Ad
Worrying signals emanated from the Debt Management Office, DMO earlier today as it emerges that the country spent $1.69 billion (N609.13 billion) to service its domestic debt in the first quarter of 2020 alone. This is even as Africa’s largest economy’s total public debt rose to a whopping $79.5 billion, N28.63 trillion as of the…
July 4, 2020
The fall in global oil prices occasioned by the COVID 19 pandemic has been projected to cost Nigeria and other African oil exporters an estimated $34 billion in revenue, the International Monetary Fund (IMF) has revealed. IMF further projected that African governments would be under intense budget pressure and rise in debt burden, adding that…
July 2, 2020
Blames Dwindling Oil Revenue, Reduced Diasporan Remittances Global rating agency, Moody’s has raised a fresh alarm that Nigeria's banks are facing acute foreign currency shortages. This, according to a Moody's Investors Service report released today is occasioned by dwindling oil revenue, volatile foreign investment inflows, and reduced remittances from abroad. "Lower dollar inflows at a…
July 1, 2020
As revenue from oil earnings continue to plummet, the Federal Government, it was learnt, might be considering a more robust effort aimed at mobilizing diaspora remittances to serve as a catalyst for economic development. The New Diplomat gathered that with plummeting oil revenue occasioned by a multiplicity of factors including a glut in international storage capabilities,…
July 1, 2020
President Muhammadu Buhari in a phone chat with Saudi Crown Prince, Mohammed Bin Salman, have reviewed the current progress made on the OPEC+ deal. According to SPA, the Saudi news agency, both leaders spoke on Monday. Buhari and Salman also reviewed aspects of cooperation to enhance stability of oil markets, SPA added. Under the deal,…
June 30, 2020
By Kolawole Ojebisi Access Bank has offered to pay stamp duty charges for February to April on behalf of its customers. It also said deductions made between Saturday and Sunday would be reversed to customers. In a statement on Sunday, the bank said it recognised that it is a tough period for customers. This development…
June 29, 2020
Says Virus Spread Has Made Site Inspection Difficult For Operators, Clients Builder (Mrs.) Modupe Ndidi Ogunbanjo, Managing Director of BWC Real Estate, Lagos is The New Diplomat's real estate personality of the month. Ogunbanjo is a member of the Council of Registered Builders of Nigeria (CORBON); Secretary of the Building Collapse Prevention Guild (BCPG)…
June 25, 2020
President Muhammadu Buhari has cautioned that the ambition for Eco regional currency could be in ‘serious jeopardy,’ unless member states comply with agreed processes of reaching the collective goal. Delivering Nigeria’s position on the new regional currency at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African…
June 23, 2020
By Hamilton Nwosa (Head, The New Diplomat's Business and Data Tracking Desk) The International Energy Agency(IEA) based in Paris has projected that Oil demand may not recover to its pre-pandemic dynamics until 2022 at the earliest. According to the IEA, this projection is premised on oil surplus flowing around the world, a development that has…
June 17, 2020
Advert
Ad
Worrying signals emanated from the Debt Management Office, DMO earlier today as it emerges that the country spent $1.69 billion (N609.13 billion) to service its domestic debt in the first quarter of 2020 alone. This is even as Africa’s largest economy’s total public debt rose to a whopping $79.5 billion, N28.63 trillion as of the…
July 4, 2020
The fall in global oil prices occasioned by the COVID 19 pandemic has been projected to cost Nigeria and other African oil exporters an estimated $34 billion in revenue, the International Monetary Fund (IMF) has revealed. IMF further projected that African governments would be under intense budget pressure and rise in debt burden, adding that…
July 2, 2020
Blames Dwindling Oil Revenue, Reduced Diasporan Remittances Global rating agency, Moody’s has raised a fresh alarm that Nigeria's banks are facing acute foreign currency shortages. This, according to a Moody's Investors Service report released today is occasioned by dwindling oil revenue, volatile foreign investment inflows, and reduced remittances from abroad. "Lower dollar inflows at a…
July 1, 2020
As revenue from oil earnings continue to plummet, the Federal Government, it was learnt, might be considering a more robust effort aimed at mobilizing diaspora remittances to serve as a catalyst for economic development. The New Diplomat gathered that with plummeting oil revenue occasioned by a multiplicity of factors including a glut in international storage capabilities,…
July 1, 2020
President Muhammadu Buhari in a phone chat with Saudi Crown Prince, Mohammed Bin Salman, have reviewed the current progress made on the OPEC+ deal. According to SPA, the Saudi news agency, both leaders spoke on Monday. Buhari and Salman also reviewed aspects of cooperation to enhance stability of oil markets, SPA added. Under the deal,…
June 30, 2020
By Kolawole Ojebisi Access Bank has offered to pay stamp duty charges for February to April on behalf of its customers. It also said deductions made between Saturday and Sunday would be reversed to customers. In a statement on Sunday, the bank said it recognised that it is a tough period for customers. This development…
June 29, 2020
Says Virus Spread Has Made Site Inspection Difficult For Operators, Clients Builder (Mrs.) Modupe Ndidi Ogunbanjo, Managing Director of BWC Real Estate, Lagos is The New Diplomat's real estate personality of the month. Ogunbanjo is a member of the Council of Registered Builders of Nigeria (CORBON); Secretary of the Building Collapse Prevention Guild (BCPG)…
June 25, 2020
President Muhammadu Buhari has cautioned that the ambition for Eco regional currency could be in ‘serious jeopardy,’ unless member states comply with agreed processes of reaching the collective goal. Delivering Nigeria’s position on the new regional currency at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African…
June 23, 2020
By Hamilton Nwosa (Head, The New Diplomat's Business and Data Tracking Desk) The International Energy Agency(IEA) based in Paris has projected that Oil demand may not recover to its pre-pandemic dynamics until 2022 at the earliest. According to the IEA, this projection is premised on oil surplus flowing around the world, a development that has…
June 17, 2020
