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World Bank okays $1.5bn loan to give bite to Nigeria’s economy

Femi Adeoya
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World Bank okays $1.5bn loan to give bite to Nigeria’s economy

World Bank okays $1.5bn loan to give bite to Nigeria’s economy

The World Bank has approved Nigeria’s request for a $1.5 billion loan. In a statement on Tuesday, the Bretton Wood institution says the facility is a 5-year country partnership framework (CPF) that will last from 2021 to 2024.

The bank said the facility was prepared jointly with the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

“This country partnership framework will guide our engagement for the next five years in supporting the government of Nigeria’s strategic priorities by taking a phased and adaptive approach,” Shubham Chaudhuri, World Bank country director for Nigeria said.

“To realize its long-term potential, the country has to make tangible progress on key challenges and pursue some bold reforms. Our engagement will focus on supporting Nigeria’s efforts to reduce poverty and promote sustained private sector-led growth.”

The loan will focus on four areas of engagement namely Investing in human capital, promoting jobs and economic transformation and diversification, enhancing resilience and strengthening the foundations of the public sector.

The bank’s board of directors also approved $1.5 billion for two projects in Nigeria.

The projects are Nigeria COVID-19 Action Recovery and Economic Stimulus – Program for Results (Nigeria CARES) and The State Fiscal Transparency, Accountability and Sustainability Program for Results (SFTAS) Additional Financing.

Both projects will get a $750 million facility through the International Development Association (IDA).

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Nigeria’s inflation worsens, hits 14.89%, more Nigerians groan

Femi Adeoya
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Nigeria’s inflation worsens, hits 14.89%, more Nigerians groan

Inflation rate climbs to 14.23% as food prices ascend; Nigerians groan

More Nigerians have continued to groan as prices of food commodities across the nation have continued to rise.

The climb in food prices and other individual consumption have further increased the rate of inflation to 14.89% in November 2020.

According to figures released by the National Bureau of Statistics (NBC) on Monday, the country’s inflation increased again in October, moving up by 0.52% when compared to 13.71% recorded in September.

The consumer price index (CPI) which measures inflation rose to 14.89% (year-on-year) in November 2020.

The report published Tuesday by the National Bureau of Statistics revealed (NBS) shows that price increases were recorded in all divisions that yielded the headline index.

The composite food index rose sharply by 18.30 per cent in November compared to 17.38 per cent in October. The index was 16.66 percent in September 2020.

This is 0.66 percentage points higher than the rate recorded in October 2020 (14.23 per cent).

On month-on-month basis, the headline index increased by 1.60 per cent in November 2020.

This is 0.06 percentage points higher than the rate recorded in October 2020 (1.54 per cent).

The percentage change in the average composite CPI for the twelve-month period ending November 2020 over the average of the CPI for the previous 12-month period was 12.92 per cent, representing a 0.26 percentage point increase over 12.66 per cent recorded in October 2020.

The urban inflation rate rose to 15.47 per cent (year-on-year) in November from 14.81 per cent recorded in October, while the rural inflation rate rose to 14.33 per cent in November from 13.68 per cent in October.

On a month-on-month basis, the urban index rose by 1.65 per cent in November, up by 0.05, from 1.60 per cent recorded in October, while the rural index also rose by 1.56 per cent in November, up by 0.08 from 1.48 per cent recorded in October.

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JUST IN: Lagos govt unveils sales of rice at N20,000 per bag

Femi Adeoya
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1
JUST IN: Lagos govt unveils sales of rice at N20,000 per bag

JUST IN: Lagos govt unveils sales of rice at N20,000 per bag

The Lagos State Government says it will begin the sales of rice before Christmas celebration to residents in collaboration with Kebbi Government and Central Bank of Nigeria (CBN).

The Commissioner for Agriculture, Ms Abisola Olusanya, told newsmen on Monday in Lagos that about 100,000 bags of 50 kg were being expected for sales at N20,000 per bag.

Her Words:

“We are intervening in the area of availability of rice for the festive season, and it will be sold at N20,000 per bag.

