Nigerian Banks To Emerge Highest Beneficiaries Of AfTCA
With the commencement of the African Continental Free Trade Area (AfCFTA) agreement on January 1, 2021, analysts and stakeholders have expressed optimism of Nigerian banks readiness, saying the financial sector stands to benefit most from the continental agreement. The analysts, in separate interviews on Thursday added that with most Tier-1 banks already operating in many […]
Nigeria In Debt:Owes IMF, World Bank, Others $31.98bn
Nigeria’s bilateral and multilateral debts stood at $31.98 billion as of September 2020, according to the latest figures released by the Debt Management Office (DMO). The outstanding debts are not only owed to bilateral and multilateral institutions but also include commercial loans from Eurobonds and Diaspora Bond. Bilateral debts are those arising from country-to-country loans […]
Nigeria To Cut Production By 939,000bpd In Three Months-OPEC
The Organisation of Petroleum Exporting Countries (OPEC) on Tuesday upheld its December 3, 2020 decision to increase crude oil production output by 500,000 barrels per day for February and March, 2021. The plan will, however, see Nigeria cut production by an additional 939,000 barrels in adherence to the resolution, with reference production set for the […]
OPEC+ Meeting Ends With Major Surprise Cut From Saudi Arabia
After another round of drama and a stalling of the talks on Monday, the Tuesday extension of the OPEC+ meeting concluded at long last with a solution upon which all OPEC+ members agreed. But it didn’t end the way anyone thought it would. Tuesday’s meeting saw the groups agree to lift oil production by 75,000 […]
OPEC And Allies Failed To Agree On Production Levels For February
Members of the Organization of Petroleum Exporting Countries (OPEC) and their allies, including Russia, on Monday failed to reach an agreement on production levels for February, with talks expected to continue today. The cartel had agreed after its last summit, held from November 30 to December 3, to raise production levels by half a million […]
Asian Shares To Finish 2020 At Record High
Asian shares edged up on Thursday and were set to end a tumultuous 2020 at record highs, while growing investor hopes for a global economic recovery caused the dollar to fall further against most major currencies. MSCI’s gauge of Asia-Pacific shares excluding Japan rose 0.1% to its latest peak, having explored fresh territory repeatedly late […]
Bitcoin Hits Fresh Record High
Bitcoin topped $28,500 for the first time ever on December 30th of 2020 and is up around 47% so far in December, on track for its biggest monthly gain since May of 2019. The crypto currency has almost quadrupled in value this year, driven by institutional buying and its appeal as a hedge against potential […]
Bloomberg Names Nigeria’s Stock Market As Best-performing Globally In 2020
The Nigerian Stock Exchange (NSE) has been named the best-performing stock market among the 93 equity indexes being tracked by Bloomberg across the world. The all-share index which opened at 38,800.01 inched higher by 310.16 points or 0.80 per cent to cross the 39,000 mark and close at 39,110.17 on Tuesday. Also, the market capitalization […]
Chinese Economy To Overtake US By 2028 Due To Covid
China will overtake the US to become the world’s largest economy by 2028, five years earlier than previously forecast, a report says. The UK-based Centre for Economics and Business Research (CEBR) said China’s “skilful” management of Covid-19 would boost its relative growth compared to the US and Europe in coming years. Meanwhile India is tipped […]
Tech Giant, Alibaba Faces Antitrust Probe In China
China has launched an antitrust investigation into Alibaba Group and will summon the technology giant’s Ant Group affiliate to meet in the coming days, regulators said on Thursday, in the latest blow for Jack Ma’s e-commerce and financial technology empire. The probe is part of an accelerating crackdown on monopolistic behaviour in China’s booming internet […]
