![[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies](https://i0.wp.com/nairametrics.com/wp-content/uploads/2017/05/nigerian-economy-today-1.jpg?fit=700%2C400&ssl=1)
Summary of the top business, economic and political news in Nigeria today.
- Despite the economic recession, which led to massive loss of jobs in the country, the Labour Productivity Index rose by 10.8 per cent in 2016, data released by the National Bureau of Statistics showed. The report revealed that labour productivity increased to N783.51 in the fourth quarter of last year from N713.77 in the third quarter, N636.30 in the second quarter, N605.27 in the first quarter and N706.95 at the end of 2015. Link
- The Minister of Power, Works and Housing , Mr Babatunde Fashola, disclosed that about 340 megawatts of electricity would be added to the national grid in or before December from Afam power station. Link
- Minister of State for Petroleum, Dr Ibe Kachikwu has revealed that Nigeria spent about N4.74 trillion on importation of petrol last year, representing 30 per cent of the total foreign exchange outlay of the Central Bank of Nigeria (CBN). Link
- The Republic of Indonesia has rekindled its bilateral economic cooperation with Nigeria with the signing of a Memorandum of Understanding on business exploration between both countries. Link
- The Federal Government has opened talks with the African Development Bank for financing of coal-to-power projects across the country. Link
- Importers have kicked against the levy imposed on wooden pallets by the Nigerian Agricultural Quarantine Service. The revised import guideline, dated April 1, 2017, read in part, “Shipping lines shall ensure that Nigeria-bound containerised cargoes are palletised. Shipping lines and other carriers that fail to adhere strictly to palletised cargo directive shall be asked to take back on board the non-palletised cargo.” Link
- The Manufacturers Association of Nigeria and the Chemical Society of Nigeria have concluded plans to turn research papers into commercial documents. During the signing of a Memorandum of Understanding between the two bodies, the President, MAN, Dr. Frank Jacobs, noted that the objective of the collaboration was to commercialise research findings that have industrial applications but had been shelved off in the past. Link
- The Federal Government will start an international roadshow next week for the sale of a diaspora bond, the Debt Management Office said on Thursday. The DMO said the government had named Bank of America Merrill Lynch and Standard Bank of South Africa as joint lead managers for the sale. Link
- The Association of Nigerian Electricity Distributors (ANED) says listing shares of Electricity Distribution Companies (DisCos) on the Nigerian Stock Exchange (NES) will be determined by the Bureau of Pubic Enterprises (BPE). Link
- Transparency group, Publish-What-You-Pay Nigeria, PWYP, has charged the regulatory authorities to install meters at the country’s oil well heads better assess oil production in Nigeria. The group noted that for long, Nigeria has faced the challenge of knowing the volume of oil it produces daily, as a result of lack of consensus on where the operating companies should install metering infrastructure. Link
- Nigeria plans to sell 1.24 trillion naira ($4.1 billion) worth of treasury bills from June 15 to August 31, a central bank debt calendar for the third quarter showed on Friday. The bank aims to auction 226.64 billion naira in 91-day bills, 311.32 billion in 182-day and 698.64 billion in 364-day debt. Link
- Bridge Concepts Limited has collaborated with the United Bank for Africa to introduce co-branded discount cards known as the Naija Green Card. The Naija Green Card powered by UBA, is a chip and pin prepaid card to be used at Point of Sale terminals in online stores and merchant locations within and outside Nigeria. Link
- Renaissance Capital, an emerging and frontier markets investment bank, has been ranked the number one frontier markets’ brokerage firm in the 2017 Extel Survey for the second year in a row. The firm, in a statement on Thursday, said it was ranked number two in the Russian Economics and Macro category and number seven in the overall Leading Pan-Emerging Europe Brokerage Firms category, significantly building on its positions from 2016. Link
- Fitch Ratings has assigned United Bank for Africa Plc’s (UBA) $500 million 7.75% senior unsecured notes maturing on June 8, 2022 a final ‘B’ rating. Link
- After few months of prevarication, report disclosed that the Ethiopia Airlines has been negotiating management contract for Arik Air, which was taken over by the Asset Management Corporation of Nigeria (AMCON) in February this year owing to the debts owed it by the owners of the airline. Link
- African Aircraft Leasing Company (AALC) plans to invest about $20billion in aircraft leasing facility in Nigeria. The proposed investment will enable indigenous airlines lease aircraft at cheaper rate and without the present cumbersome processes. Link
- The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, on Thursday in Abuja explained that reports of concession of Port Harcourt to Oando and Agip companies were untrue . Kachikwu said at a news briefing that ”a technical committee set up by the government to undertake the review and selection process is yet to submit its report”. Link
- A Senate panel has uncovered secret operation of subsidy regime by the Nigerian National Petroleum Corporation (NNPC), despite its cancellation by the present administration. The discovery came a year after the Federal Government ended the subsidy regime, leading to increase in the pump price of petrol from N87 to N145 per litre. Link
- Nigeria’s online payment service provider PayU Nigeria has identified businesses that can benefit from its global expertise. It operates in 16 markets where it offers over 250 payment options. Its Country Manager, Ms Juliet Nwanguma, said the firm has rolled out strategies to connect businesses to Nigeria’s online payment market estimated to surpass N200 billion this year, from N167 billion last year. Link
- Lafiagi Sugar Company (LASUCO), a subsidiary of BUA Group, plans to invest $300 million in its sugar plantation in line with the Federal Government’s Backward Integration Policy (BIP) in the industry. The investment will achieve the firm’s goal of producing 1.2 million tons of sugar per year from the plantation when fully developed. BUA Sugar Managing Director, Mr. Ibrahim Yaro, said the firm acquired LASUCO because of its interest in the local production of raw sugar. Link
- Nigeria’s presidency is expected to sign the 2017 budget into law next week, the speaker of the lower chamber of parliament said on Friday, in an effort to pull Africa’s biggest economy out of its first recession in 25 years. Link
- Minister of Transportation, Chibuike Amaechi, yesterday, debunked the allegation of non-inclusion of South-East states in the rail line projects of the railway networks across the country for which $5.8 billion loan is being sought from China. “I do not know where the information that the South East States were excluded in the rail projects is coming from.” Link
