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Category: Economy

  • Market capitalisation sheds N38bn as investors sell off banking stocks

    Market

    By Rukayat Adeyemi

     

    Lagos, June 4, 2024 (NAN) Sell-offs in Tier-one banking stocks on Tuesday extended losses on the Nigerian Exchange Ltd. (NGX) stock market capitalisation by 0.07 per cent.

    Notably, investors lost N38 billion or 0.07 per cent, as the market capitalisation which opened at N56.069 trillion, closed at N56.031 trillion.

    The  All-Share Index also closed 0.07 per cent or  68 points lower to settle at 99,051.02, compared to 99,118.86 posted in the previous session.

    Consequently, the Year-To-Date (YTD) return fell to 32.47 per cent.

    Losses in Zenith Bank, FBN Holdings, United Bank For Africa(UBA), Fidelity, Wema Bank, Transnational Corporation, United Capital, among other declined equities underpinned the market’s weak performance.

    In reaction, Analysts at United Capital Plc predicted mixed sentiments amongst investors to persist in the local equities market.

     

    “On one hand, we expect pockets of buy-interests in the market, as market participants take positions in fundamentally sound stock given their low prices.

    “Nevertheless, we still anticipate that the high returns in the fixed-income market will continue to negatively impact the equities market as investors switch,” the analysts added.

    Meanwhile, the market breadth closed negative with 22 losers and 17 gainers on the floor of the Exchange.

    On the losers’ table, Tantalizers led by 10 per cent to close at 45k, International Energy Insurance trailed by 9.71 per cent to close at N1.58 per share.

    UPDC Real Estate Investment lost 9.70 per cent to close at N1.21, Unity Bank shed 9.42 per cent to close at N1.25 and Chams declined by 6.67 per cent to close at N1.40 per share.

    Conversely, Nigeria Breweries led the gainers table by 10 per cent to close at N28.60, Presco Plc followed closely by 9.99 per cent to settle at N293.90 per share.

    Oando Plc rose by 9.65 per cent to close at N14.20, RTBriscoe gained 9.62 per cent to close at 57k and Deap Capital Management and Trust Plc added 9.09 per cent to close at 48k per share.

    Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 46.19 per cent.

     

    A total of 347.39 million shares valued at N7.66 billion were exchanged in 8,122 deals, as against 349.59 million shares valued at N5.24 billion exchanged in 8,082 deals recorded in the previous session.

    Veritas Kapital, again led the activity chart in volume with 59.17 million shares valued at N40.22 million, followed by Fidelity with 48.12 million shares worth N468.23 million.

    Oando sold 27.96 million shares valued at N397.02 million, Unity Bank traded 20.53 million valued at N25.92 million and UBA transacted 19.78 million shares worth N418.86 million to lead the chart in value.(NAN)(www.nannews.ng)

    RUKY/AWA
    ==========
    Edited by Olawunmi Ashafa

     

     

     

  • Naira depreciates by 0.05% against dollar at official market

    Naira

    By Grace Alegba

    Lagos, June 4, 2024 (NAN) The Naira on Tuesday recorded loss at the official market, trading at N1,476.95 to the dollar.

    Data from the official trading platform of the FMDQ Exchange revealed that the Naira lost 83 kobo.

    This represents a 0.06 per cent loss when compared to the previous trading date on Monday when it traded at N1,476.12 to the dollar.

    However, the volume of currency traded increased to $236.99 million up from $121.87 million recorded on Monday.

    Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,500.00 and N1,362.15 against the dollar. (NAN)

    GA/AWA

    ==========

    Edited by Olawunmi Ashafa

  • North-East – TCN completes  reconstruction of 4 vandalised towers

    Power
    Constance Athekame
    Abuja, June 4, 2024 (NAN) The Transmission Company of Nigeria (TCN), says it has completed the rehabilitation and re-stringing of the four vandalised towers along the Jos–Gombe 330 Kilo Volt (kV) transmission line.
    Mrs Ndidi Mbah, TCN’s General Manager, Public Affairs in a statement in Abuja on Tuesday, said that the towers supplied bulk power to substations in the North- East.
    Mbah said that the re-stringing of the conductors was completed on Monday, adding that the contractors had reconnected the jumper on tower 282, making it ready for the transmission of bulk electricity.
    ”Recall that when the vandalised towers were discovered on April 22, TCN promptly mobilised contractors and its supervising engineers to the site of the incident to immediately commence repairs.
    ”Initially, TCN had promised to complete the repairs and restore supply by May 27, however, the collapse of the fourth tower during the re-stringing process delayed the completion.
    ”The four towers have since been completed, and the line is now ready for bulk power transmission,” she said.
    Mbah said that TCN appreciates the patience and support of the governors and people in the North Eastern part of the nation during the period of the tower reconstruction. (NAN)(www.nannews.ng)
    COA/EBI/EEE
    ===========
    Edited by Benson Iziama/Ese E. Eniola Williams

