Global banks face combined loan losses of $2.1 trillion by the end of 2021 as a result of the coronavirus crisis, credit ratings agency, Standard and Poor’s (S&P) Global estimates, with a hit of $1.3 trillion this year more than doubling the 2019 level. Around 60 per cent of the losses are likely to be […]
The continuing need for fiscal and monetary measures to help Nigeria’s economy cope with the impact of the coronavirus (Covid-19) pandemic likely means that a low interest rates regime will persist in the country in the second half of this year, Cowry Asset Management Limited has said. The firm stated this in a report entitled, […]
Oil prices barely moved in early trade on Thursday as positive momentum from signs of a recovery in U.S. gasoline demand was tempered by concerns about renewed lockdowns with COVID-19 infections surging in the United States. U.S. West Texas Intermediate (WTI) crude CLc1 futures were unchanged at $40.90 a barrel at 0035 GMT, after […]
The naira stayed stable at N461/$1 on the parallel market yesterday, as traders appeared confused about whether the Central Bank of Nigeria’s (CBN) adjustment of the exchange rate at the official window by 5.54 per cent to N381 per dollar from N361/$ on Tuesday, meant that the apex bank had officially devalued the local currency […]
Shaped largely by the Coronavirus pandemic, the ICT sector in the second quarter witnessed some landmark events despite the lockdown. The period also revealed the reality of current telecommunications infrastructure as networks struggled with the pressure of increased traffic. SAMSON AKINTARO reports More than ever before, the second quarter witnessed the recognition of ICT as […]
The Central Bank of Nigeria (CBN) unveiled a N50 billion Targeted Credit Facility (TCF) as parts of containment measure to rein in impact of COVID-19 on the economy and improve livelihood. The facility administered by NIRSAL Microfinance Bank has put smile on SMEs operators’ faces, as some beneficiaries relieve their experiences. Abdulwahab Isa reports When […]
Indeed, the second quarter of the year 2020 saw the height of COVID-19 in Nigeria and globally with key facet of the economy contracting in growth and performances. The country’s manufacturing sector was not spared as massive job losses, disruptions in supply chains, recession were pronounced. Taiwo Hassan reports In fact, the country’s manufacturing sector […]
Following the country’s renewed interest in mining sector, the Federal Government has disclosed that the country’s mining sector is now targeting a five per cent contribution to the Gross Domestic Product (GDP) by year 2025. Apparently, this is a leap from its 2016 position where it stated that it had re-positioned the mining sector to […]
Kano State has displaced Ogun State as the second largest in terms of active mobile subscribers, New Telegraph has learnt. This is according to the latest telecoms data released by the National Bureau of Statistics (NBS), which revealed that while Lagos remained at the top with 23.3 million active voice subscriptions as of end of […]
Global operators invest $1.5trn in 10 years The Nigerian telecommunications sector has been projected to remain strong despite the economic crunch occasioned by the coronavirus pandemic. According to investment analysts at Afrinvest, while there is an immediate worry over other sectors due to the impacts of the pandemic, the telecoms sector is expected to remain […]