All the major economic news from Nigeria in 5 minutes – 2/6/2017


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

 

  1. The Manufacturing Purchasing Managers’ Index (PMI) stood at 52.5 index points in May 2017, indicating expansion in the manufacturing sector for the second consecutive month. According to the PMI report for May released by the Central Bank of Nigeria (CBN) Thursday, 10 of the 16 sub-sectors reported growth in the review month in the following order: primary metal; petroleum & coal products; plastics & rubber products; paper products; electrical equipment; appliances & components; textile, apparel, leather & footwear; cement; food, beverage & tobacco products and chemical & pharmaceutical products. The remaining six sub-sectors declined in the order: transportation equipment; nonmetallic mineral products; fabricated metal products; printing & related support activities; furniture & related products and computer & electronic products. Link
  2. The dollar yesterday crashed to N368/$ in the parallel market, after over three weeks at N382/$, representing N14 appreciation within the period. The exchange rate, which was confirmed by Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria (ABCON), followed nearly $5 billion sustained intervention by the Central Bank of Nigeria (CBN) in the interbank market since February. Link
  3. The Secretary-General of the Organisation of Petroleum Exporting Countries, Dr. Mohammed Barkindo, has said it is too early to say when production caps should be imposed on Nigeria and Libya. Barkindo stated this on Thursday at an economic forum in Russia’s St Petersburg, adding that the two countries “have a lot of issues to solve,” Link
  4.  The National Agency for Food, Drug Administration and Control (NAFDAC) says it has waived 50 per cent on registration fee for locally-manufactured products to promote Small and Medium Scale Enterprises (SMEs). Link
  5. The Lagos State Government says it is investing in Information and Communications Technology to push the state from the fifth largest to the third largest economy in Africa. We will need a new generation of technology literate graduates to drive that forward and ensure that Lagos State becomes the third largest economy at the turn of the next decade of this century,” the Special Adviser to the Governor on Education, Mr. Obafela Bank-Olemoh, said. Link
  6. The invasion of army worm and its resultant destruction of crops in farmlands across the country is a major national catastrophe, the Federal Government has said. Army worm is a pest that mainly attacks and destroys maize, but according to the government, the pest has extended its reach to other crops like cocoa, sorghum, tomato, ginger, cotton and rice, among others.  Link
  7. Nigerians and other nationals who make email enquiries about UK visa, will now have to pay a fee of £5.48, in addition to the cost of the visa. The British High Commission said from June 1,  email enquiries by visa customers applying from outside the UK would attract the fee as from June 1. Link
  8. The six-week closure of the Nnamdi Azikiwe International Airport, Abuja has resulted into the decline in the number of air travellers by 983,705 or 28.2 per cent, according to figures released by the National Bureau of Statistics. The NBS, in its air transport report, which was released on Thursday in Abuja, put the total number of passengers who passed through Nigerian airports in the first quarter of this year at 2,505,612. Link
  9. The gradual return of foreign investors into Nigeria’s equities market is gathering momentum following resolve by owners of EFG Hermes, an investment bank in the Middle East and North Africa (MENA) region, to venture into the Nigerian market with as much as N1.5 trillion ($500 million) investment in the next 18 months. Link
  10. The Nigeria Cassava Growers Association, Thursday, attributed limited cassava availability and increased cost of cassava products to herdsmen attacks on farms. The group’s president, Segun Adewumi, made the observation in Lagos on Thursday. He noted that cassava products such as “garri”, flour, “fufu”, starch and semolina had become more costly, saying that attacks by herdsmen had caused cassava farmers to stop in some parts of the country. Link
  11. The Manufacturers Association of Nigeria, Kwara/Kogi states’ branch, and the Kwara Chamber of Commerce, Industry, Mines and Agriculture, have kicked against the Manufacturing Processing Levy Bill currently before the Kwara State House of Assembly.  They stated that the bill, if passed, would cripple manufacturing, commercial and economic activities as well as worsen unemployment situation in the state. Link
