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Business News

All the major economic news from Nigeria in 5 minutes-28/7/2017

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

  1. 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
  2. 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 
  3. 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 
  4. Nigeria’s former minister of finance, Dr Ngozi Okonjo-Iweala, has been named an independent non-executive director at Standard Chartered PLC.Link 
  5. The Managing Director of Niger Delta Development Commission (NDDC), Nsima Ekere, has pledged to bequeath a worthy legacy to the agency.Link
  6. 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 
  7. 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
  8. 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 
  9. 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
  10. 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
  11. 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 
  12. The Federal Government yesterday said it would mandate its Ministries, Directorates and Agencies, MDAs, to buy and read daily papers digitally. Link
  13. 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
  14. 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 
  15. 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
  16. 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
  17. 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 
  18. 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 
  19. Nigeria Customs Service (NCS) has seized mobile phones valued at N566 million, which were concealed alongside relief materials from foreign donors.Link
  20. 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 
  21. 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 
  22. eTRANZACT International Plc said it  recorded N620 million operating profit for the financial year ended December 2016.Link 
  23. 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
  24. 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
  25. 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
  26.  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
  27. 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
  28. 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
  29. 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
  30. 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
  31. 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
  32. The Senate, on Thursday, approved external loans for 10 states totalling $750m for the purpose of financing various projects across the country.Link 

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    Macro-Economic News

    BREAKING: Nigeria’s inflation rate surges to 18.17% in March 2021

    Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

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    Nigeria’s inflation rate for the month of March 2020, rose to 18.17% from 17.33% recorded in February 2021.

    This is according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS).

    Food inflation spikes to 22.95% from 21.79% recorded in the previous month, while core inflation, which excludes the prices of volatile agricultural produce rose to 12.67% from 12.38% recorded in February 2021.

     

    More details shortly…

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    Business News

    BUA Group, French company announce progress in 200,000 bpd refinery project

    This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

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    The BUA Group and Axens, a French-based petroleum technology company, have both signed a progress acknowledgement statement for the proposed BUA multi-billion-dollar integrated 200,000 barrels per day refinery in Akwa Ibom State.

    This is coming about 6 months after both firms signed an agreement for the supply of process technologies and the design of the facility.

    BUA, while making the disclosure in a statement on Wednesday, April 14, 2021, said that the French President, Emmanuel Macron, commended its Chairman, Abdul Samad Rabiu, for his commitment to developing lasting relationships between French and Nigerian businesses.

    READ: What the $1.5 billion Port Harcourt refinery deal means to us – Maire Tecnimont

    The statement said that this came as the French Minister for Foreign Trade and Economic Attractiveness, Franck Riester, paid a visit to the BUA Group Headquarters in Lagos where he handed over a personal invitation from Macron to Rabiu to attend the Choose France Summit in June in Paris representing business leaders from Nigeria and Africa.

    The French minister also witnessed the signing of a progress acknowledgement statement between BUA Group and Axens of France for the proposed refinery project, according to the statement.

    The statement also said that during the visit, it was announced that the BUA chairman had been appointed Chairman of the France Nigeria Investment Club.

    READ: FG reacts to reports of revoking 32 refinery licenses

    Sigma Pensions

    While thanking the minister and Macron for their unwavering support in bringing BUA and French businesses together, Rabiu said BUA had so far initiated partnerships and had developed personal relationships with a few French businesses, including Axens.

    He expressed confidence in the quality of expertise and technical know-how of the French companies BUA had partnered with.

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    Rabiu pointed out that the BUA refinery would reduce the huge cost of transporting Nigerian crude offshore, refining it and bringing it back into the country when fully operational.

    READ: Abdulsamad Rabiu’s stake in BUA Cement has increased by N1.2 trillion in value since listing in 2020

    He said that the choice of Akwa Ibom for the refinery was due to the huge availability of raw materials and its proximity to export petroleum products to regional countries.

    Stanbic 728 x 90

    The President of Axens, Jean Sentenac, in his statement, said he was pleased that the project was advancing on schedule and expressed delight for the very good cooperation between all the involved parties, reiterating the commitment of Axens in delivering the BUA Refinery Project on time and with the highest standards.

    READ: FG to open LPG distribution channels in all local governments

    Bottom line

    The completion and take-off of the refinery owned by the BUA Group would come as a huge boost for the Federal Government’s effort to stop the importation of refined petroleum products, ensuring that the country becomes a net exporter of these products.

    This will also help to conserve the scarce foreign exchange as the completion and take-off of the Dangote refinery and other similar refinery projects will help ensure self-sufficiency in the country.

    The BUA Group, just a few days ago, was listed as one of the companies with an active refinery license from the Department of Petroleum Resources (DPR).

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