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The Debt Management Office (DMO,) has announced that the Federal Government spent N2.95 trillion to service domestic debts for a period of 5 years (2010-2014) according to a report obtained by Daily times. The report stated that the amount had risen during the period from N334.66bn in 2010 to N846.64bn by December 2014. The report […]

Reports from Reuters reveal that Angola has  also held talks with the World Bank about obtaining a loan to help get through the economic crisis it is facing as a result of the dip in oil prices. According to Reuters, Angola will implement unspecified if it is to secure the nod of the World Bank. The […]

The persistent depreciation of the naira against major currencies especially the United States dollar may create another round of petrol scarcity, according to oil marketers interviewed by Punch. The marketers said that sourcing for dollars to import petroleum products was becoming increasingly difficult, with most them turning to the parallel market for foreign exchange. One […]

Guinness Nigeria Plc (Guinness) released its unaudited financial results for 6 months ended 31st December 2015 reporting a revenue drop of 9.8% YoY to N49.8 billion while pretax profits and profit after tax dropped 64.5% and 65.5% YoY to N1.7 billion and N1.2 billion respectively. Highlights In contrast to the last four quarters where top-line growth averaged […]Read More

Talks are on between the Niger Delta Development Commission (NDDC) and an engineering company from Poland, Em-Bud Studio 2000 on how both will partner towards the development of the Niger Delta. Acting Managing Director of the NDDC, Ibim Semenitari who was represented at a meeting with the officials from Em-Bud Group by the Director of […]

After an almost unprecedented surge in credit (total social financing) and over-invoicing enabled a bounce in China’s PMI data in December, both Manufacturing and Services data tumbled in January, confirming South Korean trade data. While manufacturing continues its contraction (dropping to 49.4, the weakest since Aug 2012), it is non-manufacturing’s plunge from a one-year high […]Read More

It seems that everyone these days is exporting deflation to the US. The drop in commodity prices and the US dollar rally versus a broad basket of currencies in recent years had a big impact of course, but the magnitude of the decline of US import prices has been very significant indeed. And this matters for many […]

As the first major exporting nation to report each month, all eyes and hopeful speculative capital was glued to tonight’s South Korean trade data. After a brief respite in November, December’s drop was worrisome, but January’s just reported 18.5% crash – the most since the financial crisis – has only been seen during a US […]Read More

As Der Freitag reports (via Google Translate), if the German authorities do not get rid of a refugee, you can just change his nationality. African embassies are paid for their help… Joseph Koroma does not understand to this day why he was deported to Nigeria – a country in which he had never before set […]

Submitted by Jeffrey Snider via Alhambra Investment Partners, At what point do we accede back to logic and rational thought? The Bank of Japan is “forced”, not my word, to unleash negative nominal interest rates and that is taken as a positive for everyone everywhere. Such a move is, without question, an open admission that […]

Following Kuroda’s panic policy measures from Friday, JGB yields continue to collapse across the curve (though notably 30Y is selling off – is someone actually concerned about long-term survival risk?). 2Y Yields have collapsed all the way to BoJ’s -10bps rate, 5Y is plunging – now close to -9bps, and 10Y has dropped 20bps to […]

In a moment of curious serendipity, a little over 90 minutes after we showed what a dystopian, centrally-planned, cashless society unleashed in a negative interest rate world would look like (“by forcing people and companies to convert their paper money into bank deposits, the hope is that they can be persuaded (coerced?) to spend that […]