All the major economic news from Nigeria in 5 minutes – 08/6/2017


Summary of the top business, economic and political news in Nigeria today.

 

  1. Nigeria’s manufacturers, airlines, fuel importers and agriculture businesses will be able to buy dollars at a special market intervention to clear a backlog of foreign exchange obligations now due, the central bank said on Wednesday. The central bank plans to settle the bids through a combination of spot and short-term forward deals, currency traders said, citing a notice from the bank. It did not specify the amount of dollars to be sold. Link
  2. The Managing Director, Lekki Free Zone Development Company, Mr. Ding Yonghuaa, has announced that construction work on the port will begin in July. On transportation, Yonghuaa said in future, there would be four access roads linking the zone in addition to a railway. Link
  3. One of the leading global rating agencies, Fitch Ratings has stated that Nigerian banks’ ability to access foreign currency (FC) has improved considerably since the Central Bank of Nigeria (CBN) introduced a foreign exchange (FX) window at the end of April aimed at investors and exporters. Link
  4. Justice A. R. Mohammed of the Federal High Court, Abuja has issued an interim order directing the Nigerian Ports Authority and four others to maintain the status quo in a suit filed by Intels Nigeria Limited on the de-categorisation of terminals at the nation’s seaports. Link
  5. The Federal Government has streamlined the number of agencies operating at the nation’s seaports, permitting only seven agencies at the ports. The Managing Director, Nigerian Ports Authority, Hadiza Usman stated that the permitted agencies are the NPA, Nigeria Customs Service, Nigerian Maritime Administration and Safety Agency, Nigeria Police, Department of State Services, Nigeria Immigration Service and Port Health. Link
  6. The Executive Chairman, Kwara State Internal Revenue Service, Dr. Muritala Awodun, on Wednesday stated that the agency collected N6.6bn in internally-generated revenue in the first quarter of this year. He gave the breakdown as N2.1bn in January, N1.7bn in February, and N2.7bn March. According to Awodun, the N6.6bn represents almost a 100 per cent increase over the N3.4bn the service recorded in the corresponding period of last year. Link
  7. The United States’ import of Nigeria’s crude oil rose to 25.97 million barrels in the first three months of this year from 18.62 million barrels in the same period of 2016. The US Energy Information Administration revealed in its latest data that the country bought a record 10.24 million barrels from Nigeria in March, the highest monthly import since July 2013. Link
  8. The Nigeria Meteorological Agency (NiMet) is targeting to raise over N100billion in Internally Generated Revenue (IGR) by selling weather information through mobile phones to Nigerians. NiMet intends to achieve this by selling weather information to least 30 million Nigerians on a daily basis via the mobile networks in a product tagged Mobile Meteorology (MoileMet).  Link
  9. Executive Secretary of the Nigerian Extractive Industry Transparency Initiative (NEITI), Waziri Adio, has called on the House of Representatives to investigate the loss of $15.9 billion dividend from Federal Government’s 49 per cent equity in the Nigerian Liquefied Natural Gas (NLNG). Adio who appeared before the Abdulrazak Namdas-led House Adhoc  Committee investigating  $17 billion undeclared proceeds of crude oil and liquefied gas sale  between 2011 and 2014, alleged that the money was received by NLNG but cannot be found in the Federation Account. Link
  10. Executive Vice-Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has said the commission is pursuing the national broadband agenda with vigour, stressing that the country is well positioned to achieve the 30 per cent penetration target by 2018. Link
  11. The Debt Management Office (DMO) on Thursday announced the commencement of a global offering of Nigeria’s first Diaspora Bond. Statement obtained from its website states that application would be made for the bonds to be admitted to the official list of the UK Listing Authority and the London Stock Exchange Plc. Link
  12. The Nasarawa State Government has invoked the `no work no pay’ policy on striking public sector workers, the state Head of Service, Mr Thomas Ogiri, announced on Thursday. He, however, assured that civil servants not participating in the ongoing strike would be paid their salaries. Link
