Category: Economy
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Unity Bank declares N492.02bn assets for 2020
Unity Bank Plc on Tuesday announced an asset base of N492.02 billion for the financial year ended Dec. 31, 2020. The bank in its audited result released by the Nigerian Exchange Ltd., said its total assets rose by 67.90 per cent when compared with N293.05 billion achieved in the comparative period of 2019. The bank’s…
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SIFAX Offdocks record 49,835 TEU volumes in 2020
Capt. Ibraheem Olugbade, Executive Director, SIFAX OffDock, on Monday said that the inland container depots owned by SIFAX Group, recorded 49,835 Twenty-four Equivalent Unit (TEU) of cargo capacity in 2020. Olugbade in a statement in Lagos said that the cargo capacity was in spite of the prevailing traffic congestion around the Lagos ports with its…
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COVID-19 caused recession – Buhari
As Nigeria slips into recession for the second time in five years, President Muhammadu Buhari, says it came about because of the severity of the global downturn caused by the COVID-19 pandemic. He said this on Monday in Abuja, while declaring open the 26th Nigerian Economic Summit with the theme: “Building Partnerships for Resilience’’. The…
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Afreximbank’s African commodity index declines moderately in Q3-2020
The African Export-Import Bank (Afreximbank) says that in its Quarter Three 2020 (Q3-2020) reading of the Afreximbank African Commodity Index (AACI), its composite index fell marginally by one per cent quarter-on-quarter. It made this known in a statement issued on Wednesday in Cairo, Egypt after the release of the AACI for Q3-2020. The AACI is…
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Centre Commends DMO Over Prudent Management of Nation’s Debt Portfolios
A civil society organization, Save Nigeria Movement in collaboration with the Centre for Due Process, Ecotes University, Benin Republic has said the dexterity employed in the administration of the Debt Management Office (DMO) has given rise to improvement in the infrastructure development as well as boosted confidence in the Nigerian economy. The duo in a…
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Association wants FG to evacuate Nigerian traders stranded in Ghana
The Nigerian Union of Traders Association in Ghana (NUTAG), under the auspices of the National Association of Nigerian Traders (NANTS), has appealed to the Federal Government to immediately evacuate Nigerian traders stranded in Ghana. Mr Chukwuemeka Nnaji, NUTAG President and Dr Ken Ukaoha, NANTS President, made this appeal on Wednesday when the associations visited the…
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Residents decry high cost of rice in Enugu major markets
Some residents of Enugu State on Friday decried the high cost of rice in major markets in Enugu metropolis. According to the residents, rice, the most popular staple food in Nigeria, has now become expensive. The News Agency of Nigeria (NAN) correspondent, who visited some major markets in the metropolis observed that the price of…
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Nigeria stock market gains N571bn in bullish trading
Trading reopened on the Nigerian Stock Exchange (NSE) on Friday after Eid-el-Maolud celebration still on an upward trend, growing by N571 billion. Speficially, the market capitalisation which opened at N15.386 trillion inched higher by N371 billion or 3.71 per cent to close at N15.957 trillion. Also, the All-Share Index improved by 1,093.09 points or 3.71…
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DPR says 2020 marginal oilfield bid still on
The Department of Petroleum Resources (DPR) says the bid round process for its 57 marginal oilfields in the country is still ongoing. Mr Paul Osu, Head, Public Affairs, DPR, told the News Agency of Nigeria (NAN) on Friday in Lagos that the bidding process has not been completed. “The 2020 marginal oilfield bid round process…
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India seeks closer ties with Nigeria as trade volume reaches $14 bn
India has expressed its readiness to deepen economic ties with Nigeria towards promoting investment and trade between both countries. Amb. Abhay Thakur, High Commissioner of India to Nigeria, said this during a courtesy visit to Gov. Abdullahi Ganduje on Friday in Kano. Thakur noted that India and Nigeria had long-standing relations based on mutual respect…