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NGX drops further by N301bn on losses by blue chips


Specifically, the market capitalisation which opened at N20.339 trillion lost N301 billion or 1.48 per cent to close at N20.038 trillion.
Also, the All-Share Index inched lower by 577.43 points or 1.48 per cent to close at 38,445.09 from 39,022.52 achieved on Tuesday.
The market downturn was driven by price depreciation in large and medium capitalised stocks, amongst which are Airtel Africa, BOC Gases, Dangote Cement, Dangote Sugar Refinery and Northern Nigeria Flour Mills (NNFM).
The Chief Operating Officer, InvestData Ltd.,
Mr Ambrose Omordion, attributed the persistent bear run to profit taking and portfolio adjustment occasioned by first quarter results.
Omordion said players were positioning in undervalued stocks with potential to beat inflation in the midst of rising yields in the fixed market and insecurity challenges. ....

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Petrol subsidy removal will save N1trn, boost govt revenue – Experts


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Petrol subsidy removal will save N1trn, boost govt revenue – Experts
On
By Obas Esiedesa
Experts have warned that unless the downstream sector of the petroleum industry is fully deregulated and libralised, Nigeria would pay almost N1 trillion as subsidy on premium motor spirit, petrol, this year,
In March 2020 when the Federal Government took advantage of very low crude oil price at the international market to announce full deregulation of the downstream sector of the petroleum industry, the challenge then was always going to be what would happen when crude oil price goes up.
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Especially given that Nigeria imports all its petroleum product needs despite being a major crude oil exporting country. ....

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Economic recovery requires creative thinking


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Published 18 February 2021
A new report by the International Monetary Fund deflated the optimistic projections of economic recovery by the Federal Government. Citing “current policies and external vulnerabilities,” the global lender expects Nigeria’s recovery from recession and the COVID-19 pandemic to be “weak and gradual,” warning that real Gross Domestic Product growth rate would not recover to its pre-pandemic level until 2022. For a country predicted to record 100 million poor persons this year and beset internally by adverse socio-political ferment, urgent creative policies and competent management are required to combat poverty and joblessness.
While the President, Major General Muhammadu Buhari (retd.), and his team, anchoring their strategy on the 2021 budget and recovery policies, had projected 3.0 per cent growth, the IMF in its periodic Article IV Consultation with Nigeria, sees GDP growth of only 1.5 per cent for 202 ....

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