Nigeria’s reserves accretion above $40bn but debt level climbs higher

Year-end reserves to hit‭ $‬48bn‭, ‬say analysts To be driven by oil price rise‭, ‬Eurobonds float Nigeria’s external gross reserves are on the rise again, but the country’s debt levels are climbing in the same proportion if not more. Despite the foreign exchange rationing, which has lingered in the currency market for the past months, […]

Honeywell Flour begins 10-year transition as 2021 revenue crosses N100bn mark

Honeywell Flour begins 10-year transition as 2021 revenue crosses N100bn mark

   Hits revenue milestone of N109.5bn in FY’21 To pay shareholders 7kobo dividend per share Transitioning to become Honeywell Foods   Honeywell Flour Mills, one of Nigeria’s leading agro-allied and consumer goods companies, has reported all-time high revenue of N109.5 billion in its full year 2021 operations, a 36 percent year on year increase from […]

Fidelity Bank moves to grow its trade finance war chest   

Fidelity Bank moves to grow its trade finance war chest   

  Approaches international debt market for $500m Plans trading Eurobond on Irish Exchange   Fidelity Bank, one of Nigeria’s leading tier-2 lenders, has said it is considering raising $500 million through an unsecured note issuance in the international debt capital market to support its trade finance business. The unsecured and unsubordinated notes are proposed to […]

OPEC discounts Nigeria in rating Africa’s refining outlook high

OPEC discounts Nigeria in rating Africa’s refining outlook high

  Dangote’s 650,000 bpd putting continent’s refining capacity upscale   With Nigeria evidently out of the picture, the Organisation of the Petroleum Exporting Countries (OPEC) in its 2021 world oil outlook, has rated Africa’s refining outlook high, going into the post-pandemic era. The global oil producers’ group said the continent’s producing capacity had phenomenally improved. […]

Nigeria on fiscal cliffhanger over revenue gap, expenditure shortfalls

Nigeria on fiscal cliffhanger over revenue gap, expenditure shortfalls

  Revenue underperformances pose uncertainties to 2022 budget deficit financing   There are ominous uncertainties ahead for Nigeria and its proposed 2022 fiscal spending plan of N16.39 trillion, a figure that is 12.5 percent higher than its current 2021 budget, with revenue sources remaining short as a result of the federal government’s historical underperformance across […]

CBN breaches own law as overdrafts to FG grow

CBN breaches own law as overdrafts to FG grow

  FG grappling with huge fiscal responsibilities Overleveraged on CBN’s Ways & Means N16.1trn credit to FG as of August 2021 IMF, World Bank, analysts raise concerns Inflation, interest, exchange rate challenges Threatens macro-economic stability   The federal government’s sustained recourse to its Ways and Means facility (WMF) with the Central Bank of Nigeria (CBN) […]

Nigeria’s mining sector in crisis, $9bn lost to illegal miners yearly

Nigeria’s mining sector in crisis, $9bn lost to illegal miners yearly

Foreigners‭, ‬especially Chinese‭, ‬big culprits Some private jets airlift minerals out of country Politicians collaborate with illegal miners   Nigeria’s diverse and vast possession of relevant natural resources, notably in the abundance of mineral resources, is a fact economists, geologists, historians and researchers have  proven to be true over time. A report by the Nigerian […]