The Nigerian Economy Today 1/5/2017


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


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    Currency Speculators Powering the Black Market, Says CBN – The acting Director Corporate Communication, Central Bank of Nigeria (CBN), Mr. Isaac Okorafor, has stated that currency speculators and corruption money have been powering the black market and not demand, stressing that this was discovered after an intelligence survey on the market. Source Thisday Read More

    Forex: CBN’s intervention to hit $4.6bn amidst apprehension over investors’ window – The intervention of the Central Bank of Nigeria (CBN) in the foreign exchange market will this week rise to $4.6 billion, with foreign exchange (forex) operators apprehensive over the new forex window for investors and exporters. Source Vanguard Read More

    Graft: Immigration withdraws 518 officers from 5 airports  – Comptroller-General of Nigeria Immigration Service, Muhammad Babandede, has announced the withdrawal of 518 officers and men of the service from five international airports as part of efforts to curtail sharp practices of the personnel. Source Vanguard Read More

    Consumer good firms debts rise 71% to N543bn on weaker naira – Fast Moving Consumable Goods Firms (FMCGs) have seen their debt and other obligations spike up by 71 percent in one year, due to a weaker naira and rising operating costs, BusinessDay analysis of the financial statements of some of the big players in the sector has shown. Source BUSINESSDAY Read More

    CBN sells $292.5m as NAFEX closes at N379.04/$ – Central Bank of Nigeria (CBN) continued its supply of US dollars in the FX markets, selling a total of $292.57 million through several interventions conducted for the week-ending April 28, 2017. Source BUSINESSDAY Read More

    Discos: We Buy Electricity at N305 Per Dollar, Sell at N198.98 – The electricity distribution companies in the country have blamed the liquidity crisis in the power sector to the inadequate payment made by consumers for power distributed. Source Thisday Read More

    Nigerian Quoted Companies Report Corporate Profits Of N766 billion In FY 2016 – Nairametrics| Corporate profits for the financial year ended December 2016 contracted for select companies on the Nigerian Stock Exchange, according to data compiled by Nairametrics. Data reveals the 50 companies on our list reported a combined pre-tax profit of about N853 billion, representing a 4% contraction from the N889.7 billion reported in 2015. Source Nairametrics Read More

    What Commercial Banks Did To Warrant N200 Million Fines – Nairametrics| The Central Bank of Nigeria has slammed fines worth about N200 million on three commercial banks for various infractions they committed during the 2016 financial year. Source Nairametrics Read More

    Nigeria loses $850m to gas flaring in 2015- DPR – The Department of Petroleum Resources said that Nigeria, the ninth largest gas producing nation in the world, lost over 850 million dollars to gas flaring in 2015. Source Punch Read More

    Low cost carrier, decongested ports vital to economic revival Quest – Popular anchor of CNN International Business round up, Quest Means Business, Richard Quest has said  revamping the Nigerian economy goes beyond relying on oil prices. He said the government needs to provide the enabling environment that can trigger real investment. Source Daily Trust Read More 

    Stakeholders seek ban on manual block production – Stakeholders in the construction industry have called for a ban on the use of manually produced blocks for building construction in order to check the menace of structural failures and collapse. Source Punch Read More

    Power system collapsed twice in AprilReport – Nigeria’s power grid collapsed again on April 26, 2017, making it the second time the system crashed last month. Source Punch Read More

    FG downgrades 2020 crude production target to three million barrels daily – The Federal Government has scaled down the 2020 crude oil production target to three million barrels daily, due to the $2 billion annual investment deficit in the industry. Source New Telegraph Read More


    Why EuroGlobal Foods Is Expanding To 30 Nigerian States – Nairametrics| EuroGlobal Foods has stated that it would expand to 30 states and beyond within the next two years. It also stated that 80% of its raw materials were sourced locally. The company is a subsidiary of Sona Breweries which makes other beverage products like beer and ale. Source Nairametrics Read More

