The impact of COVID-19 on global Trade The COVID-19 pandemic is causing the worst contraction in global trade in the post-war era and it has had negative impact on activities in the Half year 2020 than anticipated, the pandemic is likely to leave lasting scars on the global economy by threatening investor confidence and human…
Friday, July 03, 2020 Nigerian banks bleed amid world’s highest cash reserves For every N100 deposit held by Nigerian commercial banks, about N60 idles away with the central bank as regulatory reserves earning zero interest. This means lower profitability for lenders and then stifling access to finance for millions of small businesses in Africa’s largest…
Thursday, July 02, 2020 Why we are against increasing electricity tariff now – DisCos Though the current electricity tariff charged customers is lower than the cost, electricity distribution companies (DisCos) who have always called for an increase say they will back the new tariff plan if problems with collections and technical losses are resolved. The…
Wednesday, July 01, 2020 Saudi Prince Calls Buhari Amid OPEC’s Push for Oil Cuts Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets, according to Bloomberg. Saudi Crown Prince Mohammed bin Salman and Nigerian…
Tuesday, June 30, 2020 Nigeria in panic mode as World Bank insists on FX rates unification before disbursing agreed $1.5bn Senior government officials were involved in consultations last night as they try to come up with a game plan to untie an agreed $1.5bn loan support from the World Bank which the country badly needs…
Monday, June 29, 2020 States’ inability to tap capital market could see another rush for FG’s bailout The inability of most state governments to raise debt instruments from the capital market amid declining revenues could see a rush for another round of bailout from the Federal Government, according to views of a wide spectrum of…
Friday, June 26, 2020 Nigerian banks face higher risk as recession beckons, says World Bank Nigeria’s banking system is at risk of being destabilised as the coronavirus pandemic triggers what might be the worst recession in four decades for Africa’s largest economy, according to the World Bank. If the spread of the virus eases and…
Thursday, June 25, 2020 Nigeria’s rating at risk as debt, financing gap rise-Fitch A sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade as policymakers in Africa’s biggest economy struggle to deal with the fallout from a coronavirus-induced oil price crash, a director at Fitch said. The global…
Tuesday, June 23, 2020 Japaul Oil changes name as it tests market with N27bn offers Barring any unforeseen circumstances, Japaul Oil & Maritime Services Plc will change its official name to Japaul Gold and Ventures Plc at the forthcoming 15th Annual General Meeting which will come up on July 29, 2020 in Lagos. Other ordinary…
Monday, June 22, 2020 Global gas glut leaves Nigeria’s LNG unsold, threatens N80bn dividend Dividend accruable to cash-strapped Nigeria from Liquefied Natural Gas (LNG) is under threat, a development that might adversely affect its Economic Sustainability Plan to improve crumbling infrastructure and poor services in Africa’s largest economy. In Nigeria, the natural gas sector is…