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All the major economic news from Nigeria in 5 minutes – 16/6/2017

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

 

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  1. Acting president, Yemi Osinbajo, says refineries in the country have not lived up to expectations because they are government-owned. “Government cannot just go and be setting up refineries. If government sets up refineries and uses its people to run it, it won’t work. We have good examples in all the refineries that we have seen,” he said. Link
  2. The ban on imported packaged sugar into the country by the Federal Government has not been lifted, the Executive Secretary/CEO, National Sugar Development Council (NSDC), Latif Busari  has said. He advised importers of sugar to either produce in Nigeria or move their products elsewhere, saying this position is in line with Section 9.3.1 (1V) of the Nigeria Sugar Master Plan as approved. Link
  3. The Standards Organisation of Nigeria (SON) has developed an e-clearance system, in a bid to ensure that its quality control and standardisation measures do not delay regulated goods coming into the country. Link
  4. The Senate on Thursday raised the alarm over an imminent blackout in the northern part of the country due to zero gas supply to the 215 megawatts Kaduna power plant, adding that the development had led to a shutdown of the industrial sector in the region. Link
  5. The Central Bank of Nigeria, CBN on Thursday said it would hold a special Open Market Operation (OMO) operation to further check inflation in the economy as a result of pressures on the value of the Naira. The operation would involve mopping up of about N200.322 billion from the Nigerian banking system at the rate of 16 per cent per annum. Link
  6. The operators in the Micro, Small and Medium Enterprises sector of the economy are asking for the establishment of a new development finance institution that can cater to the needs of micro enterprises. The President, Nigerian Association of Small and Medium Enterprise Farmers Cooperatives, Dr. Adams Adebayo, noted that the forex window did not benefit micro enterprises as most of them sourced their inputs locally. Link
  7. The Central Securities Clearing Systems Plc’s assets as of December 31, 2016 were worth N27.13bn. The company described 2016 as a challenging financial year, as it recorded a 38.61 per cent dip in gross earnings from N7.6bn to N6.17bn. Link
  8. The Federal Government lost over (about N475.8 billion) to the granting of tax waivers under the pioneer status scheme to oil and gas companies in the upstream sector between 2009 and 2016. Specifically, the Nigeria Extractive Industries Transparency Initiative (NEITI) put the figure at $1.17 billion between 2009 and 2014. But between 2014 and 2016, the figure rose to $1.56 billion. Link
  9. Deposit Money Banks in the country have raised a total of N26bn in line with their commitment to provide equity funding for agro-based Small and Medium-scale Enterprises. Link
  10. The European Commission yesterday announced a support package of €143 million for the early recovery and reconstruction needs in Borno State. The package is meant to ameliorate the suffering from a worsening humanitarian crisis in the state. Link
  11. The Nigerian Union of Teachers (NUT) has endorsed the move by the Federal Government to sack those teaching in public schools without professional certificates by 2018. Link
  12. The federal government has launched a tax enlightenment campaign to canvass tax payments at mosques, churches, markets and other public places. Speaking while launching the scheme, titled; Nigerian Voluntary Asset and Income Declaration Scheme (VAIDS), the Minister of Finance, Mrs Kemi Adeosun said the project will engage 7500 young Nigerians through the N-Power portal. Link
  13. The Federal Government, yesterday, ruled out total deregulation of the downstream sector of the petroleum industry. Link
  14. The West Africa Gas Pipeline (WAPCo) has embarked on alternative source of transporting gas from Republic of Benin, which is gradually becoming an oil-producing country, for other West African countries. It was gathered that WAPCo has begun talks with Dangote Refinery to buy gas to bridge an estimated 300 million standard cubic feet of gas per day (mmscfd) deficit in Ghana by the year 2020, which has dire consequences for power generation in Ghana. Link
  15. A lokoja High Court has reserved judgment till June 29, in a suit by Kogi State government against Globacom Nigeria Ltd. The government sued Globacom for its alleged refusal to settle an outstanding tax balance of over N222 million to its internal revenue service. Link
  16. NIPCO Plc has approved new appointments in the company including the elevation of the former Managing Director, Mr Venkataraman Venkatapathy to the position of Group Managing Director [GMD]. Mr Sanjay Teotia is now the Managing Director of the company while the former Executive Director, Corporate Services, Alhaji Abdulkadir Aminu is now Group Executive Director [GED], Corporate Services. The appointments followed the successful acquisition of ExxonMobil 60% equity in Mobil Oil Nigeria Plc by NIPCO and now the majority shareholder of the company. Link
  17. Julius Berger Nigeria Plc, for the first time in over two decades of operation in the country did not smile home with dividend pay-outs. The company recorded N3.7 billion loss in its 2016 financial year made public yesterday at the its 47th Annual General Meeting in Abuja. The N3.7 billion losses are against the N2.8 billion profits it recorded in the 2015 financial year. It also declared a zero dividend of 2.68 basic earnings per share as against the 2.01 earnings per share in 2015. Link
  18. PAN Nigeria Limited has completed work on a new model of Peugeot 301 and is set to launch it as 301 Midlife. The company said the redesign of the luxury sedan was in line with its promise of giving its customers in Nigeria the latest of automobiles being manufactured by its parent company in France in order to keep pace with the rest of the world. Link
  19. JetWest airline will begin operation in Nigeria’s troubled aviation industry in December, its officials have said. The aviation industry has sunk into turbulence since the recession which has driven up costs and made foreign currency scarce in an industry that is forex dependent. However, a Nigerian Civil Aviation Authority (NCAA) official said yesterday the agency is unaware of an application from JetWest. Link
  20. The management of FBN Holdings Plc on Thursday said it was targeting a Non-performing Loans (NPL) ratio of less than 20 per cent for the financial year ending Dec. 31, 2017.  The Managing Director of the company, Mr. UK Eke, said that the company’s NPL would be less than 20 per cent by second quarter of 2017 against 26 per cent in the first quarter. Link
  21. The federal government has recovered N13 billion pension liabilities from NICON Insurance Limited as part of efforts to recover all pension intervention funds paid to insurance companies before the Pension Reform Act, 2014. Link
  22. Shoprite Nigeria has reaffirmed its commitment to local products with its ‘Made- in-Nigeria’initiative, which has benefited producers and customers. The majority of products sold by Shoprite are sourced within the country. By pledging to stock more local produce across its 23 stores, Shoprite is highlighting its commitment to the economic  growth. Link
  23. Telecoms company, Etisalat Nigeria has said on Friday that it is working with its lenders and Abu Dhabi state investment fund Mubadala, the second-largest shareholder in the business, to resolve debt woes it said were caused by a devaluation of the naira currency. Link
  24. The Imo State government has reinstated the 1,600 local councils staff that were suspended about five months ago. Governor Rochas Okorocha made the announcement at the Imo Trade and Investment Centre, Owerri, where he directed the immediate payment of their five months salary arrears. Link
  25. The Speaker, House of Representatives, Yakubu Dogara, yesterday said that the National Assembly has powers of appropriation. Acting President Yemi Osinbajo was reported in the media to have said that the lawmakers lack such powers. Reacting to a matter of privilege by Lawal Abubakar (APC, Adamawa), Dogara said the claim, which was widely reported by the media has no basis and should not be taken seriously by any right thinking citizen. Link
  26. The Kano State government has spent over N419,207,744 on Ramadan feeding in the 44 local governments. Chairman, Supervisory Committee of the Ramadan Feeding Mohamed Garba, who gave a breakdown of the disbursement of funds yesterday, said the government released N308, 353, 744 to the state, N110,854,000 and to the local government, bringing to total figure to N419, 297,744 million. Link
  27. The Economic and Financial Crimes Commission (EFCC) yesterday told the Federal High Court in Lagos that a senator representing Delta North, Peter Nwaoboshi, allegedly defrauded the state of N1.5billion and laundered part of it through a company known as Suiming Nigeria Ltd. Link

