Day: September 19, 2019

South Africa holds key rate in unanimous decision

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South Africa’s central bank left its main interest rate on hold at 6.5 per cent yesterday as expected, saying it would like to see inflation expectations anchored closer to the midpoint of its target range.   The decision by the bank’s monetary policy committee was unanimous.   South Africa has seen benign inflation outcomes this year, but growth has been sluggish. That has piled pressure on President Cyril Ramaphosa, who has staked his reputation on lifting the economy out of a deep slump.   The South African Reserve Bank left…

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Nigeria spends N80.8bn on palm oil in 8 months

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  A total of 328,598 metric tonnes of Crude Palm Oil (CPO) valued at N80.8million ($221.5million) have been imported by Nigerian palm oil merchants.   The imports were delivered through Nigerian ports between January and August this year.   No fewer than   82,210 tonnes of the produce were imported between June and August 2019, despite Federal Government’s directive to blacklist any firm importing the produce into the country.   Already, the produce is among the list of 41 items restricted from accessing the Central Bank of Nigeria (CBN) foreign exchange.…

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Analysts: No delivery of new retail mall in H1 2019

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  Due to unfriendly economic climate, Nigeria did not record any delivery of new space in the formal retail market in the first half of 2019, Newfieldglobal has learnt.   According to the latest report by Broll Nigeria, although some projects are nearing completion in the core and secondary markets, they are yet to be delivered.   These  uncompleted projects, Broll analysts said  measured below 10,000 square metres (m²) and included the Landmark Retail Boulevard (approximately 6,000m²) and the Simbiat Ikeja Mall in Lagos state (4,900m²); Oshogbo Mall in Osun…

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FOI: BudgIT tackles RMAFC over lawmakers’ 552% budget increase

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Nigerian lawmakers’ flair for budgeting enormous funds for themselves without consideration for decaying infrastructure and ordinary Nigerians going through difficulties has again been highlighted as it moved from N23.3 billion in 2003 to N150 billion in 2014.     The increase, according to details released by transparency monitor outfit, BudgIT, represents a whopping 552 per cent within the period in view.     Meanwhile, Nigerian lawmakers are among the highest paid in the world. Last year, a Nigerian senator revealed that the legislators receive N14.25 million (over $40,000) monthly.  …

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