The International Finance Corporation (IFC) has said that it is working with regulators in Nigeria to issue a series of local-currency bonds totaling $1 billion to finance private industrial projects.
Andrew Cross, IFC’s manager in charge of Treasury Client Solutions for Africa, said the projects would cover areas such as power, housing and support for the development of Small and Medium Scale Enterprises in Nigeria.
Trading activities at the Nigerian Stock Exchange (NSE) on Thursday was bullish as gains by 45 shares helped to lift the bourse’s measuring parameters to a high level.
The NSE All-Share Index and market capitalisation rose by 0.78% each, to close at 39,119.88 basis points and ₦12.51 trillion, respectively on Thursday.
As usual, the banking sub-sector maintained its lead on the activity chart, as trading in the sub-sector accounted for 25% of the total volume traded. Investors exchanged 139.63 million shares, valued at ₦1.57 billion in the sub-sector.
The significance of an inclusive economy is in the value of indigenous participation and sectoral linkages. It is a major channel through which the benefits of growth could be transmitted to improve the well being of the citizens.
The challenge of making the global economy more inclusive demands that we identify the structural causes of inequality and put forward the conditions under which global inclusiveness can be achieved. Ideas on how to shape inclusive societies should also be proposed in terms of concrete policy measures.
In its efforts to deepen the nation’s capital market, the Securities and Exchange Commission (SEC) on June 14, 2013, unveiled 32 securities as collateral for margin loans. This is to ensure that stakeholders, who wish to be involved in margin lending, are well guided. The reason given for this is to prevent a recurrence of the 2008 stock market downturn that shook the country.
Investigations revealed that the National Insurance Commission is set to issue new licences to insurance firms to operate full fledge microinsurance companies. Microinsurance is the protection of low-income people against specific perils in exchange for regular premium payment proportionate to the likelihood and cost of the risks involved. The target population typically consists of persons ignored by mainstream commercial and social insurance schemes, as well as persons who have not previously had access to appropriate insurance products
The Central Bank of Nigeria (CBN) yesterday foreclosed the possibility of reducing the prevailing 12% interest rate.
The CBN Governor, Sanusi Lamido Sanusi, said in Paris, France, that the bank was more likely to tighten monetary policy than ease it in the months ahead.
The Monetary Policy Rate (MPR) is the benchmark rate by which the CBN determines interest rate. The Cash Reserve Requirement (CRR) is a portion of banks’ deposit kept by banks with the CBN.
Studies have indicated that more than 70% of the Small and Medium Scale Enterprises (SMEs) in Africa, including Nigeria, lack access to medium-longer-term finance, creating an SME funding gap of more than $140 billion in the continent.
Consequently, protection of SMEs through the establishment of a solid framework supported by government policy is the first step in creating an active Small and Medium Enterprises sector.