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Business News

All the major economic news from Nigeria in 5 minutes – 22/8/2017

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

  1. Nigerian Shippers` Council (NSC), has stressed the need to reduce the number of trucks coming to the port from 5,000 to 1,500 daily or 70 per cent through the establishment of modern traffic system at the Nigerian ports. The Executive Secretary of the council, Hassan Bello said in Lagos that a survey had indicated that Apapa port would operate with just 1,500 trucks per day. He noted that it has been discovered that 5,000 trucks lined up on the Apapa ports road had created congestion at the ports. Link
  2. The National Bureau of Statistics (NBS) had revealed that 8,663 workers lost their jobs in the first half of 2017. Data made available by the NBS showed that an average of 360 people were sacked every week from January to June 2017. Link
  3. The Federal Government Monday said it had given tax evading wealthy Nigerians and corporate bodies 90 days to declare their taxable income and pay appropriate taxes or face the full wrath of the law. Link
  4. The China and Nigeria have agreed to put in place measures to tackle importation of substandard products into the country. President of China and Nigeria Chamber of Commerce (CCCN),  Mr Ye Shuijin, insisted that most of the imported fake products were not made in China. “Most of the substandard products that came to Nigeria are not from China because Chinese Government has well structure standards in place for its products.” Link
  5. Vice-President Yemi Osinbajo said yesterday that the Buhari administration spent N1.3 trillion on capital projects in 2016, the highest in the history of the country. Link
  6. The Federal Inland Revenue Service has signed two major multilateral instruments, joining 71 other countries to combat tax evasion. Link
  7. The Embassy of the Kingdom of the Netherlands in Nigeria, on Tuesday, reminded Nigerians that it was no longer in the business of issuing them visas. The Embassy’s Charge d’ Affaires, Mr Michel Deleen, said that the Embassy had since 2013 swapped its visas issuance to Nigerians with the French Consulate General in Lagos and the Embassy of Belgium in Abuja. Link
  8. The Federal Government has been urged to allocate 40 per cent of the 2018 budget to capital projects in order to boost development in critical sectors of the economy. The Centre for Social Justice and the United States Agency for International Development stated this in a report on the Health Sector Medium-Term Strategies for the 2018-2020 fiscal periods. The Lead Director, CSJ, Mr. Eze Onyekpere, who presented the report in Abuja on Monday, also called on the Federal Government to allocate 15 per cent of the annual budget to the health sector so as to reduce the high rate of medical tourism in the country. Link
  9. There will be about 300 per cent increase in mobile broadband subscriptions in the Middle East and Africa by the end of 2022, a report from Ericsson has indicated. Link
  10. Agencies of the Federal Government have remitted a total of N687.82bn to the Consolidated Revenue Fund in nine years, the Fiscal Responsibility Commission has said in a report. It stated in the report obtained by our correspondent on Monday that the amount was remitted as operating surplus between 2007 and 2015. Link
  11. In preparation for the forthcoming Eid-El-Kabir celebration, the Lagos Government is commencing sales of  lake rice on Thursday, August 24 in various centre across the state. The Lagos State Commissioner for Agriculture, Hon Oluwatoyin Suarau, restated that the prices remained the same as N12,000 for 50kg bag, N6,000 for 25kg , and N2,500 for 10kg. Link
  12. About N6 billion is currently expended annually in foreign exchange on tomato imports, the Director General of the Raw Materials Research and Development Council (RMRDC), Dr. Hussani Ibrahim has disclosed. Link
  13. A Federal High Court in Lagos has ordered the interim forfeiture of 56 houses allegedly bought for $16,441,906 (N2.6billion) by a former Minister of Petroleum Resources, Diezani Alison-Madueke. The EFCC, in documents filed in court, described the properties as including 29 terraced houses, 21 mixed housing units, six flats, six apartments, two maisonettes among others, in Lagos, Port Harcourt and Abuja. Link
  14. The President of Poultry Association of Nigeria, PAN, Ayoola Oduntan, said on Tuesday that none of its members imported raw eggs into the country.  According to him, the only egg being imported into the country is egg powder and that goes to some manufacturing companies that need them. Link
  15. The Federal Government on Monday has approved a backlog of promotion in agencies under the aviation arm of the Federal Ministry of Transportation. The Minister of State for Aviation, Hadi Sirika said the approval was given in order to fill vacancies, which had been created as a result of earlier promotions, retirements and to further boost the morale of workers of the agencies. Link
  16. Chiedu Osakwe, director-general of the Nigeria office for trade negotiations, says the agency will embark on a review of all trade and investment agreements entered into with countries and entities since 1960. Link
  17. The Federal Government has commenced moves to restructure National Petroleum Investment Management Services, NAPIMS, a Corporate Services Unit, CSU, in the Exploration and Production (E&P) Directorate of the Nigerian National Petroleum Corporation, NNPC.  The action is targeted at achieving further reduction in the cost of managing oil and gas investments in Nigeria, which the new Petroleum Policy has put at $200 million, which amounts to N61 billion yearly at the current exchange rate of N305 per dollar. Link
  18. In a bid to meet customers’ demand in power supply, the Ibadan Electricity Distribution Company, yesterday, said it had completed the renovation of Sawmill 3x15MVA, 33/11KV and Agba Dam 2x15MVA,33/11KV Injection Substations in Kwara State. Link
