Tuesday, May 19, 2020
FG targets five million jobs from €995m agric programme
The Federal Government says it is targeting about five million jobs for farmers through the €995m agricultural mechanisation programme. The initiative was aimed at boosting food security for the country…Read more.
CBN, NNPC to spend N1bn on 3,000 returnees
the Central Bank of Nigeria and the Nigerian National Petroleum Corporation have agreed to spend over N1bn on the quarantine and feeding of over 3,000 Nigerians awaiting evacuation in foreign countries…Read more.
417,000bpd oil cut’ll deepen Nigeria’s recession, says Fitch
A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic contraction and fiscal deficits…Read more.
FBNQuest Merchant Bank lists N50bn bonds
FBNQuest Merchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, says it is listing FBNQ MB Funding SPV PLC Series 1 bond out of the N50bn bond issuance programme…Read more.
Fuel pump price may rise in June as oil heads towards $40 per barrel
If the Federal Government’s pricing template is anything to go by, Nigerians may have to brace for an increase in the pump price of fuel as oil prices begin to head towards the $40 region, following countries’ eased lockdown measures…Read more.
Shareholders sue for merger of stockbroking firms
Ahead of the planned change of ownership (demutualisation) of the Nigeria Stock Exchange (NSE), shareholders’ group, Independent Shareholders Association of Nigeria (ISAN), has called for the consolidation of 255 stockbroking houses in the country….Read more.
Group lauds FG over new substantive commissioner for insurance
The Association of Registered Insurance Agents of Nigeria (ARIAN) and underwriting firms in the nation’s industry has commended the Federal Government for confirming Sunday Thomas as the new substantive commissioner for insurance/Chief Executive Officer, NAICOM…Read more.
Lafarge Africa Grows Profit by 157% to N8bn in First Quarter
Lafarge Africa Plc has reported improved results for the first quarter (Q1) ended March 31, 2020, raising shareholders’ hope of good harvest at the end of the year. The unaudited results showed that Lafarge Africa posted net sales of N63.696 billion…Read more.
Fayemi: Promasidor’s $5m Investment in Ekiti will Boost Economy
The Governor of Ekiti State, Dr. Kayode Fayemi, has described the investment by Promasidor Nigeria Limited to reactivate the moribund Ikun Dairy Farm in the state, as a major catalyst that would turn around the fortunes of the state when operational….Read more
Cut in oil production’ll deepen economic recession in Nigeria
Cut in oil production’ll deepen economic recession in Nigeria — Fitch …Projects external reserves decline to $23.3bn by December …As foreign investors withdraw N16bn from TBs, stock market in Q1’20…Read more.
Higher raw materials costs responsible for increased prices of goods
A map of Nigeria Manufacturing and production firms have witnessed a sharp rise in purchasing costs due to difficulties in securing materials, leading to higher output prices and rise in inflation. This is contained in the Stanbic IBTC Bank’s Nigeria PMI Rrort for April, 2020…Read more.
COVID-19: 80% of businesses adversely affected — LCCI survey
The Lagos Chamber of Commerce and Industry (LCCI) has indicated that over 80 percent of businesses were under the adverse impact of the Coronavirus (COVID-19) pandemic…Read more.
Why the French-German proposal for a $545-billion relief fund is a big deal for Europe
The idea is to task the European Commission to raise 500 billion euros ($545 billion) in public markets. The Franco-German plan is likely to have wider political implications, including on populism….Read more.
These Asian economies seem to have contained the coronavirus outbreak. Here’s how they did it
Asian economies such as Taiwan and Hong Kong appear to have contained the spread of the coronavirus within their borders, with the number of daily new cases slowing to a trickle in the last few weeks….Read more.
