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All the major economic news from Nigeria in 5 minutes-3/8/2017

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

  1. The Federal Executive Council( FEC), yesterday, approved a new policy that bars foreign professionals from practicing in Nigeria unless they were registered and certified by all the necessary regulatory bodies. Link
  2. THE International Monetary Fund (IMF), yesterday, said Nigeria is expected to emerge from recession this year with an economic growth of 0.8 percent, but warned that threats to recovery remained elevated, and that the economy will not grow enough to reduce unemployment and poverty. The IMF, therefore, advised the Federal Government to pursue a policy of fiscal consolidation through higher non-oil revenues, to ensure stability in growth. Link
  3. The recent ambush on the oil  exploration team in the North-East Nigeria by Boko Haram has put a damper on the nation’s drive to tap its highly under-explored inland basins, industry experts have said. Link
  4. The Federal Executive Council on Wednesday approved the inclusion of 27 enterprises to the list of pioneer industries and products that would enjoy pioneer status under the Industrial Development Income Tax Relief Act. The pioneer status incentive is a tax holiday given to companies for a period of time to encourage the growth and development of the Nigerian economy. A new company or an existing one with an expansion plan may apply for a certificate of pioneer status, which lasts for three years and is renewable upon application for two years. Link
  5. The Minister of Finance, Kemi Adeosun, said on Wednesday that the volume of trade between Nigeria and Singapore reached N846bn from 2011 to 2015 while the absolute balance of trade was N222 billion in favour of Nigeria. Link
  6. The Federal Government, yesterday, approved N39.17 billion for the supply of electricity meters to the Electricity Generation Companies, GENCOs. Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this while briefing State House correspondents after the weekly Federal Executive Council, FEC,   meeting at the Council Chamber l, Presidential Villa, Abuja. Link
  7. The Senate Joint Committee on Customs, Excise and Tariff, and Marine Transport, on Wednesday threatened to issue bench warrant against the Chief Executive Officer of Glo Mobile and other firms who failed to honour its invitation on alleged complicity in the N30tn revenue loss by Nigeria. Link
  8. From the beginning of 2017 to date, the Nigerian equities market has appreciated by 37.32 per cent. The bourse closed up for the second day running as the Nigerian Stock Exchange All-Share Index advanced by 0.50 per cent, bringing the year-to-date return to 37.32 per cent. Link
  9. The Executive Secretary, Nigerian Shippers’ Council, Mr. Hassan Bello, has advised exporters to register with the Cargo Defence Fund, an advocacy platform, established by the council to aid exporters and importers with legal services in the course of their business. Link
  10. Stakeholders in the maritime sector have recommended urgent upgrade of the industry’s infrastructure to make it more productive. They spoke separately during the 2017 African Day of Seas and Oceans in Lagos. The Managing Director, Nigerian Waterways Authority, Mr. Boss Mustapha, in his presentation drew attention to the condition of Nigerian roads, saying that many of them had become too weak to carry the weight of trucks and other articulated vehicles plying them. Link
  11. Transactions on the Nigerian Stock Exchange (NSE) on Wednesday maintained the upbeat trend with the All-Share Index rising by 0.50%. The index which opened at 36,720.62, appreciated by 184.44 points or 0.50 % to close at 36,905.06. Link
  12. An analysis by FBNQuest has revealed that the net foreign Currency (fx) flows through the Central Bank of Nigeria (CBN) were negative by US$760m in May but positive over the 12-month period to the tune of US$5.12bn. Link
  13. Siemens has announced the addition of a new solution, SGT-A45 TR mobile unit, to its gas turbine portfolio to address the growing market for power generation. The company said in a statement that the aero derivative gas turbine was packaged for rapid deployment and could be installed in less than two weeks, with an electrical generating capacity of up to 44 megawatts. Link
  14. Total Plc. has highlighted the importance of better access to energy to the growth and development of individuals and societies. The company said more than 10 million people from around the world had so far benefitted from its recently introduced solar lamps. Link
  15. MTN Group, Africa’s biggest mobile phone operator, says it has moved away from a turbulent 2016 that highlighted the risks of the company’s emerging markets strategy to a profit-making firm. MTN said on Thursday in Johannesburg that its earnings for first-half of the year had rebounded. It said that its headline earnings came in at 3.9 billion rand ($294.40m, or 212 cents per share, in the six months to end June compared with a loss of 4.9 billion rand, or 271 cents per share, a year earlier. Link
  16. Konica Minolta, manufacturers of Konica Minolta office documentation and print production machines, and its partner and sole distributor in Nigeria and Ghana, Skysat Technologies, has formerly introduced a highly efficient and productive digital printing machine, the Accurio Press C2070, into the Nigerian market as a successor to the highly functional BizHub Press C1070. Link
  17. Telecommunications Company, 9mobile, in partnership with the Enterprise Development Centre of the Pan Atlantic University has bolstered the growth of local small and medium scale enterprises (SMEs) by hosting budding entrepreneurs in Abuja and adjoining states at the 17th edition of the company’s Market Access Forum. Link
  18. Britain’s Unilever will subscribe to a N58.85bn ($162m) share sale by its Nigerian unit in cash and will not convert a shareholder loan to equity for the rights issue, Unilever Nigeria Plc said on Wednesday. Link
  19. Oriental Energy Resources Limited has performed the ground-breaking for the construction of a N700 million ultra-modern residential estate of 100 units in Enwang, Mbo Local Government Area of Akwa Ibom State. Link
  20. The African operations of Indian telecommunications giant, Bharti Airtel, has fetched it about $52million profit in quarter one (Q1), against $78million losses a year ago. The rise in profit has been helped by the growth in data customers and consumption. Link
  21. Releaf, a Nigerian-American based organisation has secured a $120,000 investment from Y Combinator, the world’s leading early startup investor, to upscale its solution in Nigeria. Link
