Thursday, July 23, 2020
Cotonou now choice exit route for Nigerians travelling to Europe, US
Nigerians now travel to Europe and the US through Cotonou, Benin Republic, as Nigerian airspace remains shut to international flights till further notice, BusinessDay findings show. Checks show that travelers have been going out of the country, as scheduled commercial flights are simply dubbed evacuation. But the exorbitant fares charged for evacuation flights have forced… Read more
Nigeria’s inclusion in countries likely to face food crisis reiterates need for urgent action
Nigeria’s inclusion among 27 countries that are on the frontline of impending COVID-19-driven food crisis, in a joint report by the UN’s Food and Agriculture Organisation (FAO) and World Food Programme (WFP), has reiterated the need for more strategic approach and determination to minimise projected deficits in the country’s food production. The report last week… Read more
BusinessDay’s digital dialogue on financial inclusion, future of payments holds Thursday
Following the ‘new normal’ of contactless payment and the boost in online transactions amid the outbreak of COVID-19, BusinessDay, West Africa’s leading business news and intelligence provider, is organising a virtual discourse on Nigeria’s financial inclusion and digitalisation for post-COVID-19 recovery. Read more
Telecom stocks gained N366bn in six months
Shareholders of telecommunications services companies quoted on the main and premium boards of the nation’s stock market recorded a gain of about N366bn in the first half of the year 2020 following positive market sentiment on the stocks as coronavirus ravages the world. The market sentiment for the segment, which comprises two telecoms firms – MTN Nigeria Plc and Airtel Africa Plc – have remained upbeat despite the threat of COVID-19 pandemic. Read more
CBN disburses N635.39bn to commercial farmers
The total amount disbursed to farmers under the Commercial Agriculture Credit Scheme from inception in 2009 rose to N635.39bn as of the end of March 2020. The Central Bank of Nigeria disclosed this in its “Economic report for the first quarter of 2020 on agriculture,” which was obtained on Wednesday. Read more
FG’s July bonds oversubscribed by N340.13bn
The Federal Government Bonds for the month of July worth N130bn, which were auctioned on Wednesday, were oversubscribed by N340.13bn, the Debt Management Office has said. The total subscription received for the bonds was N470.13bn, comprising of N71.97bn for the 12.5 per cent FGN January 2026 bonds; N60.32bn for the 12.5 per cent FGN March 2035 bonds; N130.27bn for the 9.8 per cent FGN July 2045 bonds; and N207.57bn for the 12.98 per cent FGN March 2050 bonds. Read more
Oil falls to $43 as US crude inventories rise
Oil prices fell on Wednesday as the United States government data showed a surprise rise in the country’s crude inventories, and as tensions escalated between the US and China. The international oil benchmark, Brent crude, fell 55 cents, or 1.2 per cent, to $43.77 per barrel by 10:56 EST (1456 GMT). U.S. West Texas Intermediate crude dropped 56 cents, or 1.3 per cent, to $41.36, according to Reuters. Read more
Shippers Council, NAICOM to de-risk costs at ports
The Nigeria Shippers Council (NSC), and the National Insurance Commission (NAICOM), plans to collaborate to reduce the cost of doing business through the introduction of insurance cover on containers, and also looking into risk management at the various ports. Read more
OPS demands account for N35tr debt in 10 years
The Organised Private Sector (OPS), has challenged the Federal Government to give a proper account for over N35 trillion accumulated debt in the last 10 years. They argued that just over a decade after Nigeria got debt relief from the Paris Club, the nation was again, plunged neck-deep into another round. Read more
Investors Urged to Patronise Stocks with Strong Fundamentals
FBN Holdings Plc has called on retail investors to invest in companies with strong fundamentals, sustainable growth and profitability to ensure enhanced returns on investment. Head, Investor Relations at FBN Holdings, Mr. Tolulope Oluwole, gave the advice at the Capital Market Correspondents Association of Nigeria (CAMCAN) virtual forum on Wednesday in Lagos. Read more
