Thursday, May 07, 2020
Despite lockdown, stock market investors gain N897bn
Notwithstanding the lockdown the Nigerian economy witnessed in April over the ravaging CODIV-19 pandemic, the stock market, boosted by the remote trading via fin-tech, recorded a gain of N897bn during the month. Read more
Discos owe NBET N76bn in two months
Power distribution companies in the country failed to pay a total of N76.19bn to the Nigerian Bulk Electricity Trading Plc. for electricity sold to them in the first two months of this year. Read more
NNPC reduces petrol depot price to N108
The Nigerian National Petroleum Corporation on Wednesday night announced a reduction in the ex-depot price of petrol from N113.28 per litre to N108 per litre. The ex-depot price is the price at which the product is sold to marketers at the depots. Read more
Foreign reserves gain $449.5m in one week
After 10 months of consistent decline, the country’s foreign reserves returned to a growth path, gaining $449.5m in one week, figures from the Central Bank of Nigeria have revealed. According to the CBN, the reserves rose from $33.44bn in April ending to $33.89bn on May 5, 2020. Read more
Shippers’ council to enforce demurrage refund
The Nigerian Shippers’ Council has called on freight forwarders charged demurrage fees by shipping lines from March 30 to May 3 to come forward for refunds. Recall that the NSC had met with the Shipping Association of Nigeria in April and agreed that demurrage should be suspended during the lockdown. Read more
Experts seek initiatives, incentives to cushion looming recession
Experts in the financial sector have said that an economic recession looms in the third quarter of 2020 due to the coronavirus pandemic currently ravaging the global economy. Read more
Telcos to engage Senate on 5G as spending drops by 0.8 per cent
Telecommunications operators have expressed their readiness to work with both arms of the National Assembly on the fifth-generation (5G) technology deployment in Nigeria. Read more
Insurers to drive new policy with 15 per cent premium rebate to health workers
Underwriting firms in nation’s insurance industry have expressed readiness in offering health workers a 15 per cent discount on new policies taken up in 2020 to cushion financial hardships linked to the COVID-19 pandemic. Read more
Notore Posts N2.7bn Income in First Half
Notore Chemical Industries Plc, Nigeria’s leading agribusiness company, has posted N13.12 billion revenue and N2.7 billion operating income for the half year ended March 31, 2020, on the back of its strategic Turn Around Maintenance (TAM). Read more
Obiora Now NEXIM Bank Chairman
The Deputy Governor, Economic Policy Directorate, Central Bank of Nigeria (CBN), Dr. Kingsley Obiora has taken over as the Chairman of the Board of Directors of the Nigerian Export-Import Bank (NEXIM). This was disclosed in a statement yesterday that was signed by the Head, Strategy & Corporate Communications, NEXIM Bank, Mr. Tayo Omidiji. Read more
Case against High Interest Rates in Time of Contagion
The economic fallout from the coronavirus may present the best, most pressing case for revising the CBN’s high interest rate policy. The undue rates penalise domestic investment and consumer borrowing. Read more
The Potential of Technology to Reduce Human Error
The most comforting stories are those with happy endings. Our nirvana in the midst of Covid-19 would be the production of a tested vaccine that is widely available across advanced and developing countries. Read more
Jumia Supplies 100,000 Face Masks
Jumia, an e-Commerce company, has donated 100,000 CE certified face masks to the Federal Ministry of Health to support the government in fighting the COVID-19 pandemic. Read more
