Nigeria’s early move to tap cheap loans has improved its risk perception among foreign investors, leading to a fall in the country’s borrowing costs. Support from the IMF and the other development institutions, along with a nascent recovery in oil prices has boosted investor confidence, according to Edwin Gutierrez, the London-based head of emerging-market sovereign…
President of the World Bank, David Malpass said the bank expects global economic growth to shrink by 5% this year as nations deal with the pandemic. This has already led to millions losing their jobs and businesses failing, with poorer countries feeling the brunt. “Millions of livelihoods have been destroyed and healthcare systems are under…
Nigerian ports handled 191 million metric tonnes of export cargo in 2019.Out of these, crude oil accounted for 78 per cent while non-oil cargo accounted for only 22 per cent. The Managing Director, Nigerian Ports Authority, Miss Hadiza Bala-Usman, disclosed these at a recent BudgIT webinar tagged ‘Non-oil export: Disrupting Nigeria’s Growth Cycle.’ In the…
To access the N100bn loans provided by the Central Bank of Nigeria for firms in the healthcare sector, a corporate entity must submit its application to a participating financial institution which could be either a Deposit Money Bank or a Development Finance Institution of its choice with a bankable business plan. The CBN recently introduced…
Nigeria plans to raise as much as $6.9 billion from multilateral lenders to help fund efforts to stop the spread of the coronavirus and counter its impact on Africa’s largest economy. The government will seek $3.4 billion from the International Monetary Fund, $2.5 billion from the World Bank and a further $1 billion from the…
SPEECH DELIVERED BY THE HON. MINISTER OF INDUSTRY, TRADE AND INVESTMENT, OTUNBA NIYI ADEBAYO, CON AT THE PRESS BRIEFING ON COVID-19 PANDEMIC TO CURTAIL ITS NEGATIVE IMPACT ON THE MANUFACTURING, TRADE AND RELATED SECTORS OF THE ECONOMY ON MONDAY, 6TH APRIL, 2020 Gentlemen of the Press: As you are all aware, on Sunday, March…
The Nigerian National Petroleum Corporation (NNPC) is to hand over the country’s four refineries to a private firm to manage them on Operations and Maintenance (O&M) basis. The Group Managing Director of NNPC, Mele Kyari, who dropped the hint yesterday in Abuja, added that the facilities were being rehabilitated and would be handed over at…
At first, the COVID-19 epidemic in China only affected a limited number of value chains – but it has since turned into a global pandemic. Its repercussions have created a double shock – supply and demand – that is affecting many industries all over the world. The uniqueness of this crisis makes comparisons with the…
Oil prices jumped on Thursday after United States President Donald Trump said he expected Saudi Arabia and Russia would agree to capping oil production, providing much reprieve to countries like Nigeria worst hit by the scramble for bigger market share among producers. Brent, the internationally traded benchmark crude, traded at $33.44, up $8.70 a barrel…
There are four critical steps that Nigerian companies could take to ensure business continuity while the government must prioritise five things amid the ongoing coronavirus-induced economic meltdown, according to global consulting firm, Mckinsey & Company. Mckinsey’s recommendations, published this week, are based on the firm’s discussions with risk and health professionals in more than 200…
