The Nigerian Stock Exchange says that foreign outflows from the stock market increased by 97.8 percent to ₦55.01 billion in February from ₦27.81 billion in January 2019. The NSE, in its latest Domestic and Foreign Portfolio Investment Report, also said that foreign inflows increased by 91.24 percent from ₦22.97 billion to ₦43.93 billion in the same period. The total value of transactions executed by foreign investors in February 2019, outperformed those executed by domestic investors by six percent. A breakdown of the transactions executed between the said period shows that total foreign transactions increased by 48 per cent from ₦66.85 billion in January to ₦98.94 billion in February. The value of the total transactions executed in the domestic market by institutional investors outperformed retail investors by eight percent. The total transactions at the local bourse, as of February 28, increased by 54.06 percent from ₦122.08 billion recorded in January to ₦188.08 billion, about $613.9 million, in February. Comparing the February performance with the same period of 2018 shows that total transactions reduced by 11.3 percent. Total retail transactions increased by 38.26 percent from ₦29.66 billion in January 2019 to ₦41.01 billion in February. The institutional composition of the domestic market also increased significantly by 88.15 percent from ₦25.58 billion in January to ₦48.13 billion in February 2019, indicating higher participation by institutional investors over their retail counterparts in February.

Business mogul, Tony Elumelu, plans to invest about $2.5 billion in power projects across Nigeria. The chairman of UBA and Transcorp will, according to Bloomberg, make the investments through a subsidiary, Transcorp Power, to help boost power supply in the country. However, Elumelu did not give details on the time frame for the projects but said Transcorp Power has so far injected about $1 billion in projects with a combined capacity of 700 megawatts. Earlier this month, the firm bid for Afam Electricity GenCo, which operates a natural-gas-fired power generation plant in southern Rivers state. Two other offers were received, according to the BPE, and if Elumelu acquired the facility, it would add 700 megawatts to his power portfolio. 

The Shell Petroleum Development Company of Nigeria has signed a contractor support fund of $200 million with UBA to boost the financial capacity of its vendors and suppliers. SPDC’s Director and General Manager, Government and Business Relations, Bashir Bello, who signed the MoU with the bank, described the initiative as a product of the continuous effort by the oil firm and its joint venture partners: NNPC, Total and Agip, to enhance Nigerian Content and local participation in the nation’s oil and gas value chain. With the agreement, SPDC’s total contractor support fund has reached $2.4 billion. The fund provides support for contractors to finance projects executed for Shell companies in Nigeria in line with the aspirations of the Content Act. To access the fund, the contractors must have a valid purchase order and meet the bank’s risk assessment criteria. The General Manager, Energy Bank of UBA, Ebele Ogbue, who signed the MoU for the bank, said the financial institution was committed to providing support to Nigerian companies through its partnership with SPDC JV. The Shell Contractor Funding Scheme started in 2011 with the Shell Kobo Fund, which gave rise to the Shell Contractor Support Fund in 2012.

President Muhamamdu Buhari has received the report of the Technical Advisory Committee on the implementation of the new National Minimum Wage. Buhari had on 9 January, inaugurated the advisory committee chaired by economist, Bismarck Rewane, where he reiterated his commitment to an upward review of the minimum wage. While presenting the 2019 Appropriation Bill at the joint session of the National Assembly, Buhari announced his intention to constitute the committee, which would recommend “modalities for the implementation of the new minimum wage in such a manner as to minimise its inflationary impact as well as ensure that its introduction does not lead to job losses’’. The two chambers of the National Assembly had deliberated and approved the bill on ₦30,000 as new national minimum wage.