The Nigerian economy Today 21/4/2017


NAIRAMETRICS BUSINESS & ECONOMY

Adeosun Wants Credit for Any Economic Growth Nigeria Enjoys – Nairametrics| The Minister of Finance, Kemi Adeosun, has said that it is the ‘right policies’ implemented by the FG that will pull Nigeria out of the recession and not the activities of the Organization of Petroleum Exporting Countries, OPEC. Source Nairametrics Read More

Federal Government Is Making Cooking Gas More Expensive Nairametrics|The poor state of Nigeria’s port facilities is responsible for the high cost of cooking gas. A representative of the Nigeria Liquefied Natural Gas (NLNG) stated this at an event in Lagos. Lagos ports are the only one capable of discharging the gas from large ships, after which it is distributed to other parts of the country. Source Nairametrics Read More

‘President Buhari is dying in Aso Rock’ – A popular columnists and convener of Every Nigerian Do Something, ENDS, Perry Brimah has said on Friday in a statement that President Muhammadu Buhari is dying in Aso Rock, while people are compasionless about it.  Source Vanguard Read More
Nigeria has unacceptably low level of non-oil revenue – Adeosun – The Minister of Finance, Mrs Kemi Adeosun, has advised Nigerians to focus on non-oil revenue growth, tax compliance and budget transparency to drive economic development‎ in the country. Source Punch Read More

Nigeria can export tomato paste in 18 months — APEMAN – The Agricultural Products and Equipment Manufacturers in Nigeria has stated that in 18 months, with the support of the Federal Government and effective implementation of the ban on importation of tomato paste, Nigeria will be able to produce enough tomato paste for local consumption and export. Source Punch Read More

Lagos’ fifth top destination of Fortune 500 companies – Lagos is the fifth leading destination of Fortune 500 companies within the Middle East and Africa (MEA), a new report  by Infomineo, a global business research company specialising in the region, has said. Source The Nation Read More

Fayemi briefs Buhari on $150m W’Bank mining loan – The Minister of Solid Mineral Development, Dr. Kayode Fayemi, on Thursday informed President Muhammadu Buhari of the $150m loan approved by the World Bank for the country’s mining sector. Source Punch Read More

Adeosun, G24 discuss tax revenue, compliance – Finance Minister, Kemi Adeosun has discussed with fellow finance ministers in the G24 Group on ways to boost tax revenues and compliance to drive sustainable economic development. Source The Nation Read More

We’ll begin construction of three new general hospitals this year- Ambode – Lagos State Governor, Mr. Akinwunmi Ambode on Friday said that plans are already underway to commence construction of three new ultra modern General Hospitals in the State this year to improve healthcare delivery in the State. Source Vanguard Read More
CBN to sanction banks denying forex access to SMEs – The Central Bank (CBN) threatened on Friday to sanction banks denying Small and Medium Enterprises (SMEs) access to foreign exchange (Forex) from the newly instituted SMEs Forex Window. Source The Nation Read More

Foreign donors dump expired products on religious bodies, NGOs –NAFDAC – The National Agency for Food and Drug Administration and Control has raised the alarm that faith-based and charitable organisations in the country are victims of unscrupulous foreign donors who dump expired or banned products on them in the name of donations. Source Punch Read More

Fed Govt approves 48hr for import, export trade deals timeline – The Federal Government has approved the reduction of documentation requirements and timeline for import and export trade transactions to 48 hours. Source The Nation Read More

Federal Govt to issue more international bonds – The Federal Government plans to get out of recession by boosting revenue and cracking down on corruption, Finance Minister Mrs. Kemi Adeosun said yesterday. The government will also issue more international debt to pay for infrasturcture projects. Source The Nation Read More

Diaspora remittances to Nigeria, other developing countries decline in 2 years – World Bank – Remittances to developing countries fell for a second consecutive year in 2016, a trend not seen in three decades, says the latest edition of the Migration and Development Brief. Source Premium Times Read More

