Nigeria’s $34.6 billion Budget for 2020 was benchmarked on an oil price of $57 per barrel. It expected crude oil sales to contribute 35 percent of government revenue. The oil prices' plunge has forced the Nigerian government to review its budget.
The United State Consul General to Nigeria, Claire Pierangelo says having identified SMEs as the growth of the Nigerian economy, the US hopes to be able to work with entrepreneurs at that level to develop their skill set and businesses. Ms Pierangelo spoke to CNBC Africa’s Christy Cole during her courtesy visit to the Nigerian Stock Exchange (NSE) here she rang the Closing gong.
International Monetary Fund and Ethiopian government have reached an opening agreement for a three-year, $2.9 billion financing package to support the African country’s economic reform program. The program would focus on addressing foreign exchange shortage and transitioning to a more flexible exchange rate regime, while working to strengthen oversight and management of state-owned enterprises to contain debt vulnerabilities. Zemedeneh Negatu, Global Chairman at Fairfax Africa Fund (US) joins CNBC Africa for more.
Sudan's Prime Minister, Hamdok held talks in Washington with the aim of having Sudan removed from the US list of countries that are said to sponsor terrorism. In order to be removed from the terrorism list, Sudan must meet a series of US conditions, including payments to the embassy bomb victims. Also the United States is set to name an ambassador to the country for the first time in 23 years. Analyst and Activist, Hajooj Kuka joins CNBC Africa for more.
Today marks one year since the flagging off of the historic Nairobi to New York daily direct flight. During the launch, President Uhuru Kenyatta said the 15 hour flight to US will open up Kenya and the region to the world and boost the continent’s economic growth. To breakdown how much of an impact this flight has had thus far, Sebastian Mikosz, CEO of Kenya Airways joins CNBC Africa.
Egyptian President Abdel Fattah al-Sisi and Ethiopian Prime Minister Abiy Ahmed are set to meet in Russia to discuss a dispute over a hydropower dam that Ethiopia is building on the River Nile, which has caused a long-running diplomatic standoff. Ethiopia aims to provide electricity to homes of its 105 million citizens and Egypt wants a steady supply of water for its 98 million citizens. Global Chairman at Fairfax Africa Fund (US), Zemedeneh Negatu joins CNBC Africa for more.
The Central Bank of Nigeria has reviewed upwards the minimum loan-to-deposit-ratio (LDR) for banks in the country from 60 to 65 per cent. The new directive comes just after the closure of September 30th deadline set by the regulator for banks to meet the 60 per cent loan-to-deposit-ratio. Meanwhile, oil prices steadied today although gains were capped as weak economic readings in the United States depressed global markets. Research Analyst at Financial Derivatives, Funmi Adebowale joins CNBC Africa for more.
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