IMF Proposes $650bn Special Drawing Rights To Members — Kristalina Georgieva       The International Monetary Fund (IMF) is to propose a $650 billion Special Drawing Rights (SDR) to its member countries in the organisation’s efforts to boost their reserve positions. The Managing Director (MD) of the IMF,...

We Borrowed $2.5bn From China For Lagos-Ibadan Rail - Amaechi     The Minister of Transportation, Rotimi Amaechi, has said the Federal Government borrowed about $2.5 billion for the construction of the Lagos-Ibadan rail line. Amaechi, who stated this in an interview on Channels Television’s Newsnight on Monday...

Nigeria, China Trade Volume Hits $19.27bn       The trade volume between China and Nigeria reached $19.27 billion in 2019, the Charge’ d’ Affairs of the Chinese Embassy in Nigeria, Mr. Zhao Yong, said yesterday. Also, despite the pandemic, bilateral trade growth between both countries from January to...

Oil Revenue To Remain Subdued As Output Plunges By 15%       Despite the recent rise in oil prices, there are strong indications that Nigeria is not likely to be out of the woods in its petroleum revenue performance and budget funding, due, mainly to the significant...

IMF Rates Nigeria’s GDP As Best In Africa         Using the Gross Domestic Product (GDP) as yardstick, the International Monetary Fund (IMF) has rated Nigeria as the best economy in Africa. In its 2020 World Economic Outlook, the IMF also ranked Nigeria as one of the world’s...

$2.6bn AKK Pipeline 10% Completed - Contractor       About 100 per cent local content is currently deployed for the construction of the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, the contractor handling the project, Oilserv Limited, has said. The Managing Director, Oilserv, Emeka Okwuosa, also told journalists during a...