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<p>Nigeria is projecting a 4.2 per cent growth in 2022 according to the Minister of Finance, Budget and National Planning, Zainab Ahmed. Meanwhile, holders of refining licences in the Nigeria will be able to purchase domestic crude oil supply in naira as indicated in the recently passed Petroleum Industry Bill. Paul Alaje, Senior Economist at SPM Professionals joins CNBC Africa for more.</p>


Nigeria targets 4.2% growth in 2022

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<p>Governor of the Central Bank of Nigeria, Godwin Emefiele says the Naira depreciated at the official window and now hovers around 410 naira per dollar.</p>


Naira depreciates to N410/$ at official window

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<p>In her maiden State house briefing, focused on Nigeria&#8217;s economic recovery, Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed says the Economic Sustainability Plan largely contributed to Nigeria&#8217;s exit from the recession.</p>


Nigeria’s Finance Minister Ahmed: Nigeria’s debt still within sustainable limits

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<p>Nigeria is technically out of the recession but not yet out of the woods as the government needs to drive a more inclusive recovery. Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed says the executive arm expects the 2020 Capital Budget implementation to enhance Nigeria’s economic recovery efforts and budget execution. Sam Chidoka, CEO of Kairos Capital joins CNBC Africa to discuss how Nigeria can drive an inclusive recovery.</p>


Kairos Capital CEO on how to drive inclusive recovery in Nigeria

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<p>Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed says the government is shifting its focus from revenue collection to tax compliance.</p>


Nigeria looks to tax compliance to drive revenue mobilisation

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<p>Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, says there are no plans to rework the 2021 budget currently being deliberated by the National Assembly.</p>


Finmin Ahmed: Economic Sustainability Plan will help Nigeria exit recession

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<p>Nigeria’s Federal Executive Council has approved the Finance Bill 2020. According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Finance bill aims to improve on extant tax laws in Nigeria. Taiwo Oyedele, Partner and West Africa Tax Leader at PwC Nigeria joins CNBC Africa’s Esther Awoniyi to discuss the key features of Nigeria’s Finance Bill 2020.</p>


Nigeria approves draft Finance Bill 2020 – what you need to know

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<p>President, Muhammadu Buhari, will present Nigeria&#8217;s 2021 budget to a joint sitting of the National Assembly on Thursday. According to Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, the proposed spending plan was predicated on a 379 naira to a dollar exchange rate, an oil benchmark of $40 per barrel, and an oil production volume of 1.86 million per day. Dayo Amzat, MD and CEO of Zedcrest Capital joins CNBC Africa for more.</p>


Market & business expectations from Nigeria’s 2021 budget

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<p>Nigeria’s Finance Minister, Zainab Ahmed says the COVID-19 has shown the urgent need for the government to diversify its revenue sources and will be doing so under its Strategic Revenue Growth Initiative. Dipo Ajayi, Head of Fixed Income and Forex at Chapel Hill Denham joins CNBC Africa for more.</p>


Addressing Nigeria’s revenue realities

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<p>Nigeria’s Minister for Finance, Budget and National Planning, Zainab Ahmed says Nigeria&#8217;s economy could shrink by as much as 8.9 per cent this year in a worst-case scenario without stimulus. Ahmed stated that the contraction could reach 4.4 per cent in a best-case scenario, without any fiscal measures. But with a stimulus, the contraction could be kept to just 0.59 per cent. Pabina Yinkere, Chief Investment Officer at Sigma Pensions joins CNBC Africa for more.</p>


Nigeria Finmin: Economy to shrink 8.9% in worst case scenario

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<p>The Managing Director of the International Monetary Fund, Kristalina Georgieva says the fund is working hard to respond to Nigeria’s request so that a proposal can be considered by the IMF’s Executive Board as soon as possible. Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed had disclosed that Nigeria had applied to IMF’s Rapid Credit Facility. Kyari Bukar, Former Chairman of the Nigeria Economic Summit Group joins CNBC Africa more.</p>


COVID-19: IMF considering Nigeria’s financing request

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<p>Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, says the federal government plans to engage insurers for special products for healthcare workers.</p>


Nigeria seeks to improve turnaround time for COVID-19 testing & results

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<p>Nigeria&#8217;s Minister of Finance, Budget and National Planning; Zainab Ahmed says Nigeria has applied for the International Monetary Fund&#8217;s Rapid Credit Facility. Minister Ahmed however stressed that Nigeria does not intend to negotiate or enter into any IMF program at this time. Tilewa Adebajo, CEO of CFG Advisory joins CNBC Africa to asses Nigeria’s response so far and more.</p>


Nigeria applies for IMF’s rapid credit facility


<p>ABUJA (Reuters) &#8211; Nigeria is looking at reducing its budget by 1.5 trillion naira  ($4.90 billion) as the global spread of the coronavirus takes a massive toll on Africa’s largest economy and one of the continent’s biggest oil producers, the finance minister said on Wednesday. </p>



<p>Roughly 90% of the Nigerian government’s foreign exchange earnings come from sales of oil, prices of which have taken a beating amid lower Chinese demand and a price war between Saudi Arabia and Russia. </p>



<p>Finance Minister Zainab Ahmed last week said the 2020 budget would have to be cut. The spending plan, which was calculated assuming crude production of 2.18 million barrels a day at a price of $57 per barrel, was passed in December.  </p>



<p>“We are working on a worst-case scenario of an oil benchmark of $30 per barrel and a production of 2.1 million (barrels a day),” Ahmed told reporters at a briefing after a regular Cabinet meeting. </p>



<p>International benchmark Brent crude on Wednesday reached a 16-year low of about $25 a barrel, dragged down by concerns about the impact of the coronavirus on the global economy, a collapse in oil demand and a supply glut. [O/R] </p>



