Wednesday, November 18, 2020
Rewane Foresees Bright Economic Outlook for Nigeria in 2021
The Chief Executive Officer of the Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane has predicted that Nigeria’s economy will perform better in 2021, compared with the current year. Rewane, who is also a member of the Presidential Economic Advisory Council, equally called for an interrogation by Nigerians of the recent hike in pump price of petrol in the country without a corresponding increase in crude oil price. Read more
COVID-19 to Take Toll on African Banks, S&P Predicts
One of the global rating agencies, Standard and Poor’s (S&P) has predict that the Covid-19 pandemic will significantly hurt banks in Nigeria, Tunisia, Kenya, South Africa, Morocco and Egypt for at least three years. The rating agency stated this in its latest global banking report that was released yesterday. It listed risks that banks in the continent as well as other countries in the world would face to include Read more
Money Laundering: EFCC Lists Requirements for Registration of Law Firms, Lotteries, Casinos, NGOs
In its bid to contain money laundering activities in the country, the Economic and Financial Crimes Commission (EFCC) has listed requirements for the registration of law firms, non-designated financial institutions and other business organisations. Read more
Despite COVID-19, FG, states, LGs shared N2.054tn in Q3, says NEITI
The Federation Account Allocation Committee disbursed a total of N2.05tn to the three tiers of government and other statutory recipients in the third quarter of the year, figures released on Tuesday by the Nigeria Extractive Industries Transparency Initiatives showed. According to NEITI, this was despite the COVID-19 pandemic and its attendant socioeconomic consequences. Read more
Fresh lockdowns impacting oil demand recovery, OPEC+ says
The Organisation of the Petroleum Exporting Countries and its allied have lamented the impact of the resurgence of COVID-19 cases in major economies on crude oil demand. The Joint Ministerial Monitoring Committee of OPEC and its Russia-led allies, a group known as OPEC+, held its 24th meeting via videoconference on Tuesday. Read more
Nigeria’s wheat production may rise to 450,000MT
Nigeria wheat farmers have increased the forecast for the country’s wheat harvest for 2020/2021 by seven per cent on the back of availability of improved seeds. Wheat is now projected to yield 450,000 metric tonnes, up from 420,000 metric tonnes produced by farmers in the last season, the President, Wheat Growers Association of Nigeria, Salim Muhammad, confirmed this to The PUNCH on Tuesday. Read more
NACC hopeful of improved ties between Nigeria, United States
Although Nigeria’s implementation strategy of the African Growth and Opportunity Act (AGOA) might have affected the benefits from the scheme, the Nigerian American Chamber of Commerce (NACC), is hopeful that bilateral and diplomatic ties between the two countries will improve in the coming years. Read more
‘Ajaokuta Steel critical to Nigeria’s development’
Deputy Secretary-General of the African Iron and Steel Association (AISA), Solomon Adeyemo, has reechoed the fact that Nigeria’s development is anchored on the resuscitation of the Ajaokuta Steel Company. He spoke at the weekend when he received a certificate of credence conferred on him by the Public Office Holders Association of Nigeria (POHAN) for excellence. Read more
Afreximbank, others unveil $1.5b facility to support food production
The African Export-Import Bank (Afreximbank) has partnered with the International Islamic Trade Finance Corporation (ITFC), the Trade Finance Arm of the Islamic Development Bank (IsDB) Group; and the Arab Bank For Economic Development in Africa (BADEA), to launch a $1.5-billion Collaborative COVID-19 Pandemic Response Facility (COPREFA). It is meant to support African economies with rapid financial assistance to reduce the impact of COVID-19. Read more
N785bn yearly overhead, others spike Nigeria’s oil production costs
With Nigeria’s oil industry incurring about 7.4 per cent of the national budget in personnel and overhead costs, alongside others like logistics, direct handling and lifting of crude, operators may have to do more to achieve the $10 per barrel (bbl) production benchmark set by the Federal Government. Read more
