Category Archives: Economic Highlights

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.

Only 24.29% of discovered oil in Nigeria is producing – FG

The Federal Government has disclosed that out of 7,000 oil reserves that have been discovered in the country, only 1,700, about 24.29 per cent of the reserves are currently producing crude oil. The government disclosed this in Abuja through its Department of Petroleum Resources.

Sun Trust Bank launches ‘Women In Fashion’ product … Beneficiaries laud bank’s initiative

SunTrust Bank Nigeria Limited, has designed a loan package which helps Small and Medium Enterprises (SMEs) customers meet their financial challenges, known as Women In Fashion (WIF). This product is meant to support women in fashion business who make ready to wear cloths and interested in expanding their existing fashion businesses outside the shore of Nigeria.

Naira depreciates beyond ‘critical’ line N7 to N502/$ … Maintains dignity at NAFEX, appreciates N1.25

The naira for the first time descended to a new low of N502 to the United States dollar at the parallel market by N7 or 700 kobo last week. But the local currency maintained some dignity at the autonomous market where it appreciated N1.25 or 125 kobo to the dollar.

Nigeria consumes far more than produced, CA balance slumps to -$17bn … As Nigeria imports more refined crude products than export crude

Nigeria as a country spent far more than it produced, thus bringing down its Current Account (CA) balance to a negative of $17 billion, same as recorded the previous year, said the Balance of Payment (BoP) statistics of the Central Bank of Nigeria (CBN).
The implication is that, what Nigeria produced and exported to the world was far smaller than what it imported during the year ended 2020.

Rise in crude oil prices fails to reflect on naira, foreign reserves

Despite the 5.1 per cent rise in Brent crude oil price last week, foreign reserves shed $10.9 million or 0.3 per cent of its value, while the naira depreciated by N10 last week at the parallel market.
Last week, Brent crude oil price rose 5.1 per cent week-on-week (w/w) to $69.76 per barrel l as expectations that reopening economies and higher travel numbers in the US and Europe would boost fuel demand outweighed concerns about the coronavirus spread in parts of Asia. On the domestic front, external reserves fell 0.3 per cent w/w ($110.9 million) to $34.3 billion from $34.4 billion the previous week.