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Wednesday, July 8, 2020

‘Fuel made from Nigeria’s illegal refineries in Niger delta have higher quality than imported petrol’

Samples from illegal refineries in Niger delta found to be of a higher quality than imported petrol in new analysis Black market fuel made from stolen oil in rudimentary “bush” refineries hidden deep in the creeks and swamps of the Niger delta is less polluting...

Local content Nigeria’s manufacturing PMI Dips in June as New Orders Remained Weak on Partial Lockdown…

Recently released Purchasing Managers’ Index (PMI) survey report by Central Bank of Nigeria (CBN) showed that manufacturing sector contracted in June 2020 as new orders declined faster amid partial lockdown of the economy. The non-manufaturing businesses reflected a gradual recovery as business activities picked amid...

Nigeria needs to deepen reforms to boost growth, revenues: World Bank

ABUJA - Nigeria needs to deepen economic reforms and boost government revenues in order to have a sustained recovery after a coronavirus-induced oil price shock that slashed income and weakened its currency, the World Bank’s country director told Reuters on Friday. Shubham Chaudhuri said...

Investors Eye New Hot-spots in Nigeria, see Covid-19 Pandemic Easing by September

EFG-Hermes Holding SAE expects the Covid-19 pandemic to start easing in Africa’s largest economy by September and boost investments in food and consumer facing industries. Agriculture, digital payments, health, consumer goods and well-capitalized banks will attract new investors and customers, Kato Mukuru, head of frontier...

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...

Nigeria could save $107.5 million under debt relief initiative, World Bank says

Nigeria, Africa's biggest economy eligible for debt relief, could have saved $107.5 million under the initiative, according to the World Bank. Nearly half of Nigeria’s outstanding external debt is with multilateral lenders. The World Bank Group is its top creditor with $10.1 billion in loans....

Nigeria Won’t Seek Debt Relief, Rules Out Eurobond Sale

Finance Minister says goverment to meet all debt obligations Nation shifts stand after first seeking deferral of some loans Nigeria will not request a delay in debt-service payments this year from bilateral and commercial creditors, the largest economy yet to turn down a debt holiday offered...

Nigeria risks downgrade Over rising debt, ballooning financial gap, Fitch warns

ABUJA/LAGOS - 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 ratings...

Buhari says Nigeria committed to achieving Africa’s single currency

ABUJA, June 23 - Nigerian President Muhammadu Buhari said on Tuesday that West Africa’s plan to adopt a common currency was being put at risk by some countries’ attempts to progress more quickly than the agreed timetable. Nations in the region are aiming to...
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