    Caverton PBT spikes to N215m on cost efficiency – Caverton Offshore Support Group Plc (Caverton) has seen a 19 per cent upturn in first quarter revenue to N5 billion, with efficient cost management growing earnings by 73 per cent. Source BUSINESSDAY Read More

    Export Fund: FCMB shareholders kick against 5% deduction – Shareholders of FCMB Group Plc have kicked against deduction of five per cent of banks’ net profit and crediting of same to the Export Fund of the Central Bank of Nigeria, CBN. Source Vanguard Read More

    Sona Agro Allied Foods to Boost Capacity with New Plants – Determined to meet the growing demands for its range of products in Nigeria, the management of Sona Agro Allied Foods Limited has concluded plans to boost capacity through an additional two biscuit plants. Source Thisday Read More

    WACL opens showroom in Osogbo – The West African Ceramics Limited has opened a showroom in Osogbo, Osun State, the sixth since the firm commenced its showroom deployment drive last year. Source Punch Read More

    Dangote Sugar targets N106bn investment in 4 yrs – The chairman of Dangote Sugar Refinery, DSR Plc, Alhaji Aliko Dangote, has said that the company will invest up to N106 billion in the next four years to bolster its operations. Source Vanguard Read More

    Dangote Sugar shareholders endorse N7.2b dividend – Shareholders of Dangote Sugar Refinery (DSR) Plc, have approved a total N7.2 billion dividend proposed by the directors for the 2016 financial year. Source Guardian Read More

    AMCON parley AMPs over 12,000 bad loan accounts – Asset Management Corporation of Nigeria (AMCON) has said that it will ensure the success of the Asset Management Partners (AMP) programme. Source Vanguard Read More

    Mouka Listed Among Companies To Inspire Africa – Mouka Nigeria Limited, Nigeria’s foremost manufacturer of mattresses and other bedding products has been recognised by London Stock Exchange Group’s (LSEG) inaugural ‘Companies to Inspire Africa’ report, a landmark report that identifies the fastest-growing and most dynamic businesses across Africa. Source Thisday Read More

    Dangote Cement’s offshore plants boost revenue by 74% – Sales recorded by Dangote Cement Plc plants across Africa significantly impacted on the revenue of the company for the first quarter ended March 31, 2017 by 74 per cent to N208.2bn. Source Punch Read More

    Bank Of Industry Posts 44% Increase In Profit Before Tax In 2016 – The Bank of Industry (BOI) posted an operating profit before tax of N17bn in 2016 which represents a 44% increase over the N11.9bn that was recorded in 2015. Source LEADERSHIP Read More

    Prestige Assurance: We paid $14m on Dana crash – The management of Prestige Assurance Plc has reaffirmed its commitment to prompt payment of claims to any policyholder whose loss has been verified. Managing Director of the company, Mr. Balla Swamy made the assertion in Lagos last week. Source New Telegraph Read More

    Family Challenges AMCON Takeover Of Onitsha Estate – A family has challenged the takeover of an estate formerly occupied by the defunct Nigerian Mineral Water Industries Limited, manufacturers of Limca, by the Asset Management Corporation of Nigeria. Source Punch Read More


    Gombe promises to implement N56, 000 minimum wage – Governor Ibrahim Dankwambo of Gombe State, has assured the state civil servants that his government would immediately implement the proposed N56, 000 national minimum wage, if the Federal Government approves it. Source The Nation Read More

    How LGs shared N1.3bn Paris Club refund in BayelsaCommissioner – Dr Agatha Goma, Commissioner for Local Government Administration, Bayelsa, said the eight local government areas in the state shared N1.3 billion from the N14.5 billion Paris Club refund remitted to the state by the Federal Government. Source The Nation Read More

    Why increasing workers salary has become necessaryDogara – The Speaker, House of Representatives, Mr Yakubu Dogara on Sunday said that increasing workers’ salary had become necessary in view of the rising cost of living in the country. Source Punch Read More




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