<p>Nigeria is still struggling to shake off a 2016 recession, which was caused by the oil price collapse of late 2014, with economic growth currently at around 2%. </p>



<p>The West African country, which has deep trade ties with China, has also felt the impact of the coronavirus due to disrupted supply chains. </p>



<p>($1 = 306.0000 naira) </p>



<p>(Reporting by Felix Onuah; Writing by Paul Carsten; Editing by Alexis Akwagyiram and Leslie Adler)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2160YK-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2160YK-OZABS</a> and is republished with its permission.</p>


Nigeria eyes $4.9 bln budget cut amid coronavirus


<p>ABUJA (Reuters) &#8211; Nigeria will postpone all non-critical government spending and wait for better market conditions for a planned $3.3 billion eurobond offering due to the turmoil caused by the coronavirus pandemic, the finance minister said on Monday.</p>



<p>Minister Zainab Ahmed told journalists in Abuja that Africa’s largest economy will prioritize “major capital expenditures.” </p>



<p>“Any expenditures that are not critical we must defer to do it at a later time when things become more normal,” she said. </p>



<p>An oil price crash caused by the toxic mix of a coronavirus-induced slump in demand and the collapse of a supply-cutting deal between OPEC and other oil producers such as Russia, has forced Nigeria to revise its budget and alter its spending plans. </p>



<p>The 10.59 trillion naira ($34.6 billion) budget included a benchmark of oil prices at $57 per barrel. On Monday, Brent crude slumped to roughly $30 per barrel. </p>



<p>Ahmed also said the virus-induced market turmoil would impact external borrowing, including for the eurobond it planned to issue to partly fund its 2020 budget deficit. </p>



<p>“We are not going out immediately because the market indication is not in favour of external borrowing at this time. Even if we get the approvals we will defer it and watch the market and go out only when the timing is right.” </p>



<p>Borrowing costs for many riskier emerging markets have risen sharply in recent days, with all of Nigeria’s dollar-bonds now yielding between 12%-14% compared with yields of less than 3% on shorter-dated issues in mid-February. </p>



<p>Last month, the Debt Management Office said it expected to appoint advisers for the eurobond issue through an open competitive bid process and expected to complete an approval process for the sale swiftly. </p>



<p> ($1 = 306.0000 naira) </p>



<p>(Reporting by Camillus Eboh, additional reporting by Karin Strohecker in London, writing by Libby George, editing by Hugh Lawson)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN214196-OZABS">https://af.reuters.com/article/investingNews/idAFKBN214196-OZABS</a> and is republished with its permission.</p>


Nigeria to delay non-critical spending, defer Eurobond sale

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Nigeria’s Finance Minister, Zainab Ahmed says the country will cut its budget due to declining and volatile oil prices. Nigeria&#8217;s 2020 budget benchmark for oil was earlier set at $57 a barrel. Bismark Rewane, CEO of Financial Derivatives joins CNBC Africa to in on weigh the impact of latest dynamics on Nigeria’s economy.</p>


How the oil price collapse is impacting Nigeria’s 2020 budget

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Nigeria&#8217;s Minister of Finance, Budget and National Planning, Zainab Ahmed says the 2020 budget may be revised if government revenues are significantly impacted by the coronavirus outbreak. Meanwhile, CFG Advisory is recommending a major policy overhaul for Nigeria to reduce its revenue vulnerabilities and budget deficits. Tilewa Adebajo the CEO of CFG Advisory who was also a former Senior Technical Adviser to the Minister of Industry Trade and Investment joins CNBC Africa for more.</p>


Zainab Ahmed

Nigeria targets 4.2% growth in 2022

Naira depreciates to N410/$ at official window

Nigeria’s Finance Minister Ahmed: Nigeria’s debt still within sustainable limits

Kairos Capital CEO on how to drive inclusive recovery in Nigeria

Nigeria looks to tax compliance to drive revenue mobilisation

Finmin Ahmed: Economic Sustainability Plan will help Nigeria exit recession

Nigeria approves draft Finance Bill 2020 – what you need to know

Market & business expectations from Nigeria’s 2021 budget

Addressing Nigeria’s revenue realities

Nigeria Finmin: Economy to shrink 8.9% in worst case scenario

COVID-19: IMF considering Nigeria’s financing request

Nigeria seeks to improve turnaround time for COVID-19 testing & results

Nigeria applies for IMF’s rapid credit facility

Nigeria eyes $4.9 bln budget cut amid coronavirus

Nigeria to delay non-critical spending, defer Eurobond sale

How the oil price collapse is impacting Nigeria’s 2020 budget

Will COVID-19 force Nigeria to review its 2020 budget?

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Zainab Ahmed

Nigeria targets 4.2% growth in 2022

Naira depreciates to N410/$ at official window

Nigeria’s Finance Minister Ahmed: Nigeria’s debt still within sustainable limits

Kairos Capital CEO on how to drive inclusive recovery in Nigeria

Nigeria looks to tax compliance to drive revenue mobilisation

Finmin Ahmed: Economic Sustainability Plan will help Nigeria exit recession

Nigeria approves draft Finance Bill 2020 – what you need to know

Market & business expectations from Nigeria’s 2021 budget

Addressing Nigeria’s revenue realities

Nigeria Finmin: Economy to shrink 8.9% in worst case scenario

COVID-19: IMF considering Nigeria’s financing request

Nigeria seeks to improve turnaround time for COVID-19 testing & results

Nigeria applies for IMF’s rapid credit facility

Nigeria eyes $4.9 bln budget cut amid coronavirus

Nigeria to delay non-critical spending, defer Eurobond sale

How the oil price collapse is impacting Nigeria’s 2020 budget

Will COVID-19 force Nigeria to review its 2020 budget?

News Tips

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