BusinessDay 11 Feb 2019

Page 1

businessday market monitor FMDQ Close

Everdon Bureau De Change

Bitcoin

NSE

FOREIGN EXCHANGE

Foreign Reserve - $42.97bn Biggest Gainer Biggest Loser Cross Rates - GBP-$:1.29 YUANY-N53.60 Seplat Dangcem Commodities N560.5 5.75pc N185.5 -2.37pc 31,529.92

Cocoa

Gold

Crude Oil

US$2,234.00

$1,318.90

$61.88

NEWS YOU CAN TRUST I **MONDAY 11 FEBRUARY 2019 I VOL. 15, NO 243 I N300

₦1,185,406.08

+0.71pc

Powered by

g

BUY

SELL

$-N 357.00 361.00 £-N 466.00 475.00 €-N 405.00 413.00

www.

Market I&E FX Window CBN Official Rate Currency Futures

($/N)

FGN BONDS

TREASURY BILLS

Spot ($/N)

3M

6M

5Y

361.73 306.70

-0.06 12.29

-0.17 13.95

0.00

NGUS APR 24 2019 363.30

g

14.68

NGUS JUL 24 2019 363.75

@

10 Y 20 Y -0.20 -0.29 14.51

14.74

NGUS JAN 29 2020 364.65

g

Oil majors shy on Nigeria, look elsewhere for growth opportunities ... Book strong results despite low oil prices STEPHEN ONYEKWELU

O

il majors are fine-tuning their growth strategies either for petrochemicals, gas or energy transition programmes, but Nigeria is not a high priority investment destination. According to their full-year 2018 financial results released recently, ExxonMobil, Total and Chevron booked strong results despite a 40 percent decline in the value of oil prices in the fourth quarter of 2018. Some of the oil majors reported earnings similar to 2014 when oil prices surged above $100 on the back of strong investment in technology, diversifying markets and product offerings, thereby beating expectations of most analysts. But with the exception of Total and Royal Dutch Shell, other Continues on page 38

Inside Leading the battle for P. 13 better health Nonso Obikili writes on ‘Keeping faith with P. 35 democracy’

L-R: Matthew Azoji, managing director, Neimeth International Pharmaceuticals plc; ABC Orjiako, chairman, and Florence Onyenekwu, company secretary/general manager, finance, at the 60th annual general meeting of the company in Lagos. Pic by Olawale Amoo

How reforms, financial flows can ease Nigeria’s liquidity shortage I LOLADE AKINMURELE

n a world awash with liquidity with investors globally looking for where to put money to work to earn a decent return, Nigeria can’t seem to attract foreign capital and is instead dealing with a shortage of liquidity in its domestic economy.

By not taking the steps needed to unleash massive inflows of foreign direct investments (FDI), Abuja is being needlessly exposed to liquidity shortages and the economy is at risk of sustained sub-par growth, according to leading economist, Ayo Teriba. “Such liquidity shortage is to blame for recession, stagnation,

negative per capita real GDP growth since 2015, devaluation, weak currency, rising unemployment and rising incidence of poverty,” said Teriba, CEO of Economic Associates. “Nigeria must put an end to these setbacks by taking steps to embrace financial globalisation and join the liquidity race in

order to regain its place among peers. The government needs to open new spaces for foreign investors to unlock Greenfield FDI,” he added. As surprising as it sounds, there are limited opportunities for Foreign Direct Investors looking to park their cash in Continues on page 38


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
BusinessDay 11 Feb 2019 by BusinessDay - Issuu