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The Nigerian government has raised its borrowing limit from 25 per cent of its Gross Domestic Product (GDP) to 40 per cent, the Debt Management Office (DMO) disclosed this in a document. The DMO said the Federal Executive Council (FEC) at its meeting on February10 approved the new Medium-Term Debt Management Strategy for Nigeria, for…
February 14, 2021
Agency Report -- Oil producers such as Nigeria and oil companies are at the threshold of another era of oil boom as prices are expected to go higher and higher in the next two to three years. In a sign of what is to come, oil prices rose on Monday to their highest in just…
February 8, 2021
FCMB Records 10% Drop in Morning Trading but stood at 6% in the Evening... In a seeming dramatic move, Nigeria’s leading tier-2 bank, First City Monument Bank (FCMB) recorded significant losses at the first trading session of 2021 at the Nigeria Stock Exchange (NSE). The New Diplomat's early morning checks show that NSE reports indicate…
January 5, 2021
...26th In the World The International Monetary Fund (IMF) has rated Nigeria as the country with the largest economy in Africa, notwithstanding the debilitating impact of the raging Covid-19 crisis. However, the ranking was primarily based on the nominal Gross Domestic Product (GDP) of countries without recourse to standard of living/per capita income of citizens.…
December 29, 2020
Nigerian government has finally bowed to pressure against the months-long border closure as President Muhammadu Buhari ordered the immediate reopening of Nigeria’s border posts at four entry points. Minister of finance, Zainab Ahmed disclosed this at the end of the 28th virtual FEC meeting on Wednesday. Read also: Five Truck-Loads Of Suspected Almajiris Intercepted At…
December 16, 2020
President Muhammadu Buhari has unveiled the Natural Gas Expansion Programme (NGEP) and Auto-gas initiative with a call on Nigerians to embrace the use of gas as an alternative to Premium Motor Spirit (PMS). Speaking at a virtually held event at the State House, Abuja on Tuesday to unveil National Gas Expansion Programme and National Auto-gas…
December 1, 2020
Governor of Kaduna state, Nasir el-Rufai has reiterated that zoning of political offices in Nigeria will lead to inefficiency, warning that "no country progresses with such an arrangement." Governor el-Rufai who spoke at the Nigerian Economic Summit (#NES26) in Abuja posited that there is no country in the world within the last 50 years that…
November 25, 2020
...Eliminate Toxic Assets, Loans By Shakirudeen Bankole Contrary to reservations expressed by some stakeholders against the Banks and Other Financial Institution (BOFIA) Act 2020, academic scholars and financial risk management experts have insisted that it would help strengthen the nation's Financial institutions and reduce toxic assets and Non-Performing Loans. Upon the passage of the BOFIA…
November 18, 2020
By Irina Slav Just when they thought they had rebalanced the oil market, OPEC members were served an unpleasant surprise from exempted fellow Libya. The country’s warring factions reached a ceasefire, and some long-shuttered oil ports have been reopened, along with the fields that feed them. By the end of the month, the National Oil…
September 29, 2020
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The Nigerian government has raised its borrowing limit from 25 per cent of its Gross Domestic Product (GDP) to 40 per cent, the Debt Management Office (DMO) disclosed this in a document. The DMO said the Federal Executive Council (FEC) at its meeting on February10 approved the new Medium-Term Debt Management Strategy for Nigeria, for…
February 14, 2021
Agency Report -- Oil producers such as Nigeria and oil companies are at the threshold of another era of oil boom as prices are expected to go higher and higher in the next two to three years. In a sign of what is to come, oil prices rose on Monday to their highest in just…
February 8, 2021
FCMB Records 10% Drop in Morning Trading but stood at 6% in the Evening... In a seeming dramatic move, Nigeria’s leading tier-2 bank, First City Monument Bank (FCMB) recorded significant losses at the first trading session of 2021 at the Nigeria Stock Exchange (NSE). The New Diplomat's early morning checks show that NSE reports indicate…
January 5, 2021
...26th In the World The International Monetary Fund (IMF) has rated Nigeria as the country with the largest economy in Africa, notwithstanding the debilitating impact of the raging Covid-19 crisis. However, the ranking was primarily based on the nominal Gross Domestic Product (GDP) of countries without recourse to standard of living/per capita income of citizens.…
December 29, 2020
Nigerian government has finally bowed to pressure against the months-long border closure as President Muhammadu Buhari ordered the immediate reopening of Nigeria’s border posts at four entry points. Minister of finance, Zainab Ahmed disclosed this at the end of the 28th virtual FEC meeting on Wednesday. Read also: Five Truck-Loads Of Suspected Almajiris Intercepted At…
December 16, 2020
President Muhammadu Buhari has unveiled the Natural Gas Expansion Programme (NGEP) and Auto-gas initiative with a call on Nigerians to embrace the use of gas as an alternative to Premium Motor Spirit (PMS). Speaking at a virtually held event at the State House, Abuja on Tuesday to unveil National Gas Expansion Programme and National Auto-gas…
December 1, 2020
Governor of Kaduna state, Nasir el-Rufai has reiterated that zoning of political offices in Nigeria will lead to inefficiency, warning that "no country progresses with such an arrangement." Governor el-Rufai who spoke at the Nigerian Economic Summit (#NES26) in Abuja posited that there is no country in the world within the last 50 years that…
November 25, 2020
...Eliminate Toxic Assets, Loans By Shakirudeen Bankole Contrary to reservations expressed by some stakeholders against the Banks and Other Financial Institution (BOFIA) Act 2020, academic scholars and financial risk management experts have insisted that it would help strengthen the nation's Financial institutions and reduce toxic assets and Non-Performing Loans. Upon the passage of the BOFIA…
November 18, 2020
By Irina Slav Just when they thought they had rebalanced the oil market, OPEC members were served an unpleasant surprise from exempted fellow Libya. The country’s warring factions reached a ceasefire, and some long-shuttered oil ports have been reopened, along with the fields that feed them. By the end of the month, the National Oil…
September 29, 2020
