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Lagos, South Africa and New York
Tuesday, October 20, 2020

Analysis

Stanbic IBTC, NB,IB Eterna and Cadbury top gainers chart as NSE Market capitalisation rises N3bn

By Chinyere Joel-Nwokeoma Lagos, Oct. 13, 2020 The Nigerian Stock Exchange (NSE) recorded marginal growth on Tuesday, appreciating by 0.02 per cent on renewed bargain hunting to halt downward posture of four consecutive trading sessions. Specifically, the All-Share Index increased by 6.55 points or 0.02...

Nigeria looking at World Bank loans, not Eurobonds

ABUJA Oct 10 - Nigeria will avoid issuing Eurobonds due to their expense, Vice President Yemi Osinbajo said, and will look at alternative ways to raise funds to support the economy in the face of a looming recession. "We are not likely going to explore...

COVID-19: With $750 million stimulus, FG, states, World Bank brainstorm on inclusive economic recovery agenda

By Grace Alegba Lagos, Oct. 10, 2020 To mitigate the impact of COVID-19 on infrastructure, MSMEs and vulnerable Nigerians, critical stakeholder converged at a two-day retreat to evolve strategies for transparency and competence in the distribution of emergency intervention funds. The retreat for members of...

ECONOMY: States Internally Generated Revenues Plunged to N612.87 billion in H1 2020 amid COVID-19 Pandemic…

Freshly released data by the National Bureau of Statistics (NBS) showed that total value of the 36 states’ internally generated revenues and that of the Federal Capital Territory (FCT) Abuja moderated to N612.87 billion in H1 2020, down from N693.91 billion it printed in...

WeekAhead FX: Nigeria’s unofficial naira rate seen trade firmly against US dollar as CBN sells more forex to investors

Nigeria's unofficial naira rate are expected to trade slightly firmer against the U.S. dollar next week. Nigeria's naira NGNFX=BDCN could firm on the black market next week as the central bank sells forex to investors and curbs import demand to support the currency, traders said. The...

Nigeria propose N13 trillion 2021 budget on crude oil benchmark price of $40 per barrel at 1.86 million daily oil output

President Muhammadu Buhari has presented the 2021 budget estimate to a joint session of the National Assembly. The proposed expenditure is put at N13.08 trillion with a crude oil benchmark price of $40 per barrel and daily oil production estimate of 1.86 million barrels (inclusive...

Apara Accuses Tinubu, Doherty, Alpha-beta of fraud, tax evasion, money laundering

Dapo Apara, a Nigerian chartered accountant, has accused a former governor of Lagos State, Bola Tinubu; a consulting firm, Alpha-beta, and a former commissioner in the state, Akin Doherty, of money laundering, fraud, tax evasion, and sundry corrupt practices. Mr Apara, in writ of summons...

Nigeria enters second economic recession in four years, plans $34 billion budget for 2021

President Buhari presents 13 trillion-naira budget to assembly Fiscal deficit seen at 3.6% of GDP in 2021 on GDP rebound Plan based on oil output of 1.86 million barrels a day ...

Investment Recommendation: Gains on Investment Securities Boosts FBNH Profitability…

Gains on Investment Securities Boosts Profitability... FBN Holdings Plc’s positive earnings performance in H1 2020 was amid gain on sale of investment securities and increased net fee and commission income. Given the low yield environment, it appears First Bank Plc now leans on investment securities trading,...

Governments should step up public investments to create jobs that boost local economies, IMF says

The IMF predicted in June a contraction of 4.9% in global GDP (gross domestic product) for 2020 — but the fall could be even higher as many governments are now dealing with a second wave of infections. Now, the IMF is calling on governments to increase...
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