WEEKLY MONITOR: NIGERIA ECONOMIC & CORPORATE UPDATES…

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Economic News

  • Nigerian annual inflation falls to more than two year low in April: Annual inflation in Nigeria stood at 12.48 percent in April, its lowest level in more than two years and its 15th straight monthly drop, the National Bureau of Statistics said last week. It fell from 13.34 percent in March. A separate food price index showed inflation at 14.80 percent in April, compared with 16.08 percent in March. Reuters
  • Nigeria central bank injects $293mn into currency market: Nigeria’s central bank said on Friday it had injected $293 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages. The bank said in a statement it had sold the funds to agricultural firms, airlines, petroleum imports and to companies importing raw materials and types of machinery. Reuters
  • Nigeria awards $6.68mn rail project to Chinese state firm: Nigeria recently awarded a 6.68 billion-dollar contract to the China Civil Engineering Construction Corporation for work on a major segment of a railway linking Lagos and Kano states. CNBC

Corporate News

  • The African Development Bank has approved a $100mln loan for Nigeria: The African Development Bank has approved a $100 million loan for Nigeria’s Indorama Eleme Fertilizer & Chemicals aimed at helping it boost fertilizer production, the bank said in a statement last week. The company, a unit of
    Singapore-based petrochemical producer Indorama is seeking to double annual output of urea fertilizer from 1.4 million tonnes to 2.8 million tonnes, the statement said. CNBC

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