All the major economic news from Nigeria in 5 minutes 20/7/2017

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

1. Worried about the grave economic implication of Nigeria’s suspension from the EGMONT group, the Senate has taken steps to avert expulsion.Link
2. The Central Bank of Nigeria (CBN) recorded foreign exchange inflow of $14.53 billion from January to May this year.Link
3. The economy of Nigeria is set to be exposed to a fresh chapter of growth and development that will be as challenging as it will be rewarding with the appointment of Ms. Patience Oniha as the new Director-General of the Debt Management Office (DMO), the agency of government put in place to oversee and manage public debt.Link
4. Ayo Teriba, Chief Executive Officer of Economic Associates, has advised the Federal Government to open up the economy to foreign direct investment in a bid to get Nigeria out of economic recession and keep it on the path of sustainable economic growth.Link
5. INTAFACT Hero’s Foundation, a project of Intafact Beverages Limited, said it has trained about 120 entrepreneurs on business growth and sustainability across eight states of the federation.Link
6. LAGOS State Employment Trust Fund (LSETF) has signed a partnership agreement with a member of the House of Representatives, Hon. Wale Raji to empower women in Epe Federal Constituency in Lagos.Link
7. AFRICAN Prudential Plc, in a special off market transaction, has acquired 2.08 billion units of ordinary shares of United Bank for Africa, UBA Plc, at N9.47 per unit amounting to N19.7 billion.Link
8. While the dust raised by the $1.2 billion indebtedness of Etisalat Nigeria (soon to re-brand as 9Mobile) to a consortium of 13 banks appears to have temporarily settled following the constitution of a new board, stakeholders have called for improved regulations of the industry by the regulator, the Nigerian Communications Commission (NCC).Link
9. As property owners and tenants in Lekki-Ajah axis of Lagos are licking their wounds following the devastating floods that ravaged the area last week, rental prices in the Mainland have continued an upward movement due to anticipated demand.Link
10. Telecoms companies in Nigeria continue to face tough time in terms of revenue generation as the number of Nigerians using mobile voice telephony, technically called teledensity, is falling in Nigeria.Link
11. First Bank of Nigeria Limited and United Bank for Africa (UBA), have raised their limits on international transactions on naira cards. While First Bank raised theirs to $1,100 monthly across Automated Teller Machines (ATMs), Point of Sale (PoS), and online channels, with the daily ATM withdrawals raised to $300, UBA raised theirs from $100 to $2,000.Link
12. Nigeria’s upper legislative chamber, The Senate, has promised to support the growth of the country’s $68 billion telecoms market with new effective and enabling laws.Link
13. Flour Mills of Nigeria Plc (FMN) Group has announced an increase in the shareholding of one of its subsidiaries, Rom Oil Mills Limited (ROM), Ibadan, Oyo State.Link
14. The chances of the Nigerian economy sustaining the positive growth in Gross Domestic Product (GDP) that it is predicted to record in the first six months of 2017 in the second half of the year (H2) will, to a large extent, depend on the Central Bank of Nigeria (CBN) maintaining its current foreign exchange regime, analysts at CardinalStone Partners have said.Link
15. Ecobank has extended the capabilities of its Rapid Transfer product enabling all bank account holders in Nigeria receive money via the Rapid Transfer instantly from 33 African countries where Ecobank operates.Link
16. The Association of Nigerian Electricity Distributors (ANED) called on the Federal Government to probe the Nigerian Bulk Electricity Trading (NBET) Plc over inflation of invoices to Electricity Generation Companies (GenCos).Link
17. The Senate said it would initiate a bill for a law to make Nigeria Financial Intelligence Unit (NFIU) of the Economic and Financial Crimes Commission (EFCC) autonomous.Link
18. Disturbed by the low broadband penetration in the country, the Senate Committee on Information and Communications Technology (ICT) and Cyber crime, has pledged its readiness to expedite the licensing of the second phase of Infrastructure Companies (InfraCos) that are supposed to drive broadband rollout in the country.Link
19. Wema Bank Plc has reported an improved performance for the half year ended June 30, 2017, despite the challenging operating environment.Link
20. The Managing Director of Bank of Agriculture, Alhaji Adamu Kabir Mohammed has initiated plans to partner the Canadian government on a multi-million dollars ultra- modern Agricultural projects in three states -Kano, Benue and Abia.Link
21. Nigeria now produces 2.2 million barrels of oil per day, Nigerian National Petroleum Corporation (NNPC) announced on Wednesday.Link