Tuesday, June 30, 2020 Nigeria in panic mode as World Bank insists on FX rates unification before disbursing agreed $1.5bn Senior government officials were involved in consultations last night as they try to come up with a game plan to untie an agreed $1.5bn loan support from the World Bank which the country badly needs…
Monday, June 29, 2020 States’ inability to tap capital market could see another rush for FG’s bailout The inability of most state governments to raise debt instruments from the capital market amid declining revenues could see a rush for another round of bailout from the Federal Government, according to views of a wide spectrum of…
Friday, June 26, 2020 Nigerian banks face higher risk as recession beckons, says World Bank Nigeria’s banking system is at risk of being destabilised as the coronavirus pandemic triggers what might be the worst recession in four decades for Africa’s largest economy, according to the World Bank. If the spread of the virus eases and…
Thursday, June 25, 2020 Nigeria’s rating at risk as debt, financing gap rise-Fitch A sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade as policymakers in Africa’s biggest economy struggle to deal with the fallout from a coronavirus-induced oil price crash, a director at Fitch said. The global…
Tuesday, June 23, 2020 Japaul Oil changes name as it tests market with N27bn offers Barring any unforeseen circumstances, Japaul Oil & Maritime Services Plc will change its official name to Japaul Gold and Ventures Plc at the forthcoming 15th Annual General Meeting which will come up on July 29, 2020 in Lagos. Other ordinary…
Monday, June 22, 2020 Global gas glut leaves Nigeria’s LNG unsold, threatens N80bn dividend Dividend accruable to cash-strapped Nigeria from Liquefied Natural Gas (LNG) is under threat, a development that might adversely affect its Economic Sustainability Plan to improve crumbling infrastructure and poor services in Africa’s largest economy. In Nigeria, the natural gas sector is…
Tuesday, June 09, 2020 World Bank projects Nigerian economy to shrink by 3.2% in 2020 Nigeria, Africa’s largest economy and most populous country, is expected to shrink by 3.2 percent in 2020, the World Bank Group said in its June 2020 Global Economic Prospects on Monday. This year’s contraction in activity is set to be…
Monday, June 08, 2020 Oil Advances Near $43 After OPEC+ Extends Production Cuts Oil rose to trade near $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged. Brent futures added as much…
Friday, June 05, 2020 Buhari sponsors Okonjo-Iweala for WTO top job President Muhammadu Buhari has formally presented former finance minister, Ngozi Okonjo Iweala for consideration for the position of director general of the world trade organization, WTO. The president in a note dated June 4 sent from the Nigerian mission in Addis Ababa, said, “Nigeria…
Thursday, June 04, 2020 How Nigerians bear brunt of fading foreign direct investments Nigeria is finding out that attracting foreign direct investment (FDI) into a country that has a larger population than France (65 million), Italy (60 million) and Spain (46 million) combined isn’t always straight-forward. Despite its mostly youthful large population and abundant natural…