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Local investors take charge as foreign investors remain cautious amid FX scarcity

Local investors take charge as foreign investors remain cautious amid FX scarcity Renewed positive sentiments in the global space dominated markets in the month of May as investors’ optimism for a speedy economic recovery continues to support appetite for risky assets. This is also coming on the heels of ease in lockdown and gradual reopening of economic activities. In Nigeria, domestic investors took the driving seat at the nation’s equities market in the month of May as they took positions in cheap and dividend-paying bellwether stocks. On the other hand, foreign investors who are unable to move their funds from the country due to FX scarcity rolled their money back into the equities market. In the month of May, total value of transactions executed by domestic Investors out performed transactions executed by Foreign Investors by 40percent. According to data released by the Nigeria Stock Exchange, total transactions executed between May and April revealed that total domest...
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Nigeria’s second-largest cement maker eyes new mega plant

Nigeria’s second-largest cement maker eyes new mega plant Nigeria’s BUA Cement plans to set up a mega plant in the Northeastern Adamawa State in furtherance of the company’s business expansion program, Chairman Abdulsamad Rabiu has said. The 3 million metric tonnes cement plant will be located in Guyuk and Lamurde local governments of the state, as preliminary findings show that the LGAs are reputed to have a good quality of limestone deposits, Rabiu said during a courtesy visit to the Adamawa State Governor, Ahmadu Umaru Fintiri in the Government House, Yola. The Guyuk Cement Plant will be accompanied by a 50 megawatts power plant to supply power to the proposed cement plant and communities of Guyuk and Lamurde in addition to providing 3,000 direct and 5,000 indirect jobs, according to the Chairman.\ The planned investment in Adamawa will be BUA’s major investment in North-East Nigeria and its strategy of sourcing raw materials locally – the majority of the firm’...
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PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO

PRESIDENT BUHARI RECEIVES MADAGASCAN COVID-19 HERBAL “DRUG” FROM GUINEA BISSAU’S PRESIDENT EMBALO President Muhammadu Buhari Saturday at the State House, Abuja, received the Madagascan native formulation against the Covid-19 pandemic, and reiterated that he will listen to science before allowing traditional or any new medicines to be administered on Nigerians. At an audience meeting with President Umaro Sissoco Embalo of Guinea Bissau who brought along with him the samples of the traditional medicine as shared to African nations by Madagascar, President Buhari said his position on all such herbal or traditional medicinal postulates had remained the same. “We have our institutions, systems and processes in the country. Any such formulations should be sent to them for verification. I will not put it to use without the endorsement of our institutions,” said the Nigerian President. On the main reason for his visit, President Embalo said having stabilized his country after the tus...
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