Category Archives: Economic Highlights

COVID-!9: Forex in-flows through CBN deplete 200% in one year

COVID-!9 pandemic dealt the country ‘s economy a big blow, with foreign exchange (forex) inflow through the Central Bank of Nigeria (CBN) crashing by 198.27 per cent and outflows slowing by 134.89 per cent in one year.
Specifically, data for January 2021 show inflows of $1.73billion and outflows of $2.83billion. Analysts at FBNQuest said, the point of interest is not the net deficit, which is common, but the scale of flows.

Shell confirms exit plan, shops for local investors

Royal Dutch Shell has engaged Standard Chartered to shop for local investors to buy some of its onshore assets as the oil major blames insecurity, poor government engagement and the recently passed Petroleum Industry Bill (PIB) for pushing them out of Nigeria.
According to Shell the Nigerian Niger Delta businesses are for now not core to it’s on- going business strategy worldwide.

Ecobank Nigeria joins IFC, The Nigerian Exchange partnership on gender equality

Ecobank Nigeria has entered into partnership with the International Finance Corporation (IFC) and The Nigerian Exchange Limited (NGX) on the ‘The Nigeria2Equal gender program’ targeted at reducing gender gaps across employment and entrepreneurship in the Nigerian private sector. The program is the first multi-stakeholder country project focused on ensuring equality within Nigerian companies. It is organized in three components i.e. research, peer learning platform and firm level support to companies.

Quarterly revenue from crude to hit $14bn, trade balance becoming positive – Rewane

The future appears bright for the country with crude oil quarterly revenue poised to reach $14 billion, whilst trade balance to berth on the positive side after a long period of repeated trade deficits.
In addition, contrary to expectations of some cynic that the naira would plummet after the Central Bank of Nigeria (CBN)’s decision to stop funding the Bureau De Change (BDCs), the naira made a U-turn and has appreciated instead.

MTN Group finally returns $280m in 2020 dividend from Nigeria

South Africa’s MTN Group has repatriated its last year’s dividend of around $280 million (R4.2 billion) from its local unit in Nigeria. The company reported the payout during the release of preliminary financial results for the six months to June 30, 2021.
The funds from Nigeria are part of approximately $650 million (R9.3 billion) in cash the pan-African telecoms giant returned from its subsidiaries.

Population ‘running’ faster than economic growth, plunges 7mn below poverty line – WB … Says criminal activity now option to get by

In spite of the slowing inflation rate as announced by the National Bureau of statistics (NBS), the World bank (WB) said, seven million Nigerians have slipped from the poverty line to under the pverty line.
The global bank attributed the worsening situation to an economy that is growing far slower than the rate at which its population is growing.While the population is growing at 2.6 per cent, economic growth was just 0.51 per cent in the first quarter of 2021.

Tony Elumelu Foundation trains over 200,000 African Entrepreneurs across 54 African countries

The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering young African entrepreneurs from all 54 African countries, has successfully trained over 200,000 entrepreneurs in core business management skills as part of its 2021 TEF Entrepreneurship Programme.

Crude oil production crashes to 1.64mbd as assets face production challenges

Crude oil production in Nigeria is averaging as low as 1.64 million barrels a day (mbd iin 2021 as a result of security concerns, regulatory risks further hamper supply outlook.
reports say, key assets like the Qua Iboe, Forcados, Bonny, Bonga, Escravos are facing production challenges.
Nigeria’s oil production growth will remain impeded in 2021 as it faces technical and operational issues, which are being exacerbated by the recent rise in pipeline leaks and sabotage, industry sources and analysts said.

Access Bank Plc targets youths in new digital loans initiative

Access Bank Plc, has launched what it termed the ‘Diamond Business Advantage (DBA) lite’ in a bid to increase its digital loans and enhance access to finance for young entrepreneurs.
The bank said the product which is targeted at the youths was designed to add value to micro, small and medium scale enterprises (MSMEs).

Heirs Life Assurance partners Avon Medical on World Blood Donor Day

Newly launched specialist life insurance company, Heirs Life Assurance (HLA) has partnered Avon Medical to organize a blood drive in commemoration of the 2021 World Blood Donor Day. The event, which was held on Monday, June 14, 2021, at the ultramodern Avon Medical Dialysis Centre in Ikeja, Lagos had individuals present to donate blood for those in dire need of medical attention.