All the major economic news from Nigeria in 5 minutes - 30/6/2017

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

The European Union (EU) Ambassador to Nigeria and ECOWAS, Mr Michel Arrion says EU will not increase its financial assistance to Nigeria. Link
The Lagos State Government on Thursday said it had appointed a consortium of seven insurance companies to manage losses that cooperative societies in the state might incur. Link
The Managing Director of Nigerian Ports Authority (NPA), Ms Hadiza Usman, says some terminals, including that of Ikorodu, will be designated for non-oil exports. She said that necessary facilities would be in place to drive exportation of solid minerals and agricultural produce through the seaports. Link
Oil prices, which dropped below Nigeria’s 2017 budget benchmark price of $44.50 per barrel, hovering around $43/barrel in the past two weeks, yesterday rose significantly across all grades and markets. Link
Nigeria’s foreign exchange reserve stood at $30.25 billion by June 28, down 0.36 percent from a month ago, central bank data showed on Friday(today). The reserves showed a 14.8 percent rise from a year ago, when they stood at $26.34 billion. Link
Former President Olusegun Obasanjo on Thursday called on the leaders of the Economic Community of West African States (ECOWAS) to agree on common currency to boost the regional trade. He said that the issue of common currency was getting delayed because the regional leaders had put forward “ECO” as a name for the currency but wondered why it had not been adopted. Link
The Acting President, Yemi Osinbajo, has approved the appointment of 14 new Resident Electoral Commissioners, RECs, for the Independent National Electoral Commission, INEC. Link
The World Bank has committed a total of $215m to the execution of rural community development projects across the country under its Community and Social Development Programme. Link
The National Executive Council (NEC) Thursday extended the lifespan of the federal government’s financial support to various states of the federation, to cushion the biting effects of the recession. Link
The National Union of Air Transport Employees has said that it will picket the Nigerian Civil Aviation Authority next week if the agency fails to accede to the demands of its members for promotion. Describing the last promotion as unwholesome and unacceptable, the union said many suitably qualified members of staff of the NCAA were not promoted in spite of the fact that they qualified to be invited for the exercise, took and passed the relevant examinations and met other ancillary criteria. Link
Former Governor of the Central Bank of Nigeria, CBN Professor Chukwuma Soludo, yesterday, said that Nigeria’s economy will be ahead of France and the United Kingdom, UK, by 2050 if the country gets its acts together. Link
Nigerian insurance sector has recorded N380 billion for the year 2016 as against N311 billion approximately underwritten in 2015, according to report released yesterday at the Nigerian Usurers Association’s 46th Annual General Meeting (AGM). Link
There are indications that Nigerian airlines might be losing as much as N20 billion to bird strike annually, as the frequency of such incidents has increased over the years without efforts to curtail them by concerned authorities. Link
Mananging Director/ CEO, Guaranty Trust Bank Plc, Mr. Segun Agbaje, has stated that Nigeria’s economy may be in a difficult period, but with digitalization at the core of the national banking strategy, financial inclusion has been given room to grow. Link
The Nigerian Civil Aviation Authority (NCAA) has issued the first Remotely Piloted Aircraft/Drones (RPAS) Operators Certificate (ROC) to Oando Plc. Link
Arik Air, Nigeria’s largest carrier, says it will resume daily flight operations between Abuja and Accra, Ghana on July 17. Link
The Nigerian Handling Company Plc (nahco aviance) said it has started handling Ethiopia Airlines in Kano. The company said with the recent commencement of the passenger and ramp handling of Ethiopia in Kano, it has now made a complete haul of ET’s passenger services and ramp handling in Nigeria. Link
The desire of airline operators to have Maintenance, Repair and Overhaul (MRO) facility in Nigeria, is gradually becoming a reality. In the next six weeks, Nigeria’s oldest airline, Aero Contractors would start C-check maintenance of Boeing classics, Boeing B737-300, B737-400 and B737-500 in addition to Bombardier Dash 400 and helicopters. Link
MTN Nigeria has launched the Bus Shelter Kiosks initiative aimed at empowering unemployed youths in Lagos. The company said the initiative was meant to also create a conducive environment for commuters in the state. Link
Over 700 youths are set to be employed as the Stanel Group ultra-modern mega gas plant in Awka, Anambra state is set for inauguration, CEO of Stanel Oil, Stanley Uzochukwu has announced. Link
The management of Eko Electricity Distribution Company Plc (EKEDC) said on Friday that it had provided meters to the 6,834 Maximum Demand (MD) customers within its network, as directed by the Nigerian Electricity Regulatory Commission (NERC). Link
The Metallurgical Stakeholders Forum has called on the Federal Government to cancel reconcession of the National Iron Ore Mining Company (NIOMCO) to Global Infrastructure Holding Ltd. (GIHL), an India company. Link
PwC Nigeria has announced the admission of six professionals into its partnership, effective July 1, 2017. The new partners are Jide Adeola, Chidi Ojechi and Dele Oladipo of the firm’s Assurance practice, while Moshood Olajide, Kenneth Erikume and Chijioke Uwaegbute were admitted into the Tax and Regulatory services practice. Link
The Presidency has dismissed insinuations that the federal government is spending £4000 daily to park the presidential aircraft in London. The senior special assistant on media to the president,Garba Shehu said, “We have also read claims about outrageous fees allegedly paid by Nigeria. The published amounts are totally untrue. Aircraft conveying heads of state all over the world usually enjoy waivers even where payments for parking are differentiated by aircraft categories. “We have been assured that where the waiver is not granted, payment will not exceed £1,000, which is a quarter of the amount being peddled. Link
The Ebonyi Government says it will spend N1.8billion to boost primary health care under the Save One Million Lives Programme for Result Initiative of the Federal Government. Link

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