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Monday, July 13, 2020

Nigeria’s PPP must work together to prevent COVID-19 outbreak from impoverishing 5 million people, World Bank says

ABUJA, June 25 (Reuters) - Nigeria’s coronavirus outbreak may push 5 million people into poverty as it triggers the worst recession in the African powerhouse since the 1980s, the World Bank said on Thursday. But Today’s unprecedented crisis will require an equally unprecedented response from...

Nigerian banks seek to restructure manufacturing, commercial sector loans

ABUJA - Nigerian banks plan to restructure over a third of loans after running into repayment problems due to the coronavirus pandemic, a member of the central bank monetary policy committee said. A total of 17 banks have submitted requests to restructure over 32,000...

CBN says it aims to grow foreign reserves

ABUJA, June 25 - Nigeria's central bank will strive to increase its foreign reserves to safeguard the value of the naira currency and has put in place measures to curb speculation, it said on Thursday. The statement came as Nigeria's economy takes a battering...

Nigeria’s economy records N124.77b trade deficit in Q1

Nigeria recorded a trade deficit of N125.77billion in the First Quarter(Q1) of 2020, the National Bureau of Statistics (NBS) has disclosed. Its report titled “Commodity price indices and terms of trade Q1” posted on its website on Wednesday, said Nigeria exported items worth N1.8trillion in...

Nigeria Records Foreign Trade Deficit of N0.14 trillion as Crude Oil Exports Decline in Q1 2020…

Freshly released foreign trade statistics report showed that merchandise goods worth N8.30 trillion were traded in Q1 2020, 17.94% lower than N10.12 trillion recorded in Q4 2019 (but 0.80% higher than N8.24 trillion printed in Q1 2019). Of the total goods traded, value of exports decreased...

Experts see ‘No Touch’, Cashless transaction, mobile money surge in Nigeria as Coronavirus Pandemic Spreads

With Nigerian businesses struggling because of coronavirus lockdown measures, the use of mobile money and “no touch”, cashless transactions in business is growing rapidly. The use of mobile money grew by almost 15 percent in March, and experts say the practice is expected...

Analysts say CBN’s expansionary policies and FG’s spendings will determine Nigeria’s economic recovery in Q2

Business Activities Shrink in May Amid Lower New Business Orders; Suggests Fall in Q2 GDP ... Recently released Purchasing Managers’ Index (PMI) survey report by Central Bank of Nigeria (CBN) showed that both manufacturing and non-manufacturing businesses in May 2020 contracted as new orders and...

Nigeria’s external reserves up $36.5bn as Manufacturing sector contracts

THE Manufacturing Purchasing Managers Index, PMI, dropped to 42.4 index points in May, 2020 from 51.1index points in March, 2020, the first contraction in the manufacturing sector in 37 months. The Central Bank of Nigeria, CBN, disclosed this in its PMI report for May. The...

Nigeria’s economic conditions worsen as analysts see contract In Q2 on low oil price revenue

Alonso Soto Nigeria’s economy is likely to contract in the second quarter, according to three gauges of business activity that highlight the difficulties the central bank faces in trying to stave off a recession in Africa’s largest economy. Stanbic IBTC Bank and IHS Markit’s purchasing managers...

Nigeria begins community policing as Lagos’ Sanwo-Olu inaugurates operation teams

…Gov: ‘Initiative’ll Address Shortcomings Of Existing Policing Model’ …New Approach To Shift Focus To Proactive Law Enforcement, Says IGP Lagos State has taken an audacious step towards improving security in all communities across the State, with the inauguration of State Community Policing Advisory Committee (SCPAC) and...
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