Economy, Finance, Business News Headlines and Insights, 14th October 2020

Business and Economy

Nigeria’s economy ’ll contract by 4.3% in 2020 – IMF

The International Monetary Fund has projected that Nigeria’s economy will contract by 4.3 percent in 2020. It disclosed this in its World Economic Outlook report for October 2020 which was released on Tuesday. The IMF had earlier April predicted a 3.4 percent contraction of the economy. It also predicted 5.4 percent contraction in June. It however projected that the economy would recover by 1.7 percent in 2021… Read more

Mining to contribute 5% to Nigeria’s GDP by 2025 — FG

The Minister of Mines and Steel Development, Architect Olamilekan Adegbite, has said that the ministry has a target of increasing the mining sector’s contribution to the nation’s Gross Domestic Product, GDP, by 5% in 2025. Addressing newsmen in Abuja, Adegbite lamented that mining which contributed about 12 percent of the country’s GDP in the 1950s was now neglected… Read more

W’Bank Predicts 0.3% GDP Growth for Nigeria in 2021

The World Bank has projected a subdued growth of 0.3 percent for Nigeria in 2021. It also anticipated that Nigeria’s Gross Domestic Product (GDP) will contract by 4.1 percent in 2020. The World Bank stated this in its latest ‘Africa Pulse’ obtained on Monday. It stated that Nigeria would be a drag on the rebound of the West and Central Africa’s economies from the adverse impact of the COVID-19 pandemic disease… Read more

BDCS urge CBN to address huge exchange rate mismatch in FX market

The Bureau De Change (BDC) operators through their association have called on the Central Bank of Nigeria (CBN) to address the huge exchange rate mismatch in the forex market. Association of Bureaux De Change Operators of Nigeria (ABCON) made the call in its quarterly economic review report for the third quarter of the year (Q3’2020)… Read more

Energy and Power

Nigeria’s oil & gas earnings climb to N24trn in 5yrs

Despite the huge global crash in prices, Nigeria’s earnings from oil and gas in the first half of 2020, is N2.41 trillion just 8.7 percent below the N2.63 trillion recorded in the corresponding period of 2019. This brings the country’s total earnings from this mainstay of revenue in the past five years (2015-2019) to N24.1 trillion. According to the data sourced from the Central Bank of Nigeria, CBN, oil revenue in the first six months of 2020, accounted for 59.7 percent of gross federally-collected revenue of N4.03 trillion recorded in the same period… Read more

UAE Says OPEC+ Set To Ease Oil Production Cuts As Planned

The OPEC+ group plans to taper the ongoing oil production cuts as of January 2021, as initially agreed, the energy minister of OPEC’s third-largest producer, the United Arab Emirates (UAE), said on Tuesday… Read more

China Books 12.7% Rise In Oil Imports Jan-Sept

China imported 416 million tons of crude oil during the first nine months of the year, up 12.7 percent on the year, in the latest positive sign for oil demand despite the pandemic. The amount translates into 338.8 million barrels monthly on average, or about 11.29 million barrels daily, using a conversion factor of 7.33 barrels per 1 ton of oil… Read more

Nigeria’s Bonny light oil currently trades at $41.18, gaining 1.75%.

Corporate Disclosures

FBN Holdings Plc – Senior Unsecured Note Issuance with A 5-Year Maturity

FBN Holdings hereby notifies the NSE that its largest subsidiary, First Bank of Nigeria Ltd. has mandated Citigroup Global Markets Limited, Renaissance Capital, and Standard Chartered Bank as book-runners to arrange a global investor call in addition to a series of individual and small group investor meetings commencing on October 14, 2020. A USD 144A/RegS Senior Unsecured transaction within a 5-year maturity will follow, subject to market conditions… Read more

Julius Berger Nigeria Plc – Notice of Board Audit Committee Meeting and Closed Period
  • Board Committee Meeting: To hold on Wednesday, October 28, 2020, respectively to consider the results for Q3 ended September 30, 2020.
  • Closed Period: To hold from October 13, 2020, to October 29, 2020. In this period, there shall be no insider dealings in the shares of the company… Read more
Consolidated Hallmark Insurance Plc – Notice of Board of Directors’ Meeting

The 67th Meeting of the Board of Directors of Consolidated Hallmark Insurance Plc (The Company) will hold as follows:

  • Date: Wednesday, October 28, 2020.
  • Time: 1:00 pm.
  • Venue: Virtual.

In view of the above, the Company hereby announces the commencement of a Closed Period from today, 13th October 2020 until twenty-four (24) hours after the 2020 Q3 Unaudited Financial Statements for the Period ended 30th September is released to the public… Read more

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