  12. The Edo State Government on Thursday said that the revamped state-owned fertiliser blending plant in Auchi, Estako West Local Government Area would begin commercial production in June this year. Link
  13. A firm, Pearl Universal Impex, has increased its production of local rice to 20,000 metric tonnes. A statement quoted the Managing Director of PJS Group, the parent company of Pearl Universal Impex, Mr. Pulkit Jain, as saying that the firm had invested over N5bn in local rice cultivation through its subsidiary, PJS Agro farms. He said that the investment by Pearl had brought about significant improvement in the lives of several Nigerians through employment as well as out-grower rice farmers, who were being trained by the firm. Link
  14. The Lagos State Government (LSG) said it has saved over N217billion in the retirement savings accounts of all public servants in its employment. Link
  15. The Minister of Communication, Adebayo Shittu, has said the size of the country’s population with full access to internet connectivity is just about 20 per cent. Speaking on a national television thursday, Shittu explained that internet connectivity in the country at present is restricted to only areas that has mobile telephone network service. Link
  16. The Kaduna Electricity Distribution Company has recalled 130 workers it retrenched in February. Mr Garba Haruna, Managing Director of the company, made the  disclosure at the opening of a five-day  training for the re-engaged staff in Kaduna on Thursday. He said the company had put in place a mechanism to monitor the performance of the reinstated staff every week. Link
  17. A major Nigerian independent oil and gas exploration and production firm, Seplat Petroleum Development Company Plc, said its gas revenues increased by 37 per cent last year, even as its oil production was curtailed by the shutdown of the Forcados terminal. The company attributed the increase in its gas volume to the new Oben gas processing facility installed mid-year 2015, with a processing capacity of 150 million standard cubic feet per day. Link
  18. The Transmission Company of Nigeria has announced plans to build three power transmission sub-stations in Kaduna State. The building of the sub-stations will be completed in 18 to 24 months, according to the General Manager, Public Affairs, TCN, Mrs. Seun Olagunju. Link
  19. CFAO Yamaha Motor Nigeria Limited, a joint venture of the CFAO group and Yamaha Motor Company in Nigeria, has launched a new product, F40J Yamaha four-stroke outboard motor, expected to boost boat operation in the country. The Managing Director of the firm, Mr. Olivier Levigne, said during the launch of the outboard motor in Lagos that the product came with a lot of outstanding features. He also said an operator of the F40J motor would save N1.5m on fuel per annum. Link
  20. Transcorp Hilton Abuja on Thursday announced the reopening of its Executive Floors and Lounge following the completion of the renovation of the floors. The reopening of the highly coveted floors marks a milestone in the on-going $100 million renovation project of the 5-star hotel. Link
  21. The Senate is proposing the return of tolls on federal roads and the setting aside of 0.5 per cent of transport fares paid by mass transit passengers for inter-state trips to generate funds for the rehabilitation and maintenance of roads in the country. A levy of N5 will also be imposed on every litre of Premium Motor Spirit (petrol) and Automobile General Oil (diesel) imported or refined in the country for the same purpose. These were part of the recommendations of the Senate Committee on Works on the National Roads Fund Establishment Bill, 2017 “for the purpose of financing the maintenance and rehabilitation of national roads.” Link
  22. The House of Representatives in the proposed Petroleum Industry Governance bill is proposing upward review of royalties accrued from oil and gas from 55 percent to 63 percent, as part of efforts geared to boost Federal Government’s revenue. Link
  23. Edo State House of Assembly has  approved a loan of N11 billion sought by the state governor, Mr Godwin Obasski, for the development of the  agricultural sector, wealth and  jobs creation in the state. Link
  24. The House of Representatives Committee on Public Procurement on Thursday summoned the Minister of Finance, Kemi Adeosun, over alleged payment of N17 billion for procurement of office equipment. It also summoned the Auditor-General of the Federation (AGF), Ahmed Idris, and former Accountant-General of the Federation, Jonah Otunla, over the same transaction. The three top officials are to appear before the committee members next Tuesday. 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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