largely demanded by President Trump, a U.S. government official said on Friday that the administration is considering some exemptions for countries that have already reduced their imports of Iranian oil.

A sign Iran oil exports won’t drop to zero in November as India alone is expected to buy 9 million barrels in November, according to a report by Reuters.

Accordingly, hedge funds cut their bullish bets on U.S. crude to the lowest level in almost a year, data showed on Friday.

Again, the ongoing trade war between the US and China also weighed on crude outlook on Monday, especially after data showed the world’s largest importer of crude oil, China’s, manufacturing purchasing managers index grew slower than expected for a second consecutive month.

Chinese stocks declined on Monday despite the People’s Bank of China lowering its bank’s reserve ratio. Another indication of weak business sentiment amid rising uncertainty.

https://investorsking.com/oil-prices-fall-as-u-s-signals-possible-waivers-on-iran-sanctions/

PassingShot:
I doubt if the gang of looters will implode. They’d rather lick their wound silently and try to unite to fight their common enemy- PMB who has kept them away from our treasury. We await them at the poll.

Apart from PDP card members and the those ethernal bigots, no genuinely sane Nigerians will ever support Atiku, Sarathief or Tambuwal. They are confirmed looters and thieves. The progress we have recorded in the last three years can’t be entrusted in the hands of those corrupt looters just because you say they’re smart crooks. Doing that will be suicidal for us as a nation.

and why are they not prosecuted yet?

I doubt if the gang of looters will implode. They’d rather lick their wound silently and try to unite to fight their common enemy
Didn't APC emerged from similar gang of looters?

Add yours... those old men are reading. Mynd44, OAM4J lalasticlala make we read opinions nah

As Nigeria celebrates 58th independence today. Youths across the country have got a lot to say on the state of the nation.

Nigeria, the most populous black nation and the largest economy in Africa, has the potential to become a key global player by virtue of its human and natural resources.

However, choice of leaders coupled with over-dependence on crude oil and the transition from an export-based economy to consumption has impacted this potential.

Investors King spoke with some youths on the state of the nation.

Dapo Alade, 33, said: “It’s time to take the country back from the old folks running democracy like we are in the 1990s. The country is not going to change itself till we all get involved rather than sit back and point fingers. I see a great Nigeria,” the software engineer affirmed.

According to Ishioma, 31, Nigeria will only move forward if people change their mindsets. Until Nigerians shun bribery and do their jobs without gratification, learn to solve their own problems and channel budget funds to appropriate projects Nigeria may not move forward.

Ezekiel Enejeta, 30, said: “I’m proud to be a Nigerian, where at least I know I’m free. And I won’t forget the men who died, who gave that right to me. Let every patriot be honored; Don’t let politics get in the way. Without them, freedom would have died; What they did, we can’t repay,” the CEO of Gabzy Media stated. “It is time for you to show your independence. Happy Independence Day.”

“Is there really any cause for celebration? Things don’t seem to be getting better, in fact, they may be getting worse in terms of security, inflation, cost and standard of living, value of life, jobs, education, healthcare and so on,” said Adewumi, 34. “A major call for concern now is the threat to the unity of the nation, as many fear its only a matter of time before the country disintegrates.”

Hamza, 38, said: “Nigeria is a joke! Our leaders are jokers and the state of the nation is the punchline, sad but its true.”

Bukola Ojobe, 30, said nations that got their independence after Nigeria are thriving while Nigeria the so-called giant of Africa is faced with an economic downturn, low productivity and a high unemployment rate of 18.8 percent. United Arab Emirates, Singapore, Rwanda, South Africa, etc lack Nigeria’s resource but Nigerians queue for their visas. How sad!.

Youths across the nation have spoken against poor leadership, bribery, lack of basic amenities, threat to national unity as well as high unemployment rate. As Enejeta said, its time to show your independence, go out and vote without prejudice.

https://investorsking.com/nigeria-58-what-nigerian-youths-are-saying/ mynd44

Nightmareo07:
He is afraid of wilder

You don't train, work as hard as this men to be afraid.

Its business, Wilder wants more money because it is a risky fight and doesn't draw a large crowd. Meaning without a championship belt Wilder is nobody. That was why one of his complains was rematch clause, no rematch for him if he lost. Just like Joseph Parker.

Again, Joshua is earning over 20 million a fight. He won't be earning 40 million facing his toughest fighter, yet Wilder will be earning 600 percent of his usual pay going by his highest pulse.

