The Nigerian Economy Today 9/5/2017


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

 

NAIRAMETRICS BUSINESS & ECONOMY

Niger, Benin Republic pay $159.8m for power in Nigeria – As Nigerians battle with unstable power supply, two countries, Niger and Benin Republics have paid $159.8million for power in Nigeria just as the Association of Nigerian Electricity Distributors (ANED)has been accused of misleading the public. Source The Sun Read More

Nigerian oil sales slow as uncertainty surrounds DSDP – Trade of Nigerian crude oil has slowed with offers not meeting buying interest and uncertainty remains over the nation’s direct sale of crude oil and direct purchase of products’ programme for 2017. Source Punch Read More

CBN injects $81.2m for invisibles – Following last Friday’s injection of $389 million into the retail segment of the forex market, the Central Bank of Nigeria (CBN) on Monday, May 8, 2017, intervened with the sum of $81.2 million in the invisibles and Small and Medium Enterprises (SMEs) segments. Source Daily Trust Read More

 

Fed Govt to DisCos: nobody forced you to buy power assets – Power, Works & Housing Minister Babatunde Fashola was unsparing yesterday in Jos as he told the 11 DisCos to sit up. Source The Nation Read More

 

FG, Islamic Devt Bank Seal Deal on Research Findings Commercialisation – The federal government on Monday said the Islamic Development Bank‎ in Saudi Arabia has agreed to help Nigeria in the Commercialisation of research findings. Source Thisday Read More

NBMA, Customs, others collaborate to detect GM foods – The National Biosafety Management Agency, Nigeria Customs Service, Federal Ministry of Justice, Standards Organisation of Nigeria, and others on Monday commenced inter-agency collaboration to detect and prevent the dumping of genetically modified organisms in the country. Source Punch Read More

FG sets up committee on N200bn pension debt – The Minister of Finance, Mrs. Kemi Adeosun, on Monday inaugurated an inter-ministerial committee to review all pension liabilities of the Federal Government and come up with strategies to offset them. Source Punch Read More

FG disburses N9.08 billion to Southeast farmers – The Bank of Industry (BOI) has said that the N9.08 billion injected into agriculture in the Southeastern part of the country was in line with Federal Government’s food programme for the country. Source Guardian Read More

FCTA Disburses N2.12bn to Six Area Councils – The six area councils in the Federal Capital Territory (FCT) and other stakeholders have received N2.12 billion from the FCT Administration as share of statutory allocation for the month of March. Source Thisday Read More

‘MMA2 processed 20m passengers, 400,000 flights in 10 years’ – Managing Director and Chief Executive Officer (CEO) of Bi-Courtney Aviation Services Limited (BASL), Captain Jari Williams has disclosed that the Murtala Mohammed Airport two (MMA2) processed 20m passengers in 10 years. Source Daily Trust Read More

Fashola: DisCos’ poor remittance nearly collapsed power sector – The Minister of Power, Works and Housing, Mr Babatunde Fashola has scolded the Distribution Companies (DisCos) saying their poor remittance nearly collapsed power generation before the N701.9 billion intervention fund from the Central Bank of Nigeria (CBN). Source Daily Trust Read More

Rainstorm destroys flour processing mill, buildings in Katsina State – Rainstorm has destroyed properties and equipment worth N30 million at Abarka maize flour processing mill in Kankara Local Govertnment Area of Katsina State. Source The Nation Read More

Nigeria Seeks $5.2 Billion From World Bank for Electricity – Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years. Source Bloomberg Read More

NAIRAMETRICS COMPANY

Etisalat Nigeria loan talks stall as banks try to avoid provisions – Talks between the Nigerian arm of Abu Dhabi’s Etisalat and its lenders to renegotiate the terms of a $1.2 billion loan have reached deadlock after the telecoms firm missed a payment Source Reuters Read More

Eni to build crude oil refinery in Nigeria -oil minister – Italian oil company Eni plans to build a crude refinery in Nigeria with capacity of 150,000 barrels a day through its Agip subsidiary, the country’s oil minister said on Tuesday. Source Reuters Read More

NNPC awards Ajaokuta-Kaduna-Kano gas pipeline to Chinese firm – The Nigerian National Petroleum Corporation (NNPC) has awarded the construction of Ajaokuta- Kaduna-Kano Gas pipeline to a Chinese company-China Petroleum Group Engineering Co., Ltd (CPGE). Source Daily Trust Read More

TCN tops Lagos Ajah sub-station capacity by 60MVA – The Transmission Company of Nigeria (TCN) has added 60 Mega Voltage Ambiance (MVA) to the Ajah substation in Lagos State. Source New Telegraph Read More

Uber drivers protest against 40 per cent fare reduction – Uber drivers in Lagos yesterday took to the street to protest against 40 per cent fare reduction that the taxi service company introduced recently, a burden, which they claim is being passed on to the drivers. Source Guardian Read More

GE donates 200 wagons, 20 locos to Nigerian railway – An American multinational corporation, General Electric, is set to deliver 20 free locomotive engines and 200 wagons worth over N30bn to the Nigerian Railway Corporation to boost rail services in the country. Source Punch Read More