  19. The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, Monday said the agency had obtained all necessary approvals to relaunch the Nigerian Content Intervention Fund (NCI Fund) and had increased the pool available for lending to qualified oil and gas players from $100 million to $200 million. Link
  20. Local consumption of petrol will hit 41 million litres per day by 2025, Dr.Maikanti Bari, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), has said. Link
  21. Geometric Power/Aba Power Limited promises it will light up Aba, the commercial hub of the South East region five months from now. Bath Nnaji, a professor and chairman, Geometric Power/former Minister of Power said, the next two months will be used to resolve its outstanding financial obiligations, while the remaining three months will be used for servicing the machines which have been idle since 2013 when the facilities were installed. Link
  22. The Nigerian Content Development and Monitoring Board, on Monday, said the management of Dangote refinery had agreed to select competent Nigerian vendors that would participate in the construction of the plant from the Nigerian Oil and Gas Industry Joint Qualification System. Link
  23. The Odu’a Group of Companies in partnership with Afe Babalola University, Ado Ekiti (ABUAD) is planning a N12 billion investment for the conversion of the moribund textile industry in Ado Ekiti to an industrial park. Link
  24. Afrinvest Securities Limited, a subsidiary of Afrinvest (West Africa) Limited, has endorsed the Lagos State Municipal Bond. The investment banking and financial services firm, in a report on Monday, said its recommendations were informed by the company’s valuation perspective and the risk to its valuation. “Given our valuation perspective and the risk to our plausible valuation, we believe it is optimal to invest in the Lagos state bond instrument as the state over time has proven to be a more viable economy accounting for over 60 per cent of economic activities in the country.” Link
  25. FirstNation Airways said on Tuesday it will go back to scheduled services by the fourth quarter of 2017. A statement signed by Rasheed Yusuf said the airline is currently pursuing a fleet expansion programme. Link
  26. Emirates said it will be operating extra flights to Jeddah to help facilitate travel for thousands of pilgrims this year heading to and from the Kingdom of Saudi Arabia for Hajj. Link
  27. The Nigerian National Petroleum Corporation (NNPC) has raised the red flag on the activities of conmen who specialise in circulating phantom letters of crude oil allocation with the intent of defrauding unsuspecting would-be buyers or members of the public. Link
    US carrier, Delta Air Lines, said yesterday it will begin three weekly nonstop flights from Lagos to New York’s JFK airport, with effect from March 25, 2018. The new addition would complement the existing four times a week nonstop service to Atlanta making it a daily service the airline would be offering from Lagos to its US hubs. Link
  28. In a move to deliver quality modern estate to Nigerians, Messrs Cappa & D’Alberto, HOK Architects and Brash Brands, among others, have been picked as contractors/consultants by developers of Grenadines Homes for the construction and designs of N40 billion Atlantic Resort in Lagos. Other consultants to the project include ECAD (architectural designer and project manager), CA Associates (mechanical and electrical engineering consultants), MOA (structural engineers) and Tillyard (quantity surveyors). Link
  29. In an aggressive move to reduce housing deficit in Nigeria and break the barrier of high-cost of housing, Defence City Project, a Nigeria-based continental housing firm has launched a new project – to build 200,000 units of homes in the 36 states of the federation and the Federal Capital Territory, Abuja. Link
  30. BUA Group said it has engaged the services of Swiss firm, Gherzi Textile Organization on studies, master plan design and engineering for the development of mega integrated textile and garment cluster in Katsina State. The BUA Group in a statement said the plan is coming on the heels of the recent decision by the Group to establish West Africa’s largest private-led textile cluster in Kastina State. Link
  31. The Ebonyi State government has released N1.5 billion for the payment of pensions and gratuities being owed the state workers from 1996 to 2017. Link
  32. The Akwa Ibom State Government has set up a four-member Cassava Seed Multiplication Committee to interface with stakeholders in cassava value chain in order to scale down the soaring price of garri in the second planting season. Link
  33. The Executive Secretary of Universal Basic Education Commission (UBEC), Hamid Bobboyi, has blamed most southern states  as the most culpable in the  over N71 billion unaccessed matching grant from 2005-2017.  He noted that most states in the South particularly South-east and South-west have failed to access their matching funds with Ondo N4, 634 billion; Enugu N4, 209 billion; Oyo, Ogun and Ebonyi N3, 604 billion each; Abia N2, 678 billion and Bayelsa N2,651 billion in that order. The rest of the southern states owed above N1 billion with Rivers, Akwa Ibom, Cross River and Lagos performing a little better. Link
  34. The Akwa Ibom State Government says it is developing infrastructural capacity across board to attract meaningful local and foreign investments into the state. Over 50 foreign investors, it said, had expressed interest to set up businesses in the state through its Foreign Direct Investment road show. To broaden its industrial base, the state under the Akwa Ibom Enterprise and Employment Scheme, said it was going to become a major tomato-producing state with over 20,000 tonnes project in the next three years. Link