Its not easy to be risking 75 percent of the belts and yet require to overpay as A side. Mayweather won't do it and never did for Manny Pacquiao.

Sooner or later, Wilder will be forced to take the deal by his network if he still wants their backing. He fought just once this year couldn't see anyone worthy to fight because all reasonable fighters want big payday with AJ and not with Wilder that cannot fill 18000 arena.

He should just pray Fury fight go through or else na Wembly on April 13.

chetmann:
Even klitchko in his prime didn't knock down povetkin but a washed up Vladimir floored Joshua. Joshua should work on his balance and cardio ,else I see a loss.

Didn't Kevin Johnson go 12 rounds with Klitchko? What did AJ do to him? Finished him off in 2 rounds. Styles make a fight.

PassingShot:
My response to your submission was apt then as it is now.

I said this in replying to you

That is the problem. Here is my response to that particular submission. It is not possible or realistic, a lot of us here are professionals and understand how business works.

Truth234:
The earliest date would be around 2020 if they work really hard. Something I doubt since FG influence will be limited going by the poor stake of 5%, this is another dangerous decision. Fg needs more than 5% to effectively influence operation and control cost for the masses because that should be the essence of a national carrier.

Truth234:
This is a very good project but the numbers are not adding up. You don't just buy planes, you pre-order from manufacturers, which certainly take more than five months needed to kick-start the whole project by FG.

Even PPP documentation will take more than five months to finalize. I mean Qatar and Ethiopia are interested in the project and so are some British investors. This bureaucratic process will take months. Except the government is not serious with the whole project or it is another campaign strategy.

The $300 million is not enough to buy five units and provide reasonable liquidity to run the project going by your numbers.

PassingShot remember?

One of Nigeria's solid boxers but inability to get his British papers on time mess with his career. Hopefully, he gets to ride on current success.

marvinsync:
dude check out the pic
it says so on CNN


I don't know what wedding party is doing on Netflix ( that's if ur sure it's really on Netflix Asin u saw it urself not heard) but lionheart is the first Nigerian film to be bought by Netflix

From your statement, its obvious you don't have account with netflix. Once again, there are other Nigerian movies on Netflix not just the wedding party. However, lionheart was the first Nigerian movie to be bought outright, meaning no royalties like other Nigerian movies.

marvinsync:
because it is the first Nigerian film bought by netflix

Lie, the wedding party has been on netflix for more than a year now. Some of these bloggers don't even have access to netflix to verify.

Tokziby:
Sharp bad guy...

Multiple stream of income...

Kanye, Jay z, p.diddy etc all into clothing line.

But he needs to take Nike off and stand on his own if he's really serious about it, to have 100% of profit.

Except he's cool getting little change as endorsement.

Why do you think Kanye is with Adidas or you think Kanye cannot do it alone? Yet was begging Nike for a deal and got turned down before adidas partner him. Wizkid does not have any design background like Kanye or marketing reach in that industry. Nike is a global brand and they are only leveraging what they perceived as untapped opportunity, after the success of Nigerian Jersey, for sales. Therefore, they are only using his name/image to sell their own designs with his audience in mind. Similar to Lebron James $1 billion deal. If he try it alone, he will go the way of rugged man clothing.

The Federal Government on Tuesday announced its plan to generate $88 billion and create about three million jobs through digital economy within a period of 10 years.

Adejoke Orelope-Adefulire, Senior Special Assistant to the President on Sustainable Development Goals, said the Federal Government has embarked on activities to efficiently grow the digital space in order to actualise its target.

Speaking at the inauguration of the first digital classroom in Abuja, Orelope-Adefulire said FG is working on innovation-driven digital economy, following a series of research conducted by senior officials during their visit to Silicon Valley in the United States and engagement with top executive officers of global technology companies.

“Only recently, we hosted Google executives who are working to provide free Internet to 10 million Nigerians in key locations across the country,” said Orelope-Adefulire. Google, like several other IT companies, is establishing a strong presence in Nigeria not out of altruism but based on hard and rational logic of profit to be made and potential to impact a large youthful market of 200 million population.”

“The Nigerian digital economy will generate an estimated $88bn and create three million jobs over the next 10 years. Today, we are experiencing a different kind of revolution. It is the digital revolution. Our world is a global village and what happens in one end of the world reverberates in another end in micro seconds.”