“The most important thing is that we have rice available, be it Lake Rice or other brands,” she said. Olusanya said that the delay in the sale was due to the process of production.

“During the festive season, millets have to be polished, mill, and processed before rice will be available.

“It’s not that rice is not available in the market, but the price points are a bit high.

“The rice has started arriving as at last week, and we are expecting much more in the next couple of days.”

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Naira continues gain, exchanges N473/$ at parallel market

Femi Adeoya
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0
Naira continues gain, exchanges N473/$ at parallel market

Naira continues gain, exchanges N473/$ at parallel market

The Nigeria’ Naira consolidated its gain and exchanged at N473/$ on Monday December 14, 2020 at the parallel market.

The currency had depreciated greatly in recent times, closing at a four-year low of N510 on Monday November 30, 2020.

Analysts blame illegal activities by forex speculators and dollar scarcity for the hit.

The naira however started to firm up since the Central Bank of Nigeria (CBN) relaxed the policy on foreign remittances and domiciliary accounts.

The apex bank in a statement on Monday November 30, 2020, signed by O.S. Nnaji, director of trade & exchange of CBN, said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their domiciliary account.

The CBN statement reads, “these changes are necessary to deepen the foreign exchange market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria”.

The CBN had on February 23, 2020, explained that only electronic fund transfers into Domiciliary accounts can also be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.

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NSE halts downward spiral as investors gain N300bn

Femi Adeoya
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0
NSE halts downward spiral as investors gain N300bn

NSE halts downward spiral as investors gain N300bn

Nigeria’s Stock Exchange (NSE) market halted its downward spiral on Monday, December 14, 2020, thanks to investors who after previous sessions of market dip saw bargain opportunities in equities like Airtel Africa Plc, Dangote Cement Plc, Guinness Nigeria Plc, and Lafarge Africa Plc.

Stock investors gained about N309billion at the close of the remote trading session which had 4,154 deals.
Equity traders exchanged 208,094,710 units of shares valued at N3.700billion.

Zenith Bank, GTBank, and Access Bank were actively traded equities on the Nigerian Stock Exchange.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) rose by 1.73percent, from 34,250.74 points to 34,843.44 points while the value of listed stocks on the Bourse went up from N17.902 trillion to N18.211trillion.

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Banks’ non-performing loans plummet to N1.17trn — NBS

Femi Adeoya
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0
Banks’ non-performing loans plummet to N1.17trn — NBS

Banks’ non-performing loans plummet to N1.17trn — NBS

Non-performing loans in the Nigerian banking sector fell by N42.4bn in three months, latest figures from the National Bureau of Statistics have shown.

According to figures obtained from the NBS’ latest Selected Banking Sector Data Report on Sunday, the total amount of non-performing loans in Nigerian banks fell from N1.21tn at the end of the second quarter of 2020 to N1.17tn as of Q3 2020.

The NBS said in terms of credit to the private sector, the total value of credit allocated by the bank stood at N19.87tn as of Q3 2020.

“Oil and gas and manufacturing sectors got credit allocation of N3.74tn and N3.03tn to record the highest credit allocation as at the period under review,” it said.

The data also showed that most of the beneficiaries of bank loans were from Lagos State while Yobe beneficiaries were the least from a total loan of N19.46tn as of the end of Q3 2020.

“Lagos beneficiaries recorded the highest credit by geographical distribution with N15.13tn, accounting for 77.74 per cent of the total credit by geographical distribution, while Yobe State recorded the least with N19.38bn, accounting for 0.09 per cent in Q3 2020,” the NBS stated.

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Confusion as Google, Gmail, Youtube crash

Femi Adeoya
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0
Confusion as Google, Gmail, Youtube crash

Confusion as Google, Gmail, Youtube crash

Hundreds of millions of people around the world were thrown into disarray today as the entirety of the Google-owned family of apps crashed worldwide.

The outage affected all of the Google apps and websites, including Gmail, Google Drive, Google Sheets, Maps and YouTube as well as the main search engine.

