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Lagos, South Africa and New York
Tuesday, June 2, 2020

Without stimulus, Nigeria’s economy will shrink by 8.9% in deepest recession – finance minister

ABUJA, May 21 - Nigeria’s economy could shrink as much as 8.9% in 2020 in a worst-case scenario without stimulus, Finance Minister Zainab Ahmed said on Thursday, a deeper recession than forecast after oil prices plunged due to the coronavirus pandemic. Ahmed told Nigeria’s...

Mathematically Impossible Rules Stump Nigeria Banks on Loans

Bloomberg) -- Nigeria wants banks to perform a difficult two-step -- keep more of their cash for emergencies and aggressively expand lending into a shrinking economy. Lenders must hold 27.5% of deposits as reserves -- more than 10 times that of South African banks and...

Investors unconcerned, flock to Nigeria’s potential as oil recovers

(Bloomberg) -- Anthony Osae-Brown, Tope Alake and Emele Onu Nigeria’s early move to tap cheap loans has improved its risk perception among foreign investors, leading to a fall in the country’s borrowing costs. Yields on Nigeria’s dollar bonds maturing in 2047 fell from an all-time high of...

Competition to fill-up Nigeria’s power deficits thicken as solar energy companies power up homeworkers, households

LAGOS, May 20 - In a hallway in Lagos, Gbemisola Olowokere taps contentedly on her laptop. The 23-year-old says the corner, underneath a sliver of window, has functioned well as a makeshift office since the coronavirus pandemic forced her to work from home. But...

CBN will assist you with dollars to import machinery, raw materials to produce made in Nigeria goods, Emiefele assures local investors

ABUJA, May 19 - Nigeria is wooing local companies to boost manufacturing and food production in the West African country, the central bank said, after the novel coronavirus disrupted imports and created large financing needs. The coronavirus outbreak and an oil price plunge have...

Nigerian businesses suffer 239 hours monthly power outage as Calls for review of power sector privatization thickens

Nigerian businesses suffer 293 hours of monthly power outages as calls for the immediate review of power assets sold by the previous administration to private individuals. I think the time has come to review, and probably reverse this privatization because if we stay as it...

U.S. Court Grants Nigeria Access to Hedge Fund Contract Documents in $9.8 Billion Suit

By William Clowes Government wants information from VR Capital in P&ID probe P&ID says Nigeria is evading legal obligation to pay award A U.S. court granted Nigeria permission to request documents from VR Capital Group Ltd., the part owner of a company that received a $9.8 billion...

Nigeria’s earnings from black gold sales will plunge 80% to 1.1 trillion naira this year

By Anthony Osae-Brown and Tope Alake Nigeria’s Earnings from crude sales will plunge 80% to 1.1 trillion naira this year, the budget office said in a presentation last week Finance Minister Zainab Ahmed got approval from the West African’s nation’s cabinet on May 13 to...

UN Intelligence Warns Nigeria on ISIS’s backed Boko Haram Plot to Attack Country’s Critical Infrastructure…

In the just concluded week, the United Nations Department for Safety and Security (UNDSS), in its latest Security Threat Information (STI) and Advisory report, warned Nigeria on Boko Haram’s plan to carry out complex and coordinated attacks on the country’s critical infrastructure, taking advantage...

PFAs Increase Investments in Better Yielding Bank Placement, Bonds; Slow Down on T-Bills…

Freshly released report on pension fund assets by National Pension Commission (NPC) showed that the total value of pension assets rose year on year (y-o-y) by 17.88% to N10.51 trillion in February 2020 from N8.91 trillion in February 2019. According to the report, most of...