Summary of the top business, economic and political news in Nigeria today.
- Alternatio Navitas, a Lagos-based company, has unveiled its off-grid solar home system in Nigeria to meet the electricity needs of households as supply from the national grid remains inadequate. Link
- Subscription Video on Demand (SVoD) service provider for emerging markets, Iflix, has completed a $133 million additional funding round bringing the total amount raised this year to over $220 million. Link
- Nigerian Aviation Handling Company (nahcoaviance) Plc. has posted a revenue of N3.707 billion and profit before tax of N203 million for the H1 of 2017. Although the revenue showed a decline compared with N3.674 billion in the corresponding period of 2016, the PBT was higher than the N125 million recorded in 2016. Link
- The New Nigeria Development Company (NNDC) is partnering Sur International Textile (SIT), a Turkish firm, to invest $15 million to reactivate the collapsed Kaduna Textile Company. Link
- The Central Bank of Nigeria (CBN) yesterday amended the Commercial Agriculture Credit Scheme (CACS) following which it pegged maximum loan intake for any project under the scheme at N2 billion. Link
- The Nigerian Stock Exchange (NSE) has advised workers in the country to invest in stocks despite the current economic recession. Link
- THE Central Bank of Nigeria (CBN) has ordered beneficiaries of the N200 billion Commercial Agricultural Credit Scheme (CACS) to henceforth obtain insurance cover for their projects from the Nigeria Agricultural Insurance Company (NAIC). Link
- All electricity distribution companies in the country are currently indebted to the National Bulk Electricity Trading Board (NBET) the tune of N120 billion. Link
- Manufacturing firms in the food and beverage sector have increased their demand for cassava derivate to be used as supplement for sugar. Link
- The World Bank has said that an astonishing $5 billion (N1.45 trillion) worth of assorted goods are smuggled into Nigeria through Benin Republic alone every year. Link
- The Standards Organisation of Nigeria (SON) has engaged the services of MSP Secure Technologies Nigeria Ltd, the Nigerian affiliate of an international security printing outfit, Mandras Security Printing Private Limited of India, to introduce a product authentication scheme in Nigeria. Link
- The contractor handling the reconstruction of the Lagos-Badagry Expressway, China Civil Engineering and Construction Company, has said that two police stations and part of the Lagos State University’s gate are some of the structures along the road that will give way to the new 10-lane road. Link
- Amid increased demand and high prices of grains used as feed mill for the poultry industry, operators in the sector lamented the exporting of maize and soya beans to other countries after every harvest season. Link
- The Office of the Auditor-General of the Federation has asked Price Waterhouse Coopers and EY to audit the Treasury Single Account (TSA). Link
- The Minister of Information and Culture, Alhaji Lai Mohammed, has said that the Federal Government has approved the contract for the repair of the Ajaokuta Itakpe rail line. Link
- The indefinite strike of the Academic Staff Union of Universities (ASUU), “might” come to an end soon as the Minister of Education Mallam Adamu Adamu, has said that the Federal Government has granted the release of the N23 billion outstanding Earned Allowances request of ASUU. Link
- The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria is not about to sell or concession “any” of its refineries. Link
- Apapa Mall, which was once a home to departmental stores, is deserted because of the perennial traffic gridlock on the Apapa Road. Link
- Nigerian airline operators have said that the low value of the naira has increased the cost of overseas aircraft maintenance to over N50 billion annually. Link
- The United Nations Industrial Development Organisation’s Investment and Technology Promotion Office is set to equip small and medium enterprises (SMEs) in Nigeria with its Computer Model for Feasibility Analysis and Reporting (COMFAR) tools and methodologies for project appraisal. Link
- Stakeholders in the maritime industry have called on the Federal Government to adopt the public-private partnership (PPP) model for the development of port infrastructure in the country. Link
- The Acting Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwah, has said that concessionaires have been short-listed for concessioning exercise at the Kirikiri Lighter Terminal. Link
- The Director of Funds, Office of the Accountant General of the Federation, Mr Alexander Adeyemi, has disclosed that the Federal Government has appointed Pricewater house Cooper as well as Ernst and Young for a comprehensive audit of deposit banks’ remittances to the Treasury Single Account, TSA. Link
- The Federal Operations Unit (FOU) Zone ‘A’ of the Nigeria Customs Service (NCS), has intercepted smuggled vehicles and other items with Duty Paid Value (DPV) of N1.4 billion. Link
- Henceforth, undergraduates of the three universities of agriculture in the country must first, among other things, show their farms before they are allowed to graduate, the Federal Ministry of Agriculture and Rural Development has said. Link
- As part of measures to meet its pension and retirement obligations to paramilitary personnel of six agencies, the Federal Government has spent a total of N208.22 billion in the last 10 years. Link
- The National Union of Shop and Distributive Employees (NUSDE) have said reports by the government that Nigeria was on its way out of recession were mere propaganda. Link
- Nigeria’s apex financial services regulators have started discussions on a new framework that will expand the scope of operations and allow brokers and dealers at the Nigerian capital market to have access to the interbank market and the primary official discount window. Link
- The Federal Government has urged states to access the N1.6 billion National Women Empowerment Fund (NAWEF) lying idle in the Bank of Industry (BoI). Link
- The Nigeria Union of Local Government Employees (NULGE) will begin a nationwide rally at the 36 states’ Houses of Assembly to mobilise for local councils’ autonomy on Monday. Link
- The Federal Government has donated 5,000 metric tonnes of rice to the United Nations World Food Programme (WFP). Link
- The Lagos State Government has said that it will soon start demolishing all illegal structures on land within the Lekki Free Zone (LFZ). Link
- Nigeria and Morocco have set up a steering committee to develop a sustainable crop insurance scheme for the country. Link
- Niger State has the capacity to produce assorted crops that will feed Africa, Acting President Yemi Osinbajo has said. Link