The Nigerian Economy Today 12/04/2017


Summary of the top business, economy and political news in Nigeria

 

NAIRAMETRICS BUSINESS & ECONOMY

FG raises tariff on imported tomato concentrate to 50% – The Federal Government on Tuesday announced a new policy for tomatoes by raising the tariff on imported tomato concentrate to 50 percent. Source Punch Read More

Nigeria Seeks Over $3 Billion From World Bank, AfDB, Bonds – Nigeria is talking to the World Bank and African Development Bank for $3 billion of loans before the West African nation determines how much it will raise from Eurobonds to help fund this year’s budget. Source Bloomberg Read More

Currency Sellers List Theories That Explain Why The Black Market Is Running WildNairametrics| The Central Bank of Nigeria is currently in a state of flux. Despite billions sold defending the Naira, the parallel market seem to be on a steady path towards depreciation. The CBN is now scrambling for a response to gain back control of the narrative. Source Nairametrics Read More

The PDP Got This Right About The EGRPNairametrics| Former ruling party, Peoples Democratic Party (PDP) has been in disarray since they lost the Presidential Election to the All Progressive Congress (APC). Since then, they have gotten from bad to worse and its inter party rivalries has created a distraction that has stopped it from being the formidable opposition we had hoped for. However, on the few occasions they have been matured enough to play their part as the opposition, they have been anything else but disjointed. Source Nairametrics Read More

PPP As An Anchor For Diversifying the Nigerian Economy – As at 2005, the Nigerian ports faced major challenges which made it one of the most inefficient ports globally. The average Ship waiting time before berthing was 21 days, vessel turnaround time was 5 days while dwell time for cargo was over 30 days. The ports had poor infrastructure (roads, rail, quay, buildings, equipment, and yard) and were heavily congested leading to insecurity and pilferage, delays in cargo clearance and inefficiencies in cargo handling largely due to manual processes. Source Nairametrics Read More

The ECOWAS Trade Liberalization Scheme – Myth or Reality?Deloitte| In 1979, the Heads of State and Governments of the Member States of the Economic Community of West African States (ECOWAS) established the ECOWAS Trade Liberalization Scheme (ETLS) pursuant to the overarching objective of promoting co-operation and integration among Member States. Source Nairametrics Read More

FHC Ruling On ₦50 Stamp Duty On Bank Deposits ExplainedDeloitte| A Federal High Court (FHC) on 13 March 2017, delivered a judgment on the validity of the circular issued by Central Bank of Nigeria referenced CBN/GEN/DMB/02/006, in the case between Retail Supermarkets Nigeria Limited (AKA Shoprite) and the defendants Citibank Nigeria Limited (Citibank) and Central Bank of Nigeria (CBN). Source Nairametrics Read More

FG to block N52bn annual leakage with tomato policy – The Ministry of Industry, Trade and Investment (MITI) has announced a new policy for tomato aimed at reducing the N52 billion ($170 million) spent annually on importing 150,000 metric tons of tomato concentrate per annum into the country. Source Daily Trust Read More

INEC Suspends 205 Staff Over Bribery Allegation – The Independent National Electoral Commission (INEC) has suspended 205 members of staff and placed them on half salary over allegation of bribe. Source PM News Read More

Does This Chart Support IMF’s Claim That Naira Is Overvalued?Nairametrics| Since the Central Bank of Nigeria rolled out its revised forex policy on February 21st 2017, the initial success of the policy seemed to justify it. Within a month of its introduction, the Naira gained 100 points or 30% of its value in the parallel market. However, certain analysts kept warning that the actions of the CBN would garner only temporary success, unless a full float was sanctioned. One of these is the International Monetary Fund (IMF) who, to the ire of most Nigerians, last week, said that the Naira was over-valued by as much as 20%. Source Nairametrics Read More

Deal: AFC Issues $500 Million 7 Year Bond – PRESS RELEASE: LAGOS, Nigeria, 11 April, 2017-/African Media Agency (AMA)/- Africa Finance Corporation (‘AFC’), a leading pan-African multilateral development finance institution and project developer, has issued a US$500 million 7 year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875% was priced to yield 4.000% and matures in April 2024. Source Nairametrics Read More

Buhari must develop Nigeria even if it means stealing, says World Bank consultant – Olu Ajakaiye, president of Nigeria Economic Society and a World Bank consultant, says the Muhammadu Buhari-led government and subsequent Nigerian governments must develop the country, even if it means stealing from other countries. Source The Cable Read More

