Wednesday, February 03, 2021
Ratings agency, S&P Global, has affirmed its “AAA/A-1+” foreign currency issuer credit rating of the African Development Bank (AfDB), with a stable outlook. The ratings agency said its outlook reflected the expectation that the AfDB would, over the next two years, “prudently manage its capital while maintaining solid levels of high-quality liquidity assets and a robust funding profile. Read more
How Stanbic IBTC is Empowering Female-led Startups
Michelle Obama, the former United States first lady, once said: “No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.” This speaks to the incredible potential that can be brought to bear in a society that promotes female tech-led initiatives. Read more
Oil firms’ income tax payments drop to N47.74bn
The company income tax paid by oil and gas companies to the Federal Government fell by N4.94bn or 10.25 per cent in 2020, official figures have shown. An analysis of data collated from the National Bureau of Statistics showed that companies producing crude oil and gas in the country paid N47.74bn in corporate tax last year, down from N52.68bn in 2019. Read more
Oil price rises above $57, highest in 12 months
The international oil benchmark, Brent crude, rose more than two per cent on Tuesday, hitting a 12-month high after major crude producers showed they were reining in output roughly in line with their commitments. Brent crude, against which Nigeria’s oil is priced, was up $1.27, or 2.3 per cent, at $57.62 a barrel by 1320 GMT, its third straight day of gains and the highest levels since late February last year, according to Reuters. Read more
MultiChoice to mitigate COVID-19 effects on consumers
In order to lessen the economic impact of COVID-19 on customers, MultiChoice Nigeria has announced a price slash on its DStv and GOtv decoders. Speaking at a virtual media briefing held on Friday, the Chief Customer Officer, MultiChoice Nigeria, Martin Mabutho, explained that the price slash was part of the company’s long line of efforts to lessen the economic impact of COVID-19 on customers and to make entertainment more accessible to Nigerians. Read more
‘Naira depreciation increases cost-input pressures, weakens production’
Notwithstanding the challenges of access to foreign exchange (forex) for importation of raw materials, local manufacturers have stated that a favourable exchange regime and a stronger currency, presents a good omen for improving manufacturing production. Read more
NESG projects 2.9% economic growth in 2021
The Nigerian Economic Summit Group (NESG) has projected that the Nigerian economy would grow by 2.9 per cent in this year and achieve a sustained high growth rate up to 2025 in line with the expected global recovery. Read more
Chinese company sues youth group over extortion
A youth organisation, the Pan African United Youth Development Network, has dragged to court impersonating for extorting the sum of N2 million from a Chinese company, BIN Ceramic Industry. Read more
