| Thursday, March 26, 2020 |
NNPC spent N218.18bn on ailing refineries in 2019
Nigeria’s refineries under the management of the Nigerian National Petroleum Corporation incurred a total expense of N218.18bn in 2019. The refineries, namely Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company, recorded a cumulative loss of N149.23bn last year…read more.
COVID-19: Oil majors slash 2020 spending by 18%
The world’s biggest oil and gas companies are slashing capital spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the Saudi Arabia and Russia. Cuts already announced by five major oil companies, including….read more.
COVID-19: FG reduces N252bn privatisation target, N1.5tn Customs revenue
The Federal Government on Wednesday announced that it had cut its revenue target from privatisation by 50 per cent.The Minister of Finance, Zainab Ahmed, made the announcement in a meeting between the executive arm of government and the leadership of the National Assembly in Abuja….read more.
Telcos seek free movement during lockdown to maintain infrastructure
Telecoms operators have asked the Federal and state governments for right of passage in the event of foreseeable lock down of the country. Under the aegis of the Association of Telecommunications Companies of Nigeria (ATCON), the operators said the request became necessary because of the essential….read more.
IMF proffers initiatives to mitigate economic impact of pandemic in SSA
The International Monetary Fund (IMF) has stated that what began as a health crisis and now a major global economic crisis, may have substantial economic impact on Nigeria and other sub-Saharan African countries….read more
‘Efficient air cargo supplies central to coronavirus fight, control’
The International Air Transport Association (IATA) and its members yesterday renewed their call on governments to take urgent measures to ensure that vital air cargo supply lines remain open, efficient and effective….read more.
Consumers’, businesses’ confidence in economy plunges
Negative outlook for forex, jobs, prices By Elizabeth Adegbesan Economy The Consumers’ confidence in the economy has taken a huge decline by 3.0 index point to 0.3 index point in the first quarter of this year (Q1’20) from 3.3 index point in Q4’19….read more.
US companies are still betting on Chinese consumers, despite coronavirus impact
A survey of 119 companies from March 13 to 18 by the Beijing-based American Chamber of Commerce in China found that the proportion of respondents saying they are experiencing significant revenue declines increased to 50%, up from 28% last month. To read other featured articles by our research team, please click on any of the articles below….read more.
Treasury yields fall ahead of US jobless claims data
Initial jobless claims figures are due at 8:30 a.m. ET along with fourth-quarter GDP growth and PCE inflation data.
The Senate approved a $2 trillion fiscal stimulus package Wednesday night in a bid to shore up the economy as the coronavirus pandemic continues to spread….read more.
Covid-19: ITU, Others Move to Strengthen Telcos’ Networks
As the COVID-19 continues to ravage the entire world, the International Telecoms Union (ITU) and governments of global economies, have resolved to strengthen telecoms operators’ networks across countries, while advising the operators to increase their network capacities during this period of the scourge…read more.
Survey Reveals Positive Outlook on Economy
The March 2020 Business Expectations Survey Report by the Central Bank of Nigeria (CBN) has revealed respondents’ optimism on the macroeconomy in March. The report posted on the CBN’s website, showed that the survey was conducted between March 9th and 13th, 2020 with a sample size of 1,050 businesses nationwide….read more.
