A new report by the International Monetary Fund (IMF) has revealed that Nigeria and some other developing countries lack digital infrastructure for the deployment of Artificial Intelligence (AI) technology. This is despite the fact that Nigeria recently unveiled its AI strategy and also launched its first Multilingual Large Language Model (LLM) in April. IMF disclosed this in its new ‘AI Preparedness Index’ where it tracks 174 economies based on their digital infrastructure, human capital, labour policies, innovation, integration, and regulation. According to the report, most developing economies are lagging in the area of digital infrastructure for AI and are the…
Author: Temitope N.
The Federal Ministry of Agriculture and Food Security (FMAFS), in collaboration with the National Bureau of Statistics (NBS), World Bank, and other key stakeholders, has launched the 2022 National Agricultural Sample Census Report (NASC). According to the National Bureau of Statistics on X, this report marks the first National Agricultural Sample Census since 1993. The report aims to provide robust data on agricultural activities, enhancing food and nutrition security as well as fostering economic growth. Speaking at the launch event held in Abuja, the Minister of State for Agriculture and Food Security, Senator Dr. Aliyu Sabi Abdullahi, highlighted the importance…
The Australian Department of Home Affairs has announced plans to grant 6 month renewal window to skilled worker visa holders in their country. This was disclosed in significant revisions to visa conditions 8107, 8607, and 8608, set to take effect from July 1, 2024. According to authorities these changes aim to address unfair labor practices and enhance the labor market mobility for temporary migrants holding the following visas: Temporary Work (Skilled) visa (subclass 457), Temporary Skill Shortage visa (subclass 482) and Skilled Employer Sponsored Regional (provisional) visa (subclass 494) Some context The new update highlights the extended flexibility for visa…
Fidelity Bank Plc started its N127.1 billion combined rights and public offers to rousing support from the investing public as key capital market stakeholders recalled the symbolic importance of Fidelity Bank’s impressive growth and investor-friendly disposition over the years. From the Nigerian Exchange (NGX) to stockbrokers, investors and customers; the N127.1 billion combined rights and public offer received unreserved recommendations, with industry thought leaders citing the performance of Fidelity Bank in its core banking operations and as a quoted company at the stock market. They said Fidelity Banks N127.1 billion combined rights and public offer was the right way for…
Transcorp Hotel has rejoined the N1 trillion market capitalization club, also known as the SWOOTs. Stocks Worth Over One Trillion Market Cap is an acronym for the most capitalized stock on the Nigerian Exchange. Transcorp Hotel gained 9.33% on June 24 to close with a share price of N98.40 per share, bringing its market capitalization to N1.01 trillion. Market report The stock market started the week off on a bearish note, as the All-Share Index declined by 0.44% to close at 99,304.12 points, representing 438.93 points from last Friday’s 99,743.05 points. The NGX market cap also declined by N248.3 billion,…
The federal government has raised N297.006 billion from the June bond auction, which is only about 66% of its target. The amount raised in June is approximately 22% less than the N380.769 billion raised in May. The total subscription across all tenors reached N305.257 billion, far lower than the N551.316 billion in subscriptions recorded in the previous month. The auction result released by the Debt Management Office (DMO) for the June 2024 bond auction revealed a shift in investor preferences towards higher-yielding and longer-tenor bonds, amidst a backdrop of cautious market sentiment. The auction, which took place on June 24,…
As audited accounts start to trickle in, companies will propose dividend payments to their shareholders as recommended by their respective boards of directors. It is also important to track these announcements to know who is eligible to collect the dividend, when it will be approved, and when it will be paid. Dividend payment also affects share prices. This page will be updated from time to time. Legend Date announced – The date the company announced dividends, evidenced by a corporate action published on the website of the Stock Exchange. Dividend during the year – This represents all the dividend announcements made by a company…
Memecoins have reversed their week-long bearish run in the market with an impressive bull run as other crypto assets like Bitcoin continue to falter. Memecoins have broken out of their various red zones to record double-digit growth in the last 24 hours. At the time of writing this report, Bitcoin was hovering between a monthly low of $58,000 and $61,000 struggling to build a bullish trend. But Memecoins once again defied market sentiments to go on a bullish run after being the worst hit during the red crypto market of mid-June. The two top leading meme coins both recorded growth in the…
The naira has weakened further against the dollar on Wednesday, closing at N1,507.83/$1, based on the latest data from the FMDQ, which manages the NAFEM window where currencies are officially traded. Throughout June, the exchange rate had been stable, fluctuating between N1,470/$1 and N1,480/$1. However, yesterday marked a significant shift as it breached the N1,500 threshold. Over the past eight days, the naira has experienced a series of marginal depreciations, ranging from 0.02% to 0.71% daily, indicating a fresh trend of decline for what had been a relatively stable currency. This recent pattern of depreciation suggests potential volatility ahead, raising…
The naira has weakened further against the US Dollar, falling to N1,500.79/$1 on the official market on June 25, 2024. This marks the lowest exchange rate since May 16, 2024, when it was recorded at N1,533.99/$1. According to the FMDQ data for the NAFEM window, the naira’s depreciation on June 25 represents a 0.71% decline from the previous day’s rate of N1,490.2/$1. This crash occurred amid the claim by the Governor of the Central Bank, Yemi Cardoso, that the country has already experienced the worst of naira volatility regarding foreign exchange. The naira traded at a high of N1,507/$1 and…