  • Customs marine command intercepts hemp worth N96m

    The Controller, Western Marine Command of the Nigeria Customs Service (NCS) Mr Paul Bamisaiye, handing over the seized cannabis sativa to the Assistant Commander Narcotics, NDLEA, Mr Bashir Magaji in Lagos on Tuesday
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    Interception

    By Aisha Cole

    Lagos, June 4, 2024 (NAN) Mr Paul Bamisaiye, the Controller of Western Marine Command of the Nigeria Customs Service (NCS), says the command has intercepted 17 sacks of hemp valued at N96 million.

     

    Bamisaiye made the disclosure while handing over the seized bags of hemp to NDLEA for further investigation on Tuesday in Lagos.

     

    He said that the seized bags contained 1, 257 loaves of hemp.

     

    Bamisaiye said that at about 11:00 p.m. on May 15, a patrol team of officers and men of the command at the Bar Beach Station, received credible intelligence on movement of a boat on the high sea along the beach location, carrying items suspected to be offending items.

     

    He said, “Upon receiving the information, the team moved toward the described location and intercepted one fibre boat fitted with 200HP Yamaha engine, carrying sacks of the suspected items.

     

    “Also on Sunday, May 19, a joint team of officers and men of the command, along Panko Creek, Badagry Waterways, intercepted one wooden boat fitted with a 25HP Yamaha engine carrying suspected contraband items.”

     

    He said upon sighting customs patrol boats, the suspects abandoned their boat and dived into the water.

     

    “A careful examination of the items being conveyed revealed 505 bags of 50kg foreign parboiled rice having a combined Duty Paid Value (DPV) of N59.1 million.

     

    “The actions of these smugglers is a direct contravention of NCS Act 2023 which Western Marine Command (WMC) is responsible for enforcing.”

     

    Bamisaiye appealed to the general and trading public not to engage in illicit drugs business.

     

    Bamisaiye urged the men of the command to redouble their efforts and arrest suspects along with their contraband to deter other smugglers.

     

    While receiving the intercepted hemp from customs, the Assistant Commander Narcotics, NDLEA, Mr Bashir Magaji, commended the NCS for intensifying efforts to suppress smuggling.

     

    Magaji assured that investigation would continue from where customs stopped. (NAN)

    AIC/AWA

    =========

    Edited by Olawunmi Ashafa

     

     

     

    The Controller, Western Marine Command of the Nigeria Customs Service (NCS) Mr Paul Bamisaiye, displaying the intercepted boats with engine to media in Lagos on Tuesday.

  • Mining: Abuja varsity, Gemological institute sign agreement to boost sector

     

    The Vice-Chancellor, University of Abuja, Prof. Abdul-Rasheed Na’Allah and President of Gemological Institute of Nigeria(GIN) Prof. Adesoji Adesugba at an MoU signing in Abuja.

    Mining

    By Lucy Ogalue

    Abuja, June 4, 2024 (NAN) The University of Abuja, and the Gemological Institute of Nigeria (GIN), have signed a Memorandum of Understanding (MoU) to strengthen the mining sector.

    The GIN President, and 1st Deputy President, Abuja Chamber of Commerce and Industry (ACCI), Prof. Adesoji Adesugba, during the signing, said the MoU would leverage on the expertise of both parties.

    Adesugba said: “the agreement aims to leverage the combined expertise and resources of both institutions to foster innovation, research, and skills development in the fields of geology, gemology, and mining.

    “The partnership endeavours to establish a formal collaboration between GIN and the Department of Gemology and Mining at the University of Abuja..

    “By integrating the strengths, the two institutions aspire to create a unified platform for geoscience education, gemology, and mining research in Nigeria.

    “This initiative underscores a broader vision to diversify Nigeria’s economy, and position the country as a frontrunner in the mining sector,’’ he said.

