Summary of the top business, economic and political news in Nigeria today.
- Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday said the federal government has suspended crude oil exploration in the Chad Basin until further notice.Link
- The Federal Government will avail itself of the opportunity being provided by global organisations like Google to train the teeming technology savvy youths in various level of ICT capacity development deployed by Google, as this will further open up the accessibility of turning around the nation’s economy and making ICT the mainstay.Link
- Determined to make Nigerian seaports attractive to cargoes in West and Central Africa, the Nigerian Shippers’ Council has reiterated its resolve to curb excessive charges and undue delays that has made Nigerian seaports unattractive.Link
- Nigeria’s former minister of finance, Dr Ngozi Okonjo-Iweala, has been named an independent non-executive director at Standard Chartered PLC.Link
- The Managing Director of Niger Delta Development Commission (NDDC), Nsima Ekere, has pledged to bequeath a worthy legacy to the agency.Link
- As a fallout of World Bank’s $200 million grant to boost food production in the country, youths in 23 states across the country are currently being trained in different agro allied fields.Link
- Foreign trawlers from Asia and Europe have cost Nigeria and other neighbouring countries’ economy about 300,000 in job losses and $2 billion in income through illegal fishing around the waterways.Link
- Nigerian underwriters (non-life) incurred general liabilities in the course of executing their businesses within a period of three years from 2013 to 2015.Link
- The Nigeria Deposit Insurance Corporation (NDIC) has secured a landmark judgement to the tune of N556,493,034.16 in favour of depositors of Lead Merchant Bank Limited (inliquidation).Link
- Despite the poor outlook of the insurance industry and inability to garner the right mix for high penetration, general business underwriters spent N239.5 billion on management expenses within five years (from 2011 to 2015).Link
- The Federal Capital Territory, FCT, and its neighbouring states may be grounded in the next two weeks as the leadership of the National Union of Petroleum and Natural Gas Workers.Link
- The Federal Government yesterday said it would mandate its Ministries, Directorates and Agencies, MDAs, to buy and read daily papers digitally. Link
- The Senate, yesterday, approved the $1.806 billion Federal Government 2016-2018 external borrowing (rolling) plan for Lagos-Kano railway modernization project and reconstruction/rehabilitation of the North-East.Link
- The Nigeria Extractive Industries Transparency Initiative (NEITI), has called for the transfer of all oil revenue savings, totalling about $3.95 billion, to the custody of the Nigeria Sovereign Investment Authority (NSIA).Link
- The Chairman of Dala Inland Dry Port Nigeria Limited Kano, Alhaji Ahmed Rabi’u, has said that commercial activities are expected to commence in earnest at port by January next year.Link
- The Acting President, Yemi Osinbajo, has presented a certificate for the Formal Release Ceremony to discharge Indorama Eleme Petrochemicals Limited (IEPL) from the mandatory five-year Monitoring Programme of the Bureau of Public Enterprises (BPE).Link
- The Minister of Transportation, Mr Rotimi Amaechi, on Thursday, took delivery of two double-end-drivers’-cabin standard gauge locomotive engines from the Peoples Republic of China.Link
- Eight electricity generation plants in Nigeria generated zero megawatts per hour in five months, latest report from the National Bureau of Statistics has revealed.Link
- Nigeria Customs Service (NCS) has seized mobile phones valued at N566 million, which were concealed alongside relief materials from foreign donors.Link
- Stanbic IBTC Bank has launched a fresh customer value proposition targeted at High Net Worth Iindividuals (HNIs) who desire an exclusive and differentiated banking service experience.Link
- Sterling Bank Plc has reported gross earnings of N57 billion for the half year ended June 30, 2017, representing a growth of 14 per cent over the corresponding period of 2016.Link
- eTRANZACT International Plc said it recorded N620 million operating profit for the financial year ended December 2016.Link
- The Indonesian Nexim bank has signed a pact with the Nigerian Export-Import Bank (NEXIM Bank) to enhance cooperation and forge stronger relationships in promoting regional and global trade and investment between the two countries.Link
- Total Nigeria Plc has signed a Solar Home Solution distribution agreement with Blackbit Limited. This solar product distribution partnership is aimed at facilitating seamless nationwide access to solar energy products to bridge the energy gap in homes and optimally ensure customer satisfaction.Link
