Friday, October 30, 2020
Nigeria faces more economic pain as oil price hits 4-month low
Panic is beginning to spread through the oil market as the price of Brent, the benchmark for Nigeria’s crude oil, fell to a four-month low on Thursday as markets continue to struggle with oversupply due to growing lockdown restrictions across Europe. On Thursday, Brent dropped 3.5 percent to $37.75 a barrel in London, the lowest… Read more
T-bills rates plunge below 1% as investors post record N667bn unsuccessful bids
More than N667 billion worth of unsuccessful transactions were recorded at the Nigerian Treasury Bills (T-Bills) auction conducted Wednesday by the Central Bank of Nigeria (CBN) on behalf of the Federal Government of Nigeria (FGN) as excess liquidity drag for limited investments instruments. With the shortage in attractive investment opportunities in Nigeria amid the low… Read more
Dangote delays London listing, shores up forex earnings
Aliko Dangote, Africa’s richest person, has again delayed plans to list shares in his cement company on the London Stock Exchange. According to Bloomberg News, he has opted instead to focus on increasing exports and boosting the Nigerian company’s foreign-exchange reserves. Read more
Nigeria imported N2.78tn manufactured goods in three months –NBS
Nigeria imported manufactured goods worth N2.78tn while the total export component was N254.2bn between April and June. According to figures obtained from the National Bureau of Statistics on foreign trade statistics for the second quarter, this amounted to a difference of N2.52tn in the period under review. Read more
Power generation hits all-time peak of 5,459MW – TCN
The Transmission Company of Nigeria on Thursday announced that the nation’s power industry attained another all-time national peak electricity generation of 5,459.5 megawatts. It said this quantum of electricity was efficiently transmitted through the nations transmission grid at a frequency of 50.26Hz by 8.15pm on October 28. Read more
Over 6m Nigerians unmetered as NERC revenues rise 50%
Despite the Federal Government’s directive on nationwide mass-metering for electricity consumers, over six million users in Nigeria are still on estimated billing. The huge metering gap remains a key challenge in the industry, the Nigerian Electricity Regulatory Commission (NERC), said in its’ first quarter (Q1) 2020 Operational Report on the country’s power sector. Read more
Nigeria received $26b foreign aid in six years, says Minister
The Minister of State for Budget and National Planning, Mr. Clement Agba, has disclosed that Nigeria got a $26.942 billion development assistance fund from international donors between 2015 and 2020. Read more
Broadband penetration hits 45.4%, as Reps commend NCC on sector’s development
The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has informed that broadband penetration in Nigeria has climbed to 45.4 per cent. Danbatta stated this on Wednesday when the House Committee on Telecommunications visited the Commission in Abuja for an oversight function. Read more
