Category Archives: Economic Highlights

Moody’s downgrades Nigeria’s rating

Amidst rising macroeconomic pressures, Moody’s Investors Service has downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt ratings to B3 from B2.
The global rating agency also placed Africa’s largest economy by gross domestic product rating on review for downgrade, according to a rating note.

Mobile transfers by banks’ customers rises steeply to N12.8tr in Q3’2022 – Report

The Nigeria Inter-Bank Settlement System (NIBSS) has said, mobile device transfers by banks’ customers in Nigeria rose to N12.8 trillion between January and September of this year.
The value of transactions recorded in the first three quarters is well more than the N8 trillion recorded for the entire year 2021. This shows a steep increase in the use of mobile phones for financial transactions.

Nigeria gets $70bn of climate change investment opportunity in Africa

Nigeria is expected to get about $70 billion of the $1 trillion climate change investment opportunity slated for Africa, the International Finance Corporation (IFC), a division of the World Bank Group has said.
The implication is that Nigeria will be getting seven per cent of the total investment coming to Africa.

Naira slides to N441.67 as external reserves fall

The Nigerian naira depreciates by 29 kobo from N441.38 to N441.67 per the United States dollar at the Investors’ and Exporters’ foreign exchange window as demand pressures persist.
Analysts told MarketForces Africa that the exchange rate at the Investors window will worsen further as year-end imports by manufacturers and other corporates begin to gather momentum.
Last week, there was a noticeable decline in the gross external reserves, according to data from the Central Bank of Nigeria.

Kogi communities jubilate as Dangote Cement Obajana Plant reopens

There were huge scenes of jubilation among affected host communities following the Federal Government’s order for the immediate reopening of the Dangote Cement Plc plant at Obajana in Kogi State.
Members of the host communities from Iwaa, Oyo, Obajana, and Apata who spoke to newsmen said they could now heave a sigh of relief as the consequences of shutting down the factory were better imagined than described, a situation which was worsened with the recent ASUU strike that kept students at home across the country.

Fidelity Bank settles $400 million Eurobond due today

Fidelity Bank sent $421 million to settle a Eurobond due today, even as Nigeria continue to grapples with a growing scarcity of foreign exchange.

Exports from Forcados crude to restart by end of October – SPDC

Exports from Nigeria’s Forcados crude oil terminal will resume by the end of the month, Shell’s local subsidiary SPDC said yesterday.
Crude loadings from the terminal have been stopped since mid-July when a leak was discovered at a single point mooring. The company said on Oct. 4 that the operations would resume in the second half of the month.
“In addition to the repairs, we are working to remove and clamp theft points on the onshore pipelines to ensure full crude oil receipt at the terminal,” SPDC said in a statement.

Dangote not involved in Kogi Assembly fire outbreak

Our attention has been drawn to a circulating Press Statement issued by the Kogi State Government, wherein the Dangote Group was accused of allegedly sponsoring arsonists to set the Kogi State House of Assembly on fire in the early hours of Monday, October 10, 2022.
The statement titled, ‘Obajana: Desperation sets in as imported hoodlums burn down Kogi Assembly’, which was signed by the Kogi State Commissioner for Information and Communications, Kingsley Fanwo pointedly accused our company of burning the Complex “in an attempt to possibly destroy evidence relating to the ownership tussle between the Kogi State Government and the Dangote Group over the Obajana Cement Company.”

Europe braces for mobile network blackouts

Once unthinkable, mobile phones could go dark around Europe this winter if power cuts or energy rationing knocks out parts of the mobile networks across the region.
According to Reuters report, Russia’s decision to halt gas supplies via Europe’s key supply route in the wake of the Ukraine conflict has increased the chances of power shortages. In France, the situation is made worse by several nuclear power plants shutting down for maintenance.

Fidelity partners SMEDAN to empower SMEs

In what has been termed a major move to bridge the gap in helping small businesses access much needed funding and capacity development initiatives, leading financial institution -Fidelity Bank Plc – has announced a strategic partnership with the Small and Medium Enterprises Development Agency (SMEDAN).