All the major economic news from Nigeria in 5 minutes-25/7/2017

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

1. Suspected militants on Monday vandalised the Trans-Niger pipeline in Ogoniland in the Niger Delta region, reducing the Nigerian National Petroleum Corporation’s crude oil production by 150,000 barrels per day.Link
2. The Federal Road Safety Corps (FRSC) Traffic Radio Station will go on air very soon, Corps Marshall Boboye Oyeyemi has said.Link
3. The naira falls yesterday to N367 against the Dollar on the parallel market from N376 it opened for trading as the Central Bank of Nigeria (CBN) Monetary Policy Meeting commences today (Tuesday).Link
4. In a renewed offensive, the Nigeria Police has announced plan to set up anti-piracy unit in all the 36 states of the federation, including the Federal Capital Territory to combat the piracy of intellectual property in the country.Link
5. South-west governors on Monday met in Abeokuta, the Ogun State capital where they expressed their resolve to forge ahead with the regional integration plan, especially in key sectors such as agriculture, security, economy, among others, in the overall benefit of the Yoruba nation.Link
6. Ahead of the decisions of the Monetary Policy Committee on Tuesday, the Central Bank of Nigeria on Monday boosted liquidity in various segments of the inter-bank foreign exchange market with a total of $195m. Link
7. The nation’s power generation has fallen below the 3,000 megawatts mark as the number of idle power plants increased to eight on Sunday from five on Friday. The nation’s power grid lost a total of 743.4MW over the weekend as generation dropped from 3,306.6MW on Friday to 2,632.4MW and 2,563.2MW on Saturday and Sunday, respectively.Link
8. Acting President Yemi Osinbajo on Monday declared that the days in which no single revenue would be generated from crude oil were fast approaching. Osinbajo, who spoke at the Extra-ordinary Session of the Council of Ministers of the African Petroleum Producers Organisation in Abuja, noted that technology was fast depleting the usefulness of crude oil.Link
9. Lagos State Governor Akinwunmi Ambode yesterday expressed optimism that the state’s reforms targeting 3,000 megawatts (MW) of power in the next few years is achievable.Link
10. Stakeholders in Nigeria’s oil and gas industry have urged the federal government to subject the dividends earned in the oil and gas sector by international oil companies (IOCs) to withholding tax, stressing that Nigeria is the only oil-producing country where dividends in the oil and gas sector are not subjected to withholding tax.Link
11. Nigeria’s Information and Communication Technology (ICT) University, the first of its kind in Africa, is billed to commence academic activities in September this year once it receives the approval of the Federal Executive Council (FEC).Link
12. The Federal Government has promised to increase revenue base and create job opportunities by embarking on massive growth and utilisation of oceans resources.Link
13. The Nigerian Export and Promotion Council (NEPC), has proposed to the federal government the approval of five billion naira to support industries in the country.Link
14. The Nigerian National Petroleum Corporation (NNPC) said it has regained full access to the pipelines that supply crude oil to its three refineries in Kaduna, Warri, and Port Harcourt, thus making it possible for the refineries to produce up to six million litres of petrol and diesel, respectively.Link
15. The Lagos State Commissioner of Police, Mr. Fatai Owoseni has called on all relevant stakeholders that transact business around Apapa area of the state to carry out their respective obligations to ease the traffic situation in the area.Link
16. The recent fire at the Linc Oil and Gas tank farm in Calabar, which claimed 10 lives, and the deafening silence of the Department of Petroleum Resources over the incident has again exposed its weaknesses in enforcing Health Safety and Environment regulations in the oil industry.Link
17. The nation’s bourse recorded its highest return in over two years on Monday, as the Nigerian Stock Exchange market capitalisation appreciated by N218bn in one session.Link
18. Central Bank of Nigeria (CBN) Governor Godwin Emefiele states how the import restriction policy on some items has helped the local economy. He also says Nigeria is on its way out of recession.Link
19. At the opening ceremony of the 2017 overseas training course on telecommunication technologies for Nigeria, sponsored by  the Ministry of Commerce of the People’s Republic of China, organised by the Shenzhen Association for Promoting International Economic and Technological Cooperation and co-organised by Huawei Technologies Company, Nigeria, Ltd, in Abuja, the Consular of China Embassy to Nigeria, Mr Zhao Linxiang, said the bilateral training is a capacity building cooperation that will help Nigeria learn from China’s experiences to develop its telecoms and ICT sector.Link
