| Tuesday, April 21, 2020 |
Inflation report, others delayed by lockdown –Investigation About 10 economic reports that were scheduled to be released by the National Bureau of Statistics are being affected by the lockdown occasioned by the coronavirus pandemic, investigation has shown. The outbreak of the deadly virus in Nigeria had led to lockdown of many states, a development that has paralysed economic activities…read more.
Glut sends oil prices negative, Wall Street down US oil prices crashed to unprecedented lows Monday as futures in New York ended in negative territory for the first time amid a devastating supply glut that has forced traders to pay others to take the crude off their hands. With space to store oil scarce, US benchmark West Texas Intermediate for May delivery closed at -$37.63 a barrel…read more.
FG spends N1.96tn on JV oil assets The cash call payments made by the Federal Government for joint venture oil assets rose by 7.1 per cent in 2019, gulping 64.26 per cent of the revenue from oil and gas sales, ’FEMI ASU reports The Federal Government spent a total of N1.96tn in 2019 on oil and gas assets being developed through joint ventures with private firms, mostly international oil companies, data from the Nigerian National Petroleum Corporation have shown…read more.
“Small businesses are the backbone of the African and global economy”- Meghan McCormick One of the major goals at Ingressive Capital is to fund and support African innovators solving vital problems, one of such innovator in Africa is Meghan McCormick, Founder and C.E.O. of OZE, a business app in Ghana. Over the week, I had a chat with Meghan on life as an entrepreneur, experiences, challenges and more. Highlights of our conversation below…read more.
Glut, low prices may force Nigeria, others to shut oil production Motivation for continued oil production may drop further as oil prices fail to rebound, despite the OPEC+ production cut deal, even as available oil storage capacity around the world runs thin due to drop in global oil demand amid lockdowns and travel restrictions in many countries…read more.
Terminal operators, shipping firms dare government over demurrage waiver More than 29 days after the Federal Government’s directive, terminal operators and shipping firms are yet to comply with the order to waive demurrage and rents on imported cargoes….read more.
FIRS: Enhancing Tax Revenue with Renewed Vigor With a tax to Gross Domestic Product (GDP) ratio of about six per cent, which is one of the lowest in the world, the federal government more than ever before, needs to take concerted steps towards aggressively raising non-oil revenue in the country…read more.
Emirates May Evacuate Stranded Nigerians in Dubai The federal government is making plans to ensure that stranded Nigerians who want to return back to the country are airlifted by Emirates Airlines. The date for the evacuation is tentatively slated for April 26, 2020, according to Nigeria’s Embassy in the United Arab Emirates (UAE)…read more.
Group Seeks Clarity on Petrol Subsidy Removal The Nigeria Natural Resource Charter (NNRC) has said that the recent decision by the federal government to take off subsidy on petrol was unclear. It explained that with the announcement, it could not ascertain if the government was ready to or already pursuing liberalisation or deregulation…read more.
Banks drag equities market down, as NSE extend filling period Nigerian Stock Exchange Equities market, yesterday reversed the week-old rally recorded last week as three tier-1 banks paled performance in the market leaving investors with N1 billion loss…read more.
Coronavirus live updates: Germany cancels Oktoberfest; Trump says he’s suspending immigration China’s total number of confirmed cases stood at 82,758 and its cumulative death toll at 4,632 as of April 20. Hong Kong will extend social restrictions targeted at containing the coronavirus outbreak for another 14 days from April 23…read more.
Treasury yields move lower after historic oil price plunge At 2:45 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 0.6130%, while the yield on the 30-year Treasury bond was also lower at around 1.2152%…read more.