The Central Bank of Nigeria has released a communique to roll out policies that will be targeted at supporting renewable energy, light manufacturing, affordable housing and cutting edge research to cushion the effect of the COVID-19 pandemic.
Nigeria’s external debt hits a 16 year high of $27 billion in December 2019 just higher than the $20.8 billion in external debt level as at 2005. Between the start of 2015 and December 2019, Nigeria’s external debt profile has risen from $9.7 billion to $27 billion.
The Central Bank of Nigeria has disclosed its intention to create a fund for developers in the real estate sector, who have the capacity to repay as at when due. This is according to information made available by the apex bank, as seen by Nairametrics.
Saudi Arabia and Russia have struck a deal to cut global oil supplies by 10 million barrels per day(bpd) following the virtual meeting between Organisation of Petroleum Exporting countries and allies held on 9th of April 2019.
Nigeria recorded total export revenue of $10.4 billion in 2019, the highest since 2008 which is farthest we can trace the country’s export data. According to the data from the CBN, total exports (Free on Board “FOB”) in 2019 was $64.9 billion. Thus for the first time ever, oil revenue as a percentage of total exports fell to 83.9% as against over 90% in previous years
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