Markets stagger over CBN’s secrecy on naira devaluation

• Pressure hits external reserves amid sustained forex decline• Experts predict more hardship as import cost rises• Seek multiple foreign exchange sources in agric, solid minerals The Central Bank of Nigeria’s (CBN) handling of the naira devaluation is still shrouded in secrecy, six days after the local currency took about a 5.5 per cent cut […]

$30bn revenue loss probe: Reps to engage 24 banks, 14 oil coys

The Joint House of Representatives Committee on Finance and Banking and Currency is set to investigate an alleged loss of over $30 billion revenue annually due to leakages. For this purpose, the joint committee, chaired by Rep. Abiodun James Faleke (APC, Lagos) and Rep. Victor Nwokolo (PDP, Delta), will engage 24 commercial and non-commercial banks […]

Osun Osogbo grove gets N4m development support

Dufil Prima Foods, makers of Indomie noodles, has donated N4 million towards the ‘Save Our Art Save Our Heritage’ campaign designed to safeguard the artistic treasures of Osun Osogbo grove. The N4 million is the second tranche of a N20 million pledge  to be disbursed in five years. Group Public Relations and Events Manager Tope Ashiwaju, […]

Anxiety as debt service burden stokes bankruptcy

• External loans hit $33.18b, 91.4 per cent of forex reserves• Currency depreciation affects capacity to service debts, says OPS With the fall in oil revenues and the huge infrastructural deficit needed to propel economic growth, Nigeria’s capacity to service its huge loans amid low productivity and earnings is unsettling stakeholders. The recent Senate’s approval […]

Economic uncertainty triggers demand for warehouse space

As some retail and e-commerce firms are increasing operations to meet customers’ necessities and home deliveries, there is now a surge in demand for warehouse space. The industry is benefitting from the dislocation of commercial and social activities resulting in increasing demand for goods bought online. It also fuels the need for distribution facilities at a pace […]

UN agency seeks $182m lifeline for Nigerians worst hit by COVID-19

The United Nations World Food Programme (WFP) is seeking $182 million as financial support for Nigeria’s worst hit by the coronavirus pandemic, including communities in North-East Nigeria. In a statement issued on Wednesday by Kelechi Onyemaobi, National Communications Officer, WFP, the UN agency disclosed that the funds were crucial to sustaining life-saving aid to millions of […]

CBN waives requirement for COVID-19 loan

The Central Bank of Nigeria (CBN) has waived the requirement for the provision of guarantors by Households and Small and Medium Scale Enterprises (SMEs) applying for its N50 billion COVID-19 Targeted Credit Facility. The apex bank made this  known yesterday on its official twitter account. A source at the CBN confirmed to The Nation that the reason […]

Budget Deficit Rises to N4.5tn in Revised 2020 Appropriation Bill

The Debt Management Office (DMO) has put the revised 2020 budget deficit of the federal government at N4.5 trillion. This is just as the Minister of Finance, Budget and National Planning, Zainab Ahmed, hinted of a looming recession in the country. The Director-General of the Debt Management Office, Mrs. Patience Oniah, told the Senate Committee […]

World Bank Urges Nigeria to Develop Mining Sector

The World Bank has advised Nigeria to develop its mining sector to help mitigate post-COVID-19 economic shocks, rather than wait for a rebound of oil prices in the global market. The Task Team Leader on the Mineral Sector Support for Economic Diversification (MinDiver) Project at the World Bank, Mr. Mike Stanley, said Nigeria should not […]