PwC Predicts 30% Unemployment Rate By Year-End
PricewaterhouseCoopers says Nigeria’s unemployment rate can rise to 30 per cent by the last quarter of the year amid slow economic growth. The consulting firm, in its September economic alert…
Norway Oil Strike Ends After Wage Agreement
An Equinor employee talks to a reporter on a rig used to produce oil from the Johan Sverdrup oil field some 140 kilometres west from the town of Stavanger, Norway,…
UK Chancellor Announces ‘Local Furlough’ Scheme And Business Grants
Chancellor Rishi Sunak has announced new support for businesses and employees hit by local lockdowns. The chancellor on Friday said his job support scheme would be expanded to offer targeted…
CBN’s $450m Inflow To BDCs Stabilise Naira
The Central Bank of Nigeria (CBN) has injected over $450 million into the Bureau De Change (BDC) segment of the foreign exchange market to keep the naira stable. The dollar…
Nigeria Not Looking To Issue Eurobonds, Vice President Says
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…
Police Fire Teargas At Nigerians Protesting At Alleged Brutality, Witnesses Say
Nigerian police used teargas on Friday to disperse dozens of people in the capital Abuja who had gathered to protest at alleged brutality by members of a special police unit,…
Nigeria’s Forex Devaluation Timeline – 2020
Speculations started March 12 that the naira might be devalued. This is a timeline of every decision taken since the first devaluation. Since the first quarter of the year, Nigeria…
Canadian Dollar, ‘Super-Charged’ By Jobs Data, Posts One-Month High
The Canadian dollar strengthened against its U.S. counterpart on Friday to notch its biggest weekly advance in four months, driven by domestic data showing a faster pace of job gains…
Nigeria’s NSA Says $1.8bn ‘Wasted’ On N/Delta Amnesty
Nigeria’s National Security Adviser, Babagana Monguno says he has advised the country’s President Muhammadu Buhari to end the Niger Delta amnesty programme, which has seen “N712 (about $1.8bn) wasted in…
CBN Directs Banks To Confirm Swift Transactions Within 2 Business Days
The Central Bank of Nigeria (CBN) has directed all deposit money banks to ensure full compliance with Swift Universal Confirmation requirements by making sure that the confirmation gets to Swift…
Nigeria Stock Market Drops Further By N68bn
The bears maintained dominance on the Nigerian Stock Exchange on Friday with the market capitalisation declining further by N68 billion. Specifically, the market capitalisation dropped N68 billion or 0.46 per…
Next Africa: A Chance To Be Heard At The WTO
Ngozi Okonjo-Iweala’s advance to the final selection round for director-general of the World Trade Organization gives Africa a chance to have a say in shaping global commerce. The 66-year-old former…
Nigerian Airline To Test Direct Flights To Jamaica
A Nigerian airline is making history for the first time as it tests direct roundtrip commercial flights in December and January from Lagos, Nigeria to the Sangster International Airport in…
Naira Gains Against The USD At The Bureau De Change, Parallel (“Black”) Markets…
In the just concluded week, Naira appreciated against the USD at the Bureau De Change as well as the parallel (“black”) markets by 1.74% and 1.72% respectively to close at…
We’ll Expand Economy Through Gas Utilisation
Minister of State for Petroleum Resources, Timipre Sylva, has hinted that government intends to expand the country’s economy through effective gas utilization, saying the planned investment of $6 billion in…
Nigeria Pins Hopes On First Gold Project To Boost Mining Sector
Nigeria’s first industrial gold project is on course to enter production next year, and its success will be crucial for boosting mining in Africa’s biggest oil producer, the country’s mines…
60 Immigration Officials Sacked Over Bribes — Official
The Comptroller General of the Nigeria Immigration Service, Muhammad Babandede, on Saturday, said 60 personnel have so far been sacked after they were either caught receiving or giving bribes. The…
Mitch McConnell Says A Coronavirus Stimulus Package Is ‘Unlikely In The Next Three Weeks’
Congress likely will not pass another coronavirus stimulus package before the Nov. 3 election, Senate Majority Leader Mitch McConnell said Friday. The White House and Democrats have restarted last-ditch talks…
NIPOST Begins Address Verification Service
The Nigerian Postal Service has inaugurated an Address Verification Service. Through the service, corporate and private organisations can approach NIPOST to verify addresses given by customers or employees. Post-Master General…
Agents Seek Intervention In Trade Disruption At Tin-Can Port
Clearing agents operating at the Tin-Can Island Port have called on the Comptroller-General of the Nigeria Customs Service (NCS), Hameed Ali, to check the activities of its Compliance Team impeding…
Sterling Edges Up Against Dollar But Falls Versus Euro; Brexit Talks In Focus
Sterling edged up against the dollar but fell against the euro after worse-than-expected UK GDP data, while investors focused on Brexit negotiations where the “mood music” was seen to have…
CBN Distributes N770m Inputs, Cash To Cocoa Farmers
The Central Bank of Nigeria (CBN) has commenced the distribution of inputs and cash worth N770 million to 221 cocoa farmers in 10 cocoa producing states of Nigeria. The distribution…
Pound Traders Look Beyond Brexit Noise To Focus On What Matters
Pound traders who have grown used to Brexit brinkmanship between London and Brussels are making two assumptions: there’ll probably be a trade deal, and U.S. elections matter more right now.…
Nigeria Pushes Gas Into Fast Lane
Abuja turns to new gas promotion measures to ease the pain of removing unaffordable gasoline subsidies “Gas is Nigeria’s new petrol,” petroleum minister Timipre Sylva said of the oil-dependent nation’s…
Belgium Explores Areas Of Economic Cooperation With Nigeria
The Belgian Embassy is currently exploring new areas of cooperation, to expand the existing bilateral relations between the European country and Nigeria. The new Belgian Ambassador to Nigeria, Daniel Bertrand,…
FG Pledges Support For Nigerians During Crisis
Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq. Federal Government on Friday reiterated its resolve to support Nigerians during a crisis situation and ensure strategic…
Cut From The Same Cloth, Nigerian Waste Fabric Becomes Art
Marcellina Akpojotor weaves past thumping sewing machines, and leaves a Lagos shop with a bag brimming with discarded fabric. The colourful pieces, which would typically be burned or thrown into…
OPEC Cuts Long-Term Forecast For Oil Demand Growth, Sees ‘Continued Disparity’ In Climate Policy
LONDON — OPEC on Thursday said it had downwardly revised its forecast for global oil demand growth over the long term, given the industry faced “an existential threat” this year…
Nigerian Currency Appreciates To N457/$1 At Black Market
The Nigerian currency appreciated by N1 against its American counterpart at the parallel market on Thursday, October 8 to close at N457/$1 in contrast to N458/$1 it quoted on Wednesday.…
Poor Forex Policies Discouraging Investors –LCCI
The Lagos Chamber of Commerce and Industry has said inappropriate foreign exchange policies are discouraging new capital investments. The President, LCCI, Mrs Toki Mabogunje, during the group’s quarterly press briefing…