Nigerian current GDP very encouraging, says budget minister

Businessam StaffMay 24, 2017

Population Growth

Nigeria is moving out of recession, its budget minister said on Wednesday. “We discussed at length the GDP results just released and found the GDP performance very encouraging,” Udoma Udo Udoma, minister for budget and national planing, said after a cabinet meeting. He was referring to data released on Tuesday showing that Africa’s biggest economy […]

Nigeria could hit 2.2 million bpd oil output by end of June – Oando

Businessam StaffMay 24, 2017

The worst disruptions in Nigeria’s oil-producing Delta region are over, and production could reach 2.2 million barrels per day (bpd) by the end of June, the chief executive of Nigeria’s Oando said on Wednesday. Oando chief Pade Durotoye told the Africa Independents Forum in London the long-closed Forcados oilfield could be back to capacity by […]

Nigeria MPC maintains analysts call, keeps rates on hold

Businessam StaffMay 23, 2017

In tandem with analysts’ expectations, the Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Tuesday left the benchmark interest rate, the monetary policy rate (MPR) and other key monetary indicators unchanged. The monetary regulator retains MPR at 14 percent, ditto cash reserves ratio at 22.5 per cent, liquidity ratio at 30 percent, […]

Nigeria economy slump continues as GDP contracts 0.5% in first quarter

Businessam StaffMay 23, 2017

Nigeria’s economy continued its slump and contracted for a fifth consecutive quarter in the three months through March as oil output declined. Gross domestic product in Africa’s most populous nation shrank 0.5 percent in the first quarter from a year earlier, compared with a revised 1.7 percent contraction of in the final three months of […]

Access Bank, FBNQuest analysts see Nigeria MPC retaining key rates

Businessam StaffMay 22, 2017

Analysts at Nigeria’s Access Bank and FBNQuest are betting that the country’s key monetary policy rates would be retained at the ongoing Central Bank Monetary Policy Committee meeting which ends, Tuesday. Godwin Emefiele, governor of the CBN, who is chairing the meeting, is expected to announce decisions reached after two days of deliberations and the […]

AfDB projects moderate economic recovery for Nigeria

Businessam StaffMay 22, 2017

The African Development Bank (AfDB) has projected a moderate economic recovery for Nigeria, saying growth would be at 2.2%. This is contained its 16th Africa Economic Outlook launched Monday at its 52nd Annual meetings holding in India. “The outlook for 2017 is for a moderate economic recovery with real GDP projected to grow at 2.2% […]

Africa disappoints on global emerging market expectations

Businessam StaffMay 20, 2017

Africa has disappointed the world on its expected emergence as a strong and virile market, according to economic watchers. The continent instead of riding on the birth of democracy in most of its countries and an equally working population, slipped into debts despite billions of dollar debt being forgiven her. At the turn of the […]

Rising dollar debts still a worry for Africa

Businessam StaffMay 19, 2017

*Govts advised to embrace local currency liabilities… Despite having a chunk of their dollar denominated debts written off in 2005, most African governments are still neck deep in foreign currency debts, which have been estimated to be rising to the $500 billion mark, according to Reuters. Analysts are worried that over a decade later, most […]

Global shares, dollar lick wounds as Trump rout eases

Businessam StaffMay 19, 2017

The dollar limped toward its worst week since August on Friday and world stocks headed for their first weekly fall in five, as storms surrounding Donald Trump’s U.S. presidency and Latin America’s biggest economy, Brazil, began to calm. The most eventful week of 2017 for markets started with stocks at record high but then saw […]