Nigeria’s GDP Slows to 2.11% in Fourth Quarter as Oil Sector Contracts:
Nigeria’s real Gross Domestic Product (GDP) growth rate declined to 2.11 per cent in the fourth quarter of last year compared to 2.84 per cent in the third quarter, according to the National Bureau of Statistics (NBS).
Moody’s Places Nigeria’s Ba3 Rating on Review for Downgrade:
Moody’s Investors Service has placed Nigeria’s Ba3 government bond and issuer ratings on review for downgrade.
Rivers: Bread Scarcity Imminent as Bakers Begin Strike:
Fears of bread scarcity has heightened in Rivers State as bakers in the state have embarked on a one-week warning strike to government attention to the increasing cost of baking materials.
Brent hits 3-month high on hopes for producer price support :
Oil prices rose one per cent on Tuesday with benchmark Brent prices hitting a three-month high on hopes for a coordinated approach by major producers to support prices. Brent crude futures were trading at 41.43 dollars a barrel, their highest since Dec. 9, up 59 cents on the day.
Leasing business in Nigeria records N4.83 tr turnover in 15 years:
Equipment leasing business in the country has recorded N4.83 trillion turnover in the last 15 years.
Manufacturers lobby CBN for forex:
The pressure from foreign exchange scarcity on the real sector, has prompted the leadership of the Manufacturers Association of Nigeria (MAN) to approach the Central Bank to consider direct sale of dollars to its members.
More sanctions await telcos, says Minister:
The Minister of Communications Technology, Mr Adebayo Shittu, yesterday said the Federal Government would impose severe sanctions on telecos und to have defrauded Nigerians through poor quality of service, incessant dropped calls and other unauthorised charges.
Nigeria records 21.6% foreign portfolio deficit amidst forex strain:
Foreign portfolio investments (FPI) in Nigeria have continued to dwindle as latest investment report indicates that Nigeria recorded about 21.6 per cent foreign portfolio investment deficit in January 2016.
NSITF transfers N9.01b contributors’ fund to Trustfund Q2, 2015:
The Nigeria Social Insurance Trust Fund (NSITF) has transferred N9.01 billion pension contributions to 124,871 members Retirement Savings Account (RSAs) managed by Trustfund Pension Plc as at the Second Quarter of last year.
Nigeria’s economy slowed in late 2015:
Nigeria’s economy slowed in the final quarter of 2015 from the previous three months and annual growth remained far weaker than the previous year after the plunge in crude prices slashed government revenues and weakened the currency.