The Nigerian Economy Today 5/5/2017

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


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    Ban on 41 items stays, says CBN – The Central Bank of Nigeria (CBN) yesterday refuted claim that it has reversed part of its policy on the non-eligibility of some import items for forex sale on the interbank forex market. The apex bank said it has not reversed its policy on the ineligibility of the 41 items for forex sale through the interbank forex market. Source The Nation Read More

    W’Bank to assist Nigeria strengthen audit process – The World Bank Group on Thursday unveiled plans to assist the Federal Government to strengthen the audit process in the public sector. Source Punch Read More

    Prioritise corporate governance code review, FG tells FRC board – The Federal Government on Thursday inaugurated the board of the Financial Reporting Council of Nigeria. The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, who inaugurated the board in Abuja, charged it to prioritise the review of the National Code of Corporate Governance. Source Punch Read More

    Adeosun: FG Will Spend on Infrastructure to Exit Recession – The Minister of Finance, Mrs. Kemi Adeosun has said the federal government plans to boost agricultural production and spend billions of dollars upgrading dilapidated infrastructure that will help drag Africa’s top oil producer out of recession this year. Source Thisday Read More

    Customs Moves to Reform Import, Export Processes – In a bid to ensure trade facilitation at the nation’s ports and all entry points in line with the federal government’s ease of doing business in Nigeria agenda, the Nigeria Customs Service (NCS) has taken steps to modify import and export processes. Source Thisday Read More

    We need manufacturing plants, not finished products, Adeosun tells Japan – Minister of Finance, Mrs Kemi Adeosun, has urged  Japanese Trade and Investment Mission  to invest in Nigeria by setting up manufacturing plants, instead of shipping-in finished products.  Source Vanguard Read More

    N200bn unpaid salaries: Federal civil servants threaten indefinite strike – The Association of Senior Civil Servants of Nigeria has threatened to embark on an indefinite strike to protest the non-payment of their N200bn promotion and salaries and death benefits. Source Punch Read More

    Why consumer goods are still under-performing despite lower exchange rates – Nairametrics| The Central Bank of Nigeria has, through about 22 initiatives, battled the dwindling value of the Naira over the course of about 3 months. This battle, which has resulted in the strengthening of the Naira from about N525/$1 to $380/$1, has however not impacted positively on prices of consumer goods. Source Nairametrics Read More

    Nigeria to export $100bn pigeon pea to India – The National Agricultural Quarantine Service says Nigeria has secured an offer from the Indian government to export pigeon pea worth $100bn to the country. Source Punch Read More

    Farmers count losses as cocoa price drops 50% – Nigeria’s cocoa farmers who have been enjoying a 13 month roller coaster good fortune, on the back of the ailing naira and fair produce prices, are now in a quandary as the market endures a glut and the local currency strengthens against its US benchmark. Source BUSINESSDAY Read More


    In response to Taxify, Uber slashes Lagos fare by 40% – Ride sharing app, Uber has announced a 40% reduction in its taxi fare in Lagos. The reduction is effective, Thursday 4th May 2017. Source Nairametrics Read More

    SEC dissolves Ikeja Hotels’ board over lingering crisis – The Nigerian capital market apex regulator, the Securities and Exchange Commission, has dissolved the Board of Directors of Ikeja Hotels Plc due to unresolved internal crisis involving some majority shareholders of the company. Source Punch Read More

    Japanese firms plan $30bn investments in Nigeria, others – The Japanese Deputy Minister for Foreign Affairs, Mr. Shunsuke Takei, on Thursday said businessmen from his country would be investing about $30bn in Nigeria and other African nations. Source Punch Read More

    Canon targets Nigeria as top investment destination – Japanese digital imaging and optical products manufacturing company, Canon, says Nigeria ranks top among its targeted countries for investment in the next few years. Source Punch Read More

    Pipeline explosion: N’Delta village sues Eni in Italian court – A Nigerian village has filed a lawsuit in Milan against an Italian oil company, Eni, demanding compensation for damages caused by an oil pipeline explosion in 2010, an Italian lawyer representing the village said on Thursday. Source Punch Read More

