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Oil markets defy OPEC projections

It was a big week for oil market data and projections this week, with both OPEC and the IEA releasing some key reports for the industry. Despite this influx of new data, oil is set to close out the week little changed from a week earlier. It was a relatively quiet week in terms of…

6TH AFRIMA: Sipho Dlamini, Sarah Boulos, Yoel Kenan, Adebisi A. Adedeji, Udochi Muogilim, Obi Okwudili Casmir, Eric Bally, and Others to Speak at the Africa Music Business Summit (AMBS)   

It will be a gathering of African and International music Intellects, professionals and enthusiasts at the annual Africa Music Business Summit (AMBS) organized as part of lined-up events in celebration of the 6th All Africa Music Awards, AFRIMA slated for Friday, November 22, 2019 at the Fantasia Hall, Eko Hotels and Suites, Victoria Island, Lagos, from…

Retail SMIS Forex Intervention: CBN injects $341.75m, CNY14.7m

The Central Bank of Nigeria (CBN), has intervened in the Retail Secondary Market Intervention Sales (SMIS), to the tune of $341.75 million in addition to CNY14.7 million in the spot and short-tenored forwards segment of the inter-bank foreign market. CBN Director in charge of Corporate Communications Department, Mr. Isaac Okorafor, made the disclosure, on Friday,…

World Bank identifies countries with most reduced poverty rates

One of the goals of the World Bank Group is to reduce extreme poverty—defined as living on less than $1.90 per day in 2011 PPP—to less than 3% by 2030. According to an analysis on World Bank Data Blog, the global bank is said to have made tremendous progress in reducing extreme poverty since 1990. …

Economic diversification: Partner with private sector to promote investments, Senate tells FG

***Advocates tax holidays for investors in agricultural, minerals sector The Senate has called on the Federal Government to partner with States, Local Governments and the Private Sector in infrastructure development to promote private investments in Nigeria. The upper chamber also advocated tax holidays for investors in the solid minerals sector while it urged the Federal…

Senate seeks return of fuel supply at Nigeria’s border towns

The Senate on Wednesday called for a steady supply of Petroleum products through the identified suppliers and registered filling stations across all Nigeria’s border towns and communities as a temporary palliative measures. This was part of the resolutions reached by the Senate following a motion by Senator Tolulope Odebiyi, representing Ogun West, on “the need…

Federal Projects refund:  Senate approves N10.069bn for Kogi

The Senate on Wednesday approved a promissory note issuance in the sum of N10.069 billion for Kogi State Government for projects executed on behalf of the Federal Government. The approval is sequel to the presentation and consideration of a report by the Senate Committee on Local and Foreign Debts. Recall that President Buhari, in a…

Oil remains unstable, continues to react to US-china trade war

Oil continues to seesaw on every rumor (positive or negative) regarding the U.S.-China trade war. As a result, a lot of attention will be paid to President Trump’s speech today at the New York Economic Club, where he may provide more clues into what to expect next. Markets are betting on an easing of tariffs….

N’Assembly mulls passage of 2020 budget Nov 28

President of the Senate, Ahmad Lawan said on Tuesday that the National Assembly is working towards the passage of the 2020 Appropriation bill on November 28, 2019. To achieve this target date, Lawan directed the Senate Committee on Appropriations to submit its report on the 2020 budget proposals on November 26, 2019. Lawan gave the…

How Nigeria can overcome challenges of trade agreement – Lawan

***As Senate wants five-year ban on importation of textile materials President of the Senate, Ahmad Lawan, has said for the country to overcome the challenges posed by the African Continental Free Trade Agreement entered into by the Federal Government, local producers must live up to the billing of the forces of a competitive market. According…

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