Afreximbank, Credit Suisse complete $1bn 3-year loan for Nigeria’s BoI
Chris Ikosa
December 31, 2020
Transaction follows Eur1bn previous facility Nigeria’s state-owned Bank of Industry (BoI), the country’s oldest development finance institution, has secured a $1 billion African Export-Import Bank (Afreximbank) and Credit Suisse loan facility which would enable BoI to provide much needed support to Nigerian businesses across key sectors. According to Afreximbank, the facility is […]
CBN forecasts rise in secured credit lending to households, small businesses, businesses in 2021
Charles AbuedeDecember 31, 2020
By Charles Abuede Lenders expect spread on bank lending rates and MPR on new loan applications to also expand in Q1 2021 The Central Bank of Nigeria (CBN) says it foresees an increase in secured credit to households in the first quarter of 2021 with changing economic outlook and increased market share objectives […]
Nigeria bourse executes $813.87m transactions in November despite weak foreign participation
Charles AbuedeDecember 31, 2020
By Charles Abuede Total transactions increased by 29.77% from $634.6m in October 2020 to$817.9m in November Domestic transactions on the local bourse rose to N1.24 trillion in 11 months. Despite weakened participation of foreigners in the capital market, a recent data from the Nigerian Stock Exchange (NSE) shows that as at the close of […]
Global banking industry to lose $3.7trn over five years – research
Ben EguzozieDecember 30, 2020
Post-Covid recovery still remote Sector to lose $1.9trn LLPs by 2021, rising north to $3.7trn by 2024 In Africa, NPLs to rise sharp from 11% 2019 level 48% of banks plan live customer interactions via ATM by 2021 For the global banking industry, the potential for economic recovery in the near term remains […]
Wike’s Rivers lockdown plan receives knocks from CSOs, citizens for being counterproductive
Ben EguzozieDecember 30, 2020
Cite World Bank report which downgraded 79% Rivers’ households drawing down their savings Many citizens and civil society organisations (CSOs) of Rivers State, who have been speaking with Business A.M. on the planned second lockdown of the state by Governor Nyesom Wike, say the entire exercise, before its execution, was hurtful and would […]
Nigerian businesses doubt macroeconomic environment amid rising activity level
Charles AbuedeDecember 30, 2020
By Charles Abuede Report shows firms expect naira to depreciate before the end of 2020 A new survey by the Central Bank of Nigeria on business expectations shows that Nigerian businesses are still pessimistic about the macro economy despite their expression of positivity on the outlook for business activity level, the average utilization […]
Border reopening: Reactions still trail closure, selective reopening
Charles AbuedeDecember 30, 2020
By Charles Abuede The recent decision by the Nigerian government to selectively reopen four of its national land borders after 16 months of closure has come under heavy scrutiny by stakeholders who say the decision may have pressured by influential powers. The reopening came a month after the African giant ratified its membership of the […]
Bulls trump bears as interests in BuaCem, Zenith, Access ramp up market cap to N20.4trn
Charles AbuedeDecember 30, 2020
By Charles Abuede The bulls exerted their dominance over the Nigerian equity market Tuesday with the banking and industrial goods sectors driving the market to gain as stocks climbed higher in their first trading session after the Christmas break. The index was up 0.8 per cent to close at 39,110.17 points. The performance was […]
Global passenger car sales decline by $440bn in 2020, trend to continue in 2021
Zainab IwayemiDecember 30, 2020
By Zainab Iwayemi Global passenger car sale is expected to witness a fall by $440 billion in 2020 and continue into next year with revenues falling by 10 percent year-on-year in 2021 due to the Coronavirus outbreak which has hit the automotive industry hard, causing supply chain disruptions, factory closures, and huge sales and […]
Rivers’ commissioner, Nsirim, says Governor Wike’s projects to attract investors
Ben EguzozieDecember 30, 2020
But analysts want governor to balance projects with economic growth, job creation Paulinus Nsirim, Rivers State’s commissioner for information and communication, says the vast projects, including the on-going seven flyover bridges, being erected across the oil-rich state by Governor Nyesom Wike, are aimed at attracting investors into the state and thereby grow […]