World GDP Growth to Hit an Eight-Year Low in 2020

The outlook for the global economy has deteriorated significantly due to the escalation in the US-China trade war, Fitch Ratings says in its new Global Economic Outlook (GEO). We now forecast world growth next year to fall to the lowest rate since 2012. Click here for more.

FG diverted N544bn resources fund to INEC, military – NEITI

The Federal Government diverted N543.63bn for Natural Resources Development to fund the Independent National Electoral Commission and budget deficit, the Nigeria Extractive Industries and Transparency Initiative has said. Click here for more.

NECA Calls For Reform In Budget Passage Timelines

The association made this call on behalf of the Organised Business Sector in Nigeria. While making the call, the Director-General, NECA, Mr Timothy Olawale, stressed that national development was premised on proper budgeting. Click here for more.

NSEASI Dips By -0.16% To Open The Week Negative

Equities market closed Monday on a negative note, as NSEASI depreciated by -0.16% to close at 27,630.56 points as against +0.35% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.09%. Click here for more.

NSE’s Revenue Declines 8% To N7.67bn

The Nigerian Stock Exchange has reported an eight per cent decline in revenue for the financial year ended December 31 2018.The Chief Executive Officer, NSE, Mr Oscar Onyema, while speaking at the 58th Annual General Meeting of the Exchange in Lagos. Click here for more.

CBN sells N11.52tn treasury bills in nine months

The Central Bank of Nigeria sold N11.52tn Treasury Bills through the Open Market Operation in nine months, investigation has shown. OMO is principally used to mop up or inject liquidity into the system as a strategy for monetary management by the CBN. Click here for more.

CBN increases LDR to 65%, sets December deadline 

The Central Bank of Nigeria (CBN) has issued a fresh circular mandating commercial banks operating in the country to lend out up to 65% of their customer deposits. In a new circular addressed to all banks obtained by Nairametrics, the CBN disclosed that the minimum Loan to Deposit Ratio (LDR) target for all Deposit Money Banks (DMBs) has been reviewed upward from the initial 60% to 65%. Click here for more.

Nigeria Ups the Ante on Banks With Tougher Lending Demands

Nigeria’s central bank is increasing pressure on lenders to keep providing credit to boost economic growth in Africa’s biggest oil producer. The West African nation’s banking regulator raised the minimum loan-to-deposit ratio to 65% from 60% to “sustain the momentum”. Click here for more.

Nigerian Banks Tried, But ‘Not All’ Made New Loans Threshold

The central bank in July gave banks until the end of September to show that they use at least 60% of their deposits for loans, or risk being punished with more onerous cash-reserve requirements. Click here for more.

Small business owners fret over proposed VAT increase

The Association of Small Business Owners of Nigeria (ASBON) has kicked against the proposed plan of the Federal Government to increase Value Added Tax from five per cent to 7.2 per cent. Click here for more.

Air Peace gets rights to commence daily flights to South Africa 

The South African Government has granted Air Peace’s request to commence commercial flights to Johannesburg, South Africa. This was confirmed by the Ministry of Foreign affairs in a statement through its spokesperson, Ferdinard Nwoye. Click here for more.

Dangote Cement To Expand Production By 29%

Dangote Cement Plc has revealed plans to expand its production in Africa by 29 per cent. The Chairman, Dangote Group, Aliko Dangote, in an interview with Bloomberg on Monday, said he was looking to boost cement output in Nigeria, Niger and Ivory Coast. Click here for more.