Thursday, September 24, 2020
Have stocks gained from Nigeria’s financial repression?
Nigerian stocks saw a short-lived gain from the artificially low interest rate environment until the Covid-19 pandemic struck. The financial repression tactics employed by Nigeria’s monetary authority, which triggered low interest rates on naira assets, peaked in the fourth quarter of 2019 and contributed to a modest rally in stocks. In that period, Nigerian stocks… Read more
Nigeria puts 9-year-old presidential plane up for sale
The Federal Government of Nigeria has put up for sale a jet in the Presidential Fleet, Hawker 4000 aircraft with registration number 5N-FGX/: RC 066. The business-size jet which entered into service in December 2011 has capacity for nine passengers and three crew. The Hawker 4000, originally known as the Hawker Horizon, is a super-midsize… Read more
Nigeria’s Buhari agrees on PIB, forwards to Senate for approval
The pressure is back on Nigeria’s legislative chamber as Reuters is reporting president Muhammadu Buhari has given a go-ahead to the long-awaited Petroleum Industry Bill (PIB) which will be presented in the Senate as early as next week. Four sources familiar with the matter told Reuters on Wednesday the national assembly has already chosen teams… Read more
Lagos agency launches fuel station for ferries
The Lagos State Waterways Authority on Tuesday launched its first-ever fuel station on the Lagos inland waterways. The station is an attempt to boost water transportation activities by selling petrol to boats on the Lagos inland waterways which would further discourage the use of jerry cans and kegs by ferry operators to buy fuel. This is according to a statement by the Public Relations Officer of LASWA. Read more
Nigeria, others’ production cuts’ll rebalance oil markets – EIA
The production cuts by the Organisation of the Petroleum Exporting Countries and its allies are expected to result in a relatively balanced market next year, the United States Energy Information Administration said on Wednesday. The EIA noted that members of OPEC and 10 non-OPEC partner countries, collectively known as OPEC+, agreed on April 15 to reduce crude oil production in response to rapidly increasing global oil inventories in the first quarter of 2020. Read more
Dangote Cement pays N1tn dividends in seven years
Dangote Cement Plc says it has grown the wealth of its shareholders, paying over N1tn as dividends in the past seven years. According to the company’s Group Chief Financial Officer, Mr Guillaume Moyen, the cement manufacturer is focused on growing the Nigerian economy. Read more
Nigeria to end fertilizer importation by 2023
Citing the over 33 fertiliser blending plants across the country, currently producing about five million metric tonnes (MT) of fertilizer annually, with many more underway, the Minister of Agriculture, Sabo Nanono, has expressed optimism that Nigeria would have no business importing fertiliser by 2023. Read more
CBN raises ABP’s collateral guarantee to 50 per cent
The Central Bank of Nigeria (CBN), has approved additional incentives under its Anchor Borrowers Programme (ABP), through which it will share equal risks with smallholders farmers (SHFs). Read more
