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Nigeria, Singapore and India fuel wealth gap – Oxfam October 10, 2018

Nigeria, Singapore and India are among countries fuelling the gap between the super-rich and poor, aid agency Oxfam said on Tuesday as it launched an index spotlighting those nations doing least to bridge the divide. Read more

Funding gap for FG’s budget widens as revenues under-perform by N2.9trn – CBN October 10, 2018

The gross revenue of the Federal Government has significantly improved by 35.8% to N6.0 trillion for the first eight months of the year, from N4.4 trillion the previous year. However, when compared with budget expectation of N8.9 trillion, this represents a shortfall of 31.2%. Read more

Nigeria’s cenbank head to meet MTN and banks over $8.1 bln repatriation row October 10, 2018

Nigeria’s central bank governor is to meet representatives of telecommunications company MTN and banks on Tuesday to discuss a dispute over the repatriation of $8.1 billion, two sources with direct knowledge of the matter said. Read more

Nigeria’s Buhari asks lawmakers to approve $2.79 bln Eurobond October 10, 2018

Nigerian President Muhammadu Buhari on Tuesday asked lawmakers to approve the issuance of a $2.79 billion Eurobond, in a letter read in the upper chamber of parliament. Read more

Foreign Reserves Decline By $2.3bn In 11 Weeks September 11, 2018

There are concerns over the steady decline of Nigeria’s foreign reserves since the last three months despite the rise in oil prices and accruals from foreign bonds issuance. Read more

Nigeria’s power grid records 10 collapses in 2018 amid zero backup capacity September 11, 2018

The nation’s power grid has suffered its ninth total system collapse this year amid a lack of spinning reserve that is meant to forestall such occurrences. Read more

Nigeria-Sao Tome’s JDZ remains unproductive 17 years after September 11, 2018

The commercial viability of over 500 million barrels of crude oil reserves stranded in the Nigeria–São Tomé and Príncipe Joint Development Zone (JDZ) has been called to question, as the region is yet to produce its first oil 17 years after discovery. Read more

Nigeria: Hi’18 – Gross Earnings of Tier-1 Banks Down By 0.9% to N1.3tn September 11, 2018

There are indications that the sluggish economic environment may have taken a toll on tier-1 banks forcing their aggregate topline figures into a negative position in the first half of 2018, H1’18. Read more

CBN to float N1.02trn fresh TBs in Q4’18 September 11, 2018

The Central Bank of Nigeria (CBN) said it will issue fresh treasury bills (TBs) worth N1.02 trillion in the fourth quarter (Q4’18) to replace maturing TBs of the same amount during the quarter. Read more

Afreximbank Invests $17bn in Nigeria July 13, 2018

The Africa Export-Import Bank (Afreximbank) disclosed yesterday that its investment in the Nigerian economy stands at over $17 billion . Afreximbank President, Dr. Benedict Oranmah, who spoke at the ground-breaking ceremony of the Anglophone Regional Office, in Abuja, stated that the decision to invest in the Nigerian economy was in appreciation of the critical role […]

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