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All the major economic news from Nigeria in 5 minutes-2/8/2017



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

  1. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that infrastructure deficit in Nigeria has risen to $15billion. Link
  2. The Federal Government is set to compel International Oil Companies (IOCs) to cut the cost of producing oil in Nigeria.  Link
  3. The Minister for Energy, Ghana, Mr. Boakye Agyarko, has said his country will like to have more gas supply from Nigeria for power generation. Link
  4. A group of Nigerian banks has agreed to an extension of a $1.2 billion loan made to 9mobile, formerly Etisalat Nigeria, pending when the mobile operator’s finds new investors, FCMB bank said yesterday. Link
  5. Uber has launched its Greenlight Hub in Lagos and plans to extend the facility to the Federal Capital Territory, Abuja, in a bid to further support its driver-partners in its areas of operation. Located strategically at the Maryland Mall, it said the hub would be open six days a week, and serve as a resource centre where existing and potential driver-partners could receive support for app-related inquiries. Link
  6. The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that 55% of the revenue generated by the Federal Government from Value Added Tax receipts was being collected from Lagos State. Link
  7. Daar Communications Plc. has reported a loss before tax of N681.9m for the first quarter of 2017 compared to N687.9m loss posted in the corresponding period of 2016. Link
  8. The Federal Government has signed a five-year pact with Dangote Sugar, BUA Sugar and Golden Sugar for the second phase of the Backward Integration Plan (BIP) for the sugar industry. Link
  9. The Federal Government’s diversification programme yesterday received a boost, with Acting President Yemi Osinbajo commissioning Africa’s largest parboiled rice mill in Argungu, Kebbi StateLink
  10. Afrinvest Asset Management Limited (AAML), Fund Managers of the Nigerian International Debt Fund (NIDF) is set to pay investors the interim coupon for the 2017 financial year in August 2017. This marks the 39th coupon since the creation of the Fund, in line with its consistent dividend history since 1997. Link
  11. The Manufacturers Association of Nigeria (MAN) has said that not less than 75 manufacturing firms from about 150 in its membership list in the South East had shut down in the last five years. Link
  12. The Nigeria Immigration Service says from January 1, 2018, anybody without the National Identification Number, issued by the National Identity Management Commission, will not be able to procure Nigerian passport. Link
  13. Ethiopian Airlines has launched its 5th destination in Nigeria and 55th African destination in Kaduna. The Ethiopia Airlines inaugural flight on B737-800 with registration number ET-EQN touched down at Kaduna International Airport yesterday at about 12noon with 17 passengers onboard and was treated to a water canon ceremony by the Federal Airports Authority of Nigeria  (FAAN) Fire Service department. Link
  14. The Central Bank of Nigeria (CBN) will be addressing key issues confronting the e-payment industry at a Bi-Monthly Forum organised by the Finance Correspondents Association of Nigeria (FICAN). Link
  15. The Federal Government of Nigeria and Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture, NICCIMA, yesterday, moved against the signing of the Economic Partnership Agreements, EPAs, between the European Union (EU) and Economic Community of West African States (ECOWAS) expressing reservations about some aspects of the agreements. Link
  16. Ahead of the certification of Murtala Muhammed International Airport (MMIA), Lagos and Nnamdi Azikiwe International Airport, Abuja, the Federal Airports Authority of Nigeria (FAAN) has said it would set aside special funds for maintenance programmes in order to sustain the standards. Link
  17. The Director-General, Nigerian Maritime Administration and Safety Agency, Dr. Dakuku Peterside, has stated that maritime administrators in Africa are set to tackle issues of piracy, sea crimes and illegal migration on the continent. Link
  18. Zenith Bank Plc, Ecobank Transactional Incorporated Plc, and Guaranty Trust Bank Plc (GTBank) lead 13 others to emerge as best performing stocks in the banking sector in July. As at the close of trading on Monday, July 31, the stock price of ETI added 18.1 per cent or N2.25 per share to close at N16.50 from opening figure of N13.97. Similarly, prices of Zenith Bank and GTBank shares appreciated by 17.8 per cent and 12.1 per cent in July respectively. Link
  19. Unilever Nigeria has scaled back the amount it planned to raise from shareholders via a rights issue to N1.96 billion ($5.39 million). Link
  20. The Central Bank of Nigeria (CBN) has said Manufacturing Purchasing Managers’ Index (PMI) increased by 1.2 basis points to 54.1 index points in July from 52.9 index points recorded in June. According to CBN, the increase in Manufacturing PMI, indicates expansion in the manufacturing sector for the fourth consecutive month. Link
  21. The Federal Aviation Administration of the United States will carry out an audit of the Nigerian Civil Aviation Authority this month . Link
  22. PAN Nigeria Limited, the assembler of Peugeot brand of vehicles, has said it is adequately equipped to meet local demand for its vehicles. Link
  23. The Senate Joint Committee on Customs and Marine Transport, as part of its investigation into the alleged N30tn revenue leakage in the import and export value chain, has quizzed over 60 companies. Link
  24. The Research & Development (R&D) Division of the Nigerian National Petroleum Corporation (NNPC), has sealed a strategic partnership with CypherCrescent Limited, to enhance oil and gas production using innovative technologies and optimised workflows. Link
  25. Two years after the full implementation of the Treasury Single Account (TSA), the policy has shored up the government’s earnings by N7 trillion by the end of March. The TSA is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments and gets consolidated view of its financial status at any given time. Link
  26. The Katsina State Government on Tuesday defended its $110 million (about N34.5 billion) loan request from the Islamic Development Bank (IDB) before the House of Representatives Committee on Debt. Link
  27. The Kaduna State Governor, Malam Nasir el-Rufai, on Tuesday stated that the closure of the Nnamdi Azikiwe International Airport, Abuja, opened up opportunities for the Kaduna International Airport, which he said had gained a global status. Link
  28. DELTA State Government, yesterday, said it released N1.650 billion to the State Oil Producing Areas Development Commission, DESOPADEC,  against the N500 million being speculated in some quarters. Link

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Around the World

Buhari nominates Okonjo-Iweala as DG World Trade Organization

President Muhammadu Buhari nominated the former Minister of Finance and Coordinating Minister of the economy, Ngozi Okonjo Iweala, as the Director-General of the World Trade Organization (WTO).