  22. The Group Executive Chairman of Jagal, Mr. Anwar Jarmakani, has been honoured with the Business Legacy Award by the Lagos Chamber of Commerce and Industry in recognition of his contributions to nation building and socio-economic development. Link
  23. The National Inland Waterways Authority (NIWA), yesterday told boat operators, dredgers and other stakeholders operating on the waterways in Lagos to ignore the recent ultimatum slammed on them by the Lagos State government. Link
  24. The Manufacturers Association of Nigeria has said it will partner ASB Valiant Company Limited to develop a 30-megawatts independent power plant to provide electricity to its member companies. The plant, which will be located along the Lagos-Ibadan Expressway, is expected to supply power to MAN members and industries on the Makun corridor. Link
  25. The Association of Nigerian Electricity Distributors (ANED), the Economic and Financial Crimes Commission (EFFC), the Police and other security agencies, are collaborating to rid the power sector of corrupt officials, it was learnt. Link
  26. The Nigerian National Petroleum Corporation (NNPC), yesterday, said the West African Gas Pipeline, WAGP, would be extended from Ghana to Cote d’Ivoire. According to a statement by the NNPC, the planned extension of the pipeline was part of the Federal Government’s West African energy integration policy. Link
  27. Manufacturers  Association of Nigeria (MAN), has called on the federal government to put in place energy-saving policy to compel consumption of compact fluorescent lamp, CFL, saying this can generate savings of $49 million (about N18 billion) annually for the economy. Popularly known as energy-saving bulb, CFL is a fluorescent lamp designed to replace the incandescent lamp; it fits into light fixtures normally used for incandescent lamps. Link
  28. The Bank of Agriculture (BoA) says it is targeting about 15 million smallholder rice farmers in the next two years, the bank’s Managing Director, Kabir Adamu, has said. Speaking while playing host to the Director General of National Orientation Agency (NOA), Dr. Garba Abari, during a working visit to BoA headquarters in Abuja, Adamu disclosed that the bank was partnering relevant agencies to open branches in all local government areas of the federation to enable it meet the target. Link
  29. Foreign airlines have $175million  ticket sales proceeds trapped in Nigeia, the International Air Transport Association (IATA) said yesterday. But the organisation applauded the  Central Bank of Nigeria (CBN) for reducing the debt, which could not be paid due to the dearth of foreign exchange, from $600 million in June 2017 to $175m this year. Link
  30. The House of Representatives recently mandated its committee on Petroleum Resources (Downstream) to investigate allegations of the disappearance of N11 billion worth of petroleum products belonging to the Nigerian National Petroleum Corporation (NNPC), following the adoption of a motion titled: “Need to Investigate the Disappearance of Eleven billion Naira worth of Petroleum Products belonging to the Nigerian National Petroleum Corporation (NNPC)”, sponsored by Tajudeen Yusuf. Link
  31. The Budget Office of the Federation yesterday commenced training for 4,250 workers of over 800 Ministries, Departments and Agencies (MDAs) on how to prepare budgets electronically using the online Government Integrated Financial Management Information System (GIMFIS). Link
  32. The Federal Government has commenced consultations with stakeholders in the oil and gas sector, aimed at re-activating Shell Nigeria Exploration and Production Company Limited (SNEPCO), the Bonga oilfield. Link
  33. Barring unforeseen circumstances, stockbrokers in Nigeria may soon have the flexibility of trading in the United Kingdom, and many other countries following the special training being organised by the Chartered Institute of Stockbrokers (CIS), in collaboration with the Chartered Institute of Securities and Investment (CISI), in the United Kingdom. Link
  34. The Federal Government has listed roads and bridges captured for construction as contained in the 2017 Budget. The Minister of Power, Works and Housing, Babantunde Fashola, in a statement, reiterated that the intention is to connect states, drive economy, move fuel, food and import and export of goods. Link
  35. The Nigeria National Petroleum Corporation (NNPC) and local arms of Chevron and Shell have signed alternative financing deals for key projects expected to boost Nigeria’s oil and gas reserves, improve power supply as well as support government’s effort to cut gas flaring. Link
  36. The Lagos State government has paid N515 million to 252 pensioners just as it advised retirees not to put their retirement fund into ventures that they could not manage. Governor Akinwunmi Ambode, who was represented by the Commissioner for Establishments, Training and Pensions, Akintola Benson at the 41st Retirement Bond Certificate Presentation Ceremony in Lagos, said the continuous payment of retiree’s entitlements was to ensure that they do not live in poverty. Link
  37. Following indiscriminate dumping of refuse across the state, Lagos State Governor, Akinwunmi Ambode has directed the new  57 council chairmen to embark on daily evacuation of waste in their locality, pending official kick off of Cleaner Lagos Initiative, CLI, next month. Link
  38. From today, bus conductors in Lagos will start wearing uniform as part of efforts to promote the Smart City Initiatives, SCI, of the state government. Link
  39. Lagos state governor, Mr. Akinwunmi Ambode, on Wednesday said that work on the proposed expansion and reconstruction of the Oshodi-International Airport Road would commence next month. Link
  40. Lagos State government has commenced moves aimed at harmonising collection of taxes, levies and fees by all revenue generation agencies at both the state and local government levels. This came just as stakeholders in table water production in the state assured the state government of generating N1billion revenue annually from water vendors if a well harmonised tax system is put in place. Link
  41. The Federal Executive Council (FEC) yesterday approved N20.6 billion for road contracts in Plateau and Kwara states. Minister of Power, Works and Housing Babatunde Fashola briefed State House correspondents at the end of the FEC meeting chaired by Acting President Yemi Osinbajo at the Presidential Villa, Abuja. Link
  42. The National Identity Management Commission (NIMC) has said that minors cannot obtain the National Identification Cards (NIC), until they are 16 years.Link

