The Nigerian Economy Today 29/5/2017 – MTN Nigeria gets N221 million waiver from Kano State


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

 

  1. The Federal Government has threatened to shut some land borders if the smuggling of rice continues from neighbouring countries. Audu Ogbeh, the Minister of Agriculture and Rural Development, gave the warning on Monday while speaking to journalists on some of the Federal Government’s achievements in the agriculture sector in the last two years in Abuja. He said the decision had become necessary to encourage local rice farmers and to enable the country achieve self-sufficiency in rice by 2018. Link
  2. Acting President Prof. Yemi Osinbajo last night made his first set of appointments since President Muhammadu Buhari embarked on a medical vacation to the United Kingdom. He approved the appointments of Dikko Aliyu AbdulRahman as the Chairman, Governing Board of the Bank of Industry (BoI) and Olukayode Pitan as the Managing Director of the bank. Pitan replaces Mr. Waheed Olagunju, who hitherto was the acting managing director. He also appointed Ali Usman as the Chairman of National Pension Commission and Funso Doherty as the Director-General of the commission. Link
  3. The Federal Government has threatened to shut some land borders if the smuggling of rice continues from neighbouring countries. Audu Ogbeh, the Minister of Agriculture and Rural Development, gave the warning on Monday while speaking to journalists on some of the Federal Government’s achievements in the agriculture sector in the last two years in Abuja. He said the decision had become necessary to encourage local rice farmers and to enable the country achieve self-sufficiency in rice by 2018. Link
  4. The Federal Airports Authority of Nigeria (FAAN) is losing over N350 million from abandoned aircraft parking fees at the tarmac of the General Aviation Terminal (GAT) of  the Murtala Muhammed Airport, Ikeja, Lagos. Link
  5. The financial services industry dominated in volume terms at the end of last week’s transactions on the trading floor of the Exchange with 1.629 billion shares valued at N14.501 billion traded in 11,893 deals, thus contributing 86.80 per cent to the total equity turnover. The consumer goods industry followed with 57.531 million shares worth N2.189 billion in 2,616 deals. The third place was occupied by the conglomerates industry with a turnover of 52.220 million shares worth N101.384 million in 789 deals. Link
  6. A former Governor of Anambra State, Mr. Peter Obi, has said Nigeria’s poor external reserves are the major reason why investors are shunning the country. He said it would be difficult for investors to bring their money to the country when a lot of other nations were safer havens owing to their huge external reserves. “Our poor reserves are the reason our economy is currently dwindling. South Africa has over $800bn in reserves; Malaysia of yesterday has over $90bn in reserves; and Nigeria, which is one of the biggest economies in Africa, has reserves that are far less,” the former governor stated. Link
  7. The Federal Government is targeting an annual savings of N2.6bn for Micro, Small and Medium Enterprises in registration costs to start their businesses. The move is part of measures to improve the business environment and make Nigeria an easier place for businesses to thrive. Link
  8. The Federal Government has released N54 billion for the settlement of inherited and current liabilities to retirees on the platform of the Contributory Pension Scheme. Link
  9. The Asset Management Corporation of Nigeria (AMCON) has said  that the banks have so far contributed N931bn to the sinking fund since inception. The Managing Director of AMCON, Ahmed Kuru, who disclosed this in Lagos also added that during the 2016 financial year, banks contributed N136bn to the AMCON sinking fund. Link
  10. Osun State Internal Revenue Servie (OIRS) has sealed off over 700 private nursery, primary and secondary schools for non-payment of registration fees and taxes. Acting Chairman Bicci Alli said at a news briefing in Osogbo that the institutions disregarded paying or renewing registration fees. Alli, who said the schools operated for years without licences, added that the government was left with no option but to shut them. Link
  11. Indications have emerged that the KPMG, the firm appointed to audit Arik Air following its takeover by the Asset management Corporation of Nigeria, has uncovered more debts owed by the airline. Link
  12. After the cancelation of its flights worldwide due to computer glitch at the weekend, British Airways yesterday resumed flights to Nigeria and other destinations, as flight BA075 departed London Heathrow Airport at 12:09p.m. Nigerian time to Lagos. BA website indicated that the flight departed from the Terminal 5 after one hour delay just as the British mega carrier announced that it would be willing to refund passengers who may want to terminate its scheduled flight with the airline. Link
  13. Employees of Capital Oil and Gas Industries Ltd have urged the Federal Government to release their Chairman, Dr Ifeanyi Ubah, who is in the Department of State Services (DSS) custody. The workers has urged Acting President  Yemi Osinbajo, Senate President Bukola Saraki, House of Representatives Speaker Yakubu Dogara and the Minister of Labour, Sen. Chris Ngige to intervene so that the over 2,000 Capital Oil and Gas workers will not lose their jobs. Link
  14. The Nigerian Content Development and Monitoring Board has announced a collaboration with Dangote Industries Limited aimed at ensuring maximum utilisation of local capacities in the construction of the company’s 650,000 barrels per day oil refinery. The Honorary Adviser to the President, Dangote Group, Mr. Joseph Makoju, noted that the company planned to set a record on local content accomplishment with the petrochemicals plant and the refinery. Link
  15. Governor Abdullahi Ganduje of Kano State waived the permit fee of N221m for the deployment of fibre infrastructure in the state by MTN Nigeria. Link
  16. The housing loans given out by Infinity Trust Mortgage Bank Plc increased to N2.42bn in 2016, up from the N1.67bn recorded in the preceding year. This, according to ITMB, represents 45 per cent increase in its loan portfolio in the 2016 financial year. Link
  17. Akwa Ibom governor Udom Emmanuel said on Sunday said that despite his state being one of the wealthiest in the country, has no money to conduct local government elections. He said that the local government elections would have to wait in view of the present financial difficulties facing the state. Link
  18. The Presidency is yet to assent to the 2017 budget because it is awaiting feedback from Ministries, Departments and Agencies (MDAs) on the bill passed by the National Assembly. The government is said to be trying to avoid a repeat of the padding of the budget as the case in 2016.  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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