Agip to build $15billion refinery in Port Harcourt – The Federal Government and Italian Oil giant, Agip have reached an agreement to build a brand new $15billion refinery in Rivers, in the South South part of Nigeria. The refinery will have a refining capacity of 150,000 barrels and will be located either in Port harcourt or Brass. Source BUSINESSDAY Read More

Fidelity Bank records zero default SME loans, interest income buoyed 29% – Fidelity Bank plc has recorded no default on loans given to Small and Medium Enterprises (SMEs) from the N220 billion Micro Small and Medium Enterprise Development (MSMED) fund of the Central Bank of Nigeria (CBN). Source BUSINESSDAY Read More

Nigerian Breweries Announces Appointment of MD/CEO – The board of Directors of Nigerian Breweries Plc announces the appointment of Mr. Johan Antonie Doyer as the company’s Managing Director/ CEO. Source NSE Read More

Shopping: Recession hits The Palms, Ota – Four months after an elaborate ceremony to commission The Palms Mall at Ota in Ogun State, over 75 per cent of the stores are still vacant. Source New Telegraph Read More

First Bank targets 30m customers, 70% digital transactions by 2019 – First Bank Nigeria Limited has said that it will achieve 30 million customer base and 70 per cent digital banking transactions by 2019. Managing Director/Chief Executive, FirstBank Limited, Dr. Adesola Adedutan disclosed Source Vanguard Read More

Over 40% of electricity diverted, stolen – Abuja DisCo – Abuja Electricity Distribution Company (AEDC) has said over 40 per cent of the energy generated is diverted and stolen by some disreputable individuals. Source Daily Trust Read More

FG to Unveil New Investors for NNPC’s Refineries – The federal government will in September this year, reveal the new investors that will manage the state-owned refineries – Port Harcourt Refining Company (PHRC), Warri Refining and Petrochemicals Company (WRPC), and Kaduna Refining and Petrochemicals Company (KRPC), the Minister of State for Petroleum, Dr. Ibe Kachikwu has said. Source Thisday Read More

Yudala acquires Yes Mobile – Nigeria’s pioneer composite e-commerce company, Yudala, has acquired Yes Mobile, a cosmopolitan high-value retail outfit with a multiplicity of stores in Lagos. Source The Nation Read More

Gas Supply: Ghana still owing Nigeria—WAPCo – The West African Gas Pipeline Company, WAPCo, has revealed that, Ghana has not yet settled outstanding debts owed the Nigeria Gas Company, NGC, contrary to earlier reports that all outstanding debts had been fully settled. Source Vanguard Read More

Aiteo clears air on $1.2bn oil swap deal – Integrated energy group Aiteo, says it is not subject of an inquiry by the House of Representatives over an alleged payment of $1.2billion into the Central Bank of Nigeria’s (CBN) Petroleum Profit Tax (PPT) account and involvement in questionable crude oil transactions from 2011 through 2014. Source Daily Trust Read More

NAPIMS, Shell, Total, Agip disagree over selection of gas projects for $10bn LNG trains 7, 8 – The National Petroleum Investment Management Services (a subsidiary of the Nigerian National Petroleum Corporation), Shell, Total and Agip – have disagreed over the selection of new gas projects for the $10 billion Liquefied Natural Gas, LNG trains 7 and 8. Source Vanguard Read More

NNPC restates commitment to 40bn barrels reserve by 2020 – The Nigerian National Petroleum Corporation, NNPC, has restated its resolve to bring Nigeria’s oil reserve to 40 billion barrels (bbl) by 2020, its Group Manageing Director, Dr. Maikanti Baru, has stated. Source Vanguard Read More

Courier Plus Opens in Nairobi, Kenya – Courier Plus Limited, a wholly owned Nigerian company has launched its operations in Nairobi Kenya. Located at Unit 26, Ground Floor, Vision Plaza, Mombasa Road, Nairobi , the company will provide world class services to corporate organisations, government agencies and individuals in the East and Central Africa. Source Thisday Read More

NAIRAMETRICS POLITICS

Finally, National Assembly to disclose own budget after years of secrecy – The leaders of Nigeria’s federal legislature have finally agreed to make the 2017 National Assembly budget open to the public, ending eight years of secrecy. Source Premium Times Read More

National Assembly raises 2017 budget by N143bn – The House of Representatives on Tuesday received the report of 2017 N7.30tn Appropriation Bill from its Committee on Appropriation for final consideration. Source Punch Read More

Enugu former governors, deputies to earn pensions for life – All former governors and deputy governors in Enugu State would, henceforth, receive pensions for life, according to a law passed by the Enugu State House of Assembly on Tuesday. Source Punch Read More

Court to Jonathan’s wife: prove $15.591m is yours – The Federal High Court in Lagos yesterday refused to grant Mrs. Patience Jonathan’s request to release her accounts holding $15.591million. Source The Nation Read More

Senate meets NLC, finance, labour ministers over unpaid salary arrears – The Senate leadership yesterday met with the ministers of Finance, Kemi Adeosun, her Labour and Productivity counterpart, Chris Ngige to find ways of addressing the huge salary arrears owed federal workers. Source Guardian 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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