Thursday, February 25, 2021
Fitch Revises Nigeria’s 2021 GDP Forecast to 1.6%
Fitch Ratings has revised downward its 2021 growth forecast for Nigeria to 1.6 per cent, from its previous expectation of 2.3 per cent. The global rating agency in a statement yesterday, hinged its prediction on weaker base effects coming out of a shallower contraction recorded by the country in 2020. Read more
NCC Highlights Role of Telecoms in Nigeria’s Exit from Recession
The Nigerian Communications Commission (NCC) has highlighted the role played by the telecommunications sector in lifting the country out of recession in the recently released fourth quarter Gross Domestic Product (GDP) figures for the fourth quarter of 2020. The sector contributed 12.45 per cent to the country’s GDP in the fourth quarter of 2020. Read more
Nigeria loses N151.78bn crude oil monthly – NNPC
Nigeria is currently losing an average of 200,000 barrels of crude oil daily, the Nigerian National Petroleum Corporation stated on Wednesday. Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange rate of the dollar stood at 379/$. Read more
Nigeria’s revenue prospects brighten as oil hits $67
The international oil benchmark, Brent crude, rose further on Wednesday to $67 per barrel, compared to Nigeria’s budget benchmark of $40 per barrel. For Nigeria, which relies on crude oil for about 50 per cent of government revenues and over 90 per cent of export earnings, rising oil price means increased revenue. Read more
CAC says protest illegal as NLC grounds operations
The Nigeria Labour Congress on Wednesday grounded the operations of the Corporate Affairs Commission as hundreds of workers staged a protest at the CAC headquarters in Abuja. Members of the organised labour union said the protest was to kick against the anti-workers’ policies of the management of CAC. Read more
Delta to earn N100m from Asaba Airport concession yearly
Delta State government has signed off the Asaba Airport facility to concessionaires in a deal that will earn the state, at least, N100 million in concession fee yearly. The strategic move to further develop the airport and make it run profitably (the first of such concession in the country), will also earn the state 2.5 per cent yearly revenue earnings over the next 30 years that the concession agreement would run. Read more
How counterpart funding negotiation stalled FG, Siemens power deal
The Federal Government may have got 30 per cent off the total value of Nigeria’s counterpart funding in the Siemen Power Project after intense negotiation before the signing of the pre-engineering phase last week, The Guardian has gathered. Read more