    According to Adesugba, GIN, a pioneering gemology institution in the country, will collaborate closely with the university’s Geology and Mining Department to enrich the academic curriculum with gemology and jewellery-making aspects.

     He said the integration would not only enhance academic programmes, but also foster entrepreneurship in the jewellery sector.

    Adesugba reiterated that Nigeria had rich diversity of Gemstones and Minerals, but decried the untapped potential of these resources.

    He said, “the rationale behind the partnership is to create a centralised institution dedicated to geology, gemology, and jewellery making.

    “It aims to serve as a hub for knowledge, research, and skill development in the mining sector.

    “The partnership’s objectives include; establishing Nigeria’s leading School of Mines, developing a robust mines business line in the private sector, and strengthening the solid minerals sector through academic and practical training.”

    According to him, the initiative, also aimed at boosting Nigeria’s economic diversification agenda, by promoting sustainable mining practices, and tapping into the global market for Indigenous gemstones and jewellery designs.

    He restated the commitment of both institutions to uphold the highest quality assurance and confidentiality, throughout the partnership.

    He further said any disputes arising from the agreement, would be resolved through mutual negotiation with arbitration as a final recourse.

    The Vice-Chancellor of the university, Prof. Abdul-Rasheed Na’Allah, expressed appreciation on behalf of the School for the privilege of being the pioneer of the university in the field of Gemology in Nigeria.

    While pledging his support to the centre, Na’Allah reaffirmed the commitment of the Institution to enhancing training capacity for the students.

    “With a duration of five years, the MoU sets the stage for a transformative collaboration between GIN and our university, with the potential to drive innovation, entrepreneurship, and economic growth in Nigeria’s mining sector,’’ he said

    The News Agency of Nigeria (NAN) reports that the ACCI 2nd Deputy President, Dr Aliyu Hong, and the ACCI Director-General, Mr Agabaidu Jideani were also present at the signing.

    The Director of ACCI BEST Centre, Dr Tinuke Temitope, ACCI General Counsel, Hajia Hauwa Usman, and Dr Aminu Isyaku, Head of Department of Geology of the university, among others, were also at the event. (NAN)

    LCN/ARIS/EEE

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    Edited by Idowu Ariwodola/Ese E. Eniola Williams

  • Heritage Bank: Acquisition better option than licence revocation – Economist

    Licence
    By Ige Adekunle
    Sango-Ota (Ogun), June 4, 2024 (NAN) An economist, Prof. Evans Osabuohien, says acquiring Heritage Bank by another investor would have been a better option than outright revocation of its operating licence by Central Bank of Nigeria (CBN).
    Osabuohien, who is the Head, Department of Economics, Covenant University, Ota, Ogun, said this in an interview with the News Agency of Nigeria (NAN) on Tuesday.
    NAN reports that CBN had, on Monday in Abuja, announced the revocation of the operational licence of the bank.
    The apex bank, in a statement by its acting Director of Corporate Communication Department, Sidi Ali, attributed the licence revocation to alleged threats to financial stability in the country.
    Osabuohien, however, described revocation of the financial institution’s licence as shocking, adding that this might lead to loss of jobs and ignite tension among customers.
    “CBN says that withdrawing the licence was the last option. If not, one would have expected a merger or acquisition, if only for the good of the economy,” he said.
    The don urged CBN to re-strategise and strengthen its regulatory framework in the financial sector so as to prevent such crisis in banks in future. (NAN) (www.nannews.ng)
    IGE/ARIS/WAS
    Edited by Idowu Ariwodola and ‘Wale Sadeeq

  • Afreximbank, APPO sign establishment agreement of Africa Energy Bank

    Afreximbank, APPO sign establishment agreement of Africa Energy Bank

    Agreement
    By Okeoghene Akubuike

    Abuja, June 4, 2024 (NAN) The African Export-Import Bank (Afreximbank) and Africa Petroleum Producers’ Organisation (APPO) have signed the Establishment Agreement and the Charter of the Africa Energy Bank (AEB).

    The agreement was signed at a ceremony held at the Ministry of Petroleum and Mineral Resources of the Arab Republic of Egypt.

    The event was hosted by Tarek El Molla, Egyptian Minister of Petroleum and Mineral Resources, a statement issued by Vincent Musumba, Manager, Communications and Events, Afreximbank, said on Tuesday.

