Ruth Olurounbi

6 days ago | bloomberg.com | Ruth Olurounbi

Lagos, Nigeria. (Bloomberg) -- Nigeria has paid off $3.4 billion borrowed from the International Monetary Fund during the Covid-19 pandemic, exiting the list of countries that are in debt to the Washington-based lender. Finance Minister Wale Edun confirmed via text message on Thursday that the loan had been repaid on the agreed terms. The IMF granted Nigeria emergency assistance in April 2020 as the pandemic shuttered businesses around the world and countries closed their borders.

1 week ago | financialpost.com | Ruth Olurounbi

Advertisement 1Nigeria plans to sell $186 million of green bonds in two offerings before the end of the year as it seeks to fund an ambitious economic-transformation plan, Environment Minister Balarabe Abbas Lawal said. Article content(Bloomberg) — Nigeria plans to sell $186 million of green bonds in two offerings before the end of the year as it seeks to fund an ambitious economic-transformation plan, Environment Minister Balarabe Abbas Lawal said.

1 week ago | bloomberg.com | Ruth Olurounbi

Nigeria has issued at least two previous green bonds as it seeks to increase forest cover. (Bloomberg) -- Nigeria plans to sell $186 million of green bonds in two offerings before the end of the year as it seeks to fund an ambitious economic-transformation plan, Environment Minister Balarabe Abbas Lawal said. A 50 billion-naira ($31 million) bond will be sold in two weeks and an additional 250 billion-naira one in October, Lawal told reporters in the capital, Abuja, on Wednesday.

1 week ago | bloomberg.com | Ruth Olurounbi

Bola Tinubu(Bloomberg) -- Nigeria’s President Bola Tinubu plans to sign an executive order that will prioritize the procurement of goods and services from local firms, a move that bears some semblance to President Donald Trump’s “America First” agenda that champions US interests. The order will seek to change how the government spends money, procures and grows the economy, Nigeria’s Information Minister Mohammed Idris Malagi said at a briefing in Abuja, the capital on Monday.

3 weeks ago | bloomberg.com | Ruth Olurounbi

A customer counts out payment from a bundle of 500 naira banknotes in Lagos, Nigeria, in April 2022. (Bloomberg) -- Nigeria may have to devalue its naira again as sliding oil prices triggered by US President Donald Trump’s trade war pressure the budget of Africa’s largest crude producer. “The natural policy response to lower oil prices is a depreciation of the naira, as this boosts oil revenues in naira terms,” Goldman Sach Group Inc. economist Andrew Matheny said in an interview.