Fuel subsidy, debt servicing pushing Nigeria into bankruptcy – Sanusi

The Emir of Kano, Mallam Muhammad Sanusi II, has warned that Nigeria is on the verge of bankruptcy as fuel and electricity subsidies, as well as debt servicing, continue to eat into government revenue. Sanusi, who is a former governor of the Central Bank of Nigeria, said this while delivering his address. Click here for more.

Oil discovery exposed Nigeria’s economy to vulnerability – Emefiele

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has said the discovery of crude oil and the country’s increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors. Click here for more.

NCC Grants Landing Permit To Avanti For Satellite-Based Internet

The Nigerian Communications Commission (NCC) has approved a landing permit for the HYLAS – 4 satellite space segment for Avanti Communications over Nigerian territory.  Click here for more.

NSEASI Dips Further By -0.47% As Market Sentiment Remains Negative

Equities market closed yesterday on a negative note, as NSEASI depreciated by 0.47% to close at 29,668.28 points as against 0.14% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.61%. Click here for more.

CBN Mandates Banks To Return Mutilated Naira Notes In 93 Days

The Central Bank of Nigeria, CBN, said it has given banks 93 days (from June 3 to September 2, 2019) to return mutilated naira notes for re-issuing. Click here for more.

CBN’s PMI reveals Nigeria’s Manufacturing sector slowed down in June

The latest Purchasing Managers’ Index (PMI) released by the Central Bank of Nigeria (CBN) shows that Nigeria’s manufacturing sector slowed down in June 2019. According to the CBN’s PMI report, the Manufacturing PMI stood at 57.4 index points in June 2019, down from 57.8 points index recorded in the previous month. Click here for more.

Why Airtel’s IPO is not for you.

Airtel Nigeria Ltd has opened its much awaited Initial Public Offering in Nigeria. The third largest telecommunications company in Nigeria by subscriber base announced a few weeks back that it planned a dual listing of its stock on the Nigerian and London Stock Exchanges respectively. Click here for more.

Task Before SEC Board

Staff and management of the Securities and Exchange Commission (SEC), operators and investors in the nation’s capital market heaved a sigh of relief on Monday, when the federal government eventually inaugurated a board for the market regulator. Click here for more.

Increase in banks’ capital base may not help businesses, say operators

As welcome as the Central Bank of Nigeria (CBN’s) plan to recapitalise local banks to be in tune with current realities amid increases in exchange and inflation rates, such a move may not really improve lending to the real sector to bolster enhanced economic activities as being anticipated, operators have said. Click here for more.

Nigeria’s Crude Exports To Hit 954,000 Bpd In August

Exports of four major Nigerian grades of crude oil were set to rise in August, according to preliminary export programmes seen by traders. According to Reuters, Nigeria’s planned August exports for Bonga, Bonny Light, Qua Iboe and Forcados grades were set to hit 954,000 barrels per day (bpd), up 155,000 bpd from July. Click here for more.

South Africa Working on New Oil and Gas Policy to Enable Growth

South Africa is working on a policy to govern the development of oil and gas resources after calls by potential investors to shield the industry from a long-running debate over laws that apply to mining exploration. Click here for more.