Category Archives: Economic Highlights

China Mobile, MTN, others to build a 37,000km subsea cable for Africa and Middle East region

China Mobile International, MTN GlobalConnect, Orange, stc, Telecom Egypt, Vodafone and WIOCC announced yesterday that they will partner to build 2Africa, which will be the most comprehensive subsea cable to serve the African continent and Middle East region. The parties have appointed Alcatel Submarine Networks (“ASN”) to build the cable in a fully funded project which will greatly enhance connectivity across Africa and the Middle East.
At 37,000km long, 2Africa will be one of the world’s largest subsea cable projects and will

Nigeria amending 2020 budget assuming oil at $20 per barrel -finance minister

Nigeria’s government is amending its 2020 budget to assume an oil price of $20 per barrel, Finance Minister Zainab Ahmed said on Tuesday.
Nigeria’s economy, which emerged from a recession in 2017, was already contending with low growth of around 2% before oil prices plummeted.
Africa’s top oil exporter relies on crude sales for around 90% of foreign exchange earnings and more than half of government revenue.

Q1 2020: Starting Strong, UBA Records Double-Digit Earnings Growth

Pan African financial institution, United Bank for Africa Group (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2020, showing double-digit improvement across all its major income lines.
The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 8.5 percent year-on-year growth in profit before tax in the first three months of 2020, to N32.7 billion compared with N30.2 billion recorded in the first quarter of 2019. Again, UBA sustained its strong profitability recording an annualized 20% Return on Average Equity (RoAE).

1.7mn households to benefit from private sector food relief package, among others

The the Private sector-led Coalition Against COVID-19 (CACOVID) has disclosed that no less than 1.7 million households would benefit from its food relief package as part of complementary efforts to help alleviate the effects of the lockdown and restrictions adopted by governments across the nation.

AfDB debars China Zhonghao Nigeria Limited for 18 months for fraudulent practices ,,, Renders China Zhonghao Nigeria ineligible to participate in Bank-financed projects

The African Development Bank Group ( on 14 April 2020, announced the debarment of China Zhonghao Nigeria Limited, a civil engineering company registered in Nigeria, for 18 months, for fraudulent practices.

CBN suspends activities at forex market till end of lockdown … As backlog of forex demand piles

The additional two extension on lockdown as a result of the COVID-19, means the Central Bank of Nigeria (CBN) cannot participate in activities at the foreign exchange (forex) market, save its skeletal services it is running at the Import and Export (I&E) window.
The apex bank has been forced to stopped sales of forex since March 20, 2020. If the lockdown continues after April 28, then, demand for forex will continue to pile.

Nigerian stocks ahead global bourses as COVID-19 continues ruthless spread

In spite of the relentless ruthless spread of the COVID-19, a number of stock markets all over the world shrugged off the pains of the Coronavirus to registered positive growth last week, with the Nigerian stock market outperforming others.
The bulls held sway, leading to a 7.2 per cent rise in the All Share Index (ASI).

Protect Your Bank Details; Don’t Get Scammed; UBA Warns Customers

Pan African financial institution, United Bank for Africa (UBA) Plc, has called on its customers to exercise utmost caution in their banking transactions and ensure that they do not fall prey to any nefarious activities during the Coronavirus lock down period.

Despite COVID-19, GP Global acquires Nigeria’s lubricant assets of Grand Petroleum

GP Global, a leading global energy-to-agriculture conglomerate, today said it had made a strategic acquisition of the lubricants assets of Grand Petroleum, Nigeria’s leading lubricants player and part of the Nosak Group, in order to expand and strengthen its presence in Nigeria and west Africa.

NOVA Merchant Bank Supports the Fight Against COVID-19 with Relief Materials

NOVA Merchant Bank yesterday announced a donation of various relief materials to the vulnerable sector in Lagos. This is in response to the fight against the Coronavirus (COVID-19) pandemic.