Summary of the top business, economic and political news in Nigeria today.
- Nigeria and the International Monetary Fund have disagreed over how much the economy will grow this year, with the government saying 2.2 percent and the Fund opting for just 0.8 percent. Link
- Nigeria will legalise currently outlawed mini refineries in the Niger Delta oil hub by the end of the year and supply them with crude at a reasonable price, the presidency said on Thursday, fulfilling demands from community leaders. Link
- Stiff competition among the petroleum marketing companies has forced the price of Petrol down to N142 and N143 per litre from the regular N145 per litre in some part of the federal capital city. Link
- The Manufacturers Association of Nigeria has stated that manufacturing is growing out of recession as it has recorded positive growth in the first quarter of 2017. Link
- The Minister of Finance, Mrs. Kemi Adeosun, on Thursday said that the Federal Government was currently profiling high net worth individuals to ensure that what they currently own as assets correspond with the amount they were paying as taxes. Link
- Deposit Money Banks have started showing investors price quotes for the naira on screens instead of giving them by phone, traders have said. Link
- The Debt Management Office has said that it is now going to be tougher for states of the federation to enjoy easy access to borrowed funds,. The Director-General, DMO, Patience Oniha, said this when the Edo State Governor, Mr. Godwin Obaseki, visited her in Abuja on Thursday. Link
- The Minister of Budget and National Planning, Senator Udo Udoma, on Thursday said that the country was already moving out of economic recession. Udoma stated this in Abuja while inaugurating the Joint Planning Committee for the 23rd Nigerian Economic Summit. Link
- Sigma Pension Ltd. on has said it is planning to increase its asset under management from the current N310 billion to N600 billion in the next few years. Link
- The Managing Director, Grand Oak Limited, a subsidiary of Nigeria Distilleries Limited, Mr. Fatai Odesile, has said that the firm’s innovation and deployment of backward integration have helped to sustain its business over the years. Link
- The Nigerian Stock Exchange market capitalisation soared by N79bn on Thursday as 26 counters appreciated. The NSE All-Share Index advanced by 0.62 per cent at the end of trading, pushing the year-to-date return to 38.18 per cent. Link
- In a bid to recover the N4.6tn owed it, the Asset Management Corporation of Nigeria on Thursday met with the leadership of the Economic and Financial Crimes Commission. The meeting was for both agencies to consolidate the gains of their relationship, especially in the areas of investigation and prosecution of AMCON debtors in accordance with the relevant statutes. Link
- The Federal Government is planning a robust capital project development framework to encourage and increase public-private partnerships to deliver critical road projects. The Minister of Budget and National Planning, Senator Udo Udoma, said the move was part of the determined effort to enhance safety, security and comfort on Nigerian roads. Link
- The Federal Government on Thursday unveiled the new National Occupational Standard to drive the development of the auto industry. The document, which was launched in Abuja by the Minister of State for Industry, Trade and Investment, Mrs. Aisha Abubakar, contains the curriculum for the development of technical skills of auto engineers. The framework, which was put together by technocrats in the sector, is in line with international best practices. Link
- The Federal Government has said that General Electric will rehabilitate and run two of Nigeria’s narrow gauge rail lines for a period of 30 years. It also announced plans to negotiate a $6bn loan with China for the construction of the Ibadan to Kano rail line, adding that it was in talks with Julius Berger for the full rehabilitation of airports across the country. Link
- After years of foot-dragging, the US State Department has finally approved a $593 million sale to Nigeria of A-29 Super Tucano attack planes with associated parts, training, facilities and weapons. Link
- NIGERIAN Association of Liquefied Petroleum Gas Marketers (NALPGAM) has called on the Department of Petroleum Resources (DPR) to ensure compliance before issuing licence to gas plant operators. Link
- The Nigerian Shippers’ Council, NSC, has called on members of the Lagos Chamber of Commerce and Industry, LCCI, to take advantage of the Council’s Cargo Defence Fund, CDF, to grow their businesses. Link
- The Director General of Small Medium Enterprises Development Agency of Nigeria, SMEDAN, Umaru Dikko Radda, yesterday said that digital marketing holds the key to the development of the nation’s Micro, Small and Medium Enterprises, MSME, sub-sector. Link
- The Federal Government’s policy of patronising made-in-Nigeria goods by the citizens is yielding results as some citizens of the United Kingdom now order for Nigeria locally made suits. This came as Nigerian citizens residing in China have appealed to the Federal Government to involve them in any bilateral relations so that they could make some expertise inputs that will benefit the country. Link
- The Lagos State Ministry of the Environment, in collaboration with Visionscape, has swung into action and cleared over 12,600 metric tonnes of waste from over 80 locations across Lagos State, in an exercise tagged “Operation Deep Clean”. Link
- Executive Secretary, Nigerian Shippers’ Council (NSC), Mr. Hassan Bello, says the council will collaborate with the Infrastructure Concession Regulatory Commission (ICRC) on dry ports and Truck Transit Parks (TTP) projects. Link
- Barclays Bank has asked expatriates, including Nigerians, with less than £100,000 deposit to close their accounts. In a letter dated June 12, 2017, the bank informed the customers that would be affected by the policy of its decision to raise the minimum client balance requirement for international banking service. Link
- A new major investor acquired 4.4 per cent equity stake in Livestock Feeds Plc. in pre-arranged deals valued at about N133 million. The transactions saw exchange of 132.96 million ordinary shares of 50 kobo each of Livestock Feeds at above-market price of N1 per share. The transactions represent 4.4 per cent of the total issued shares of Livestock Feeds. Link
- Jaiz Bank Plc. recorded a well-rounded performance in the first half with significant growths in income and profitability. Key extracts of the interim report and accounts of Jaiz Bank for the six-month period ended June 30, 2017 showed that gross income grew by 45.7 per cent while profit rose by 312 per cent. Link
- The United States Agency for International Development (USAID), Market II project designed to help rural farmers in the country has recorded sales valued at N396 billion in five years, a report presented by the USAID has stated. Link
- The Nigerian National Petroleum Corporation (NNPC) joint partners have in London struck two alternative financing agreements on Joint Venture (JV) projects to boost reserves and production. The partners are NNPC/Chevron Nigeria Limited, and NNPC/Shell Petroleum Development Company (SPDC) JV. The two projects are expected to generate incremental revenues of about $16 billion within the assets’ life cycle including a flurry of exploratory activities that would generate employment opportunities in the industry, boost gas supply to power and rejuvenate Nigeria’s industrial capacity utilization. Link
- International Oil Companies (IOCs) and their indigenous counterparts operating in Nigeria posted cumulated earnings of over $17.125 billion in the first half (H1) of 2017. This is therefore a significant reversal compared with the losses experienced by these companies as a result of low crude oil prices, which reduced their earnings by over 80 per cent a year ago. Link