    Musumba said Prof. Benedict Oramah, President and Chairman, Board of Directors, Afreximbank, and Dr Omar Ibrahim, Secretary-General, APPO, signed the Establishment Agreement and the Charter of the Africa Energy Bank on behalf of their respective institutions.

    He said the signing ceremony concluded two years of negotiations and preparations by the two parties, having signed a Memorandum of Understanding in May 2022 toward the establishment of the AEB.

    Musumba said the AEB was created to address the impending funding crisis in the African oil and gas industry, triggered by the global energy transition.

    “Traditional financiers, on whom Africa has relied for decades, are withdrawing support, particularly in Africa, citing climate change concerns as the primary reason.”

    He said while the AEB’s focus would be funding oil and gas projects, it would not close its doors to renewable energy projects.

    Musumba said AEB would strive to harness all forms of energy to ensure that Africa’s energy poverty was eradicated.

    “Although started by Africa, shareholding is open to all investors who share the mission and vision of the bank”.

    He said the AEB had been structured as an independent and supranational Pan-African energy development bank with an initial five billion dollars capital.

    “With the signing of the establishment documents by the two founding institutions, at least two member countries now need to sign and ratify the establishment documents for the bank to take off.”

    He said El Molla, who is also a member of the APPO Ministerial Council, was quoted as saying, “It is a great honour to witness the establishment of the AEB.

    “This moment marks a significant milestone in our continent’s journey towards energy independence and sustainable development.

    “By harnessing our collective resources and expertise, we are paving the way for a brighter, more prosperous future for all Africans”.

    El Molla said the collaboration between Afreximbank and APPO was a testament to the two institution’s unwavering commitment to powering Africa’s growth and ensuring energy security for generations to come.

    “ I am confident that this newborn institution shall grow to serve the cause of Africa and its people. I commend the negotiating team and on behalf of the APPO Ministerial Council, I congratulate the team.’’

    Musumba quoted Oramah as saying, “today marks a historic day for our continent and we are honoured to have collaborated with APPO towards the establishment of the AEB.

    “These are challenging times when we must strive to find the right balance between the imperatives of mitigating climate change.

    “Also the urgency of averting social upheavals as a result of increasingly difficult economic and financial conditions in Africa.

    “For us at Afreximbank, we are proud to be co-investing in this new vehicle and for taking the lead role in advising on the management and implementation process with the operational launch set to commence in July,” Musumba quoted Ibrahim as saying.

    “The AEB is Africa’s response to the imminent funding challenge that the global paradigm shift from fossil fuels to renewable energies, euphemistically called the energy transition poses to the oil and gas industry in Africa”.

    Ibrahim said for too long, Africa’s oil and gas industry had been dependent on extra-African funding.

    “We came to take foreign financing of our oil and gas projects for granted until the advent of energy transition made us realise that those on whom we have depended for many decades have decided to abandon us.”

    The Secretary-General argued that Africa cannot afford to abandon oil and gas in a hurry when it has the largest proportion of its population living without access to energy.

    Ibrahim commended Oramah for his exemplary leadership and commitment to the cause of the African continent. (NAN)(www.nannews.ng)

    OKE/VIV

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    Edited by Vivian Ihechu

  • Trading continues on NGX amid strike, investors lose N103bn

    Loss

    By Rukayat Adeyemi

    Lagos, June 3, 2024 (NAN)Opening the week, the equity market halted last session’s winning streak as investors lost N103 billion, following sell-offs in Tier-one banking stocks and cautious trading.

    Specifically, sell-offs in FBN Holdings, United Bank For Africa (UBA) and Access Corporation, Fidelity Bank, Transnational Corporation, Nigerian Breweries, WAPCO, ETranzact, among other declined stocks, drove the market’s weak performance.

    Consequently, the market capitalisation which opened at N56.172 trillion, lost N103 billion or 0.18 per cent to close at N56.069 trillion.

    The All-Share Index also shed 0.18 per cent or 112 points, to settle at 99,118.86, as against 99,300.38 recorded on Friday.

    As a result, the Year-To-Date (YTD) return fell to 32.56 per cent.

    However, while investors traded cautiously, the losses recorded on the Exchange were not related to the ongoing indefinite strike embarked upon by workers under the auspices of the Nigeria Labour Congress (NLC) and the Trade Union Congress(TUC).