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Coronavirus

COVID-19 Update in Nigeria

On the 7th of August 2020, 443 new confirmed cases and 6 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 45,687 confirmed cases.

On the 7th of August 2020, 443 new confirmed cases and 6 deaths were recorded in Nigeria, having carried out a total daily test of 3,835 samples across the country.

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To date, 45,687 cases have been confirmed, 32,637 cases have been discharged and 936 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 310,729 tests have been carried out as of August 7th, 2020 compared to 306,894 tests a day earlier.

COVID-19 Case Updates- 7th August 2020,

  • Total Number of Cases – 45,687
  • Total Number Discharged – 32,637
  • Total Deaths – 936
  • Total Tests Carried out – 310,729

According to the NCDC, the 443 new cases were reported from 19 states- Plateau (103), Lagos (70), FCT (60), Ondo (35), Edo (27), Rivers (27), Kaduna (20), Osun (19), Borno (18), Oyo (18), Kwara (11), Adamawa (9), Nasarawa (7), Gombe (6), Bayelsa (4), Imo (4), Bauchi (2), Ogun (2) and Kano (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 15,697, followed by Abuja (4,301), Oyo (2,843), Edo (2,367), Rivers (1,938), Kano (1,609), Delta (1,557), Kaduna (1,550), Ogun (1,430), Plateau (1,397), Ondo (1,278), Enugu (880), Ebonyi (838), Kwara (826), Katsina (746), Borno (652), Gombe (626), Abia (625), Osun (605), and Bauchi (576).

