Tuesday, January 26, 2021
World Bank Plans to Invest over $5bn in Africa’s Drylands
The World Bank plans to invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries on a swathe of land stretching from Senegal to Djibouti. Read more
Ecobank Nigeria Secures N50bn 10-Year Subordinated Loan
Ecobank Transnational Incorporated (ETI), the parent of the Ecobank Group, yesterday said that one of its significant subsidiaries, Ecobank Nigeria, secured N50 billion, 10-Year bilateral subordinated loan. Read more
Refineries shut for 15 straight months, lose N152.08bn
The nation’s refineries lost a total of N152.08bn in 15 consecutive months of being idle, the latest data from the Nigerian National Petroleum Corporation have shown. Analysis of data collated from NNPC monthly reports revealed that all the refineries did not refine crude oil from July 2019 to September 2020. Read more
Expert explains implications of increased tax in Finance Act
A partner at Stransact Partners, Yomi Salawu, has said that increasing the personal income tax during the COVID-19 pandemic will not help to alleviate poverty. He said this while speaking on the implications of the newly signed Finance Act 2020. “In my opinion, this is not the right time to increase income tax, especially as it relates to income tax of employees in Nigeria. Read more
MPC may cut lending rate amid COVID-19 challenges – Experts
Experts have said the Monetary Policy Committee of the Central Bank of Nigeria may consider cutting interest rates in the country due to economic indications. The CBN had notified that it would hold the next MPC meeting on Monday (today) and Tuesday in Abuja. A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said the MPC might need to observe how the COVID-19 was affecting situations. Read more
Nigeria attracts $2.6bn FDI in 2020 amid global downturn
Global foreign direct investment (FDI) collapsed in 2020, falling 42% from $1.5 trillion in 2019 to an estimated $859 billion, according to the latest UNCTAD Investment Trends Monitor, with Nigeria earning $2.6billion of the global volume. Read more
‘FG must reposition capital market to accumulate global savings’
Experts have stressed the need for the Federal Government to reposition the local bourse to make it more attractive to accumulate savings from the rest of the world. The Managing Director, Chief Economist Africa and Middle East, Global Research, Standard Chartered Bank, Razia Khan, argued that Nigeria is in dire need to borrow from the savings crew available abroad to finance growth. Read more
