World Bank doubts Nigeria’s ability to sustain debt
The World Bank has raised doubts over the sustainability of Nigeria’s public debt. Nigeria’s total public debt, which stood at N21.73tn as of December 31, 2017, rose to N25.7tn as of June 30, 2019, according to data from the Debt Management Office. Click here for more.
FG Generates N4.25tn, Stops 2019 Capital Budget Releases
The Federal Government has ruled out any possibility of releasing additional funds to finance the capital components of the 2019 budget. The Minister of Finance, Budget and National Planning. Click here for more.
FG targets 56 per cent revenue in 2020 from non-oil sources
To demonstrate its determination to diversify the economy, and attendant revenue streams, the Federal Government hopes to generate about 56 per cent of its 2020 projected revenue from the non-oil sources. Click here for more.
Investors Lose N38.07bn As NSEASI Dips By -0.30%; Erases Previous Day Gain
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.30% to close at 26,584.45 points as against +0.02% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -15.42%. Click here for more.
Investments In Mutual Funds Hit N956.7bn In 11 Months
Total investment in mutual funds has grown to N956.7bn as of December 6, 2019. Data obtained from the Securities and Exchange Commission on Thursday showed the value of mutual funds increased by 53.91 per cent. Click here for more.
Nigeria Solar Company Raises $20 Million Led by Ebay Founder
A Nigerian solar-power company raised $20 million with the support of Ebay founder Pierre Omidyar’s investment firm to power business clusters in Africa’s most populous country. Click here for more.
Price Of Nigeria’s Bonny Light Rises Further To $67.37
The price of Bonny Light, Nigeria’s premium oil grade, has risen further from $66.07 to $67.37 per barrel in the global market, as the Organisation of Petroleum Exporting Countries, OPEC, moves to enforce its recent 500,000 barrel per day, bpd oil output cut. Click here for more.
Fitch rates Nigeria lower, blames Buharinomics for economy crisis
Fitch, an international credit rating organisation, has downgraded Nigeria’s economic outlook from stable to negative while affirming the B+ rating. In a fresh report obtained by Nairametrics, Fitch stated that the downgrade of Nigeria’s economic outlook. Click here for more.
DPR Launches New Guidelines for Upstream Sector
The Department of Petroleum Resource (DPR) has launched its new guidelines of operations for the upstream sector of the Nigerian oil and gas industry. The regulatory document is part of efforts geared towards limiting the cost of oil production in the country by five per cent. Click here for more.
Rwanda’s bold ambition holds lessons for Nigeria
In Rwanda, the widely accepted belief in government is that when other countries walk, the country must run to keep up. Despite its tumultuous history and relatively small size, Rwanda exhibits bigger ambition than Nigeria which is roughly 16 times the size of the East African nation. The Rwandan economy probably expanded 8.5 percent. Click here for more.
China Says In Touch With U.S. On Signing Of Phase 1 Trade Deal
China and the United States are in touch over the signing of their Phase 1 trade deal, China’s commerce ministry said, which will see lower U.S. tariffs on Chinese goods and higher Chinese purchases of U.S. farm, energy and manufactured goods. Click here for more.