The Governor of the Central Bank, Yemi Cardoso, stated that the country has already experienced the worst of naira volatility regarding foreign exchange. Cardoso said this in an interview on Tuesday in London while speaking to Bloomberg TV. The head of the apex bank said he is satisfied with how far they have been able to manage the currency crisis in the past few months. Cardoso, however, added that it is a work in progress as they will continue to implement certain macroeconomic fundamentals that will positively impact the market. “We are relatively pleased with how far we’ve gotten now.…
The Nigerian Exchange Limited (NGX) is set to close the first half of 2024 on a positive note, driven by renewed investor confidence in listed companies. This marks a significant achievement for NGX, despite ongoing economic adversities such as heightened inflation, currency depreciation, and security challenges. This optimism has translated into discernible changes in purchasing patterns, with the All-Share Index closing at 99,217 index points as of June 25, 2024. The year-to-date (YTD) return of the NGX All-Share Index stands at 32.69%, highlighting strong performance despite recent bearish trends. However, the equities market has shown contrasting performances in the first…
The naira moderated by 71 basis points in the official market amid increased pressure from the U.S. dollar index, showing improved stability in the unofficial market. FMDQ data highlighted that the naira dipped by 0.71% against the greenback, settling at N1,500.79, much lower than N1,490.2/$ on Monday at the Nigerian Autonomous Foreign Exchange Market. Currency exchangers attributed the recent uptick in dollar demand to summer vacations and importers who require the haven currency for purchasing raw materials. Market fundamentals support the naira’s remarkable stability due to the fresh foreign cash inflows that have entered the Nigerian economy during the recent…
Ether spot Exchange Traded Funds (ETFs), which passed the first stage of approval by the United States Securities and Exchange Commission, are expected to attract up to $15 billion worth of net inflows in their first 18 months, Bitwise chief investment officer Matt Hougan wrote in a recent report. Matt Hougan is the Chief Investment Officer at Bitwise one of the proposed issuers of the Ethereum ETF and his report stressed that one way to estimate potential inflows is to consider the relative market caps of bitcoin (BTC) and ether. According to the report, Bitcoin is currently 74% of the total…
A recent report is recommending that universities in the United Kingdom reduce their visa allocations by 20% each year for foreign students. Also it suggests that the UK’s international education strategy should be rewritten to target diversification by country and qualification level. A key challenge highlighted is the availability of accommodation, a problem also faced in Australia and Canada, which many are considering is limiting international student numbers. The SMF ties its main recommendation to easing this strain. This is in a bid to prevent uncontrolled expansion while still keeping the UK attractive to international students, according to a new report called…
A senior Customs officer has tragically passed away during a committee investigative hearing at the National Assembly organized by the House of Representatives. This incident, which occurred during a committee meeting investigating Customs Finance, has been confirmed by the House Spokesman. According to initial reports, the senior officer fainted during the meeting. “During the engagement, which occurred around 1.00 pm on Tuesday, June 25, 2024, the official developed sudden health complications. Despite the immediate and diligent efforts of first responders and medical personnel at the National Assembly Clinic, he unfortunately passed away.” Akintunde Rotimi, the House spokesman, acknowledged the situation and…
The House of Representatives Committee on Corporate Social Responsibility (SCR) has threatened to sanction telecommunications companies, MTN and Airtel for failing to honour their invitation. Rep. Oby Orogbu, the Chairman of the Committee said this during a public hearing in Abuja on Tuesday on “a Bill to regulate corporate social responsibility in Nigeria”. According to her, MTN, and Airtel, had several times ignored the invitation of the Committee. Orogbu said the telecommunications were being invited to come and brief the Committee on their CSR initiatives. Warrant of arrest She said that the committee had no choice but to invoke its…
The Federal Capital Territory Administration (FCTA) has disbursed N3.62 billion to the six Area Councils, teachers, and pension schemes as statutory allocation for May. This was presided at the 190th FCT Joint Account Allocation Committee meeting held in Abuja on Tuesday. During the meeting, Dr. Mariya Mahmoud, Minister of State for the FCT, announced the distribution of funds, detailing that N1.14 billion was allocated to the six Area Councils, while N2.49 billion was designated for teachers and pension schemes. In a breakdown of the N1.14 billion allocated to the Area Councils is as follows: Abuja Municipal Area Council received N346.53…
The Federal Government has approved the allocation of $1.442 million for the procurement of arms and ammunition for the National Drug Law Enforcement Agency (NDLEA)’s counter-narcotics operations. This approval was announced on Tuesday following the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the State House, Abuja. Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, briefed newsmen on the approvals, noting that his ministry had submitted three memoranda on behalf of the NDLEA. These memoranda also included the approval of N1.9 billion for the purchase of 33 CNG-compliant vehicles and N985 million for the…
The Nigerian Communications Commission (NCC) has announced that all SIM cards used in Nigeria are now produced in the country. The Head of New Media and Information Security at the NCC, Babagana Digima disclosed this development during a training session for media executives in Lagos. According to reports, the two-day training event, “Upskilling Media Stakeholders on Trends in Telecommunications,” was aimed at enhancing the understanding of media professionals about current trends and advancements in the telecom sector. Digima attributed this to the NCC’s major efforts to promote local content and indigenous participation in the telecommunications industry, spearheaded by the Nigeria…