Tuesday, November 24, 2020
As Rising Food Inflation Remains Unabated
The United Nation, in its latest statement put Nigeria as one of the four countries on heightened famine alert that could soon slip into famine if conditions undergo any further deterioration over the coming months. The stark warning described the situation as a toxic combination of conflict, economic decline, climate extremes and the COVID-19 pandemic combining to drive people further into the emergency phase of food insecurity. Read more
All-share Index Falls 0.04% as Market Opens on Negative Note
The Nigerian equity market opened for the week on a negative note, declining marginally by 0.04 per cent as profit taking continued. The market had depreciated by 2.5 per cent last week on profit taking after a period of an unprecedented bull run. Read more
How we’re tackling recession – FG
The Federal Government on Monday explained some of the measures being adopted to help get the country out of its current economic recession. Minister of Finance, Budget and National Planning, Zainab Ahmed, outlined these measures while speaking at the 26th Nigerian Economic Summit. She said the Federal Government was fully aware of the current economic situation and was working round the clock to reverse the trend and restore the economy on the path of sustainable inclusive growth. Read more
MPC: Experts expect no rise in interest rate
Financial experts have said they expect the lending rate to either be retained or reduced at the end of the meeting of the Monetary Policy Committee of the Central Bank of Nigeria on Tuesday. The members of the MPC started their two-day meeting on Monday. An investment professional, Mr Ayodeji Ebo, noted that the MPC was meeting to review the development in the global and domestic space. Read more
Nigeria’s per capita income could fall to 40-year low – W’Bank
THE World Bank said on Monday that Nigeria’s per capita income could fall in 2020 to its lowest level in 40 years. The bank also raised concern about the debt service cost being incurred by the Nigerian government. The Country Director for Nigeria, World Bank, Mr Shubham Chaudhuri, noted that the decline in crude oil prices had dramatically impacted government finances, the balance of payments and remittances from Nigerians living abroad. Read more
Refineries gulped N81.41bn, refined zero crude – NNPC
A total of N81.41bn was expended on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil all through this period, latest data obtained from the Nigerian National Petroleum Corporation showed. Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company posted a cumulative revenue of N6.54bn during the eight-month period. Read more
‘Unclaimed dividend bill will erode investors’ confidence, hinder market growth
Capital market operators have warned that the proposed plan by the Federal Government to manage unclaimed dividends which is projected to hit N200 billion by the end of this year, would erode investor confidence and hinder the growth of the market. Read more
Tank farm owners kick as Lagos imposes N300m levy for regularization
Tank farm owners under the aegis of Ijegun-Egba Tankfarm Owners and Operators Association have decried the N300 million levy imposed on each company by the Lagos State government for regularisation of drawings. According to the association, tankfarms at Ijegun have individually and collectively, expended over ₦2 billion in tackling some pressing infrastructural deficits and challenges within the corridor of operations and cannot incur further costs for regularisation that had been applied for in 2014. Read more
