Business & Finance

Foreign investment into Nigeria drops by 43% – UN report

Jun 15, 2019

Foreign direct investment in Nigeria, Africa’s top oil producer, plunged by 43 per cent to $2bn, according to a United Nations report. Reuters reported on Thursday that investors were put off by a dispute between the government and South African telecom giant MTN over repatriated profits. Banks HSBC and UBS both closed representative offices there…

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Nigeria’s second Sovereign Green Bond issue yields 220% subscription – DMO

Jun 14, 2019

The second FGN Sovereign Green Bond offer yielded over 220 per cent subscription rate, the Debt Management Office (DMO) announced on Thursday. According to the agency, the results of the offer for N15 billion yielded a total subscription value of N32.93 billion. The DMO said, in a statement in Abuja, that the number of subscribers…

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UK’s CDC Group to invest $300m in Nigeria’s power sector, others

Jun 13, 2019

CDC Group, the UK government’s foreign investment arm, has announced it will invest $300 million in power grid development in Africa over the next five years. This contribution will be made through Gridworks, a company that will be launched shortly to this end. The company will make investments in African transmission networks, but also in…

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Nigeria earned $236bn from petroleum exports in 5 years – OPEC report

Jun 13, 2019

Nigeria, Africa’s top oil producer, earned a total of $236.15bn from petroleum exports over the last five years, a new report by the Organisation of Petroleum Exporting Countries has shown. OPEC, in its 2019 Annual Statistical Bulletin, put the value of Nigeria’s petroleum exports at $75.196bn in 2014; $41.168bn in 2015; $27.295bn in 2016; $37.983bn…

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Nigeria’s CBN refutes suggestions of change to its exchange-rate policy

Jun 13, 2019

Nigeria’s central bank said it made no change to its naira policies, after a revision on its website led some analysts to speculate that it was ending a system of multiple exchange rates. “Nothing has changed in Nigeria’s exchange-rate structure,” and the naira’s value continues to be determined by trading in the Investors’ & Exporters’…

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Nigeria’s budget threatened as oil price slumps to $60

Jun 13, 2019

The fundamentals of the 2019 budget are under threat as crude oil price slumped again yesterday to flatten at $60 per barrel, the same benchmark on which the N8.8 trillion budget was predicated. During the preparations of the budget estimates, crude oil price was around $80, thus giving the federal government the comfort to ignore…

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Nigeria will continue to experience sluggish recovery – Fitch

Jun 12, 2019

A global ratings agency, Fitch Ratings, has said Nigeria will continue to experience a sluggish recovery, driven by the rebound in oil prices and the expansion of services. Fitch predicted that the country’s GDP growth would average 2.2 per cent in 2019-2020, below its previous 10-year average of 4.2 per cent and the current ‘B’…

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SEC announces suspension of Oando’s AGM

Jun 10, 2019

The Securities and Exchange Commission (SEC) has announced the suspension of the Annual General Meeting (AGM ) of Oando Plc earlier slated for Tuesday, June 11, 2019. The Commission in a statement issued on Monday noted that “further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19 In Mr.…

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NNPC petroleum products sales hit N174.62bn in March

Jun 10, 2019

The Nigerian National Petroleum Corporation (NNPC) recorded N174.62billion sale of white products in March 2019, the corporation’s Monthly Financial and Operations Report (MFOR) for March 2019 has stated. A statement by NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, disclosed that the March sales figure is higher than the N168.65billion recorded in February 2019. The…

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MAN says poor power supply affecting investments in Nigeria’s manufacturing sector

Jun 7, 2019

The Manufacturers Association of Nigeria has cried out that investments are being lost as a result of the continued poor power supply across the country. MAN explained that a situation where the country had been managing between 2,500 and 4,000 megawatts would only have a negative impact on the manufacturing sector. The Chairman of MAN,…

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