Nigeria Economy news

Uche Usim, Abuja
Central Bank of Nigeria (CBN) Governor Mr Godwin Emefiele on Tuesday hit armchair experts for benchmarking the exchange rate on the parallel market (black market) rate of N480/$1, describing the development as most unfortunate and ruinous to the economy.
He described the parallel market as a tainted den of corruption, suggesting that those who play in that space offer bribes to procure foreign exchange due to the paucity of relevant documents needed to access it via the Investme

Says parallel used for corruption purposes
Retains MPR at 11.5 %
Gives out N149 b to targeted households, SMEs
Emma Ujah
Those using parallel market rates to put pressure on the Central Bank of Nigeria (CBN) to devalue the Naira won’t have their way.
The CBN Governor, Mr. Godwin Emefiele gave this indication at the end of the last 2020 Monetary Policy Committee (MPC) meeting, in Abuja, on Tuesday.
He said “It is unfair that even analysts who should know are using parallel market rat

The Organisation of Petroleum Exporting Countries (OPEC) has projected 6.2 million barrel per day (bpd) growth in oil demand in 2021.
The OPEC Secretary General, Mohammad Barkindo, disclosed this in his address at the Crescent Ideas Forum on Monday via video conference.
“Our OPEC outlook for 2020 oil demand is now slightly above 90 million bpd.
“This represents a sharp decline of nearly 10 million b/d from where we started the year, and almost an 11million b/d contraction compared t

By Prince Okafor
Power Generating Companies, GENCOs, has said that the constraints bewildering Nigeria’s power sector are so vast that they may end up forcing it to comatose.
The GENCOs reaction is coming against the backdrop of the recent implementation of the Service Reflective Tariff (SRT), as approved by the Nigerian Electricity Regulatory Commission, NERC.
The 11 Electricity Distribution Companies, DISCOs, had on November 1, 2020, commenced the implementation of the revised SRT after

•Contribution to oil production slides to 2.97%
• PSC, JV outputs also declined
• As Mobil JV leads
By Michael Eboh
Marginal oil fields in Nigeria produced 1.52 million barrels of crude oil and condensates in August 2020, accounting for 2.97 per cent of Nigeria’s total oil and condensates production of 51.147 million barrels in August 2020.
Marginal oil fields were created exclusively to drive indigenous participation in the nation’s upstream oil industry.
In its crud

…Recession won’t last long — FG
…Adopt Chinese model to restore economic growth — NESG
By Emma Ujah, Abuja Bureau Chief & Emmanuel Elebeke
The World Bank said yesterday that Nigeria was at a critical juncture, following the recession of the economy declared weekend by the National Bureau of Statistics, NBS.
This came as the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the recession in the country would not last long.
In his remark

By Ediri Ejoh
President Muhammadu Buhari is set to commission the 5,000 barrels per day Waltersmith Modular Refinery and conduct the ground-breaking ceremony for the 45,000 barrels per day refinery expansion project at Ibigwe, Ohaji/Egbema Local Government Area of Imo State.
The commissioning, which would hold Tuesday (Today), November 24, 2020, would also have in attendance, Minister of State for Petroleum Resources, Timpre Sylva and His Excellency the Imo State Governor, Senator Hope Uzodinma

IBY MOSES AKAIGWE?.
Government’s plan to reduce the import duties and levies on buses, tractors and her motor vehicles as contained in the recent 2020 Finance Bill will be a disincentive to investments, in addition to setting Nigeria’s automotive industry back by at least 10 years.This was the view expressed yesterday by the Chairman of Innoson Vehicle Manufacturing Company Limited {IVM}, Chief Innocent Chukwuma, while reacting to “the shocking decision” by the Federal Go

A map of Nigeria
By Prince Okafor
ENERGY
Nigeria’s active rig count witnessed a downward movement with a 30 percent dip to seven in October, 2020 from 10 recorded in September.
The rig count is a reflection of the level of exploration, development, production and general activities taking place in the upstream petroleum sector.
This shortfall is coming at a time the Organisation of Petroleum Exporting Countries, OPEC, also witnessed a significant drop in its rig count to 325 in October aga

United Bank for Africa (UBA) Plc, has released its unaudited 2020 third quarter financial results, with impressive growth in gross earnings, which rose to N454.4 billion, from N428.7billion recorded in September 2019.
According to the report filed with the Nigerian Stock Exchange (NSE) at the weekend, UBA reported a Profit Before Tax of N90.4 billion compared to N98.2 billion recorded at the end of the third quarter of 2019. Similarly, it recorded an after-tax net profit of N77.1 billion, to put

Chinelo Obogo
Air Peace has said its decision to reduce flight frequencies on various routes was due to the COVID-19 pandemic.
The airline’s  Chief Operating Officer, Mrs. Toyin Olajide, said the COVID-19 pandemic devastated airlines worldwide, Nigerian airlines inclusive and that Air Peace is not immune from this.
Olajide explained that the airline had several aircraft out on C-Check maintenance abroad before COVID-19 and were caught up with the  lockdown globally, forcing the s

Uche Usim, Abuja
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Monday, hailed the Nigerian economy as outperforming many others globally, despite slipping into a second recession in five years at the weekend.
She made the disclosure in Abuja on Monday at the opening of the 26th edition of the Nigerian Economy Summit (#NES26).
Her comments are coming at a time Nigerians are groaning over the attendant effects of another recession, in an economy that is already overstr

Isaac Anumihe, Abuja
Contrary to the  advice to former Vice President Atiku Abubakar warning the Federal Government against foreign borrowings for anything other than essential needs in the proposed 2021 budget, Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, Monday stated the government was in the process of accessing a fresh  $750 million World Bank loan to support state governments, stimulate the nation’s local economy, and support

Chinwendu Obienyi
Following a negative growth of 3.62 per cent in the third quarter (Q3) of 2020 and the economy’s relapse into a recession at the weekend, Nigeria’s recovery  appears like a tough challenge.
Nigeria recorded its worst recession as its Gross Domestic Product (GDP) in real terms declined by -3.62 per cent year-on-year (y/y) in the third quarter of 2020. The contraction marked the beginning of a full-blown recession and second consecutive contraction from -6.10 per

As part of efforts to support Federal Government’s developmental plan, International Breweries Plc, (IB) a member of ABInBev brewer, has empowered 708 young entrepreneurs with grant of over N345 million and trainings through kickstart initiative across the country. 
The Company also unveiled its new foundation known as International Breweries Foundation and projected to create 1,392 new jobs by 2021. Kickstart was introduced in 2016 to empower young entrepreneurs knowing that the grow

Charles Nwaoguji
The Director General and Chief Executive of Standards Organisation of Nigeria, Mallam Farouk Salim, is undertaking a two-day tour of Enugu State.
The familiarisation tour will take him to the various establishments and Offices in the Organisation, in the Coal City State from  Tuesday, November 24, 2020 to inspect and interact with staff of the agency’s National Metrology Institute under construction, it’s Engineering laboratory, South East Regional Office and th