The US economy regained 1.8 million jobs in July, a solid but unremarkable result that comes as President Donald Trump prepares for a difficult re-election bid, but economists warn challenges to the pandemic recovery are growing. As COVID-19 cases spiked in several states in recent weeks, new restrictions to contain the virus forced some businesses…
ECONOMY
Exit: Shoprite employs 4,500 staff, supports 500 farmers in Nigeria
The Nigeria Investment Promotion Commission (NIPC) has said that Retails Supermarkets Nigeria Limited, which trades in Nigeria as Shoprite, employs about 4,500 staff and supports 500 farmers in Nigeria. The Executive Secretary of the NIPC, Ms Yewande Sadiku, revealed in a statement on Friday in Abuja that Shoprite is one of the country’s strategic investors,…
DMO commences offer of FGN bond
THE Debt Management Office (DMO) will resume its Offer of the Federal Government of Nigeria Savings Bond (FGN Savings Bond) with effect from August 2020. The DMO suspended the Monthly Offers of the bond in April 2020 due to the restrictions on activities and movement as part of measures adopted by the Government to curtail…
UBA provides $200m for Nigeria’s petroleum industry
… Acts as Facility Agent Bank in the $1.5bn to Boost Oil Production, Govt Revenue The United Bank for Africa Plc (UBA), the leading pan-African financial services group, has acted as Facility Agent Bank for the Nigerian Commercial Banks in a consortium with other international banks in a $1.5 Billion Pre-Export Finance Facility for the Nigerian…
NNPC Records 43% Drop in Oil Pipeline Vandalism in May
The Nigerian National Petroleum Corporation (NNPC) has recorded an encouraging 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May, 2020. The corporation, in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that details of the report contained…
FG inaugurates committee to drive implementation of support schemes for MSMEs
Details of how qualified and targeted Nigerians can access some of the benefits under the Economic Sustainability Plan will emerge soon with the constitution of a 10-man steering committee to drive the implementation of the various support schemes for small businesses especially Micro, Small and Medium Enterprises (MSMEs) in the country. The Minister of Industry,…
Dollar slips after political wrangling slows rally
A dollar rebound faltered on Tuesday as political wrangling over a U.S. relief plan and the gloomy outlook weighed on the currency. After its worst month in a decade in July, the greenback started August on a firm note as some investors trimmed their short positions. That only carried it so far, and the dollar…
Fed Govt saves N120b monthly from digitalisation
The migration of Nigeria’s financial architecture from manual to digital operations is saving N120 billion for the country monthly, Accountant-General of the Federation (A-GF) Ahmed Idris has said. He made the revelation when legislators visited his office on oversight functions. Idris told the lawmakers that government’s decision to digitalise most of its operations and adopt…
Economic crisis trap oil prices at $40
Oil prices retreated on Thursday after the U.S. posted a horrific second quarter GDP figure. Prices steadied in early trading on Friday, pushing crude benchmarks back to familiar territory – roughly $40 for WTI and $43 for Brent. ExxonMobil posts huge $1.1 billion loss. ExxonMobil (NYSE: XOM) reported a loss of nearly $1.1 billion, the…
Lalong signs revised 2020 budget
Plateau State Governor Simon Bako Lalong has signed the revised 2020 Appropriation Bill. The budget was slashed from N177.340bn to N122.848bn to address the challenges of the COVID-19 pandemic. The revised budget consists of N42.8bn for capital expenditure and N79.9bn for recurrent expenditure. The governor, in a statement yesterday by his spokesman, Makut Simon Macham,…