The Nigerian Economy Today 4/5/2017


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

 

NAIRAMETRICS BUSINESS & ECONOMY

Nigeria’s total debt now N17.5tn –NBS – The National Bureau of Statistics has said that the country’s foreign and domestic debts stood at $11.41bn (N3.49tn) and N14.02tn as of December 2016. Source Punch Read More

FG appoints transaction advisers for national carrier, airports – The Federal Government has approved the appointment of transaction advisers for the proposed national carrier and concession of the nation’s airports. Source Punch Read More

Govt. Approves $250m multilateral loans and will be used as follows  Nairametrics| The Federal Executive Council (FEC) yesterday approved a $150 million soft loan from African Development Bank (AfDB) and $100 million from African Development Finance (ADF) to finance some basic services. According to a memo presented to the Council by the Minister of Finance, Mrs Kemi Adeosun, the funds will be used for the following Source Nairametrics Read More

CBN Reverses Ban On 48 Items – Nairametrics| In yet another step towards a deregulation of the foreign exchange market, the Central Bank of Nigeria (CBN), has removed the 48 items from the banned list. Source Nairametrics Read More

Customs revenue fell by N216.5bn in 2016Ali – The revenue target of the Nigeria Customs Service for 2016 fell by N216.5bn, the Comptroller-General of Customs, Col. Hameed Ali (retd), told the House of Representatives on Wednesday in Abuja. Source Punch Read More

Lagos@50: Ambode commissions 10 roads, three bridges, other projects – The Lagos @ 50 celebrations took a new dimension this week as the State Governor, Mr. Akinwunmi Ambode embarked on commissioning of several infrastructural projects across the State. Source The Nation Read More

Nigeria lifts FX ban for imports of up to $20,000 per quarter Central bank – Nigeria’s central bank has lifted a ban on currency allocation for importers bringing in goods worth up to $20,000 per quarter, the bank said in a circular seen by Reuters on Thursday. Source Reuters Read More

CBN Readmits These 3 Previously ‘Banned’ Banks Into The Forex MarketNairametrics| The Central bank of Nigeria (CBN) has readmitted three of the previously banned banks into the into the spot and wholesale forwards segment of the foreign exchange market after the banks provided ‘proof’ of selling forex to Small and Medium Scale Enterprises (SMEs) since the introduction of the special window for small businesses. Source Nairametrics Read More

$13.5bn Zabazaba project to continue despite Malabu scandal Kachikwu – The federal government and its joint venture partners will proceed with the $13.5 billion Zabazaba Deepwater project located in Oil Prospecting Lease (OPL) 245 despite the controversies that have rocked the oil block. Source Daily Trust Read More

Nigeria’s Balance of Trade Projected to Hit $3.8bn Next Year – Nigeria’s balance of trade is expected to improve from -$0.5 billion to $3.8 billion before the end of next year, the Chief Executive Officer of the Financial Derivatives Company Limited, Mr. Bismarck Rewane, has said. Source Thisday Read More

FRC set to release template on MDAs operating surplus to curb fraud – To enforce compliance of financial discipline and curb corruption in public life, the Fiscal Responsibility Commission has concluded plans to set template and timelines for all revenue generating agencies on the payment of operating surpluses to the Federation Account of the Nigerian Federation. Source Guardian Read More

Buhari approves $186million to combat criminalities on waterways – President Muhammadu Buhari has approved $186million to combat and stem the cycle of criminalities on the Nigerian waters. Source The Nation Read More

Lagos ranks world’s second cheapest city to live in  – Lagos, Nigeria’s largest commercial city is the world’s second cheapest city to live in while Almaty, a city in Kazakhstan is the cheapest to live in, a new survey by the Economist Intelligence Unit (EIU) reveals. Source BUSINESSDAY Read More

Domestic gas supply increases to 40%, says DPR – Domestic Gas Supply Obligation (DSO), an initiative of the Federal Government to meet national demand, is achieving the desired result with the level of compliance by oil producing firms rising to 40 per cent this year. Source The Nation Read More

Port efficiency: NPA inaugurates four tugboats worth over N9.16b – The Nigerian Ports Authority (NPA) has acquired four tugboats at the cost of over N9.16 billion to improve port efficiency. Source The Nation Read More

‘Illegal miners ‘ll not benefit from $150m fund’ – The Federal Government has said illegal mining firms  will not benefit from the $150 million grant given by the World Bank to support the Ministry of Mines and Steel Development. Source The Nation Read More

