| Friday, April 24, 2020 |
N50bn CBN loans to SMEs, others end 2024 The Central Bank of Nigeria has set December 31, 2024 exit date for its intervention loans to the Small and Medium Enterprises and households aimed at cushioning the effects of coronavirus on businesses and the people. It also gave December 31, 2030 as the exit date for the COVID-19 intervention funds for the pharmaceutical sector in its guidelines for the funds…read more.
India’s refiner shuns Nigeria’s crude oil in Q1 India’s Reliance Industries, owner of the world’s biggest refining complex, saw its imports of Nigerian crude oil slump to zero in the first quarter of the year, compared to 9,800 barrels per day in Q1 2019. India has remained the single largest buyer of Nigerian crude oil in the past few years after the United States slashed ….read more.
Malabu scam: US SEC ends probe into Shell, Eni The US Securities and Exchange Commission has ended its investigation into the acquisition of a Nigerian offshore oil block by Royal Dutch Shell and Eni, the oil majors have said. Eni and Shell jointly acquired the rights to Oil Prospecting Licence 245 in 2011 for about $1.3bn but the deal had spawned legal cases spanning several countries…read more.
FG hopeful of sustained oil production amidst low prices NNPC, IPPG kick-start support. The Federal Government and operators in the oil and gas sector have announced plans to deepen cost-cutting measures in order to sustain oil production, earn some revenues and be competitive in the international market…read more.
Delicate balance of employee vs business interests On one hand, the disruption occasioned by the highly contagious disease is already painting a bleak economic outlook for the short to long term, with pay cuts and layoffs being considered to slash running costs and stay afloat…read more.
‘How government can fast-track economic recovery post-COVID-19’ To cushion the effect of the COVID-19 crisis on the Nigerian economy, experts have urged the government to restructure its finances and eliminate overlapping ministries in various departments….read more.
Nigeria, Others Turn to SWF Savings to Mitigate Oil Price Slump Nigeria, Norway, Iran and other oil-producing countries have resorted to drawing down on savings in their sovereign wealth funds (SWFs) to help mitigate the impact of the global slump in crude prices largely induced by the COVID-19 pandemic…read more.
Dangote Cement Raises N150bn as Bond Offer Records Oversubscription Dangote Cement Plc has raised a total N150 billion in its debut bond issuance in the nation’s capital market. The company had accessed the market with N100 billion Series 1 Fixed Rate Senior Unsecured Bonds due April 2025 under its N300 billion Bond Programme….read more.
Subscribers Sustain Strong Appetite at April FGN Bond Auction Investors again demonstrated a strong appetite for the FGN bond at the April auction, which was conducted on Wednesday, despite the deleterious impacts of COVID-19 on socio-economic activities. Since January, the FGN bond auction had consistently been oversubscribed by investors…read more.
Russia tries to stay neutral as US-China tensions rise over coronavirus’ origin Putin’s spokesman told CNBC that Russia can’t support a U.S. investigation into the source of the virus. Russia is an ally of China, but Russian President Vladimir Putin is also on good terms with his American counterpart. Sources told NBC News last week the country’s intelligence community was examining whether the coronavirus emerged accidentally from a Chinese lab….read more.
‘It won’t be the same’: Italy’s small stores reopen after virus lockdown, but life has changed Italy has started to lift some lockdown measures, including allowing certain shops to reopen. Small and medium-sized businesses are seen as the economic backbone of Italy…read more.
Treasury yields fall with traders cautious on potential coronavirus treatment At around 2:30 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 0.5945%, while the yield on the 30-year Treasury bond was lower at 1.1718%….read more.