GenCos can produce 12,000mw ‘but Nigerians can’t get more than 4,600mw’ – The association of power generation companies (APGC)  says Nigerians can not enjoy more than 4,600MW of electricity despite its capacity to produce 12,000MW. Source The Cable Read More

Buhari confirms Saleh Dunoma as MD of FAAN – The Federal Government of Nigeria has confirmed Saleh Dunoma as the Managing Director of the Federal Airports Authority of Nigeria. Source Premium Times Read More 

Cheque transaction value hits N1.45trn in Q’1 – Nationwide usage of cheque for banking and other financial transactions in Nigeria is valued at N1.45 trillion in the first quarter of this year. Source Daily Trust Read More

Cashless Policy: CBN suspends bank charges for deposits and withdrawals – Nairametrics| The Central Bank of Nigeria released a circular BPS/DIR/GEN/CIR/04/004 suspending its most recent withdrawal and deposit processing fee policy that came into effect 1st April 2017 in Lagos, Ogun, Kano, Abia, Anambra, Rivers, and FCT. It requires that the banks revert back to the old charges of 3% processing fee for withdrawals and no processing charges for lodgements. Source Nairametrics Read More

This Timeline Shows All EFCC Recoveries Since October 2016 And Their Worth – Nairametrics| One of the most controversial agencies during the present Buhari administration is the Economic and Financial Crimes Commission (EFCC). From the outset of the administration, it was obvious that the President was relying heavily on the agency to carry out his anti-corruption war. Since then, the EFCC has been more active than ever before, claiming to make several recoveries. Source Nairametrics Read More

 

NAIRAMETRICS COMPANY

Nigeria LNG puts up May cargo in sell tender-trade sources – Nigeria Liquefied Natural Gas (LNG), the country’s sole LNG producer, has launched a tender offering a May shipment on a free-on-board basis, trade sources said. Source Reuters Read More

Why MTN Nigeria Recharge Card Sellers Jacked Prices Up – Nairametrics| The last two years have been difficult for MTN Nigeria. From the N1.04 trillion (later reduced to N330 billion) fine slammed on it in 2015 by the Nigerian Communications Commission (NCC) in 2015 for not disconnecting unregistered subscribers, to macro economic challenges in Nigeria, the telecoms firm is not having it easy. Source Nairametrics Read More

Crony Capitalism: Is Erisco Foods Overly Dependent On Government? – Nairametrics| The ban on import of tomato paste and increase in tariff for tomato concentrate has started yielding positive benefit as Ericson foods has decided to expand its operations. While the expansion will create jobs in a country with millions of unemployed youths and increase the revenue that will accrue to the government through taxes, the company depending on government to survive smacks of crony capitalism. Source Nairametrics Read More

Two Air Peace planes collide at Lagos airport – Two aircraft belonging to Air Peace on Thursday had a ground collision, when one of the planes was being towed to position for take-off at the Murtala Muhammed Airport, Lagos. Source Punch Read More

Housing fund contributions rise to N43bn from N13bn – Contributions to the National Housing Fund have increased by over 300 per cent in the past one year, the Federal Mortgage Bank of Nigeria has said. Source Punch Read More

NNPC diversifies into health sector – The Nigerian National Petroleum Corporation on Thursday announced its readiness to diversify into the health sector. Source Punch Read More

ALERT: Nigerian Breweries Posts N11 billion Profit (2017 3Months) – Nigerian Breweries today released condensed interim Financial Statements for the three months period ended 31 March 2017 Source Nairametrics Read More

 

NAIRAMETRICS POLITICS

Suspended NIA DG, Oke, admits Jonathan ordered release of $289m – The suspended Director-General of the National Intelligence Agency, Amb. Ayodele Oke, has met with Vice-President Yemi Osinbajo, where he admitted that his agency received the sum of $289,202,382 on the orders of former President Goodluck Jonathan in February 2015. Source Punch Read More

FG postpones annual retreat of SGF, SSGs indefinitely – The Federal Government has postponed 2017 retreat for the Secretary to the Government of the Federation and Secretaries to State Governments indefinitely. Source The Nation 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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