 

 

 

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Patricia

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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Coronavirus

COVID-19 Update in Nigeria

On the 4th of August 2020, 304 new confirmed cases and 14 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 44,433 confirmed cases.

On the 4th of August 2020, 304 new confirmed cases and 14 deaths were recorded in Nigeria, having carried out a total daily test of 1,601 samples across the country.

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To date, 44,433 cases have been confirmed, 31,851 cases have been discharged and 910 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 289,133 tests have been carried out as of August 3rd, 2020 compared to 287,532 tests a day earlier.

COVID-19 Case Updates- 4th August 2020,

  • Total Number of Cases – 44,433
  • Total Number Discharged – 31,851
  • Total Deaths – 910
  • Total Tests Carried out – 289,133

According to the NCDC, the 304 new cases are reported from 19 states- FCT (90), Lagos (59), Ondo (39), Taraba (18), Rivers (17), Borno (15), Adamawa (12), Oyo (11), Delta (9), Edo (6), Bauchi (4), Kwara (4), Ogun (4), Osun (4), Bayelsa (3), Plateau (3), Niger (3), Nasarawa (2) and Kano (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,414, followed by Abuja (4,087), Oyo (2,782), Edo (2,317), Rivers (1,859), Kano (1,598), Delta (1,529), Kaduna (1,498), Ogun (1,411), Plateau and Ondo (1,243), Enugu (846), Ebonyi (808), Kwara (790), Katsina (746), Borno (628), Gombe (620), Abia (602), Osun (584), and Bauchi (565).

