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Lagos, South Africa and New York
Thursday, September 24, 2020

Threatened Nigerian banks loan-to deposits ratio jumps to 64% in Q3

Quarterly lending jumps the most since end of 2016 recession Sector’s loan-to-deposit ratio at 64% in 3Q, defaults down Nigeria’s banking industry is opening the lending taps to avoid penalties, bowing to central bank demands to unlock credit to help revive the economy. Banks raised their loan-to-deposit...

$9 Billion Lawsuit: Nigeria arrests Irish citizen, probe Allied Irish Banks

By Kit Chellel Irish citizen arrested in Nigeria. Two more facing charges Nigerian prosecutors probe payments through Allied Irish Banks Nigerian prosecutors are seeking information about funds sent to a government lawyer that were sent through Allied Irish Banks...

Resetting Nigeria’s Battered Economy

Country should never again be exposed to the volatility of commodity prices Nigeria’s economy is undergoing a fundamental transformation. To believe that a few minor amendments to economic policy would restore the country to growth is an optimistic but flawed position. The period between 2005...

Nigeria targets stable FX rate, tight monetary policy to combat rising inflation in 2020

LAGOS - Nigeria’s central bank expects to maintain its stable exchange rate policy in the medium term and keep monetary policy tight in 2020 to combat inflation and support the naira amidst slow growth in Africa’s largest economy, its governor said. “The CBN will continue...

A growing problem: Nigerian rice farmers fall short after borders close

* Growth in consumption makes meeting demand tougher * Imported rice more scarce but still available * Prices spike following border closure * ‘No sign of compliance’ from neighbours - Buhari spokesman By Libby George MAKURDI, Nigeria, Jan 23 (Reuters) - Thomas Tyavwva Maji is planting rice on more...

Investors question proceeds of Nigeria’s bond sales as debts servicing costs swell

.... Africa’s biggest economy seeks more tax revenues as debt-servicing eats up big portion of receipts By Jonathan Wheatley, FT From the potholed and often barely-paved streets of cities to the precarious and accident-prone highways of Nigeria’s interior, foreign investors visiting Nigeria are reminded repeatedly...

Nigeria to witness 1.2% economic growth, World Bank says

 Nigeria’s economy to grow to 1.2 per cent for 2017 on the basis of the decreased militant activities in the Niger Delta which has allowed improved oil production, The World Bank has said. In its June 2017 Global Economic Prospects report, World Bank stated that...

Nigeria’s Buhari says South African xenophobic attacks on foreigners brings shame on the continent

PRETORIA - Nigerian President Muhammadu Buhari said on Friday that a wave of deadly violence against Nigerians and other foreign nationals in South Africa last month was an embarrassment to the continent. In September, rioting and attacks on foreigners led to at least 10...

Jonathan describes Malabu oil deal reports as “series of fake news”

Former President Goodluck Jonathan has denied allegations that he received $200 million kickback from the OPL 245 Malabu Oil deal. It is “false in its entirety,” his media adviser, Ikechukwu Eze said in a statement yesterday. He added that it is a “series of fake news”...

Will Schlumberger Treat Otakikpo the Way It Treated Madu/Anyala?

Macson Otiti, in Port Harcourt In November 2018, Schlumberger pulled out of the Madu /Anyala field development project offshore Nigeria. It was 17 months after the oil service giant had inked a tripartite agreement to be financier and technical service provider on the project, with the...
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