South Africa, the second biggest economy, has exited one of the shortest recessions on the continent, ahead of the 2019 election.In September, it was reported that the economy fell into a technical recession, after recording two consecutive quarters of negative growth.According to the South African office of statistics, the economy grew by 2.2 percent in the third quarter of 2018.This is [...]
Data made available by the Central Bank of Nigeria shows that both oil and non-oil revenue performed below the 2018 monthly budget estimate in October.According to the 2018 economic report for October released by the apex bank, the non-oil revenue recorded for the month was N259.93 billion as against the estimated N466.91 billion and the N354.38 billion received in September.Oil [...]
The federal government has secured a $200 million loan from the African Development Bank (AfDB) to fund electrification projects in the country.In a statement on Monday, the bank said its board of directors approved the sovereign loan to finance the Nigeria Electrification Project (NEP).While AfDB approved $150 million, the Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by [...]
Optimism over the temporary trade truce announced between the two largest economies in the world after the G-20 Summit in Argentina last weekend has played a leading role in uplifting global risk sentiment today.The combination of Dollar weakness and improving risk appetite is a welcome development for most major emerging market currencies. However, the Nigerian Naira has yet again struggled [...]
Okechukwu Enelamah, minister of industry, trade and investment, says intending enterprises can now complete their registration with the Corporate Affairs Commission (CAC) within 48 hours.The minister made this known while speaking at the 10th meeting of the National Council on Industry, Trade and Investment, with the theme, 'Ease of Doing Business: The Role of States and Local Governments' in Abia.On [...]
Godwin Emefiele, governor of the Central Bank of Nigeria, says the bank's Anchor Borrowers' Programme (ABP) has created 2.5 million jobs across the country.ABP is an agricultural programme which was launched by President Muhammadu Buhari on November 17, 2015, and "intended to create a linkage between anchor companies involved in the processing and smallholder farmers (SHFs) of the required key [...]
Electricity distribution companies (DisCos) in the country have performed below expectation five years after the privatisation of the power sector.Chiedu Ugbo, managing director of Niger Delta Power Holding Company (NDPHC), made this known while speaking at the Nextier Power Dialogue in Abuja.He said the 11 DisCos have still not met their various performance agreements since they took over the power [...]
The Central Bank of Nigeria (CBN) may increase the number of items not eligible for forex from 41 items to include many others products being produced in Nigeria.Godwin Emefiele made this revelation at the weekend while addressing the 53rd Annual Bankers Dinner in Lagos.He said the bank, based on internal research, has received a recommendation to do so, following a [...]
Oil marketers have given the federal government a seven-day ultimatum to settle outstanding debts totalling N800 billion, failing which depots would cease operation across the country.The marketers, comprising Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs), said failure to meet the deadline would force its members to disengage [...]
Godwin Emefiele, governor of the Central Bank of Nigerians (CBN), says currency speculators, betting on a fall of the naira, will lick their wounds again.Speaking at the 2018 Annual Bankers Dinner in Lagos, Emefiele said some people are already betting on the fall of the local currency, following a drop in naira at the parallel market this week.The governor said [...]
