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 ratings agency downgraded Nigeria to “B” in April with a negative outlook from “B+” citing aggravation of pressure on external finances….Read more
IDPs: Dangote Foundation donates relief materials, N5m to Katsina, FOMWAN
Succour has come the way of thousands of internally displaced persons (IDPs) in Katsina State with the donation of relief materials and a cash sum of N5 million towards their welfare by the Aliko Dangote Foundation (ADF). The relief materials comprising 10,000 pieces of sleeping mats, 10,000 cardigans and sweaters and 10,000 assorted blankets were donated to the Katsina State government, while the cash sum was donated to the Federation of Muslim Women Associations in Nigeria (FOMWAN) to provide special support to women and children in the IDPs camps in the state….Read more
Nigeria’s Economic Sustainability Plan seen offsetting IMF’s -5.4% growth projection
The International Monetary Fund’s projected sharp recession for Nigeria with growth contraction of 5.4 percent in 2020 could be offset by the Federal Government’s Economic Sustainability Plan if implemented accordingly, according to analysts. The Washington D.C.-based IMF on Wednesday released its World Economic Outlook Update titled ‘A Crisis Like No Other, An Uncertain Recovery’, estimating….Read more
IMF cuts Nigeria’s GDP forecast, says economy’ll shrink by 5.4%
The International Monetary Fund has downgraded Nigeria’s 2020 growth projection, saying the economy will shrink by 5.4 per cent. The IMF had in April 2020 projected that the country’s economy would contract by 3.4 per cent this year….Read more
NNPC posts N9.53bn operational loss for March
The Nigerian National Petroleum Corporation on Wednesday announced a trading deficit of N9.53bn for March 2020, which stood out as the oil firm’s first operational loss since October 2018. Findings showed that the last time the corporation posted a deficit was in October 2018, when the corporation recorded a cumulative loss of N12.66bn…..Read more
Tension at NNPC as PENGASSAN threatens strike
There was tension at the Nigerian National Petroleum Corporation on Wednesday, prompting the Petroleum and Natural Gas Senior Staff Association of Nigeria to threaten that it may embark on an industrial action soon. It was gathered that the threat by the Group Executive Council of PENGASSAN at the NNPC followed plans by the oil firm’s management to carry out what it described as Internal Open Resource exercise…..Read more
Oil production threatened by non-compliance to COVID-19 protocols
Nigeria’s ability to meet its monthly oil production quota and revenue target may become hampered if rising cases of coronavirus in offshore oil fields are not addressed. With the country suffering huge revenue losses from decline in oil prices since March, and inability to sell its crude during the lockdown, there are fears that production may be disrupted with the spread of the virus in oil fields locations…..Read more
S&P Global affirms AfDB’S AAA rating
Ratings agency, S&P Global, has affirmed its ‘AAA/A-1+’ long-and short-term issuer credit assessment of the African Development Bank (AfDB) with a stable outlook…..Read More
‘NIRCO will increase transparency, accountability in corporate reporting’
The Nigerian Integrated Reporting Committee (NIRCO), has said the establishment of the committee will help Nigeria to develop an acceptable framework, increase transparency and accountability in corporate reporting, and make the country more attractive to foreign investors…..Read more
FG Says Nigeria Will Not Seek Debt Relief, Rules out Eurobond Sale
Nigeria will not request a delay in debt-service payments this year from bilateral and commercial creditors, the largest economy yet to turn down a debt holiday offered to the world’s poorest nations….Read more
Cadbury Nigeria Shareholders Approve N912 Million Dividend
Shareholders of Cadbury Nigeria Plc wednesday approved the dividend of N912million for the year ended December 31, 2019, which translates to 49 kobo per share. Giving the approval at the 55th annual general meeting (AGM) in Lagos, the shareholders commended the company for sustaining its current dividend payment policy….Read more
Operators Link Boost in Agric Output to CBN Intervention, Border Closure
Going by the performance of local farmers and other players in the agricultural value chain, some stakeholders have predicted a boom in the sector in the years ahead. They have also described the patronage of locally produced food items such as rice, yam and other items by government and corporate organisations during the lockdown as a patriotic step that would positively impact the economy….Read more
