Africa’s economic giant Nigeria at a ‘critical juncture’:
More than 200 million Nigerians will slide further into poverty as the coronavirus pandemic has sent oil prices tumbling and pushed Africa’s largest economy into recession.
To many in oil-rich Nigeria, Saturday’s announcement of a recession was no surprise — even the president had warned a downturn was coming. Read More
Oil majors hinge future investments on PIB outcome, fiscal framework:
Oil majors in Nigeria have hinged their investment decisions on the outcome of the Petroleum Industry Bill (PIB), and other fiscal frameworks by the Federal Government.
According to them, the country did not take any major investment decision in deepwater between 2015 and 2019, despite a number of available potentially viable projects. Read More
Naira weakens badly:
Nigeria is grappling with additional challenges, including a faster rate of inflation, as the gap between official and parallel segment of the foreign exchange (FX) market continues to widen.
As of yesterday (Tuesday), the differential between the two windows had hit N110, which experts said would increase informal remittances and discourage genuine investors who might be waiting to bring in funds. Read More
COVID-19 crisis shrinks Q3 scorecards of firms in household sector:
The devastating effect of the COVID-19 on income, savings and consumption, have impacted the nine months performance of companies under the household/personal industry.
Indeed the sector, like its peers is faced with various challenges ranging from tight consumer spending poor infrastructure, rising inflation, trade and FX restrictions, porous land borders. Read More