Thursday, January 14, 2021
Report Foresees 13.5% Monetary Policy Rate for Nigeria in 2021
Nigeria’s benchmark Monetary Policy Rate (MPR) has been predicted to rise by 200 basis points to 13.5 per cent in 2021, up from the 11.5 per cent it is presently. Bloomberg Economics made the prediction in the media outfit’s quarterly guide titled: “Ultra-Low Interest Rates Are Here to Stay: 2021 Central Bank Guide,” obtained yesterday. Read more
CBN Unveils Quick Response Code Framework to Facilitate e-Payments
The Central Bank of Nigeria (CBN) yesterday unveiled a framework for Quick Response (QR) code payments, directing all issuers, acquirers, switches, processors and other participants in the country to ensure full interoperability of the schemes. The CBN stated that the guidelines were in furtherance of its mandate to ensure the safety and stability of the Nigerian financial system, promote the use and adoption of electronic payments and foster innovation in the payments system. Read more
2021 lockdowns threaten to slow Q1 earnings recovery
A major chunk of the recovery in companies’ earnings expected in the first quarter is at risk of being pushed back further as lockdowns and mobility restrictions in several countries cloud hopes of a swifter economic recovery, investment banks said. China announced lockdowns in four cities and European countries unveiled tighter and longer coronavirus restrictions on Wednesday, denting back-to-normal hopes and sparking worries about further economic damage in 2021. Read more
Ardova Plc and the shareholders of Enyo Retail and Supply Limited have entered discussions relating to AP acquiring Enyo. A statement signed by the acting Company Secretary/General Counsel, Oladeinde Nelson-Cole described Enyo as one of the newest and fastest growing retail and supply companies in the downstream sector. Read more
Nigeria to boost condensate, gas production amid OPEC+ cuts
Nigeria is looking to increase its production of condensate and natural gas in a bid to cushion the impact of the oil output cut deal by the Organisation of the Petroleum Exporting Countries and its allies. The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, said this on Wednesday at the virtual Gulf Intelligence “Global” UAE Energy Forum 2021. Read more
‘How African leaders can fast track AfCFTA benefits’
Group Chief Executive Officer, Tingo International Holdings, Dozy Mmobuosi, has said projected benefits of the African Continental Free Trade Agreement (AfCFTA), could be hampered unless African leaders focus on strategic plans, working with stakeholders and adopting technology to drive the agreement. Read more
FG to build international gemstone market in Ibadan
The Federal Government has described gemstone as a natural resource that can boost the economies of Oyo State, Southwest region and Nigeria, by shoring up the internally-generated revenue (IGR), expressing readiness to exploit the resource for the benefit of all. To this end, it has commenced the process for the construction of an International Gemstones Market in Ibadan upon the allocation of two hectares of land by Oyo State Government. Read more
NNPC cautiously hopeful about oil demand recovery, deepens gas devt
The Nigerian National Petroleum Corporation (NNPC) has expressed cautious optimism about oil demand growth, adding that it had begun the process to diversify its portfolio beyond oil assets to hedge future crisis and align with global energy transition. Read more