26 C
Lagos, South Africa and New York
Sunday, July 5, 2020

Analysis

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...

Analysts see increased electricity tariff spikes pressure on food prices as Credit to Private Sector Hits N28.67 trillion in April

Local farmers current planting season and the planned increase in electricity tariff in July, would put pressure on food and non-food prices going forward, Analysts tell Naija247news.com Meanwhile in just concluded week, the Central Bank of Nigeria (CBN) depository corporations survey showed a 0.19% month-on-month...

Farmers lament devastating profit loss as Nigeria recalls a million pigs over biggest swine flu outbreak

By Orji Sunday Hundreds of thousands of pigs have been culled by Nigerian farmers in response to an explosion of African swine fever (ASF). The outbreak began around Lagos and parts of neighbouring Ogun state earlier this year, pig farmers say, but has now spread...

Nigeria’s pension savings account openings slump as unemployment surges amidst rising coronavirus cases

Virus lockdown, oil crash curb recruitment and registrations New retirement savings accounts opened in April slows Nigeria’s pension fund managers have seen a sharp decline in the number of new retirement savings accounts as employers cut back on recruitment. Businesses, especially manufacturing firms, have largely been shut...

CBN collects 216 billion naira mln from commercial banks via cash ratio debit ahead of FX auction

Chijioke Ohuocha ABUJA - Nigeria’s central bank has collected 216 billion naira ($598 mln) from banks with excess cash holdings as part of measures to support the naira currency, banking sources said on Friday. The naira has come under intense pressure in recent months during...
Open chat
Send us your story