Economy
NNPC spent N218.18bn on ailing refineries in 2019
Nigeria’s refineries under the management of the Nigerian National Petroleum Corporation incurred a total expense of N218.18bn in 2019. The...
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Consumers’, businesses’ confidence in economy plunges
The Consumers’ confidence in the economy has taken a huge decline by 3.0 index point to 0.3 index point in...
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World Bank plans $150bn economic recovery scheme after pandemic
The World Bank Group has expressed its readiness to deploy about $150bn over the next 15 months to stimulate economic...
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‘Naira devaluation’ll put pressure on banks’ assets
The devaluation of the naira will put pressure on the assets of lenders struggling to raise asset quality to the...
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Expect recession worse than 2008 global crisis – IMF
The International Monetary Fund has said the global economy will slide into a recession that is “at least as bad...
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Mutual funds to hit N1.5tn this year – SEC
The Securities and Exchange Commission has said that Collective Investment Scheme in the nation’s capital market may hit over N1.5tn...
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Covid-19: Aviation industry to lose N160bn, 22,200 jobs
• Air Peace suspends Liberia, Senegal flights • FG may restrict international flights to Lagos, Abuja The disruption to air...
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Oil price sinks to $24, lowest in 17 years
The price of Brent crude, the international benchmark, tumbled on Wednesday to the lowest level in 17 years as global...
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FG slashes budget by N1.5tn, reduces benchmark to $30
The Federal Government on Wednesday announced a slash in the 2020 budget by N1.5tn as part of measures to respond...
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SEC begins new investors’ identification regime
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), will on April 1, begin enforcement of a new investors’...
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Coronavirus: CBN slashes interest rates on intervention funds to 5%
The Central Bank of Nigeria (CBN) has dropped interest rates on all its intervention funds from 9 percent to 5...
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Togo, Niger, Benin owe Nigeria N30bn for electricity
The Republics of Togo, Niger and Benin owe Nigeria a total of N29.97bn for the electricity supplied to them from...
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FG suspends $3.3bn Eurobond issuance
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, on Monday disclosed that the Federal Government had suspended...
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More pain for Nigeria as oil sinks to $29
With the international oil benchmark, Brent crude, falling below the $30 per barrel mark on Monday, the oil-dependent Nigerian economy...
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Selloff persists in equities market as index plunges further by 0.12%
Despite price gains that outweighed losses, the Nigerian equities market reopened the week on a downturn, causing the All-Share index...
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‘Coronavirus outbreak is no longer threat for Africa’
The coronavirus outbreak is no longer a threat for Africa, it is now a reality as more and more countries...
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Visa-on-arrival issuance drops by 39.8%
The number of visas on arrival issued at the Murtala Muhammed International Airport, Lagos in the last one month has...
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More Countries Tighten Control as Coronavirus Kills 6,000
Christopher Isiguzo in Enugu, Chinedu Eze, Martins Ifijeh in Lagos and Adedayo Akinwale in Abuja More than 164, 000 people...
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Oil crash: Nigeria may lose $8.63bn in six months
Nigeria’s economy may slide into another recession as the sudden crash in crude oil prices is set to wipe $8.63bn...
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Nigerian equities market records worst weekly losses
It was a gloomy week for the domestic bourse as fear of Coronavirus and lower oil price panic-selling drove the...
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‘26 Insurance Firms Likely to Meet New Capital Requirement’
Agusto and Co., a research, credit ratings and risk management firm, has envisaged a significant reduction in the total number...
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Nigerians want smartphones below $100 as disposable income drops
Shipments of smartphones to Nigeria was 5.3 percent in Q4, 2019, as demand for lower brands priced below $100 rose,...
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PenCom recovers N17.05bn from 655 employers
The National Pension Commission (PenCom) has recovered a total of N17.05 billion as outstanding pension contributions from defaulting employers in...
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Naira crashes in value, dollar sells for N420
On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the...
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Shell income drops by $7.5 billion
ROYAL Dutch Shell has recorded a drop of $7.5 billion in its income. The oil giant’s 2019 yearly report showed...
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