The Nigerian Economy Today 19/04/2017

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

 

NAIRAMETRICS BUSINESS & ECONOMY

Nigeria out of recession, says World Economics – After almost a year of negative growth that resulted in the collapse of businesses, the Nigerian economy is looking up, signalling an end of the recession, the World Economics, said yesterday. Source The Nation Read More

CBN pumps $280m to BDCs, SMEs, as naira appreciates – The Central Bank of Nigeria (CBN) yesterday sustained its liquidity boosting measures in the foreign exchange market with the injection of $280 million into bureaux de change (BDCs), SMEs and other segments of the economy. Source The Nation Read More

Nigeria’s economy to grow by 0.8% in 2017 – IMF – The International Monetary Fund, IMF, has forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. Source Sweet crude Read More

Why The NSE Wants More Transparent Funds And REITSNairametrics| The Nigerian Stock Exchange (NSE) recently issued amended guidelines for Closed-End Funds and Real Estate Investment Trusts (REIT). Source Nairametrics Read More

CBN’s Issues Form Q For SME’s; What You Need To KnowNairametrics| The Central Bank of Nigeria last week announced that it had created a new window for SME’s to access forex. SME will now be able to purchase about $20,000 per quarter to pay for imports. The CBN on Tuesday, issued a circular revealing details about this new window. Source Nairametrics Read More

IMF advises CBN to adopt flexible exchange rate – The International Monetary Fund (IMF) yesterday released its World Economic Outlook (WEO) in which it advised Nigeria to adopt flexible foreign exchange regime to restore values of revenues and the naira. Source The Nation Read More

World Bank to inject $200m into Nigeria’s Agric sector – The World Bank is injecting $200m into Nigeria’s agricultural sector to revitalise its livestock sub-sector. Source Punch Read More 

Payment of $5.1bn debt to unlock $15bn investments — Kachikwu – The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the settlement of a $5.1 billion debt owned international oil companies will unlock investments of $15 billion by international companies. Source Vanguard Read More

NUP calls for inclusion of unpaid N302.4b in 2017 budget – The Nigeria Union of Pensioners (NUP) has reiterated the need for the Federal Government to make adequate provision in 2017 budget to offset the N302.4 billion outstanding pension liabilities to pensioners under the Defined Benefit Scheme (DBS) and Contributory Pension Scheme (CPS). Source The Nation Read More

LSETF plans ‘Made-in-Lagos’ export workshop – The Lagos State Employment Trust Fund (LSETF) will hold a two-day workshop on export for its beneficiaries next week. Source The Nation Read More

Life expectancy in Nigeria now 53.1 years – Report – Life expectancy in Nigeria has increased from 46.1 years in 1990 to 53.1 years in 2015, according to 2016 UNDP Human Development Report. Source Daily Trust Read More

Adeosun Calls for Global Support to Tackle Illicit Financial Flows – The Minister of Finance, Mrs. Kemi Adeosun, has called for greater collaboration to combat illicit financial flows from Africa in order to deliver sustainable economic growth in the region. Source Thisday Read More

 

NAIRAMETRICS COMPANY

Dangote sells noodles firm to Indomie maker, Dufil – Dangote Flour Mills has exited the noodles business and sold its assets to Dufil Prima Foods, makers of Indomie noodles, saying it no longer consider it as strategic. Source Punch Read More

Unilever Plc Announces notification to divest its spreads business – Unilever Nigeria said that the recently announced plans by the Unilever Group to sell its Spreads business would not impact on its Nigerian operations. Source NSE Read More

Total Nigeria Plc – Whistle Blowing On A Solid First QuarterARM| In keeping with the rave in town, we beam our equity strategy searchlight on a leading Oil Marketing Company (OMC), Total Nigeria Plc. (Total), which is scheduled to report 1st quarter earnings in the last week of April. Source Nairametrics Read More

Analysis: Taxation Of High Net-worth Individuals; Is This Chasing After Shadows?Deloitte| The current economic landscape has forced several State Governments hitherto dependent on Federal Government allocations to look inwards for revenue. Source Nairametrics Read More

‘Access Bank’s capital adequacy ratio hits 21%’ – Sequel to implementation of robust risk management framework, Capital Adequacy Ratio (CAR ) of Access Bank Plc currently stands at 21 per cent and liquidity ratio at 43 per cent, the lender has said. Source New Telegraph Read More

Access Bank Plc announces appointment of DMD – Access bank Plc appoints Mr. Roosevelt Muchael Ogbonna has deputy group Managing director. Source NSE Read More

Agaka now Trustfund Pensions Plc, Board chairman – TRUSTFUND Pensions Limited has appointed Mr. Ismail Mohammed Agaka as the chairman, Board of Directors. Mr. Agaka is the acting managing director/chief executive of the Nigeria Social Insurance Trust Fund (NSITF). Source Vanguard Read More
MoneyTrust MfB targets 50 per cent under-bank population – MoneyTrust MFB, a newly licensed multi-purpose Microfinance bank has pledged to promote the Central Bank of Nigeria (CBN) financial inclusion through the provision of banking services to over 50 per cent unbanked population in the country. Source Guardian Read More

Chinese construction companies express renewed interest in Nigeria – The China Railway Construction Corporation Ltd (CRCC) and its subsidiaries, China Railway 18th Bureau Group Co. Ltd and  China Civil Engineering Construction Corporation(CCECC) on Wednesday expressed their renewed interest in Nigeria’s construction sector. Source The Nation Read More

BA, Air France, Lufthansa, others lost billions in revenue for shunning Kaduna – Foreign airlines operating in Abuja on the average lost about N5 billion (about $16 million) in ticket sales and cargo charges for refusing to fly to Kaduna. Source Daily Trust Read More

Sale of Dangote Noodles: Will History Repeat Itself ?Nairametrics|Dangote Flour Mills on Tuesday, announced that it has exited its noodles business and has sold the assets of Dangote Noodles to Dufil Prima Foods, makers of Indomie noodles. The company said that a business portfolio review revealed that the noodle business was not strategic to its vision. Source Nairametrics Read More

ALERT: United Capital Reports 3% Increase in Profit (2017 Q1) – United Capital today released unaudited results for the three months ended 31 March 2017. Source Nairametrics Read More

 

NAIRAMETRICS POLITICS

SGF Babachir Lawal and NIA DG Suspended by President Buhari – In a tweet posted on the @ngrpresident timeline, the presidency announced the suspension of Babachir Lawal, Secretary to the Government of the Federation (SGF) and Ambassador Ago Oke Director General of the National Intelligence Agency (NIA). Source Nairametrics Read More

Non-payment of pension’ll mar fight against corruption’ – The success of the anti-corruption war will require prompt payment of pension benefits to retired workers, Speaker, House of Representatives, Hon. Yakubu Dogara has said. Source The Nation Read More

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