CPC seeks review of standards, regulations on products’ safety – Following investigations carried out by the Consumer Protection Council (CPC), on the possible quality issues affecting consumers of products of the Nigeria Bottling Company (NBC), the Council has come up with recommendations that will ensure the safety and protection of the citizens. Source Guardian Read More

Work on Lagos-Ibadan rail begins April 14 – The Nigeria Railway Corporation says that the construction of the Lagos-Ibadan standard gauge rail would begin on April 14. Source Punch Read More

 

NAIRAMETRICS COMPANY

Missing’ Petrol Scandal: Four NNPC top officials get letters of compulsory retirement – Four top officials of the Nigerian National Petroleum Corporation, NNPC, on Tuesday received their letters directing them to proceed on compulsory retirement over the missing petrol scandal. Source Premium Times Read More

Malabu urges court to stop govt, others from signing $13.5b project – Malabu Oil & Gas Limited yesterday urged the Federal High Court, Abuja, to stop the Federal Government and six others from signing the Final Investment Decision (FID) for the $13.5 billion Zabazaba Deepwater Project. Source The Nation Read More

Analysis: Dangote Sugar, Buy Sell or Hold-ARM| Over 2016, Dangote Sugar Refinery Plc. (DSR) reported an upsurge in earnings despite lingering pressures: currency weakness, elevated raw sugar prices and higher energy cost. Solid earnings reflected the steep hike in refined sugar prices as well as volumes resilience hinged on the largely non-discretionary nature of DSR’s product. Source Nairametrics  Read More

Pipeline vandalism up by 233%, says NNPC – The rate of pipeline vandalism in the country increased by 233 per cent in January this year compared to December 2016, the Nigerian National Petroleum Corporation has said. Source Punch Read More

Cordros Securities, Capital Assets lead transactions at NSE in Q1 – Cordros Securities Limited, a subsidiary of Cordros Capital Limited, emerged the most active stockbroking firm, in terms of value, at the Nigerian Stock Exchange (NSE) in the first quarter of 2017. Source The Nation Read More

Unilever Nigeria to seek approval next month for $200 mln share sale – Unilever Nigeria said on Wednesday it will seek shareholder approval next month to raise 63 billion naira ($200 million) through a rights issue. Source Reuters Read More

ARM Pensions asset under management hits N494 billion – ARM Pension Mangers Limited has grown its asset under management (AUM) to N494.37 billion at the end of 2016 financial year, indicating a 13.92 percent increase from N433.95 billion posted at the end of 2015. Source BusinessDay Read More

Herbert Wigwe Named ‘Most Reputable Nigerian Bank CEO’ – The Group Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe has been voted the ‘Most Reputable Nigerian Bank CEO’ in the latest ranking of the Reputation Poll, by the Reputation Management Agency, Avance Media and the Institute of Leadership and Management. Wigwe was said to have beaten 19 other CEOs of commercial banks in Nigeria in the public poll. Source Thisday Read More

NNPC reduces trade deficit by 16% – The Nigeria National Petroleum Corporation (NNPC) has reduced its trading deficit to ₦14.26 billion by January end, down from ₦17.01billion recorded in December 2016, representing about 16 per cent improvement. Source Guardian Read More

CWG Plc unveils BillsnPay solution to address e-payment challenges – To aid bills settlement and improved customer engagement, CWG Plc, unveiled an e-payment solution called ‘BillsnPay’; a digital bills presentment -payment system with added value offerings, to address payment challenges in the country. Source Guardian Read More

Newly-refurbished Ughelli plant to cater for 2.4m homes – Transcorp – The Transnational Corporation of Nigeria Plc says its newly-commissioned power plant located at Ughelli, Delta State, is now operating at a capacity of 620megawatts, mw, and can supply power to up to 2.4-million Nigerian homes. Source Sweet Crude Read More

 

NAIRAMETRICS POLITICS

Pay Slips Of Speaker Yakubu Dogara’s Salary Released To Public – The Speaker of the House of Representatives, Hon Yakubu Dogara, has bowed to public pressure and released his pay slips for the months of October, 2016 to March, 2017 to the public. Source PM News Read More

Patience Jonathan’s $15m: Ozekhome challenges companies’ conviction – Senior Advocate of Nigeria, Chief Mike Ozekhome, has approached the Lagos Division of the Court of Appeal seeking to set aside the guilty plea entered by four companies which were accused of laundering a sum of $15.591m being claimed by the wife of ex-President Goodluck Jonathan, Patience. Source Punch  Read More

 

 

 

 

 

 

 

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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