OPEC and OPEC+ member countries have finally decided to cut oil production by 9.7 million barrels a day starting on May 1st, 2020 and until June 30th, 2020.

The 10th OPEC/Non-OPEC Declaration of Cooperation Ministerial Meeting to conclude the curtailment of crude oil production by 9.7 million barrels. This also promises an appropriate balancing of Nigeria’s 2020 budget that has been rebased at $30 per barrel.

The African Development Bank (AfDB) raises $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.

Engr. Makoju, popularly called Mr. Cement, is bowing out after 45 years of transformational leadership in the cement industry. The Board has however approved the appointment of Mr. Michel Puchercos as his replacement as the Group CEO, effective 1st February 2020.

The Economic Community of West African States (ECOWAS) endorses Nigerian Akinwunmi Adesina for second term as President of the African Development Bank. Adesina is a renowned development economist and the first Nigerian to serve as President of the Bank Group

Equatorial Guinea continues to be proactive in encouraging foreign direct investment into the country

CBN data shows reserves rose slightly from $43.116bn on December 31, 2018, to $43.174bn on January 31, 2019, before falling to $42.296bn at the end of February. It gained over $1.8bn in the month of March.

National leader of the All Progressives Congress (APC), Bola Tinubu, has kicked against reports of government’s plan to increase the Value Added Tax (VAT). The VAT which is charged at 5% could be hiked to 50% considering statement attributed to Minister of Finance, Zainab Ahmed, that the Nigerian government has concluded plans to increase revenue by introducing new taxes. Officials […]

The figure is generated from the number of active subscribers in the months under review, which was obtained from the Nigerian Communications Commission (NCC) and the industry’s Average Revenue Per User (APRU) provided by network operators.

The FGN N100bn Bond auction for March 2019 oversubscribed in excess of 140bn just as in the auctions for January and February.