CBN documents expose diversion of $141m for PMS importation – The House of Representatives’ Adhoc Committee investigating the review of price of Premium Motor Spirit (PMS) on Wednesday uncovered the diversion of $141 million special intervention forex allocation and 50,000 Metric Tonnes of premium motor spirit (PMS). Source BUSINESSDAY Read More

Power Generation Hits One-month Daily Peak of 4,553.9MW – After several weeks of low power supply in the country, power generation finally hit a daily peak of 4,553.90 megawatts, the highest since March 23 when the daily peak generation was put at 4,452 megawatts, according to yesterday’s operational report by the Nigerian Electricity System Operator, an arm of the Transmission Company of Nigeria (TCN). Source Thisday Read More

CBN directs banks to diversify portfolios, fund MSMEs – The Central Bank of Nigeria has advised commercial banks and other financial institutions to diversify their portfolios and provide more funding for the Micro, Small and Medium Enterprises in order to enhance economic growth. Source Punch Read More

NAIRAMETRICS COMPANY

NNPC wants to raise $16.5b for these projects – The Group Managing Director of NNPC, Dr Maikanti Baru has disclosed that it will be shopping for about $16.5 billion to embark on several oil and gas projects lined up for execution. He said the corporation was seeking to raise about $13 billion to $16.5 billion over the next five years for the following projects. Source Nairametrics Read More

$6bn needed to fix refineries, says NNPC – About $6bn worth of investment is needed to adequately rehabilitate and revamp the country’s refineries, the Nigerian National Petroleum Corporation has said. Source Punch Read More

PayPal’s SME lending tops $3bn, launches new tools – Paypal’s small-business financing unit has announced that it has topped $3 billion in financing more than 115,000 businesses worldwide. Source Vanguard Read More

Dangote Group Partners GAC Motor, Buys Company’s Vehicles for Its Operations – With an eye on its expansion drive in the Nigerian economy, GAC Motor, one of the brands under the Choice International Group (CIG) in Nigeria, recently marked a milestone when it signed a new business partnership deal with the largest conglomerate not only in Nigeria but in Africa, the Dangote Group, to supply vehicles to the Nigerian conglomerate. Source Thisday Read More

Govt completes 22MW Ajaokuta power plant – Towards the rehabilitation of the Ajaokuta Steel Complex, the Federal Government has completed the first phase of the ACSL thermal power plant. Source Punch Read More

NNPC shops for $16b to grow upstream, refining sectors – The Nigerian National Petroleum Corporation (NNPC) said it is looking for $16 billion to grow its upstream operations and increase oil refining from 445,000 barrels per day (bpd)  to 700,000 bpd within the next few years. Source The Nation Read More

ExxonMobil workers begin warning strike – Workers of Mobil Producing Nigeria Limited, a subsidiary of ExxonMobil Corporation, yesterday commenced a 3-day warning strike over the company’s incessant sack of Nigerians and replacement with foreign expatriates. Source Daily Trust Read More

Shell profit rise by $2.2bn, to invest $25bn in Nigeria, others – The net profit of Royal Dutch Shell more than doubled in the first three months of 2017, surpassing predictions by analyst as rebounding oil prices and refining gains helped to boost the company’s revenue. Source Daily Trust Read More

Ashaka Cement Announces Resignation of Chairman – The Board of Directors hereby announce the resignation of Mallam Suleiman Yahyah, OON as the Chairman of the Board of Directors of the Company with effect from May 2, 2017. Source NSE Read More

Nigerian Breweries Announces Resignation of MD – Nigerian Breweries Plc announces that its Managing Director/CEO, Nicolaas Vervelde will complete his assignment with the Company on June 16, 2017 to  take up new role within heineken group outside Nigeria. Source NSE Read More

NAIRAMETRICS POLITICS

Alleged false asset declaration: Prosecution closes case in Saraki’s trial – The prosecution on Thursday closed its case in the ongoing trial of the Senate President, Bukola Saraki. Mr. Saraki is facing 18 counts of false asset declaration-related charges. He is being tried at the Code of Conduct Tribunal, Abuja. Source Premium Times Read More

N’Assembly Increases Its Budget to N150bn, Lays 2017 Appropriation Bill Thursday – Owing to rising inflation and the depreciation of the naira, the National Assembly, which for years has faced criticism over the lack of transparency and accountability over its budget, has increased its 2017 budget in this year’s Appropriation Bill to N150 billion from the initial proposal of N120 billion. Source Thisday 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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