Nigeria stands as the number one country in Africa in the International Monetary Fund (IMF) 2020 World Economic Outlook’s ratings of countries. Using countries’ GDPs, IMF ranked Nigeria among the first 26 countries in the world in the same position with an average 442,976 million U.S. dollars. Countries are sorted by nominal GDP estimates from Read More…
The Lagos Chamber of Commerce and Industry (LCCI) says losses of Micro, Small and Medium Enterprises (MSMEs) in Lagos is about N2.7 billion, due to the recent Coronavirus (COVID-19) lockdown. LCCI’s Director-General, Dr Muda Yusuf, made this known on Sunday through the LCCI’s Economic and Business Review for 2020 and Outlook for 2021. Yusuf further attributed Read More…
Amid the resurgence of COVID-19, the Lagos Chambers of Commerce and Industry (LCCI) has predicted that Nigeria risks a further perpetuation of the current recession if the pandemic persists into the first quarter of 2021. LCCI, Africa’s second chamber of commerce with over 2,500 registered members, has equally acknowledged that the federal government initiates long-standing Read More…
THE pandemic will wipe an eye-watering $6.7 trillion – or £5 trillion – from the global economy in 2020, new analysis suggests. The forecast fall in global GDP – down 5.2% from $89.94 trillion to $83.19 trillion – is equivalent to the annual economic output of Germany and France combined. It would represent the deepest Read More…
Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors’ hopes for some return in fuel demand. U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million barrels, the Energy Information Administration said on Wednesday. Gasoline stocks Read More…
Trading activities on the Nigerian Stock Exchange (NSE) sustained positive mood on Wednesday for the eighth successive session, with the market capitalisation crossing the N20 trillion mark. The sustained rally was as a result of buying interests in some highly capitalised equities such as Airtel Africa, UBA Cement and Nigerian Breweries. Specifically, the market capitalisation Read More…
The nation’s bourse on Tuesday recorded its seventh consecutive gain, appreciating further by N235 billion following buying interests in Dangote Cement, United Bank of Africa and Zenith Bank stocks. Specifically, the market capitalisation rose by N235 billion or 1.20 per cent to close at N19.805 trillion from N19.570 trillion achieved on Monday. Also, the All-Share Read More…
Oil prices fell on Tuesday, extending sharp losses overnight, as the rapid spread of a new strain of the novel coronavirus in the United Kingdom prompted several countries to close their borders to British travellers and freight. The U.S. West Texas Intermediate crude futures dropped 30 cents, or 0.6 per cent, to $47.67 a barrel Read More…
The Nigerian Stock Exchange (NSE) gained N334 billion on Monday due to buying interest in Dangote Cement and 22 other stocks. Specifically, the market capitalisation rose by N334 billion or 1.74 per cent to close at N19.570 trillion compared with N19.236 trillion achieved on Friday. Also, the All-Share Index which opened at 36,804.75 appreciated by Read More…
The Board of Directors of the African Development Bank (AfDB) has approved a US$7 million grant from the Sustainable Energy Fund for Africa (SEFA), for technical assistance in setting up a mini-grid acceleration initiative to meet the needs of the continent’s fast-evolving renewable mini-grid industry. The Africa Mini-Grid Market Acceleration Programme (AMAP), which aims to Read More…
