DAILY RENDEZVOUS

Daily Rendezvous  Ishioma Emi for Ventures Africa  International lenders such as the World Bank and the International Monetary Fund have issued warnings of a potential global recession. This situation would be particularly dire for emerging economies, particularly those in Sub-Saharan Africa. A depreciating currency and the ongoing conflict between Russia and Ukraine are causing instability in the global market, leading to food insecurity and slowing developed economies. Last September, the World Bank, in a press release, noted how central banks around the world have been raising interest rates with a degree of synchronicity not seen over the past five decades—a trend that is likely to continue well into 2023. Yet “the currently expected trajectory of interest-rate increases and other policy actions may not be sufficient to bring global inflation back down to levels seen before the pandemic. Investors expect central banks to raise global monetary-policy rates to al...

Daily Rendezvous Nigeria needs $2.7bn investment to stabilise petroleum products supply — NNPC THE National Economic Council, NEC, on Thursday said that decision on the removal of the subsidy on petroleum will be made in June when the provision for its payment in the 2022 budget expires. NEC said though conservation on subsidy removal has been going on it was yet to take a position on it. The council chaired by Vice President Yemi Osinbajo met at the Conference Hall, Presidential villa, Abuja on Thursday, with the declaration that since the Nigerian National Petroleum Company, NNPC, Limited has become a limited liability company, it must be run differently. Fielding questions while briefing State House correspondents on the outcome of the meeting, the governor of Nasarawa state, Abdulahi Sule said it was understandable that the provision for the payment of the subsidy is made in the 2022 budget only until June. Governor Sule, flanked by his Edo state counterpart, Godwin Oba...