    BUA to invest N92bn in sugar production, refining – The Managing Director, BUA Sugar Refinery Limited, Ibrahim Yaro, has said that the firm, which operates the second largest sugar refinery in Sub-Saharan Africa, will invest $300m (about N92bn at N305.7/$ official exchange rate as of Thursday) in sugar production and refining. Source Punch Read More

    Shoprite opens centres for local products – Shoprite Nigeria has commenced a made-in-Nigeria campaign by dedicating some departments of its 24 outlets nationwide to locally produced products. Source Punch Read More

    NASCON promises better future as shareholders get N1.85b dividend – NASCON Allied Industries Plc would be making new investments in its major lines of operations to improve overall efficiency and market share in continuation of ongoing efforts to ensure long-term growth and returns to shareholders. SourceThe Nation Read More

    GBfoods, Helios collaborate on Pan-African food – GBfoods, multinational food company with its headquarters in Barcelona, and Helios Investment Partners, a premier Africa-focused private investment firm, have partnered to create one of Africa’s largest fast-moving consumer goods firms. Source Punch Read More

    Golden Guinea Brewery Gets $10m Life Line from NEXIM – The moribund Golden Guinea Brewery Umuahia is set to bounce back after 16 years of inactivity following a lifeline of $10 million it obtained from the Nigeria Export and Import Bank (NEXIM). Source Thisday Read More

    ExxonMobil Suspends Workers over Dec 2016 Violent Protests – Mobil Producing Nigeria Unlimited, an affiliate of ExxonMobil, has suspended some workers who allegedly threatened the lives of other staff and damaged the company’s property in the December 16, 2016 protest. Source Thisday Read More

    UBA Introduces Mobile Banking Solution – In line with its determination to dominate Africa’s mobile banking space with the introduction of cutting edge technology-driven products and services, United Bank for Africa (UBA) Group has introduced a full-fledged banking platform, tagged ‘UBA Magic Banking’ which is enabled by dialling *919# within Nigeria. Source Thisday Read More

    Airtel, SOLO, Renmoney Offer Low-cost Smartphones to Nigerians – Airtel Nigeria, SOLO and RenMoney, have announced a joint partnership deal to offer telecoms consumers across the country an opportunity to own premium, quality smartphones for as low as N4,150, which is as good as free of charge. Source Thisday Read More

    Fidelity Bank pays N4.1bn dividend – Shareholders of Fidelity Bank Plc have been rewarded with N4.056 billion representing 14 kobo per ordinary share as dividend in the bank for the financial year ended 31 December, 2016 upon approval at the bank’s 29th annual general meeting held in Lagos yesterday. The dividend was unanimously approved by the shareholders at the meeting. Source Daily Trust Read More

    Dairy firm shifts to Nigeria after Europe ban – After it suffered 25 per cent loss in revenue in the first quarter of 2017, Seklam for Dairy Industries, a subsidiary of Al Mansour Group, is exploring a new market in Nigeria this year to sell its dairy products. Source New Telegraph Read More

    Air Peace gets IOSA certification, enters codeshare pact – Leading local carrier in Nigeria, Air Peace, has been listed on the registry of the International Air Transport Association’s Operational Safety Audit (IOSA) after successful completion of its safety audit and found compliant with global standards. Source Guardian Read More


    2017 Budget delay: FG to run on 25% of recurrent provisions – The Senate yesterday said the 2017 Appropriation Bill would be laid for deliberation and passage next  Tuesday. Source vanguard Read More

    APC targets N1.2bn monthly from members – The All Progressives Congress is putting finishing touches to plans to raise an average of N1.2bn monthly from its 12 million registered members.  Source Punch Read More

    River Niger Dredging: Jonathan paid N34 billion, but it’s being executed by Buhari for N100 million – Amaechi – The Minister of Transportation, Rotimi Amaechi, on Thursday accused former President Goodluck Jonathan of wasting N34 billion on the dredging of the River Niger. Source Premium Times Read More



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