Nigeria’s economy plunges into decline
The National Bureau of Statistics, in its GDP report for Q2 2020, said on Monday that the decline was largely attributable to significantly lower levels of both domestic and international economic activity, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic. The Nigerian economy for the first time in three years suffered […] Read More
AMCON takes over Pan Ocean assets over N240 billion debt
The Federal High Court, presided over by Justice A.M. Liman, in the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest Nominees Limited, and Dr. Bolaji Ogundare, a subsidiary of Pan Ocean Group, has ordered AMCON and its assignee to take over all the assets of the companies. Lagos-based oil and gas businessman, Dr. […] Read More
‘How border closure aided local raw materials utilisation’
Utilization of Local Raw-materials in the manufacturing sector increased marginally in the second half (H2) of 2019, attributable to the closure of the country’s land borders by the Federal Government during the period, the Manufacturers Association of Nigeria (MAN), has said. According to MAN in its data for the second half of 2019, local sourcing […] Read More
Restructuring of freight forwarding practice
EXECUTIVE Secretary/CEO of Nigerian Shippers’ Council (NSC), Hassan Bello, has said that a well structured freight forwarding practice will checkmate quarks and decongest the industry. He lamented the proliferation of quacks and lack of professionalism in the freight forwarding industry, saying that the country needs only a few freight forwarders that are well capitalized. Bello, […] Read More
Oil prices advance on signs of economic rebound, Bonny Light up by 0.87%
Oil prices edged up on Wednesday, buoyed by higher industrial activities in China and notable reduction in U.S. oil storage, consecutively pointing to an economic rebound and increase in energy demand amidst the global coronavirus crisis. Brent crude futures for September jumped by $1.25 or 3.03% to $42.52 per barrel at 10:42 West Africa Time while […] Read More
600m mobile subscribers in Africa to benefit from digital health initiative
The Economic Commission for Africa (ECA), is working to ensure that between 600 million and 800 million mobile subscribers in Nigeria, South Africa, Kenya, and other parts of the region benefit from a new digital health initiative. Executive Secretary, ECA, Vera Songwe, stated this during the virtual launch of the Africa Communication and Information Platform […] Read More
NES recommends post-pandemic measures to get Nigeria’s economy back on track
The Executive Council of the Nigerian Economic Society (NES) has recommended a set of policies as a response to stimulate and fast-track the economy during the pandemic. The society, through a webinar it held last week, themed “COVID-19 and the Nigerian Economy: Getting the Economy Back on Track- Challenges and Policy Options”, said solving the current economic […] Read More
Oil extends losses as coronavirus spike stalls demand
Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand. Brent crude dropped 83 cents, or two per cent, to $40.19 a barrel by 0456 GMT, while U.S. crude was at $37.69, down 80 […] Read More
Coronavirus, political instability sustain sell-off at NSE
Sell pressure continued at the Nigerian Stock Exchange (NSE), amid negative sentiments fuelled by the rise in Coronavirus pandemic, exacerbated by the political crisis that has engulfed Nigeria’s ruling All Progressives Congress (APC), and wobbling economic data. Although the NSE All-share index and market capitalisation appreciated marginally by 0.01 per cent to close the week […] Read More
We won’t allow farmers suffer in 2020 cropping season-FG
ABUJA-THE Federal Government has said that farmers would not be allowed to suffer in 2020 cropping season amid Coronavirus, COVID-19, pandemic. The assurance was made by the Minister of State for Agriculture and Rural Development, Mustapha Shehuri, at the flag-off ceremony of the distribution of agricultural inputs to farmers as part of the mitigating measures […] Read More
