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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 

2 Comments

2 Comments

  1. MACLEAN OBIOMA ONWUEZIOZI

    July 29, 2017 at 3:28 am

    VERY GOOD WORK. KEEP IT UP BY USING TOTAL QUALITY MANAGEMENT PROCESS. IT MUST BE GOOD AT FIRST TIME.ALL THE INFORMATION CONTAINED IN YOUR POST ARE SUPERB, ESPECIALLY THE EXCHANGE RATE DETAIL IN BOTH OFFICIAL AND BLACK MARKET RATE. IT IS A GOOD GUIDE.

    • Opeyemi Yekini

      July 30, 2017 at 12:48 pm

      Thank you very much. Your suggestion on “Total Quality Management” is well received.

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Coronavirus

COVID-19 Update in Nigeria

On the 18th of September 2020, 221 new confirmed cases and 1 death were recorded in Nigeria.

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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).

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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.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Business

BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos

The tanker conveying PMS lost control while in motion and subsequently fell sideways.

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NNPC reacts to Lagos pipeline explosion

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.

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.

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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 …

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Tech News

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.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

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.

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.”

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In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

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