Google’s websites are some of the most popular in the world, with video-streaming site YouTube frequented by more than two billion people every month.

Gmail meanwhile is the world’s most popular email platform with 1.5 billion users.

Google said in a statement that the problems affected ‘the majority’ of each services’ users, but did not provide an exact number.

Jake Moore, cybersecurity specialist at ESET, told MailOnline: ‘Outages like this are quite rare and when they do occur, they can cause a huge amount of chaos to millions.

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Nigeria’s economy to shrink by 3.25% in 2020, highest in 40 years

Skytrend Consulting LTD
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1
Nigeria’s economy to shrink by 3.25% in 2020, highest in 40 years

Nigeria’s economy to shrink by 3.25% in 2020, highest in 40 years

The International Monetary Fund (IMF) is projecting Nigeria’s real Gross Domestic Product (GDP) to shrink by 3.25% in 2020, the most in four decades.

The COVID-19 global pandemic is exacting a heavy toll on the Nigerian economy, which was already experiencing falling per capita income and double-digit inflation, with limited buffers and structural bottlenecks.

Low oil prices and sharp capital outflows have significantly increased balance of payments (BOP) pressures and, together with the pandemic-related lockdown, have led to a large output contraction and increased unemployment. Supply shortages have pushed up headline inflation to a 30-month high.

It had in its World Economic Outlook (WEO) on October 13, 2020, projected Nigeria’s economy to contract by 4.3 percent in 2020 and later recover with a growth rate of 1.7 percent in 2021.

The Washington based Fund made the projection in a statement issued by Jesmin Rahman who led a team of staff to conduct a virtual mission from October 30 to November 17, 2020 in the context of the 2020 Article IV Consultation with Nigeria.

In that statement, Nigeria’s recovery is projected to start in 2021, with subdued growth of 1½ percent and output recovering to its pre-pandemic level only in 2022.




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Nigeria stops Arik Air from firing 300 staff, justifies 100% hike in air travels

Femi Adeoya
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0
Nigeria stops Arik Air from firing 300 staff, justifies 100% hike in air travels

Nigeria stops Arik Air from firing 300 staff, justifies 100% hike in air travels

Nigeria says the 300 staff of Arik Air who were reportedly fired recently by the airline had not been relieved of their jobs based on the intervention of government.

The government adds that over 100% hike in domestic airfares was inevitable, describing it as one of the consequences of the COVID-19 pandemic.

The Director-General of the Nigerian Civil Aviation Authority, Musa Nuhu, disclosed this in Abuja at the briefing of the Presidential Task Force on COVID-19.

He said, “As regards ticket prices, yes ticket prices have gone up astronomically over the last week or so. That is one of the consequences of the COVID-19 pandemic. The aviation, tourism and travel industry is one of the most devastated industries.

“Because we had a shutdown for several months, the airlines were not making money and there are fixed cost that they have to deal with.

“They have to maintain the aircraft and unfortunately most of these aircraft are maintained outside the country.

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Half of Nigeria’s population will be poor by 2022 — World Bank

Femi Adeoya
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4
Half of Nigeria’s population will be poor by 2022 — World Bank

Half of Nigeria’s population will be poor by 2022 — World Bank

The World Bank on Thursday projected that the number of poor Nigerians will increase from the current 90 million to about 100 million by 2022 due to the impact of the COVID-19 pandemic on the country’s economy.

It stated that by 2022, about 11 million more Nigerians were expected to fall into poverty due to the COVID-19 crisis.

The World Bank also put the financing portfolio approved by its board for Nigeria at about $11.5bn.

The bank disclosed this during its Nigeria Development Update virtual event, which had the theme ‘Rising to the challenge: Nigeria’s COVID-19 response’.

In his presentation at the event, an economist with the bank, Marco Hernandez, said there would an increase in the total number of poor in Nigeria from about 90 million in 2020 to about 100 million in 2022. Northern states are more likely to be affected.”

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