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Imo State has recorded 469 cases, Benue (356), Bayelsa (342), Nasarawa (341),  Jigawa (322), Niger (226), Akwa Ibom (221), Adamawa (176), Sokoto (154), Ekiti (152), Anambra (135),  Kebbi (90), Zamfara (77), Taraba (72), Yobe (67), Cross River (58), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

 

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 4, 2020444333049101431851116727
August 3, 202044129288896820663225707
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Cryptocurrency

LINK, most profitable crypto-asset in 6 months, gains 451%

ChainLink is showing signs of life while other crypto assets are pulling back lately.

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ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

In the crypto industry, one crypto asset is emerging as the most profitable crypto asset in 2020 for its investors. The name of that crypto asset is LINK.

The detail: ChainLink (LINK) has gained about 451% in 6 months, moving from $2.12 on March 15, 2020, to $9.57 as at the time this report was drafted. This has made it the ninth most valuable crypto asset by market capitalization value of $3.35 billion.

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The recent gain in this fast-growing crypto-asset follows a recent pullback after LINK reached the $8.94 price levels near the middle of July.

ChainLink is showing signs of life, while Bitcoin and most of the crypto assets are pulling back lately. One thing to keep an eye on is the trading and social volume in relation to its price direction. An increase appears to be starting, which is correlating with this rise.

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Quick fact: Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.

Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

Recall that about a year ago, ChainLink announced that Google was integrating ChainLink into their approach to smart contract adoption. Here’s how users can use Chainlink to connect to BigQuery, one of Google’s most popular cloud services.

Patricia
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Paid Content

President Buhari greets BUA Chief, Abdul Samad Rabiu on 60th Birthday

The President describes Abdul Samad’s 60 years as a milestone heralded by years of hard work.

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Dangote, other Nigerians hold form as Forbes releases richest African billionaires list, BUA Group makes major acquisition

President Muhammadu Buhari has extended his warm greetings to the Founder/Chairman of one of Africa’s leading conglomerates BUA Group, Abdul Samad Rabiu (CON), on his 60th birthday.

Buhari who conveyed his greetings in a statement issued by Garba Shehu, the Senior Special Assistant to the President (Media & Publicity) extolled Abdul Samad for his large-heartedness for always investing in people and institutions.

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The President while describing Abdul Samad’s 60 years as a milestone heralded by years of hard work, dedication and commitment to building the Nigerian economy, commended him Samad for the construction of clinics, schools and religious houses, and consistent financial interventions in the fight against pandemics like Poliovirus, Ebola and COVID-19.

According to the statement, “President Muhammadu Buhari sends warm greetings, joining family and friends to celebrate the milestone, heralded by years of hard work, dedication and commitment to building the Nigerian economy.

“The President congratulates the business magnate for his foresight in investing extensively in agriculture, infrastructure, manufacturing and real estate, which has translated into strengthening the pillars of the economy, bolstering the government’s diversification efforts and creating chains of subsidiary industries and business outfits.

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“As the Chairman of BUA Group turns 60, President Buhari extols his large-heartedness in always investing in people and institutions, commending him for the construction of clinics, schools and religious houses, and consistent financial interventions in the fight against pandemics like Poliovirus, Ebola and COVID-19.

“The President affirms that Rabiu’s diligence and business acumen continues to inspire many, and his propensity for creating opportunities for others to prosper is legendary, urging him to remain focused on his vision of a greater and better Nigeria.

“President Buhari prays that the Almighty God will reward him with longer life, good health and more wisdom”. The statement added.

Also, Former Nigeria’s Vice President, Alhaji Atiku Abubakar in his tribute to Abdul Samad described him as an astute businessman who has created jobs and opportunities and whose philanthropic and charitable gestures speaks to the dept of his humanity.

Atiku in a tweet said, “Founder/Chairman of @BUAgroup, Abdul Samad Rabiu (CON), has distinguished himself as an astute businessman who continues to create jobs and opportunities.

“His philanthropy and charitable causes speak eloquently to the depth of his humanity. My family rejoices with him and his family on the occasion of his 60th birthday. May the Almighty Allah grant him many more years in good health and service to humanity. Ameen”.

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On his part, the Governor of Kwara State, Abdulrahman Abdulrazaq thanked for Abdul Samad Rabiu for his investment and his commitment made to end the COVID-19 pandemic in the state.

He said “On behalf of my family, the people and government of Kwara State, I congratulate the founder and chairman of the BUA Group, Alhaji Abdul Samad Rabiu (CON), on his 60th birthday anniversary.

“I commend him for his huge investments in Kwara State and the donations he made towards the state’s campaign against COVID-19 pandemic. I pray the Almighty Allah to continue to bless Alhaji Rabiu and his family, and may He grant him more fruitful years and good health”.

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