    Reacting, a Stockbroker with Global View Capital Ltd., Mr Haruna Kebira, said that trading on the Exchange was not usually affected by such national industrial actions, except public holidays declared by the Federal Government.

    Kebira explained that this was because the Exchange Group did not belong to any workers’ union, hence labour union leaders usually did not interrupt trading on the floor of the Exchange during strikes.

    The stockbroker noted that the first week of a new month usually experienced a slowdown of activities that might lead to such losses experienced at the day’s trading.

    He stated that the bullish run that dominated the equity market last week was a result of month-end effect activities.

    “The market is expected to pick up positively by mid-week.

    “The month of June is usually positive for the market because investors who just received their dividends are investing back into the market, so the market will surely bounce back,” Kebira said.

    However, the market breadth closed positive with 23 gainers and 17 losers on the floor of the Exchange.

    On the gainers’ table, Cornerstone Insurance, and Deap Capital Management and Trust Plc led by 10 per cent each to close at N2.09 and 44k per share respectively.

    Oando followed by 9.75 per cent to close at N12.95, Veritas Kapital Assurance rose by 8.47 per cent to close at 64k and RTBriscoe gained 8.33 per cent to close at 52k per share.

    On the other hand, ETranzact led the losers’ table with 9.82 per cent to close at N5.05 while Unity Bank trailed closely by 9.80 per cent to close at N1.38 per share.

    Jaiz Bank declined by 9.65 per cent to close at N2.06, McNichols Plc shed 9.09 per cent to close at N1.00 and Japaul Gold lost 4.78 per cent to close at N1.99 per share.

    Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 38.92 per cent.

    A total of 349.59 million shares valued at N5.24 billion were exchanged in 8,082 deals, compared to 434 million shares valued at N8.58 billion exchanged in 8,525 deals posted in the previous session.

    Veritas Kapital led the activity chart in volume with 57.95 million shares worth N35.94 million, while Guaranty Trust Holding Company (GTCO) followed by N47.63 million shares valued at N47.63 billion to lead in value.

    Access Corporation traded 46.32 million shares valued at N796.32 million, AIICO Insurance transacted 30.71 million shares worth N30.79 million and Regency Alliance Insurance sold 14.55 million shares worth N5.64 million. (NAN)(www.nannews.ng)
    RUKY/AJA
    =========
    Edited by Adeleye Ajayi

  • Export: Afreximbank begins development of quality assurance centre in Imo

     

    Centre
    By Victor Nwachukwu
    Ngor-Okpala (Imo), June 3, 2024 (NAN) The African Export-Import Bank (Afreximbank) has begun the development of its African Quality Assurance Centre (AQAC) in Imo to ensure quality of export products.
    Prof. Benedict Oramah, President of the bank’s board of directors, said this at the official launch of the AQAC, in the Ngor Okpala council area of Imo, on Monday.
    Oramah, represented by the bank’s Executive Vice-President, Intra-African Trade and Export Development, Mrs Kanayo Awani, said that the centre was the second of its kind in Nigeria.
    The president explained that the AQAC would promote African trade in line with the African Continental Free Trade Agreement.
    According to him, although Africa’s export products represent only 30 per cent of exports in Europe and America, the products can hardly meet global standards, and have, therefore, suffered inhibited access to the global market.
    “With a cargo airport and abundant export products such as agricultural, textile, pharmaceutical and automotive, among others, Imo has the potential to become a major international export hub in Nigeria,” he said.
    He thanked the bank’s technical partners, the Bureau Veritas; the African Organisation for Standardisation, and the Imo government for their support and collaboration which saw the project to fruition.
    “Africa loses an estimated $700m yearly at the export market due to inability to meet global standards, but the Afreximbank is working on accredited facilities for quality assurance and promotion of export trade.
    “This gathering is a testament that our strong political will backed by capital from Africa, represent a powerful force and our best chance as a people to achieve economic emancipation.
    “We are, therefore, pleased at the Afreximbank to announce the commencement of the AQAC project development in Imo to serve the people of Imo, Nigeria and the Gulf of Guinea,” he said.
    Also, Gov. Hope Uzodinma of Imo, thanked the bank for choosing Imo as a ground for “providing home grown solutions to the challenges of export business confronting the African continent “.
    He added that the project aligned with the Nigerian National Development Plan, and pledged his commitment to job creation through stimulation of the economy for a more productive life for Imo people.
    “We thank you for including Imo in the global map.
    “We assure you that with 64 nautical miles to the high sea, your decision to site this project in Imo will be justified through a viable Return on Investment (ROI), and our necessary support for your seamless operation“, he said.
    Earlier, the bank’s Director of Export Development, Mrs Dorothy Oluwaji, restated the bank’s commitment to the strategic initiative, and thanked Uzodinma for his tenacity, drive, support and vision to make Imo an international export hub.
    The News Agency of Nigeria (NAN) reports that the highlight of the event was the official unveiling of the project module. (NAN) (www.nannews.ng)
    VIN/AYO/VIV
    ===
    Edited by Ayodeji Alabi/Vivian Ihechu

