Author: Marketforces Africa

FG moves to actualize N43.24 billion Ibadan Inland Dry Port Talks between Federal Government and China Railway Construction Corporation Limited (CRCC) on the construction of the N43.24 billion Ibadan Inland Dry Port is nearing completion, the Nigerian Shippers’ Council (NSC) said in a statement on Saturday in Lagos. According to NSC, the 80,000 TEU capacity dry port would be built on the basis of Public Private Partnership. Mrs Rakiya Zubairu, NSC Head of Public Relations, said in the statement that CRCC was the preferred bidder for the facility aimed at addressing congestion and gridlocks in Apapa ports. Zubairu noted that…

Foreign Exchange Inflows into IEW Drops Strongly in Q2. Foreign exchange accretion into the Importers and Exporters Window went southward in the second quarter of 2020.

CBN Moves to Converge FX Rates to Raise Average Price Level. The Central Bank of Nigeria moves to achieve convergence in the foreign exchange market will raise headline inflation, FSDH has said.

Union Bank to Support Communities with Portable Water. Union Bank of Nigeria (UBN), said on Friday that it would provide potable water to six different communities in the six geo-political zones in the country as part of its support and Corporate Social Responsibility to Nigerians.

Official FX Rate Devaluation Raised Nigeria’s Debt to ₦28.6trn. The National Bureau of Statistics stated that total public debt portfolio of the Federal and State Governments as of March 31 stood at ₦28.63 trillion from ₦27.4 trillion in December, 2019.

Nigeria’s Coronavirus Caseload Increases to 30,748. Nigeria has recorded 499 new COVID-19 cases, bringing the country’s coronavirus case load to 30,748.

Vetiva says Unilever Nigeria Road to Redemption has Many Bumps. Vetiva Capital analyst, Chinma Ukadike downgrades Unilever Nigeria Plc to sell, having noted many bumpy roads to redemption for the consumer goods company.

Equities market: No justification for April, May Rally – WSTC. Analysts have said that equities segment of the Nigerian Stock Exchange has slipped into correction mode after initial rally.

Expected credit loss amid aftermath of the coronavirus outbreak. At transition date in 2018, Deloitte Nigeria in one of its reports faulted application of the International Financial Reporting Standard 9 by the Nigerian Banks.

Finance Minister Presents Draft 2021/23 MTEF to Economic Council. Zainab Ahmed, the Minister of Finance, Budget and National Planning, on Thursday presented the draft 2021 to 2023 Medium Term Expenditure Framework(MTEF) as well as the Fiscal Strategy Paper to the National Economic Council(NEC).