| Friday, April 17, 2020 |
Gencos, Discos deny knowledge of FG’s N200bn payment Power generation and distribution companies on Thursday said they were unaware of any N200bn that was paid to the power sector by the Federal Government in the past three days. Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, had announced on Wednesday that the Federal Government paid over N200bn for power supply in Nigeria…read more.
Lagos-Ibadan rail project 90% complete, says FG The Lagos-Ibadan standard gauge rail project is 90 per cent complete, the Federal Government said on Thursday. Outgoing Permanent Secretary, Federal Ministry of Transportation, Sabiu Zakari, said this at the ministry’s headquarters in Abuja while handing over to a new Permanent Secretary, Hussaini Adamu…read more.
Infrastructure deficit, forex pressure may worsen inflation — Emefiele The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has said that the infrastructural deficits and emerging pressures from the foreign exchange market may aggravate inflation. He said with the decline in crude oil receipts as well as the dwindling capital outflows, there was likelihood that inflationary pressures would continue…read more.
‘How interest-free loan, support will save local airlines’ Aviation stakeholders have reiterated the call on the Federal Government to support the local airlines and the industry at large against collapse. The aviators called for grants and soft loans for airlines to stay in business after the coronavirus pandemic…read more.
Nigeria-Saudi Arabia investment plan in limbo as FG fumbles President Muhammadu Buhari (right), and the Crown Prince of Saudi Arabia, Mohammed bin Salman, during the Future Investment Initiative (FII) conference in Riyadh, Saudi Arabia. A much trumpeted oil and gas investment plan between Nigeria and Saudi Arabia that would have addressed key challenges in the downstream sector, including establishment of refinery has been left in limbo…read more.
OPEC expects recovery in Q4, fall in demand to 19.73 mil b/d in Q2 Extraordinary macroeconomic action key to faster recovery, says IMF. OPEC is banking on global oil demand recovering by more than 10 million b/d from the second quarter to the fourth quarter of 2020 as it embarks on a global supply pact along with allies and rivals to provide relief for a coronavirus-stricken oil market…read more.
NSE Hosts First Digital Closing Gong Ceremony, Commits to Access to Market The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, yesterday restated the Exchange’s commitment to providing corporates and investors access to market in meeting their financial and investment needs during this period and beyond…read more.
‘Post COVID-19 Palliatives for Businesses Inevitable’ To enable business organisations retain their workforce and to stimulate economic activities, the federal government must adopt strategic ways to provide palliatives to these businesses through the Central Bank of Nigeria (CBN) …read more.
Asharami Synergy Kenya provides clarity on misleading media report The attention of Asharami Synergy Limited Kenya has been drawn to an inaccurate media report published in the online edition of Kenya’s newspaper of April 14, 2020, under the headline: “Kenya turns away ship with 75m litres of low-quality fuel”…read more.
Nigeria’s electricity losses from lack of distribution infrastructure drop by 34% — Investigation Despite the spread of coronavirus pandemic and its negative impact on Nigeria’s economy, electricity losses due to lack of distribution infrastructure have dropped by 34 percent….read more.
Treasury yields move higher on coronavirus drug hopes, China data Friday’s data calendar is relatively thin with only March’s Leading Economic Index due at 10 a.m. ET. St. Louis Fed President James Bullard is due to speak via a webcast at 9 a.m. ET…read more.
Global economy may not fully recover from the coronavirus crisis by 2021, IMF chief economist says The International Monetary Fund this week said the global economy is expected to shrink by 3% this year, before growing by 5.8% next year — a rebound that its Chief Economist Gita Gopinath described as a “partial recovery.”…read more.
Trump issues guidelines to open up parts of US where coronavirus cases are in decline, testing ramped up President Donald Trump unveiled broad new federal guidelines laying out conditions for parts of the U.S. to start relaxing the strict measures imposed to try to slow the spread of the coronavirus…read more.