20. Major stakeholders in the banking and finance sector, on Monday, faulted the move by the Senate to amend the laws regulating microfinance banks in the country. The stakeholders, who included the Federal Ministry of Finance, Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, National Association of Microfinance Banks and  the Chartered Institute of Bankers of Nigeria, stated that what the microfinance banks needed was remodeling of their operations in order to enable them function effectively.Link
21. The Central Bank of Nigeria has said that it has recovered over N51.9bn illegally deducted by commercial banks and returned it to the customers.Link
22. In furtherance of the Central Bank of Nigeria’s (CBN) drive for a cashless economy, a group of nine Deposit Money Banks (DMBs) accounted for 71,516 Point of Sale (POS) terminals.Link
23. The Audit Committee Institute Nigeria has moved to tackle conflict of interest in companies at the level of board, management, staff and other stakeholders within the organisation.Link
24. The Nigerian Communications Commission (NCC) has given mobile telecommunications operators till Friday July 28, 2017 to desist from unethical practice of allowing call masking and call refilling to go in their network with a warning to cease from such or face severe sanctions.Link
25. The Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, led by Russia, have approved the decision of the federal government to cap Nigeria’s oil production at a sustainable volume of 1.8 million barrels per day (mbpd).Link
26. The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has expressed confidence in the viability of the Voluntary Asset and Income Declaration Scheme (VAIDS), which grants a nine months amnesty to Nigerians who have not paid their income taxes to come forward to do so without being penalised, saying several corporates and individuals have started to come forward to make enquiries on how they can pay their back taxes and regularise their status.Link
27. A new group known, the FinTech Association of Nigeria, has made its debut in the country. A statement by the promoters of the Association at the weekend hinted that FTAN has been duly registered with the Corporate Affairs Commission, Abuja.Link
28. Star Times Group President Pang Xinxing has said the company will provide more jobs for young Africans. He spoke at the 2017 YouthConnekt Africa Summit in Kigali.Link
29. As part of efforts aimed at salvaging the infrastructure deficit in the downstream sector of the petroleum industry as well as enhanced the nation’s long-term economic growth, Oando, Nigeria’s leading indigenous energy player, conceived the construction of a mid-stream jetty.According to the company, the facility will not only ease the plight of oil marketers’ but will save the country over $120million in demurrage annually.Link
30. Share price gains recorded yesterday by Dangote Cement and 19 others stocks contributed immensely to the 1.86% increase in the value of Nigerian equities market.Link
31. The shares of Transnational Corporation of Nigeria (Transcorp) Plc. led the price gainers yesterday as investors reacted to the improved results announced for the half year ended June 30, 2017.Link
32. First Bank of Nigeria Limited has implemented new and exciting features on its mobile banking application – First Mobile to enhance security and customers’ digital banking experience.Link
33. The World Bank has collaborated with the Yobe State Government under the FADAMA III Project to boost agriculture in the North-east state with the construct a mini dam and feeder roads in two local governments.Link
34. Governor Darius Ishaku of Taraba State has signed the state Open Grazing Prohibition and Ranches Establishment Bill into law.Link
35. The Africa Development Bank (AFDB) is set to support Katsina State in the development of an industrial park in the state, the Governor, Aminu Bello Masari of Katsina has said.Link
36. The Charge‘d Affair of Nigeria in Mali, Yara  Abdulsalam,  says an indigenous motor manufacturing company, Innoson Motors, has signed MoU with a Malian firm to export 400 locally made vehicles to Mali.Link
37. The Federal Government will create an ICT databank that will aid research and innovation in the country, the Minister of Science and Technology Dr Ogbonnaya Onu has said.Link
38. Acting President Yemi Osinbajo will tomorrow swear in the two ministers-designate, Stephen Ocheni (Kogi) and Suleiman Hassan (Gombe)Link 
39. The Gombe State Board of Internal Revenue, in collaboration with the Federal Inland Revenue Service (FIRS), has launched the Voluntary Income and Assets Declaration Scheme (VAIDS) in the state.Link
40. The National Bureau of Statistics stated that the Retirement Savings Account membership distribution data for the second quarter, 2017 showed that over 7.5 million workers registered under the pension scheme.Link

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