Sabinews Daily News Update on the Nigerian Economy for August 12, 2014sabi-economy


Fashola Calls for Patronage of Made-in-Nigeria Goods

Governor Babatunde Fashola of Lagos State has called on Nigerians to patronise ‘Made-in-Nigeria’ goods rather than imported ones.

The governor spoke on Tuesday while flagging off the 2014 Eko Expo Trade Fair at the Lekki Free Zone, Lekki, Lagos, southwest Nigeria. Read more


CBN Approves Personal Travel Allowance For 2014 Pilgrims

The Central Bank of Nigeria (CBN) on Monday said it had approved a purchase of 1,000 dollars (N150,000) as Personal Travel Allowance (PTA) for the 2014 Christian pilgrimage.

This is contained in a circular issued by Mr Olakanmi Gbadamosi, the CBN’s Director, Trade and Exchange Department, to authorised dealers in foreign exchange and the general public. Read more


Foreign investors dominate transactions at Nigerian bourse

Foreign investor’s participation in the Nigerian bourse from January to April 2014 hit 75.25%, compared with their local counterparts whose participation dropped to 26%, PANA reported Monday, quoting statistics from Nigerian Stock Exchange (NSE).

Compared to the same period in 2013, the statistics showed that local investors’ participation fell from 35.52%, while foreign participation rose from 64.48% to their current positions. Read more


Nigeria’s Foreign Trade Increases to N5.51tn in First Quarter

Nigeria’s total merchandise trade increased by 6.8 per cent to about N5.51 trillion in the first quarter of the year (Q1 2014) compared to about N5.16 trillion recorded in the fourth quarter of 2013, according to the National Bureau of Statistics (NBS).

When compared to the corresponding quarter of 2013 (Q1 2013), the value of the total merchandise trade also increased by N406 billion or 8.2 per cent, it added. Read more


Naira Appreciates Marginally with Increased Dollar Supply

The naira appreciated slightly by 0.18 per cent against the United States dollar on the interbank market yesterday due to sale of the greenback by Shell to some lenders.

The local currency closed at N162.40 to the dollar, firmer than the N162.70 it closed on Friday. Read more


About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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