  13. The management of Continental Broadcasting Services (CBS) has announced their commitment to increase investments in its television and radio businesses aimed at improving the viewing and listening experience of its esteemed audience. In a statement released by the CBS, the investments will cut across CBS’ three major properties which are: TVC Entertainment; TVC News and Radio Continental. Link
  14. A Civil Society Organisation, an Independent Hajj Reporters, on Thursday appealed to the Federal Government to grant an exchange rate concession of N200 to a dollar to 2017 intending pilgrims. It said such gesture would lower the financial burden of the exercise on the intending pilgrims. The News Agency of Nigeria (NAN) reports that the 2017 hajj fare is between N1.48 million and N1.58 million per pilgrim depending on their state, including $800 the Basic Travelling Allowance. Link
  15. Lafarge Africa Plc says it is intensifying efforts to adopt biomass as an alternative source of energy generation in order to boost efficiency. The Legal Director, Lafarge Africa Plc, Mrs. Edith Onwuchekwa, said that the company had commenced the process of sourcing for biomass such as agricultural waste products, among others, adding that the company was looking at the next three to five years to concretise the move. Link
  16. The shareholders of Lafarge Africa Plc have approved a N140bn rights issue by the building solutions provider to its existing shareholders during its Annual General Meeting held in Lagos on Wednesday. Link
  17. Dangote Group is planning to invest $450million in agricultural sector in Niger state. The Group is investing heavily in rice and sugar production in the State, the Executive Director in charge of Stakeholders Management and Corporate Communications Mansur Ahmed said at the just concluded Trade Fair in Niger State. Link
  18. Nigeria-focused oil and gas group, Eland Oil & Gas Plc, is set to raise up to $19.5m to boost production from its Oil Mining Lease 40 three-fold. Link
  19. Siemens Limited Nigeria has announced the introduction of new technologies aimed at reducing costs in the Nigerian oil and gas industry. The Vice-President, Oil and Gas, North America and Africa, Siemens Energy Incorporated, Mr. Patrice Laporte, said, “Basically, people are looking at reducing costs at the moment and it is not by the traditional way of asking for price reduction. What we are proposing are new methodologies and tools like software tools and connection of assets to the cloud.” Link
  20. The Nigerian Bulk Electricity Trader (NBET) has disclosed that about 10 generating companies (GenCos) have received N12 billion from the N710 billion intervention fund earmarked to sustain steady power generation in the country. Link
  21. While several liquefied natural gas projects in Nigeria continue to suffer from lack of final investment decision by shareholders, Italian oil giant, Eni, and others have signed off on a $7bn investment to export natural gas from Mozambique. Link
  22. Shell Petroleum Development Company Limited has officially lifted force majeure on exports of Nigeria’s Forcados crude oil, thus increasing the nation’s oil output by additional 200,000 barrels per day. Link
  23. Legacy Pension Manager Limited said it recorded an increase of 16.55 per cent in its Asset Under Management from N166.13bn in 2015 to N193.62bn in 2016 while net profit after tax rose by N20.18m. Link
  24. The Plateau State Government says it has injected about N250 million to revive the over 70-year-old Hill Station Hotel which once hosted the Queen Elizabeth II. The hotel, established in 1938, is owned by the governments of Plateau, Nasarawa and Benue states, as well as the New Nigeria Development Company (NNDC) and a company known as Leacon. Link
  25. At the close of 2nd Session of the 6th Assembly, Tuesday, leadership of the Enugu State House of Assembly, disclosed that they passed 23 out of 30 bills brought to the floor of the House into law. The House in the same period received and passed 35 resolutions and motions. Link
  26. The House of Representatives Committee on Constituency Outreach and some civil society groups on Wednesday differed on necessity of establishing constituency development fund to finance constituency projects undertaken by lawmakers. While the lawmakers held that the fund would enhance even distribution and execution of constituency projects across the country, the civil society believed that the house was trying to usurp the constitutional responsibility of local governments. Link

 

mudeerat olawunmi

Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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