She further stated that technology had brought new opportunities to both businesses and individuals by enhancing productivity through lower cost of production and efficient communication channels that connects customers and businesses like never before.

“If properly managed, it would enhance foreign revenues, further diversify the economy and deepen economic activity,” said Dapo Alade, a software engineer cum digital entrepreneur.

Orelope-Adefulire thanks Netdragon Websoft, led by its Chairman, Dejian Liu, for the donation of the facility to one of the communities in Abuja.

http://investorsking.com/fg-generate-88-billion-digital-economy/ mynd44

The gauge of the Nigerian stock market declined the most in six weeks on Wednesday following disappointing earnings report by big corporations.

The All Share Index of the Nigerian Stock Exchange declined 1.1 percent on Wednesday, the highest single-day drop since June 21. The market capitalisation of listed equities declined from N13.459 trillion on Tuesday to N13.263 trillion on Wednesday.

Dangote Cement Plc, the largest share by market value, dipped by 1.3 percent. While Royal Exchange Plc declined by 10 percent and Nigerian Breweries Plc pulled back by 1.9 percent respectively.

Mr. Olufemi Awoyemi, the Chief Executive of Proshare Nigeria Limited was quoted by Bloomberg as saying that some companies cut their earnings projection following poor first half of the year.

“Some investors want to play safe and are moving to the fixed-income market,” he added.

Also, the rising political tension weighed on decision making. The ruling party, All Progressives Congress, has lost key members, including the Senate president to the opposition part amid series of accusations between its members.

The Senate President, Bukola Saraki, and the governor of Sokoto State, Aminu Tambuwal left the ruling party to join the Peoples Democratic Party, which has ruled the nation for 16 years until a coalition party, APC, defeated them in 2015.

An economist at Vetiva Capital Management Limited, Michael Famoroti, said politics will drive the medium term market performance.

However, he attributed the weak market sentiment to disappointing earnings from Dangote Cement and Nigerian Breweries, the two biggest companies by market capital and account for almost half of the market.

http://investorsking.com/stock-market-dips-to-six-weeks-low-on-weak-earnings/ mynd44

Global oil prices declined on Wednesday as U.S. oil inventories rose than expected last week.

The American Petroleum Institute had reported on Tuesday that domestic crude oil inventories rose by 5.6 million barrels last week. However, the Energy Information Administration on Wednesday validated the build-up but by 3.8 million barrels, still more than the 2.4 million barrels expected by most analysts surveyed by S&P Global Platts for the week.

The build-up in supplies weighed on global oil outlook, especially after a survey conducted by Bloomberg showed Saudi Arabia pumped more crude oil in July. The kingdom’s oil production grew by 230,000 barrels a day in the month of July to 10.65 million barrels per day, slightly below an all-time peak attained in 2016.

Rises in production in Saudis, Nigeria and Iraq pushed up OPEC’s total oil production by 300,000 barrels per day, offsetting whatever deficit created by political clashes in Libya, economic collapse in Venezuela and the onset of US sanctions against Iran.

Brent crude oil declined by 1.85 per cent to $72.57 a barrel as at 9:20 pm Nigerian time, while US West Texas Intermediate dipped by 1.51 percent to $67.72 per barrel.

Global uncertainties continued to impact commodity market as investors anticipated addition tariffs on $200 billion Chinese imports by the U.S. A decision China projected will further hurt global growth and slow down progress thus far.

However, the world’s second-largest economy said he would retaliate with similar measures if Donald Trump led administration go ahead with high tariffs.

OPEC is expected to release its official oil market report for July on August 13.

http://investorsking.com/global-oil-prices-drop-higher-u-s-inventories/

Air Marshal Sadique Abubakar, the Chief of Air Staff, on Wednesday, said the Federal Government has acquired a total of 18 new Aircraft for the Nigerian Air Force between 2015 and 2018.

Abubakar who was on a courtesy visit to the Zamfara State Governor, Abdulaziz Yari, in Gusau said the Federal Government also reactivated 13 old aircraft to take the total number of functioning aircraft to 31.

“Apart from the 18 new aircraft, the Federal Government also reactivated the 13 old ones that were not working previously," Abubakar stated.

“We are also expecting new ones from the United States anytime from this moment.”

“We are in Zamfara to check NAF operations.”

“We are going to look at every aspect of air force operations in the state, with a view to improving the capacity.”

http://investorsking.com/fg-acquires-18-new-aircraft-in-three-years-sadique-abubakar/