Nigeria, Others Turn To SWF Savings To Mitigate Oil Price Slump   Nigeria, Norway, Iran and other oil-producing countries have resorted to drawing down on savings in their sovereign wealth funds (SWFs) to help mitigate the impact of the global slump in crude prices largely induced...

Nigeria’s Brent Crude Drops To $19.71/b, Lowest In 18yrs   The turmoil in the international oil market worsened significantly yesterday as the Brent crude, the international and Nigeria’s benchmark, dipped significantly by nearly $12 per barrel to ebb at $19.71 per barrel, the lowest price it...

Federal Government’s Debt Profile Still Aloft   As Nigeria continues to battle the Coronavirus (COVID-19) pandemic, currently ravaging the nation’s economy, the Federal Government (FG) has announced plans to borrow as much as $6.9 billion from international lenders. The Minister for Finance, Zainab Ahmed, said the plan...

Sovereign Wealth Fund Will Drop to $201m After $150m Withdrawal     The plan by the Federal Government to withdraw $150m from the stabilisation fund of the Sovereign Wealth Fund would reduce the amount in the account to $201m. The Nigeria Sovereign Investment Authority said this in a...

Nigeria’s Debt Stock May Hit N30trn With New Loans   If Nigeria succeeds in borrowing the proposed $6.9bn from international lenders including the World Bank, the African Development Bank and the Islamic Development bank to help counteract the impact of coronavirus on the economy, the country’s...

IMF Board To Meet On Nigeria’s $3.4bn Loan Request   The International Monetary Fund on Tuesday said its executive board would soon meet over a fresh $3.4bn loan request from Nigeria. The Federal Government had applied to the IMF for a rapid credit loan as part of...