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Investopedia

Services Sector Data A Bright Spot Amid Recent Concerns About US Economy

~1.7 mins read

Data released Monday on the U.S. services sector surprised economists by showing stronger-than-expected growth in July, with new orders rising and employers increasing their hiring.

The Institute of Supply Management (ISM) services sector Purchasing Managers’ Index (PMI) for July came in at 51.4%, above the 50.9% that economists surveyed by the and had projected. The index bounced back from last month’s decline, when the index came in at 48.%. A reading above 50% indicates expansion of the services sector.

The monthly survey showed that employers expanded hiring for just the second time in 2024, while new orders also moved higher in July. Coming after last week’s jobs report, which showed that hiring slowed in July, economists said the latest reading of the ISM services index demonstrates that the economy still has some strength.

“At a moment when global financial markets are selling off over concerns that the U.S. economy could be on thin ice, the ISM services index is a reminder that service-sector activity remains robust,” wrote Wells Fargo economists Tim Quinlan and Shannon Seery Grein.

The ISM services industry data contrasts with recent survey results from the manufacturing sector, where ISM data last week showed four straight months of decline in manufacturing.

The Wells Fargo note pointed out that while employment data in the ISM survey showed improvement, the gains in the labor market are concentrated in a few areas, with other segments still showing signs of slowing.

“Even as the employment component rose back into expansion, only eight of 18 industries reported an increase in hiring last month, which is in line with the slower breadth of hiring reported elsewhere,” the Wells Fargo note showed.

The S&P Global Services PMI index came in at 55.0, dipping from last month, and below economist projections of 55.9. Like with the ISM data, the above-50 reading indicates that economic activity improved in the services sector.

“Another strong expansion of business activity in the service sector, which over the past two months has enjoyed its best growth spell for over two years, contrasts with the deteriorating picture seen in the manufacturing sector, where output came close to stalling in July,” wrote Chris Williamson, S&P Global Market Intelligence chief business economist.

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Instablog9ja

We Spent N1.2 Billion On Drilling 25 New Boreholes, Not On Renovations Sokoto State Government

~1.0 mins read

The Sokoto state government has clarified that the sum of N1.2 billion was spent on drilling not renovating solar powered boreholes as reported earlier.

While paying a thank-you visit to Wurno local government area, Governor Ahmed Aliyu was earlier reported to have said N1.2 billion was spent on renovating 25 boreholes in the area.

However, clarifying the issue in a statement, Abubakar Bawa, the governor’s spokesman, explained: “The attention of the Sokoto State Government has been drawn to a misconception being circulated about its interventions in providing potable drinking water to the rural dwellers through sinking of boreholes across the state.

In the misconception, which the enemies of progress are spreading, it was said the Sokoto State Government spent N1.2 billion to renovate boreholes in some areas of Wurno Local Government.

The fact of the matter is that the state government, in collaboration with the World Bank, under the ACReSAL programme drilled 25 boreholes domiciled in Munki, Marnona, Dinawa, Lugu and Wurno, perimeter fencing as well as a 40-kilometer shelter belt, all at the cost of N 1.2 billion.

As against the insinuation that it was the renovation of the 25 boreholes that gulped N 1.2 billion, the fact is that, it is actually the drilling of 25 nos solar-powered boreholes and other projects that gulped the said amount and not the renovation. [SWIPE]

#Instablog9jaNews #Information #Awareness #StayUpdated

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News_Naija

World Indoor Champs: VISA Issues Deplete Team Nigeria

~1.9 mins read

Nigeria’s participation in the 2025 World Athletics Indoor in Nanjing, China has already been dealt a blow by visa issues which have reduced the number of athletes registered by the Athletics Federation of Nigeria, PUNCH Sports Extra reports. The event is set to take place in Nanjing, China, from Friday (today) till Sunday, March 23. The World Athletics had published names of 10 Nigerian athletes for the meet earlier this week but the number has been reduced to five. The 10 listed athletes include shot put thrower Chukwuebuka Enekwechi, new African 400m indoor record holder Ezekiel Nathaniel, Chidi Okezie, Temitope Adeshina and Paris Olympics finalist Prestina Ochonogor. Others are Ediddiong Udo, James Onwuka, Ifeanyi Ojeli, Success Umukoro and Joshua Caleb. The Nigerian roster had eight males and two females with the major events being women’s 60m, high jump, long jump, 400m, shot put and men’s 4x400m relay. While some of the athletes confirmed for participation have arrived in China for the event which begins today, our correspondent gathered that the others were denied by delays in visa processing. Before the depletion hit team Nigeria, our correspondent also gathered that the AFN made frantic efforts to get the athletes to China after it initially considered not honouring the competition due to the busy schedule of most Nigerian athletes in the NCAA. One of the athletes in China also revealed the process to our correspondent. “They requested for our passports some three or four weeks ago for visa processing and all of that,” the athlete, who asked for his identity not to be revealed, said. “Some passports got to them early and some didn’t make it early enough. That’s why we find ourselves in this situation.” According to World Athletics, the championship will feature 576 athletes from 127 countries, including 11 individual defending champions and 20 Paris 2024 Olympic medallists. The participants include 264 women and 312 men. Defending champions from the last edition in Glasgow set to compete in Nanjing include world record holders Mondo Duplantis (pole vault), Devynne Charlton (60m hurdles), and Grant Holloway (60m hurdles), as well as Molly Caudery (pole vault), Tsige Duguma (800m), Hamish Kerr (high jump), Thea Lafond (triple jump), Sarah Mitton (shot put), Nicola Olyslagers (high jump), Miltiadis Tentoglou (long jump), and Hugues Fabrice Zango (triple jump). Several of these champions—Duplantis, Holloway, Kerr, Lafond, and Tentoglou—went on to win Olympic gold in Paris last year. They will be joined by fellow Olympic champions Yaroslava Mahuchikh (high jump) and Jakob Ingebrigtsen (1500m and 3000m), who are also world record holders. Among the notable home athletes in action will be China’s Olympic and two-time world shot put champion Gong Lijiao and two-time global triple jump medallist Zhu Yaming.

