Friday, September 18, 2020
Nigerian insurers’ average return on equity tumbled in 2019
It’s been clear for a number of years that insurance companies return on equity (ROE) has been waning, with the impact of deteriorating underwriting margins, combined with weak investment performance and spiralling inflation all impacting the profitability of the sector. The added pressure of from weak valuations, unrealised losses on certain assets, premium growth that… Read more
Hike: Electricity consumers to pay N417.09bn in four months
Following the recent increase in electricity tariffs, the 11 distribution companies in the country are allowed to collect a total of N417.09bn from their customers from September to December. The Discos had early this month announced what they called ‘new service reflective tariff’, which took effect from September 1, with the tariffs being charged residential consumers receiving a minimum of 12 hours of power supply rising by over 70 per cent. Read more
COVID-19: Aviation sector to lose $35bn, 3.5 million jobs
The effect of the COVID- 19 on air travel will cost Nigeria and other Africa’s economies 3.5 million aviation jobs, triggering a contraction of continental Gross Domestic Product by $35bn in 2020, The International Air Transport Association stated that until the pandemic outbreak, aviation’s contribution to African labour force and the GDP topped 6.2 million jobs and $56bn. Read more
Statutory revenue sheds N11.96bn as FAAC shares N682.1bn
The Federation Accounts Allocation Committee has shared a total of N682.06bn August 2020 federation account revenue to the federal, states and Local Government councils and some revenue agencies. FAAC also revealed in a communique it issued in Abuja on Thursday that the gross statutory revenue of N531.83bn was received for the month of August, which was lower than the N543.79bn received in the previous month by N11.96bn. Read more
World Bank targets green, resilient economic growth in Africa
The World Bank Group yesterday released the Next Generation Africa Climate Business Plan (NG-ACBP), which sets out a blueprint to help Sub-Saharan African (SSA) economies achieve a low carbon, and climate-resilient outcomes. Read more
NAHCO acquires N500 million ground handling equipment
Nigerian Aviation Handling Company (NAHCO) Plc has acquired another set of ground support equipment valued at about half a billion naira. The investment is part of the N3.6 billion equipment proposed in 2019 for injection into the company to aid facility upgrades and enhanced service delivery. The new delivery is the first of two sets expected before the end of the first quarter of 2020. Read more
Manufacturing may witness Q3 contraction as demand slows
Although the Purchasing Managers’ Index (PMI) for August 2020, rose to 48.5 points, against 44.9 points in July, economic activities in the manufacturing sector still remain in slow recovery and may fuel a third-quarter contraction by the end of September. Read more
