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BUSINESS NEWS
Business and Economic News from Nigeria
The Nigerian Stock Exchange All Share Index firmed up further by 0.62% in today’s trading session to close at 22,868.40 index points
What is good for the goose is therefore equally suitable for the gander. It is crucial that the government urgently unrolls a fiscal Marshall plan to address the economic emergency in the upstream oil sector
The report showed relative improvements across key financial indicators. As always, the summary is presented below.
Nigeria has been unable to find ways to cut oil production, as part of the OPEC+ deal signed weeks ago. This has led to the postponement of the crude oil export plan for May and June 2020 by Nigeria National Petroleum Corporation (NNPC)
The crisis in the global oil market seems to be hitting Nigeria harder since the country's economy is largely dependent on crude oil proceeds. and to make matters worse, it has become more difficult to sell the oil, even at ridiculously low rates.
We place a BUY recommendation on FBN Holdings (FBNH NL) Plc, with a 12-month target price of NGN10.30. This translates to an estimated capital gain of 136.76% from its April 24, 2020 closing price of N4.35.
Fidelity’s UNAUDITED report for Q1 2020 showed Interest Income growth of 11% y/y to N43.9bn, on the back of higher Interest Income on loans
COVID-19 has had a major effect on the global economy, which is now stuck between uncertainty and a self-induced fall in demand
Based on the terms of the Rapid Financing Instrument, Nigeria is expected to pay back the loan between within 3¼ to 5 years.
Nigeria may need more than $3.4 billion from the IMF and bond buyers making it inevitable that the currency will be floated
The executive board of the International Monetary Fund (IMF), has approved the sum of $3.4 billion as Rapid Financing Instrument (RFI) as fiscal support to Nigeria during this period of coronavirus pandemic
The Senate has given its consent to the N850billion loan request of President Muhammadu Buhari after it was read at the plenary on Tuesday.