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News_Naija

NGX Records 30% Reduction In Foreign Inflows

~2.4 mins read

Foreign inflow to Nigeria’s equities market fell by 29.66 per cent in February 2025, dropping to N18.05bn from N25.66bn recorded in January. This decline in foreign inflow, alongside a drop in foreign outflow, led to a steep 40.36 per cent fall in total foreign portfolio transactions on the Nigerian Exchange Limited, which declined from N71.51bn to N42.65bn within the month. The decline signals a weakening interest from offshore investors in Nigeria’s capital market, likely driven by macroeconomic uncertainties and continued volatility in the foreign exchange market. Foreign outflows also reduced sharply, falling by 46.33 per cent to N24.60bn in February from N45.85bn in January, suggesting fewer exits but also a cautious stance from investors in February. Total transactions on the exchange dropped by 16.07 per cent month-on-month, from N607.05bn (about $410.84m) in January to N509.47bn (about $341.36m) in February. Despite the month-on-month drop, trading volumes were stronger year-on-year, with February 2025 activity rising by 42.36 per cent when compared to the N357.88bn recorded in February 2024. Domestic investors continued to dominate market activity, accounting for 91.63 per cent (N466.82bn) of total equity transactions in February, while foreign investors contributed only 8.37 per cent (N42.65bn). This marks a rise in domestic dominance from the 88.22 per cent share recorded in January. Within the domestic segment, institutional investors maintained stronger participation than retail investors. Institutional transactions stood at N252.31bn in February, a 5.92 per cent decline from N268.19bn in January. Retail investor activity dropped more sharply by 19.76 per cent, from N267.35bn to N214.51bn within the same period. Cumulatively, total domestic transactions for the year stood at N1.002tn as of the end of February, outperforming the N890.48bn recorded in the same period in 2024. Meanwhile, foreign portfolio activity reached N114.16bn, slightly below the N118.92bn recorded in the first two months of 2024. Over the past 18 years, domestic participation in the market has grown by 33.15 per cent, rising from N3.56tn in 2007 to N4.73tn in 2024. Foreign transactions also saw growth, up 38.31 per cent from N616bn to N852bn over the same period. Nonetheless, the domestic market continues to account for the lion’s share of activity, making up 85 per cent of total transactions in 2024. The Chief Executive Officer of Cowry Treasurers Limited, Charles Sanni, earlier told our correspondent that foreign investors typically bring in funds in their currencies and that the naira’s volatility had created uncertainties. “Inflation created a blurry future for them. The expectation was that Nigeria would make money, but because of the volatility of the naira, it wasn’t stable, so they had to decide whether to continue investing. The NGX performance was fine, but it was eroded by foreign losses,” Sanni noted. He expressed optimism about potential improvements in the coming months. However, he highlighted concerns over high domestic interest rates and their impact on corporate margins. “If domestic interest rates remain high, the cost of funds for companies will rise, and their margins will thin out over time. Our credit system is not robust enough, and interest rates are already too high,” he stated. Sanni warned that the situation reflects a lack of confidence in the economy, which could eventually lead to investor fatigue. “The government needs to manage inflation, stabilise the naira at around N1,200 per dollar, and ensure no crisis in Rivers State. There should also be more transparency in financial reporting,” he advised.

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Services Sector Data A Bright Spot Amid Recent Concerns About US Economy

We Spent N1.2 Billion On Drilling 25 New Boreholes, Not On Renovations Sokoto State Government

World Indoor Champs: VISA Issues Deplete Team Nigeria

NGX Records 30% Reduction In Foreign Inflows