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Macroeconomic

Fitch: 417,000bpd oil cut’ll deepen Nigeria’s recession

A global credit ratings agency, Fitch Ratings, has said Nigeria’s compliance with the oil production cut deal led by the Organisation of Petroleum Exporting Countries will lead to deeper economic contraction and fiscal deficits.

Shell cuts dividend for first time since second world war

Royal Dutch Shell on Thursday cut its dividend for the first time since the 1940s after a first-quarter loss – and warned virus-ravaged oil prices will take time to fully recover.
The Central Bank of Nigeria (CBN) as said that its staff in Jos Branch, on Tuesday averted what would have been another major fire disaster in the country.

Petroleum explorationists, others call for central bank’s intervention

Following the crash in global oil prices occasioned by the coronavirus pandemic, indigenous Petroleum Explorationists have called for urgent intervention of the Central Bank of Nigeria, CBN, as they would be unable to meet their financial exposure to commercial banks at the current oil prices.
UBA - United Bank for Africa

UBA records double-digit earnings Q1 growth

The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 8.5 percent year-on-year growth in profit before tax in the first three months of 2020, to N32.7 billion compared with N30.2 billion recorded in the first quarter of 2019.

Coronavirus: IMF approves $1 billion credit for Ghana

The International Monetary Fund, IMF, on Monday approved the disbursement of US$1 billion to be drawn under the Rapid Credit Facility (RCF).
South Africa has begun an lockdown that will be patrolled by the military and will see any disobeying the rules heavily punished

South Africa begins ‘unprecedented’ military-patrolled lockdown

South Africa came under a nationwide military-patrolled lockdown on Friday, joining other African countries imposing strict curfews and shutdowns in an attempt to halt the spread of the coronavirus across the continent.
Nigeria Naira

Naira: It’s currency adjustment, not devaluation – central bank

The Central Bank of Nigeria (CBN) said Friday’s decision to peg the exchange rate of the Naira at N380 to the dollar is not a devaluation of the Nigerian currency.
The founder, Investment Banking and Trust Company (IBTC), Mr. Atedo Peterside, has identified macroeconomic stability, especially low inflation rate regime as a major panacea to attracting all types of investors into the Nigeria’s capital market.

Atedo Peterside: Why stock market is under persistent pressure

The founder, Investment Banking and Trust Company (IBTC), Mr. Atedo Peterside, has identified macroeconomic stability, especially low inflation rate regime as a major panacea to attracting all types of investors into the Nigeria’s capital market.

NSE optimistic on bullish market as equities’ return rises to N1.35 trillion

The Nigerian Stock Exchange (NSE) has expressed optimism that the current recovery at the stock market will be sustained. Its optimism is based on the improved macroeconomic conditions and favourable global economic outlook.
World Trade Organization - WTO

WTO lowers global outlook again amid trade conflicts

World trade will grow by 1.2 per cent this year and by 2.7 per cent in 2020, the World Trade Organisation (WTO) said on Tuesday, revising an earlier forecast as trade conflicts between the U.S. and China weigh on global trade.
President Muhammadu Buhari has felicitated with all the 2019 Nigerian pilgrims over the successful completion of their Hajj rites and the Eid-el-Kabeer celebration.

[email protected]: President Buhari’s independence day speech — full text

Remember the sacrifices made by our Founders and great leaders past; by soldiers, by distinguished public servants; by traditional leaders, by our workers —- sacrifices on which Nigeria has been built over the 59 years since Independence in 1960; and

Nigeria trapped in low growth path – Moody’s

A global credit rating agency, Moody’s Investors Service, has said Nigeria is trapped in a low growth path for the time being.

Analyst: Why central bank may cut key interest rates again

Lukman Otunuga, research analyst at FXTM, says the Central Bank of Nigeria (CBN) would likely cut interest rates further if macro economic conditions in the country improve.

PDP lawmakers condemn presidential system, want Nigeria to adopt parliamentary method

Seventy-one members of the Peoples Democratic Party (PDP) in the House of Representatives have condemned the presidential system of government, describing it as wasteful and inimical to the country’s growth.

BPE: Inefficient public enterprise management slowing Nigeria’s growth

The Bureau of Public Enterprises (BPE) has blamed the gross inefficiency of Nigeria’s publicly owned enterprises for the country’s low GDP growth.

CSOs hails central bank on fiscal policy, inflation rate

Member of Coalition of Civil Society Groups, at its just concluded 4th All Nigeria Civil Society Economic Conference held in Abuja on Wednesday has commended the management of the Central Bank of Nigeria (CBN) on the fiscal policy and urged the apex bank to sustain recent drop of inflation rate which was a result of increase in classifications of individual consumptions.

IMF to set conditions for completion of Ghana’s programme

The International Monetary Fund (IMF) has said the April 2019 completion date for Ghana’s programme will largely depend on meeting some critical targets during the mission review visit in September.

IMF to begin talks with Angola on financial support

The International Monetary Fund (IMF) said on Tuesday it would begin talks with Angola over providing financial support after the oil-producing country’s economic growth was weaker than expected this year.

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Frank Mba

Police deny reports of torture of suspected criminal who died in custody

The Nigeria Police has de­bunked reports published by some media organisations and some social media platforms that a 47-year-old Olaoluwa Bo­larinwa who was arrested in connection with robbery activi­ties in Ibadan, Oyo State capital, was tortured to death by mem­bers of the Inspector General of Police Special Tactical Squad (IGPSTS) while in their custody at Itele area of Lafenwa, Ogun State.
Isu said the agency had earlier distributed food items meant for the 2019 flood victims, which was initially kept at its warehouse, following the approval of Gov. Douye Diri two weeks ago.

Bayelsa seals six churches for breaching coronavirus protocols

The Bayelsa Government has sealed six churches in the state for breaching ”operational protocols” required to conduct services during the COVID-19 pandemic.
Secretary to the Government of the Federation (SGF) and Chairman of the PTF on COVID-19, Mr Boss Mustapha, who raised the concern on Thursday during the daily press briefing by the task force in Abuja.

PTF: We have reached apex of community transmission of coronavirus

Chairman of the Presidential Task Force on COVID-19, PTF, and Secretary to the Government of the Federation, SGF, Boss Mustapha, on Sunday said that Nigeria has reached the apex of community transmission and must get the communities involved in the fight against COVID-19.
All Progressives Congress (APC) national stalwart Asiwaju Bola Ahmed Tinubu, has described as premature, talks about 2023 elections and the successor to President Muhammadu Buhari. To him, those making such calls do not love Nigeria.

Edo, Ondo gubers: Primaries crucial to democracy – Asiwaju Tinubu tells governors

There may be no going back on transparent and democratic primaries for the choice of governorship candidates by the All Progressives Congress (APC) in Edo and Ondo states, it was learnt yesterday.
OPEC and its oil allies reached agreement Sunday to cut global production by 9.7 million barrels a day starting May 1, to shore up the world price in the face of a significant drop in the demand for oil because of the coronavirus pandemic.

Oil prices slump as wary traders eye upcoming OPEC+ meeting

Oil prices edged down on Monday as traders took profits, with the Organisation of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.