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Imo State has recorded 476 cases, Nasarawa (367), Benue (356), Bayelsa (346),  Jigawa (322), Akwa Ibom (234), Niger (226), Adamawa (185), Ekiti (159), Sokoto (154), Anambra (142),  Kebbi (90), Zamfara (77), Taraba (72), Cross River (68), Yobe (67), 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.

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

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 7, 202045687443936632637121147
August 6, 202045244354930332430118847
August 5, 2020448904579271732165117987
August 4, 2020444333049101431851116727
August 3, 202044129288896820663225707
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Coronavirus

Lagos sets up committee to monitor worship centres compliance to COVID-19 protocols

To ensure compliance to COVID-19 protocols, the Lagos government has set up a committee.

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Lagos SEC meeting goes virtual as full lockdown commences, Partial lockdown guidelines for businesses from May 4

Lagos state government has constituted a Monitoring and Compliance Committee to ensure worship centres comply with the COVID-19 protocols, as they open for services.

This was disclosed by the Commissioner for Home Affairs, Prince Anofiu Elegushi on Friday, via the state government’s Twitter handle.

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Back story: A few days ago, Nairametrics reported when the state government introduced some measures and conditions that must be met/fulfiled by all religious centres and places of worships that are planning to reopen, following further relaxation of lockdown.

Some of the measures are:

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* Only regular services/gatherings are permitted to hold. Night vigils and other non-regular programmes remain prohibited until further notice.

* Attendees above 65 years are strongly discouraged from attending worship services.

* Consider holding services and gatherings in large, well-ventilated areas or outdoors, as circumstances and faith tradition allow.

* No face mask, no entry policy, must be maintained throughout the duration of the services.

* Regular cleaning and disinfection of facilities must be carried out to maintain clean and hygienic environments before and after every service.

Meanwhile, Prince Elegushi explained that the State Government is satisfied with the readiness of religious leaders
to observe the criteria on protocols for the re-opening of worship centres in the State.

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He noted that the partial re-opening of Churches and Mosques is a pilot scheme that is predicated on the strict observance of protocols of monitoring, compliance and enforcement of COVID-19 guidelines by worship centres.

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Business

Update: Fuel scarcity looms as NUPENG directs Tanker drivers to withdraw services in Lagos

This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.

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The scarcity of petroleum products appears to be looming in Lagos as the leadership of Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to withdraw its services in Lagos with effect from Monday, August 10, 2020.

This is due to the failure of government authorities to address the various issues that have been causing serious pains and harrowing experience on the petroleum tanker drivers in the state for several months now.

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This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.

NUPENG in its statement revealed that the entire rank and file members of the Union are deeply pained and frustrated by the so many challenges being consistently faced by Petroleum Tanker Drivers in Lagos State.

They said that they are left with no other option but to direct its members to withdraw their services in Lagos State until the State Government and other relevant Stakeholders address these critical. challenges.

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The statement from NUPENG reads, ‘’The National Leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed the withdrawal of services of Petroleum Tanker Drivers from Lagos State with effect from Monday, 10th August 2020 following the failure of various authorities in the State to address three major issues that have severely caused pains and harrowing experiences on the hapless Petroleum Tanker Drivers in the State for several months now.’’

‘’The entire rank and file members of the Union are deeply pained, frustrated and agonized by the barrage of these challenges being consistently faced by Petroleum Tanker Drivers in Lagos State and are left with no other option but to direct the withdrawal of their services in Lagos State until Lagos State Government and other relevant Stakeholders address these critical challenges.’

The Union reiterated that It is sad and disheartening to note that they had made several appeals and reports to Lagos State Government and the Presidential Task Force for the decongestion of Apapa on these challenges but all to no avail.

They said that they cannot afford to fold their arms while their members are being consistently and continually extorted, intimidated, harassed and victimized by different groups and segments in Lagos.

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