WEEKLY MONITOR: NIGERIA ECONOMIC & CORPORATE UPDATES…

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Economic News

  • Nigeria, China Sign $2.4 Billion Currency-Swap to Lift Trade: Nigeria and China agreed on a currencyswap worth $2.4 billion to boost commercial ties and reduce the need to use the dollar in bilateral trade. Yi Gang, governor of the People’s Bank of China, and Godwin Emefiele, his Nigerian counterpart, signed a three-year swap of 15 billion yuan or 720 billion naira in Beijing on April 27, the Chinese central bank said in a statement last week. The transaction can be renewed if both parties want, it said. Bloomberg
  • Oil sector receives N3.42 trillion credit from Banks: Owing to the stability in crude oil prices, the banking sector’s credit to the oil and gas firms has increased by 21.92 percent to reach N3.42trillion during the first quarter (Q1) of 2018. The amount is regarded as the highest credit allocation in Q1 2018, according to the National Bureau of Statistics (NBS). This is, however; lower than the N3.58trillion recorded during Q4 2017, and the N3.55trillion extended Q3. The Guardian

Corporate news

  • Forte Oil to sell assets in Nigeria and Ghana: Nigerian energy firm Forte Oil plans to sell its upstream services and power businesses in Nigeria and divest from Ghana to focus on its core fuel distribution operation at home, the company said last week. Reuters
  • MTN Nigeria posts Q1 subscriber net additions of 2.3mn: MTN Nigeria reported strong subscriber net additions of 2,3 million. in q1 of 2018, MTN Nigeria increased naira service revenue by 14,5% year-on-year. in q1, MTN Nigeria had a 62,2% increase in billed data volumes. Brand Spur 

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