Connect with us

Trending

Nigerian capital market loses N2.51tn in seven weeks

Published

on

Since February 28 when Nigeria recorded its first coronavirus case, investors in the capital market have lost about N2.51tn.
Certain features of the Nigerian economy make the country to be vulnerable to the impact of the coronavirus pandemic.

For instance, the economy is highly open and strongly connected to the rest of the global economy through trade and financial flows.

The economy is not fully diversified as it relies largely on crude oil production and export for the bulk of its domestic revenue and foreign exchange earnings.

Figures from the Central Bank of Nigeria show that oil revenue propels over 50 per cent of the nation’s economy.

In other countries experiencing lockdowns and economic shutdowns, the coronavirus has had both macro and microeconomic impact.

So far, in Nigeria, the visible impact has been huge, especially in relation to government finances, capital flow reversal and loss of income to businesses and households.

An analysis of figures from the Nigerian Stock Exchange showed that as of February 28, the market capitalisation was N13.65tn.

However, with the outbreak of the pandemic, the capitalisation had dropped by N2.51tn to N11.14tn as of April 16.

This implies that within a period of seven weeks, the Nigerian capital market has lost about 18.39 per cent of market capitalisation.

The Deputy Governor, Economic Policy at the CBN, Dr Kingsley Obiora, described the pandemic as a setback for the promising signs of progress in the economy, particularly in the fourth quarter of 2019.
In his personal statement made at the Monetary Policy Committee meeting, he said growth was gradually picking up from 1.6 per cent contraction in 2016 to 2.1 per cent expansion over the next three years.
He said, “This impact has also been drastic on the domestic front, with the most immediate spillover reflecting in the price of crude oil.
“Given that oil contributes a large share of both revenues for the government and reserves for the central bank, I cannot exaggerate the effect of this slump.
“Furthermore, many foreign investors have, as usual, settled their fears on the side of caution and withdrawn investments from the Nigerian Stock Exchange, with about N2.3tn wiped off in losses in the three weeks following the first confirmed case of the virus in the country.”

Entertainment

Mr Eazi proposes to Temi Otedola!

Published

on

For what seemed like a long while, celebrity power couple—Mr Eazi and Temi Otedola—are finally engaged as Oluwatosin Ajibade better known as Mr Eazi pops the heartwarming “Will you be my wife?” question to his girlfriend of 2 years Temiloluwa Otedola and she responded favourably in the affirmative “Yes” tone.

Fashion mogul and Icon Temi Otedola began dating artiste and music label CEO Mr Eazi in the year 2020 and have been living together ever since in their London apartment, sharing intimate moments, even meeting respective family members. This they’ve both shared in detail on their How Far? With Mr Eazi And Temi Otedola podcast.

Temi announced her engagement by posting the sea-side proposal of Mr Eazi on one knee asking the important question. The video goes by the simple caption of the infinity logo connoting they’re both locked in for life.

Congratulations to Temi Otedola and Mr Eazi!

Continue Reading

Entertainment

Nicki Minaj agrees “Essence” should be song of the year at the Grammys

Published

on

American superstar rapper, Nicki Minaj, shares the same sentiments as myriads of Wizkid fans and well-wishers worldwide, in that she concurs to the argument the trendsetting crossover record-breaking single from Wizkid’s 2020 released “Made In Lagos” album, Essence should be in the conversation for the coveted “Record of the Year” plaque at this year’s Grammy Awards.

Although “Essence” did not receive the much desired nomination in the category for “Record of the Year” at the 2022 Grammy Awards, it did get a nod for Best Global Music Performance, the first of its kind.

Irrespective of the snub, Nicki whilie on Joe Budden TV (YouTube) as a guest on the special episode tagged A Conversation With Nicki Minaj & Joe Budden agreed with the host (Joe Budden) when he said “We need people on the Grammy board that know that “Essence” was song of the year” with an exclamatory “Right! Right!” response. She even proffered, “We should have our own Grammy Board“, in support of many and the popular believe that Black Americans or black artistes in general are always stereotyped to a particular category at the award show, if indeed they made it to the top categories, they barely win; Nicki Minaj does not have a Grammy Award herself and that is still a shock to many, especially when considering her refined catalogue of music.

Continue Reading

Entertainment

Pheelz & Buju (BNXN) live the carefree lifestyle on “Finesse”

Published

on

After much teasing, the anticipated Finesse by Pheelz and Buju (now BNXN) hit DSPs across the globe and just like the teaser gave off, Finesse is a banger! It is produced by young producer under Pheelz’s wing known as Miichkel.

On Finesse, Pheelz and Buju live their life to the fullest, the carefree lifestyle is what they desire and they are determined to stay on that track for the time being. “I’ve been living the fast life but I see it in slow mo / And you see my lifestyle, I got Gs in the turbo / . . . / Bad girl sey she want Netflix & Chill / So I ja ticket give her warning / If you fall in love, girls it’s certain / You go chop breakfast, I’m not capping“, Pheelz explains on the first verse, even saying love and relationship cannot stop him from living the ‘ballers’ lifestyle; “I’d be dammed if there’s anybody that could be like me / I be like Mo’ Salah, coming up the right wing / I cut through your defender, you no need to tell me / I must finesse / And you know sey me I must net“, Buju braggingly adds on the second verse, saying he can score any chick that catches his eye and dish her the next minute.

listen to the popular joyous chorus “Ah finesse / If I broke na my business / Ama shana e go bright o / Folake for the nighr ohere or on Apple Music.:

Continue Reading

Trending