Emma Ujah, Abuja Bureau Chief The COVID-19 pandemic will drive Sub-Saharan Africa into recession with -5% growth, this year, the World Bank has predicted. It would be the first regional recession in 25 Years, the bank said. The fall would be a sharp contrast from the 2.4% regional growth in 2019 as the new forecast […]

The International Monetary Fund, IMF has warned that Zimbabwe needs urgent aid as the coronavirus exacerbates the impact a food shortage following the worst drought in nearly four decades. The southern African nation needs hundreds of millions of dollars in foreign aid in the coming months to fend off a humanitarian crisis that’s likely to […]

Ratings agency Fitch downgraded South Africa’s credit rating further into “junk” territory on Friday, another blow for Africa’s most industrialised economy, which is still smarting from a Moody’s downgrade last week. Fitch lowered its long-term foreign-currency issuer default rating to ‘BB’ from ‘BB+” and assigned a negative outlook. The agency cited “the lack of a […]

AS the novel Coronavirus is ravaging the world, it has taken a toll on business ventures across the globe.

The Senate passed a massive coronavirus stimulus bill that sends cash directly to most adults in a bid to shore up the faltering economy. The bill expected to top $2 trillion and also bails out businesses, hospitals, and local governments. It passed late Wednesday night and now heads to the House for final approval. The […]

Prof. Uche Uwaleke says the devaluation of the nation’s currency by the Central Bank of Nigeria (CBN) will discourage round-tripping and return of foreign investors.

PRESIDENT Muhammadu Buhari Tuesday said that his administration has reached an advanced stage in Fiscal Transparency.

 The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed says the Federal Government through Bank of Industry (BoI) has approved facility of about seven billion naira under its creative industry group.

THE Contributory Pensioners Union of Nigeria, southwest zone, has condemned non-payment of retirement benefits of members from January 2019 till date, calling for urgent attention.

The African Development Bank on Thursday pushed back against World Bank President David Malpass’ comments that it and similar regional development banks were contributing to emerging market debt problems, saying that his criticism was “misleading and inaccurate.” Malpass said at a World Bank IMF debt forum on Monday that the African Development Bank was “pushing […]

Credit Suisse CEO Tidjane Thiam is stepping down amid revelations that the Swiss bank spied on two former executives, the company said Friday. Thiam, who joined the bank in 2015, will resign Feb. 14 and be replaced by Thomas Gottstein, the current CEO of Credit Suisse’s Swiss operations, the bank said. The shakeup comes amid […]

The U.S. Commerce Department on Monday finalized a new rule to impose anti-subsidy duties on products from countries that it has determined undervalue their currencies against the dollar, including potentially China. The move could provide a fresh irritant in U.S.-China trade talks just weeks after the world’s two largest economies signed a Phase 1 trade […]

China’s central bank said it will inject 1.2 trillion yuan ($174 billion) worth of liquidity into the markets via reverse repo operations on Monday as its stock markets prepare to reopen amid an outbreak of a new coronavirus. Chinese authorities have pledged to use various monetary policy tools to ensure liquidity remains reasonably ample and […]

By Mike Eboh Nigeria’s earnings from the oil and gas sector rose marginally by three percent, year-on-year, to N5.536 trillion 2019 from N5.39 trillion in the 2018 fiscal year. The Central Bank of Nigeria (CBN) disclosed this in its latest quarterly economic report adding that oil and gas earnings accounted for 54.2 per cent of […]

The Naira on Monday closed at N362.94 to a dollar at the investors (I&E) window.