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Saturday, September 19, 2020

Analysts see sustained upward pressure for August inflation rate as Nigeria’s Net FX Inflow Spikes USD6.43 billion

In the just concluded week, the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) showed that annual inflation rate maintained its upward trend as it rose further to 12.82% in the month of July (higher than 12.56% in June)...

Nigeria see progress in gross revenue add-up as oil revenues, sales tax hits 653.35 billion naira

Nigeria’s gross revenues rose to 676.41 billion naira in July from 653.35 billion naira in June due to higher crude oil sales and tax receipts, accountant general Ahmed Idris said. The price of oil, Nigeria’s main export, fell sharply early this year as the coronavirus...

OPEC members criticize Nigeria over Agbami re-classification politics as oil cut compliance deadline nears

Labeling of Agbami as crude or condensate divides oil market Nigeria asking IOCs to reclassify Agbami as condensate Agbami marketed as light, sweet crude to refiners Nigeria's compliance to OPEC+ quota hinges on Agbami exemption London...

Nigeria risks worst fiscal crisis in 40 years as World Bank delays loan over fuller reforms

ABUJA/LAGOS - Nigeria’s on-going talks with the World Bank is unlikely to approve a much-needed $1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks revealed. A delay in financing from multilateral lenders could leave...

Nigeria eyes record 12.65 trillion naira spending plan for 2021 – document

ABUJA - Nigeria expects to spend a record 12.65 trillion naira ($33.20 billion) in 2021 despite severe revenue constraints, according to an outlook released by the Finance Ministry on Monday. The spending by Africa’s largest economy, still reeling from low oil prices and the...

United Capital bullish on mix-market performance as market cap resumes week with N35bn loss

Lagos, Aug. 17, 2020 Analysts at United Capital Plc predicted that the market would witness mixed performance this week due to anticipated profit taking by short-term players. Meanwhile the Nigerian Stock Exchange (NSE) opened trading for the week on Monday with a loss of...

Here’s what you need to know about Naira woes that spiked consumer food inflation to 12.8%

Nigerian monthly inflation accelerated for the 11th straight high in July as a weakened currency and continued border closures drove up food prices. Consumer prices climbed 12.8% from a year earlier, compared with 12.6% in June, Abuja-based National Bureau of Statistics said in a...

As Foreign Portfolio Inflows Tank 39.55% in H1 Analysts say Nigeria need right policies to Boost Private-Sector-Led Investments

Freshly released Q2 2020 labour force statistics by National Bureau of Statistics (NBS) showed that Nigeria’s labour force dropped to 80.29 million in Q2 2020 (11.25% down from 90.47 million in Q3 2018). Further breakdown of the data showed that, unemployement rate rose to 27.1% in...

Pundits want Buhari administration to give account how it’s spent recovered Abacha loots as Ireland returns 5.5 mln euros

Nigeria plans to hand $100 million to ruling-party official Former dictator Abacha estimated to have looted $5 billion Global pundits which includes U.S senators are requesting that the Nigeria’s Buhari administration should present a transparent account of how it’s used the received Abacha loot in the...

Nigeria’s unemployment rate surge 27.1% in Q2 as Coronavirus cases rise

LAGOS, Aug 14 - More than a quarter of Nigeria’s workers were out of a job in the second quarter, the National Bureau of Statistics said on Friday, in the country’s first unemployment data published since 2018. The unemployment rate stood at 27.1% in the...
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