Monday, August 31, 2020
With a new month beginning Tuesday, the pump price for petrol for September could be set at around N157.55 per litre using the pricing template designed by the petroleum products pricing regulatory agency, PPPRA and adopting an FX rate of N387. As government revenues collapsed, the Minister of state for petroleum Timipre Silva had assured…Read more.
Despite stringent regulatory environment and the unprecedented macroeconomic uncertainties caused by the coronavirus pandemic, Nigerian banks have generated more returns for their shareholders than most of their peers in emerging and frontier markets…Read more.
Importers, including manufacturers that depend on the nation’s seaports to do business, will soon get some relief as the Federal Government has started perfecting plans to reform the container management regime in Nigeria. Shipping companies collect container deposit before releasing the containerized cargo to the consignee to serve as risk mitigation for eventual loss, damage…Read more.
Nigeria is currently fighting on many fronts to keep the balance between a fall in oil prices and the global economic slowdown resulting from the COVID-19 pandemic….Read more.
The African Development Bank (AfDB), has projected that Africa’s Gross Domestic Product (GDP) could lose about $173.1 billion by year-end, and $236.7 billion in 2021, due to the impact of the on-going COVID-19 pandemic on the continent’s economies….Read more.
Transactions at the Nigerian Stock Exchange (NSE) defied the impact of the recently-published 2020 second quarter (Q2) report of 6.1 per cent gross domestic product (GDP) contraction to close the week on a positive note…Read more.
To cope with the challenges posed by the outbreak of the coronavirus especially in Nigeria, operators in the insurance industry are beginning to upgrade their digital capabilities and platforms to effectively serve customers…Read more.
The Deposit Money Banks and merchant banks in the country borrowed N1.81tn from the Central Bank of Nigeria in the first quarter of the year. In April, they borrowed N274bn from the apex bank, thereby increasing the amount borrowed to N2.08tn in the first four months of the year, according to data obtained from the CBN…Read more.
Latest figures from the Nigerian National Petroleum Corporation have shown that the oil firm made an under-recovery of N5.348bn in June this year. Under-recovery is the losses incurred by the oil firm due to the difference between the subsidised price….Read more.
The Federal Government has resolved to inject over N600bn as stimulus response into Nigeria’s agricultural sector, the Minister of Agriculture and Rural Development, Sabo Nanono, has said. Nanono said the fund would target small scale farmers to ensure food security and sustainability….Read more.
Banking sector’s credit to the private sector rose by N757 billion or 2.57 per cent to N30.189 trillion as of July 2020, compared with the N29.432 trillion it was at the end of June…Read more.
The media has been appealed to assist the insurance industry to achieve its objective to deepen penetration in Nigeria. Managing Director, Anchor Insurance Limited, Mr Augustine Ebose, who made the appeal at the inauguration of new executives…Read more.
Foreign Portfolio Investment, FPI, inflow to the Nigerian economy has recorded massive decline in the first seven months of 2020 (January-July) amidst growing negative macroeconomic numbers….Read more.
The nation’s external reserves, last week, rose (though slightly) for the first time in 12 weeks, to $35.66 billion. Data from the Central Bank of Nigeria, CBN, shows that the reserves rose to $35.66 billion on Thursday last week, from $35.59 billion previous week…Read more.
Access Bank Wigwe Herbert Wigwe, the Group Managing Director/CEO of Access Bank PLC, has been named the ‘African Banker of the Year’ at the 2020 African Banker Awards. Wigwe was recognized for several socio-economic efforts, including leading Nigeria’s Private Sector COVID-19…Read more.