Author: Marketforces Africa

Economic Sustainability Plan: Grand Ambitions, Weak Capacity – Afrinvest. A leading investment banking firm, Afrinvest has explained why the Nigeria’s Economic Sustainability Plan remains a grand ambition amidst weak capacity to deliver.

Naira Trades Strong despite Marginal Decline in Oil Prices. The Nigeria’s local currency, naira, stands strong and stable amid decline in global prices of oil. In the week, oil prices dropped due to weak demand and partial supply glut with inventory rising speedily.

COVID-19 Infections Increased to 23,298 as NCDC records 684 New Cases. Nigeria Centre for Disease Control has recorded 684 new cases of COVID-19, bringing the total number of infections in the country to 23, 298.

FirstBank Upgrades Mobile Banking Application. First Bank of Nigeria Limited has upgraded its mobile banking application, FirstMobile, with new and improved features to promote safe and convenient Mobile Banking experience for customers.

IFC Supports FCMB to Finance SMEs Facing COVID-19 Related Challenges. IFC, a member of the World Bank Group, today announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

FCMB Group to Acquire 96 Percent of AIICO Pensions. FCMB Group  and AIICO Insurance have notified the Nigerian Stock Exchange (NSE) and the investing public of discussions for sale of 96% stake of AIICO Pensions Managers to FCMB Pensions

Brent Crude Future Price Rises to $41.27 on Demand Recovery. Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide.

“Growth to Remain Stagnant if Nigeria Continues to Prioritise FX Stability”. Patrick Curran, a Senior Economist at Tellimer, an emerging market focus investment firm has said Nigeria is muddling through the new normal.

FrieslandCampina WAMCO Grows Revenues, Pays ₦9.49 Dividend in 2019. FrieslandCampina WAMCO Nigeria, producers of Peak and Three Crowns Milk, has announced a turnover of ₦161.83 billion for the financial year 2019.

COVID-19: Nigeria may go into severe recession – World Bank. The World Bank says collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s.