Wednesday, August 26, 2020
Financial sector grew by 28.41% in Q2 on increased electronic transactions
The National Bureau of Statistics (NBS) on Monday released its second quarter report for Gross Domestic Product (GDP), which is a monetary measure of the market value of all the final goods and services produced in a given period. The report revealed that financial institutions grew by 28.41 percent in the second quarter (Q2) of 2020 compared to 24.00 percent in the first quarter (Q1) 2020, and -3.52 percent in corresponding quarter of 2019, helped by increased patronage of electronic banking during the Covid-19 pandemic lockdown. Read more
Import waivers boost modular refineries, but troubled ports may hinder investments
Four modular refineries are set to come on stream before the end of this year with over 25,000 barrels per day (bpd) refining capacity spurred by Federal Government’s duty waivers to operators, but the troubled Apapa ports threaten these plans. Investigation shows that the benefits of a duty waiver are entirely wiped out by exploitative… Read more
Here’s what Nigeria must do in five months to fuel economic rebound
Nigeria’s deepest economic contraction in 10 years in the second quarter (Q2) of 2020 means Africa’s largest economy will need to embrace rapid reforms if it is to rebound from the slump by early next year. Exacerbated by the recent economic lockdown to contain the spread of the novel coronavirus, the second-quarter contraction of -6.1…Read more
Senate knocks SEC over N10.3bn annual wage bill
The Senate on Tuesday faulted the N10.3bn being spent annually by the Securities and Exchange Commission on salaries. The upper chamber said SEC was incurring deficit every year because it spent N10.3bn to pay the salaries of its 600 staff members. Read more
CBN to sanction exporters for not repatriating forex
The Central Bank of Nigeria, in collaboration with the Bankers’ Committee, has threatened to impose heavy sanctions on exporters who failed to repatriate foreign exchange proceeds from their international business. The CBN directed all banks in the country to submit the names, addresses and Bank Verification Numbers of exporters that had defaulted in repatriating their exports proceeds for further action. Read more
Dollar, euro trade cautiously ahead of key Fed speech
The dollar and the euro traded cautiously on Wednesday as investors refrained from taking risky bets a day ahead of a key speech by Federal Reserve Chairman Jerome Powell. Amid growing speculation Powell could unveil a softer policy stance towards inflation at the annual Jackson Hole retreat on Thursday, investors are bracing for the Fed’s possible new steps to prop up the U.S. economy. Read more
How private sector intervention in gold will boost economy
With gold trading at over $1,946 per ounce and still rising, it’s a good time for Nigeria to pursue wealth creation and diversify its economy by creatively exploiting its natural and human resources. Gold prices have not only rebounded in the international market amid global recession that has made investors wary of currencies, but also have for decades defied predictions of free fall like oil and other commodity prices. Read more
