Nigeria Announces Plans For New Economic Zones To Boost Solid Minerals
The Nigerian government is working toward establishing special economic zones for solid minerals and creating a large number of employment…
Day: October 8, 2020
FEC Approves $3.02bn Port Harcourt/Maiduguri Railway Project
The Federal Executive Council (FEC) has given the go-ahead for the rehabilitation and reconstruction of the Port Harcourt-Maiduguri Eastern Narrow…
Senate Probes CBN, NNPC, DPR, Others Over Crude Oil Exports Account
The Senate has launched investigation into the activities of the Central Bank of Nigeria (CBN), the Nigeria National Petroleum Corporation…
Nigeria’s President Buhari Is Doing Away With Petrol Subsidies
Time in nigeria sometimes seems to follow its own rhythm. When the government introduced petrol subsidies they were meant to last…
FG Signs Bilateral Air Agreement With USA, India, Morocco, Rwanda
The federal government has signed a Bilateral Air Service Agreement (BASA) with the USA, India, Morocco as well as Rwanda.…
Nigerian President Offers Record $34 Billion Budget For 2021
Nigerian President Muhammadu Buhari presented a record 13.08 trillion naira ($34.4 billion) budget for 2021 to lawmakers on Thursday, an…
Nigeria May Enter Second Recession In Four Years -Buhari
The President, Major General Muhammadu Buhari (retd.), says Nigeria’s economy may slip back into recession. Buhari spoke at the presentation…
Expert Says Forex Responsible For Hike In Petrol Price
Mr Ronke Onadeko, an expert in oil and gas, says high exchange rate of Naira to the dollar is responsible…
Buhari Presents Nigeria’s N13 Trillion 2021 Budget To Lawmakers
President Muhammadu Buhari has presented the 2021 budget estimate to a joint session of the National Assembly. The proposed expenditure…
Global Economy Will Shrink By More Than 4% In 2020
Economic experts predict that the coronavirus pandemic will result in a 4.4% contraction in the global economy in 2020. Germany’s…
Virus Wipes N939bn Off Wealth Of Nigeria’s Biggest Firms’ Shareholders, But A Recovery Is On
The biggest shareholders of Nigeria’s 30 largest firms lost a whopping sum of N939 billion combined in the first half…
Naira Stabilizes Across Forex Markets As BDCs Get Over $450m Allocation From CBN In 1 Month
The Naira remained stable against the dollar at the I&E window on Tuesday, closing at N386/$1 Nigeria’s exchange rate at…
Canadian Dollar Gains Ground As Calm Returns To Wall Street
The Canadian dollar strengthened against the greenback on Wednesday as calm returned to stock markets after they were spooked one…
US Arbitration Tribunal Frees Nigeria Of $1.5bn Liability
Nigeria has again won another international legal battle as the United States-based International Centre for Settlement of Investment Dispute ordered…
COVID-19: International Borders And Need To Keep Nigerians Safe
Nigeria’s international borders re-opened on September 5, 2020. This came months after international and land borders were shut down in…
Dollar, Yen Dip As U.S. Stimulus Hopes Help Risk-On Mood
The dollar and safe-haven Japanese yen nursed losses on Thursday, after revived hopes for U.S. fiscal stimulus improved investor sentiment,…
Container Shipping Operations From China To Onitsha Resume
Global shipping line, Maersk resumed services from China to Onne Port (by ship) this year, and this week, it has…
European Gasoline Margins Hit 7-Month High On Exports, Maintenance
European gasoline barge profit margins hit a seven-month high this week, boosted by firm export demand from West Africa and…
Worries Over $2b Forex Demand Backlog
Fitch Ratings has expressed concerns about the state of the naira and rising forex demand backlog estimated at $2 billion.…
World Bank Sees Sub-Saharan Africa’s GDP Rebounding In 2021
Sub-Saharan Africa will probably reverse an economic contraction next year as countries in the region begin to ease movement restrictions,…
CBN Disburses $13.99bn Forex In Six Months
The Central Bank of Nigeria supplied $13.99bn into the market between January and June. The bank disclosed this in its…
Oil Rises Above $42 On Supply Losses, U.S. Stimulus Hopes
Oil rose above $42 a barrel on Thursday, supported by output shutdowns in the U.S. Gulf of Mexico and the…
Dubai-Bound Passenger Held With 5,342 ATM Cards
A man has been arrested with 5,342 Automated Teller Machine (ATM) cards at the Aminu Kano International Airport, Kano. Sanusi…
Europe’s Major Economies Predict More Dire Declines To Come As Coronavirus Rages
LONDON — Major European economies are downgrading already dire economic forecasts on the back of a second wave of coronavirus…
Analysts Fault Fitch’s Stable Outlook On Nigeria
Analysts at Afrinvest Securities have faulted the recent upgrade of Nigeria’s macroeconomic outlook to stable by Fitch Ratings as there…
Naira Stable At Investors Window Amid 0.5% Rise In FX Demand
The value of the Naira against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX)…
Billionaire Wealth Smashes Records During COVID-19
Global billionaire wealth smashed record levels during COVID-19 breaching the $10tn (£7.7tn) mark for the first time. Despite an initial…
Nikola Founder Trevor Milton Sues Utah Businessman For Defamation Over Tweets About Treatment Of Women
Nikola founder Trevor Milton has sued a Utah businessman for defamation, accusing him of a “malicious campaign to harass” and…
Fed’s Kashkari Warns That Delaying Stimulus Will Have ‘Enormous Consequences’
Minneapolis Federal Reserve President Neel Kashkari became the latest central banker to warn against not getting more stimulus to the…