Business Tips

AfDB Portfolio in Nigeria over $6b –Adesina

The President of African Development Bank (AfDB), Dr Adewumi Adesina, has said that the bank’s total active portfolio in Nigeria is over six billion dollars.

Adesina said this in an interview with the News Agency of Nigeria on Wednesday in Abuja.

“The bank supports Nigeria very strongly.

“When Nigeria was going through a tough economic time, we led the world actually in rallying support around for a budget support which we did at 600 million dollars to help build more resilient economy as it shows a better diversified economy.

Nigeria Raises ₦119.9b at Treasury Bill Auction

Nigeria raised 119.9 billion naira at a treasury bill auction on Wednesday after allocating almost 90 percent of the debt to the longer maturities, traders said.

The central bank sold 107.93 billion naira of one-year debt at a rate of 15.60 percent, 43.26 billion naira more than it had initially offered to sell in that maturity.

Investors bid as high as 18.23 percent for the one-year paper. However, the government has been offering debt at lower yields to track declining inflation, which fell for the ninth month in October to 15.91 percent.

Senate Gives Go-ahead for $5.5b Foreign Borrowing

Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move.

The money is designed to plug a large gap in Nigeria’s finances that stems in part from the global fall in oil prices.

Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, but the pace of growth was slow suggesting that the recovery remains fragile.

Airline Revenue of $1.2b Blocked Across Africa –IATA

The global airline industry has $1.2 billion blocked in nine dollar-strapped African countries, the International Air Transport Association (IATA) said on Monday.

The global commodities price crash that began in 2014 hit economies across Africa hard, particularly big resource exporters such as Angola and Nigeria. Low oil and mineral prices have reduced government revenue and caused chronic dollar shortages and immense pressure on local currencies.

The fiscal slump has meant governments have not allowed foreign airlines to repatriate their dollar profits in full.

Afrexim Bank to Invest $25b in Intra-African Trade

The African Export-Import Bank has reiterated the commitment of the bank to promote Intra-African trade on the African continent.

Dr Benedict Oramah, the President of Afrexim Bank, said this at a news conference on Wednesday in Abuja.

According to Oramah, the bank had a new strategy in Nigeria called “Impact 2021 African transformed’’ which was inaugurated in January.

He said that the strategy is keyed on three pillars of intra-African trade, industrialisation and export manufacturing, and trade finance leadership.

Bonds Shrug off Moody’s Downgrade as Investors seek Yield

Nigeria’s bonds were flat on Wednesday, shrugging off a downgrade by Moody‘s, since investors had already factored in issues that triggered the rating change and were buying debt at a discount to book profits, traders said.

Ratings agency Moody’s cut Nigeria’s long-term foreign-currency bond to B1 from Ba3 and kept its outlook stable, saying Nigerian efforts to broaden non-oil revenue had been unsuccessful. The local-currency rating was unchanged at Ba1.

Paradise Papers: FG to Probe Users of Tax Havens

The Federal Government is to investigate all Nigerian who have been linked to offshore accounts in some tax havens as leaked by Paradise Papers.

The Minister of Finance, Mrs Kemi Adeosun, disclosed on Tuesday that the government would be investigating high net-worth individuals and companies who frequent offshore tax havens.

While fielding questions at an interactive session with newsmen on the use of offshore jurisdictions with favourable tax laws, Adeosun said that the government would look into tax avoidance by Nigerians.

Ease of Doing Business: Nigeria Moves Up 24 Points

The World Bank on Tuesday said that Nigeria now ranked 145th position out of 190 countries in the Ease of Doing Business index for 2018

The World Bank stated this in its just released Ease of Doing Business report titled, “Doing Business 2018: Reforming to create jobs”.

The report indicated that Nigeria had moved up by 24 points from 169th position on the 2017 ranking and also 170th position on the 2016 ranking to 145 in the World Bank’s 2018 report.

Nigeria Strengthens Bilateral Relations with Cote d’Ivoire

The President of Cote d’voire Alhasan Quattara on Monday in Abuja commended President Muhammadu Buhari for taking Nigeria out recession.

Quattara gave the commendation when he addressed State House correspondents after a closed door meeting with Buhari at the Presidential Villa.

He said that they discussed how to strengthen existing bilateral relations between Nigeria and Cote d’Ivoire.

Ouattara also said that Buhari had accepted to be part of the African Union summit slated for the end of November in Abidjan, Cote d’Ivoire.

Corruption, Tribalism, Religion Hamper Development –Osinbajo

Vice-President Yemi Osinbajo on Friday declared his stand on raging issues, including corruption, tribalism and religion which he said were the key problems hampering Nigeria’s development.

Osinbajo also talked on restructuring of Nigeria and agreed that “states should have more opportunities to develop themselves’’.

Osinbajo spoke at a Lagos conference, tagged: “Towards a Better Nigeria,’’ organised by leading Nigerian pastors.