- Google has pledged to invest $3 million as free equity funding in Africa before the end of this quarter, and train 10 million Nigerians in the next five years in preparation for accessing a digital economy.Link
- Pepsi 50cl plastic bottle is now sold at the price of N100. This has been revealed by Pepsi with a campaign themed No shakin’ Carry go which means we can now all carry go with the cool refreshment that Pepsi brings especially during these tough economic times.Link
- The Nigerian Civil Aviation Authority (NCAA) says plans have reached an advanced stage to get the Murtala Muhammed International Airport, Lagos, and the Nnamdi Azikiwe International Airport scale through the International Civil Aviation Organisation (ICAO) safety and security certification.Link
- The Federal Government on Thursday said it would send the 2018 budget proposal to the National Assembly at the beginning of October this year.Link
- Lagos State Governor, Mr Akinwunmi Ambode on Friday in Zurich, Switzerland led a team of the State Executive Committee members to sign an agreement with Bühler AG (“Bühler”), a leading rice-mill producer in the world, for the acquisition of a 32 tonnes per hour Rice Mill.Link
- The Senate, yesterday, indicted the Minister of State for Petroleum Resources, Dr Ibe Kachikwu and the management of the Nigerian National Petroleum Corporation (NNPC), on claims that they were not transparent in the process seemingly being adopted to engage ENI/NAOC and Oando as financiers for rehabilitation and improved performance of Port Harcourt Refinery.Link
- The Senate, yesterday, mandated the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to review the present revenue allocation formula, to reflect the present and changing economic realities in the country. Link
- The Senate, on Thursday, approved external loans for 10 states totalling $750m for the purpose of financing various projects across the country.Link
COVID-19 Update in Nigeria
On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 56,956 confirmed cases.
On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.
To date, 56,956 cases have been confirmed, 48,305 cases have been discharged and 1,094 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321 tests have been carried out as of September 18th, 2020 compared to 479,712 tests a day earlier.
COVID-19 Case Updates- 18th September 2020,
- Total Number of Cases – 56,956
- Total Number Discharged – 48,305
- Total Deaths – 1,094
- Total Tests Carried out – 482,321
According to the NCDC, the 221 new cases were reported from 18 states- Lagos (59), Abia (46), FCT (22), Gombe (20), Plateau (17), Rivers (11), Bauchi (7), Benue (6), Ekiti (6), Imo (6), Kaduna (4), Kwara (4), Ondo (4), Ogun (3), Osun (3), Bayelsa (1), Edo (1), Kano (1)
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,827, followed by Abuja (5,526), Oyo (3,226), Plateau (3,192), Edo (2,611), Kaduna (2,326), Rivers (2,220), Delta (1,799), Ogun (1,758), Kano (1,734), Ondo (1,594), Enugu (1,234), Ebonyi (1,035), Kwara (1,013), Abia (881), Katsina (845), Osun (810), Gombe (799), Borno (741), and Bauchi (689).
Imo State has recorded 557 cases, Benue (473), Nasarawa (447), Bayelsa (394), Jigawa (322), Ekiti (313), Akwa Ibom (288), Niger (250), Anambra (232), Adamawa (230), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (73), while Kogi state has recorded 5 cases only.
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.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos
The tanker conveying PMS lost control while in motion and subsequently fell sideways.
There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.
This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.
First responders and other Emergency agencies are already at the scene of explosion in Anthony, Lagos State, Nigeria. Please avoid the area, take alternative routes.
— Federal Fire Service (@Fedfireng) September 18, 2020
The agency urged road users to avoid the area and take alternative routes.
Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.
He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.
“This led to an explosion in which two unidentified vehicles were burnt.”
A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.
Details soon …
Facebook to open Lagos office in 2021
When the social media giant comes to Nigeria, it will be its second office on the African continent.
Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.
This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.
We are opening a Facebook office in Lagos, Nigeria later in 2021. 😍😍😍
— Chimdi Aneke (@chimdinduaneke) September 18, 2020
He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.
Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”
“Lagos, Nigeria, September 18, 2020/ — As part of its continued commitment and ongoing investment in Africa, @Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”#InvestNigeria 🇳🇬🇳🇬🇳🇬
— tolu ogunlesi (@toluogunlesi) September 18, 2020
In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.