Nigeria’s former finance minister, Okonjo-Iweala, gets IMF appointment

President Muhammadu Buhari has nominated the former Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo Iweala, as the Director-General of the World Trade Organization (WTO).

This was seen in a tweet posted by the Presidential aide on Digital and New Media, Tolu Ogunlesi, in the early hours of Friday, June 5, 2020.


In the statement, Ogunlesi said that the current Director-General of the intergovernmental organization, Roberto Azevedo, is stepping down from his position on August 2020, a year ahead of the end of his tenure.

Azevedo, who has been the head of the WTO since 2013, is stepping down at this critical period of global economic crisis and the trade war between the United States of America and China.

This means that the election that was earlier scheduled for 2021 when his tenure was supposed to expire might be coming up much earlier for a new four-year term.

GTBank 728 x 90

Tolu Ogunlesi in his statement said, ”President Muhammadu Buhari has nominated Okonji-Iweala as Nigeria’s candidate for the position of the Director-General of World Trade Organization. DG Azevedo is stepping down in August 2020, a year earlier, so the election of the new DG, originally scheduled for 2021, may take place much earlier”.

Details later…




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Around the World

Just-in: AfDB board agrees to an independent probe of Akinwumi Adesina

The independent review shall be conducted by a neutral high calibre individual with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum, taking the Bank group’s electoral calendar into account.



Dr. Akinwnmi Adesina, Lutoyilex Construct Ltd, Fraud, AfDB

The Bureau of the Board of Governors of the African Development Bank (AfDB), has agreed to authorize an independent review of the report of the ethics committee of the bank’s board of directors on the allegations levied against the President of the Bank, Akinwumi Adesina.

This was contained in a communique which was released and signed by the Chairperson of the Bureau of Board of Governors, Ms Niale Kaba, after the meeting of the bureau board of governors on June 4, 2020, with respect to the complaints against the President of the bank.


In taking the decision, the Bureau agreed that the ethics committee performed its role on this matter in accordance with the applicable rule under resolution B/BG/2008/11 of the board of governors and that the Chairperson of the Bureau of Board of Governors performed her role in accepting the findings of the ethics committee in accordance with the said resolution.

The bank’s board of governors in its statement said, ‘’Based on the views of some Governors on the matter and the need to carry every Governor along in resolving it, the Bureau agrees to authorize an independent review of the report of the ethics committee of the board of governors relative to the allegations considered by the ethics committee and the submissions made by the President of the Bank Group thereto in the interest of due process.

‘’The independent review shall be conducted by a neutral high calibre individual with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum, taking the Bank group’s electoral calendar into account.

GTBank 728 x 90

‘’The Bureau agrees that, within a three to six months period and following the independent review of the ethics committee report, an independent comprehensive review of the implementation of the bank’s group whistleblowing and complaints handling policy should be conducted with a view to ensuring that the policy is properly implemented, and revising it where necessary, to avoid situations of this nature in the future.’’

Following the allegations of unethical conducts, questionable appointments and contract awards by a group of whistleblowers and the subsequent clearance of all charges by the bank’s ethics committee, the United States Government, who is the largest shareholder outside Africa, asked for an independent probe of those allegations.

The US treasury secretary questioned the integrity of the committee’s process as well as the internal processes of the bank.

Adesina, a few days ago, met with President Muhammadu Buhari, where he assured of the country’s support towards his travails and his second term bid for the Presidency of the multilateral institution.

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Business News

FG removes cap on petrol price, allows marketers to fix price

The price cap per liter in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations.



Subsidy and PIB

The Federal Government has removed the cap on Premium Motor Spirit (PMS) price, popularly known as petrol.

This was disclosed by the Petroleum Products Pricing Regulatory Agency (PPPRA) via a memo, which was dated March 30, 2020, but realised on May 4, 2020, titled ‘Market Based  Pricing Regime for Premium Motor Spirit (PMS) Regulations, 2020.


What it means: With the new development, marketers now have the freedom to fix the price of the commodity and sell above the price given by the agency.

Executive Secretary, PPPRA, Abdulkadir Saidu, explained that the agency would continue to monitor trends in the crude oil market and advise the Nigerian National Petroleum Corporation (NNPC) and oil marketers on the monthly guiding price for the commodity.

“The price cap per litre in respect of Premium Motor Spirit (PMS) is removed from the commencement of these Regulations. From the commencement of these Regulations, a market-based pricing regime for PMS shall take effect,” he said.

GTBank 728 x 90

Meanwhile, Nairametrics had reported that the agency announced a new retail price band for oil marketers.

In a circular dated May 31st, as seen by Nairametrics, the downstream regulator said oil marketers are now expected to sell petrol within the price range of N121.50 and N123.50. Part of the circular said:

“Please recall the recently approved pricing regime which became effective March 19, 2020, and the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations.”

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