  • Strengthening national capacities for debt management crucial for govt’s funding needs – Cardoso

     

    CBN Governor,  Yemi Cardoso

     

    Funding

    By Kadiri Abdulrahman

    Abuja, May 3, 2024 (NAN) The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says strengthening national capacities for debt management is crucial for meeting government’s funding needs.

    Cardoso said this on Monday in Abuja at the opening of the Regional Training on Annual Borrowing Plan (ABP) Development organised by the West African Institute for Financial and Economic Management (WAIFEM).

    The News Agency of Nigeria (NAN) reports that the training was jointly organised by WAIFEM, the World Bank, and the International Monetary Fund (IMF).

    Cardoso’s address was delivered by Mrs Ladi Bala-Keffi, the Acting Director, Monetary Policy Department of the CBN.

    According to Cardoso, our countries must prioritise building a balanced and resilient debt portfolio.

    He said that at the core of sound public debt management was the Debt Management Strategy (DMS) – a formal plan devised by the government to achieve its debt management objectives.

    “These objectives typically include securing necessary financing at the lowest possible cost while prudently managing risk.

    “Additionally, developing the domestic debt market may also be a key
    objective in certain instances.

    “A DMS operationalises these objectives by outlining the government’s preferences regarding the trade-offs between cost and risk associated with its chosen strategy.

    “This strategy is typically established with a three-to five-year horizon and is assessed, reviewed, and updated on a rolling annual basis,’’ he said.

    He said that publishing the DMS was essential as it demonstrates the government’s unwavering commitment to its fiscal strategy, promoting transparency and accountability in debt management practices.

    According to him, this mitigates investor uncertainty and facilitates constructive dialogue with creditors, investors, and other key stakeholders, including credit rating agencies, regarding the
    optimal financing strategy.

    He said that the DMS was implemented annually through an ABP.

    “This plan translates strategic objectives into concrete actions for raising funds and managing the government’s debt portfolio based on budget analysis and cash flow projections,’’ he said.

    The Director-General of WAIFEM, Dr Baba Musa, said that the training was a significant milestone.

    According to Musa, recognising the critical importance of ABP development, we proudly offer this course as a standalone for the first time.

    He said that public debt had recently surged worldwide due to various factors like the COVID-19 pandemic, geo-political tensions, and other economic shocks.

    “This trend is mirrored in our sub region, where debt managers grapple with unique challenges, including volatile commodity prices, elevated debt levels, limited fiscal space, fluctuating exchange rates, and rising borrowing costs.

    “These challenges pose significant threats to debt sustainability, macroeconomic stability, growth prospects, and, ultimately, the well-being of the citizens.

    “In this context, sound public debt management strategies and well-articulated
    borrowing plans are more critical than ever,’’ he said.

    He said that WAIFEM member-countries diligently formulate and update Medium-Term Debt Strategies (MTDS), but faced considerable implementation challenges.

    According to him, the training on ABP Development is designed to address such challenges by providing a structured framework for operationalising the MTDS annually.

    “This approach facilitates a more granular and actionable approach to debt management, ensuring the translation of strategic objectives into concrete borrowing activities and targets for the fiscal year.

    “Aligning with the government’s budgetary and fiscal policy objectives, the ABP determines the sources of financing, instrument types, and maturities while remaining mindful of prevailing market conditions,’’ he said.

    NAN reports that WAIFEM is a regional capacity-building institution founded in 1996 by the central banks of the five West African Anglophone countries; the Gambia, Ghana, Liberia, Nigeria and Sierra Leone.

    Its mandate is to enhance the skills of policymakers and practitioners in financial and economic management. (NAN) (www.nannews.ng)

    KAE/EEE
    =======

    Edited by Ese E. Eniola Williams