 

 

 

 

 

Mudeerat Olawunmi is a graduate of Business Administration with over 5 years experience in online data gathering and analysis. Wunmi is a data analysts at Nairametrics and helps ensure that our readers get some of the most important macro and micro economic data required to help make investing decisions.

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Tech News

Netflix competes with TikTok, launches rival product

Netflix has launched a new feature that will allow users to watch, react,r share short clips and more.

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Netflix users increase by 16 million in Q1 2020

Netflix, the world’s leading video streaming platform has launched a new feature called “Fast Laughs” that will allow users to watch, react or share short clips as well as add the show or movie to a Netflix watchlist or you can simply tap the “Play” button to start watching the show immediately.

Similar to Tiktok or Instagram’s Reel, Fast Laughs features full-screen videos that you can swipe through vertically, and places the engagement buttons on the right side of the screen. These buttons let you react to the clip with a “LOL” (crying/laughing) emoji or share it via iMessage or other social media apps, like WhatsApp, Instagram, Snapchat, or Twitter. The only difference is that there is no comment button yet.

Users can access the feed through the bottom navigation menu by clicking on the Fast Laughs tab. The clips will start playing automatically when one ends another begins.

The feature will include a full-screen feed of funny clips from Netflix’s big comedy catalog including films like “Murder Mystery”, series like “Big Mouth’’, sitcoms like the ‘Crew’’ and stand-up from comedians like Kevin Hart and Ali Wong.

Fast laugh is currently available for iPhone users in select countries, and Netflix will be testing on Android soon.

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Business News

Apapa gridlock: Sanwo-Olu explains how his administration solved the problem

The Governor said the electronic Call-Up was designed to permanently address the movement of trailers in and out of the ports.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

The Lagos State Governor, Babajide Sanwo-Olu, has explained how his administration in partnership with the Nigerian Ports Authority (NPA) and other stakeholders in the maritime sector was able to get the heavy articulated vehicles off the road around the Apapa axis and improve traffic along that corridor.

This is as the governor has warned that the state government would resist any attempt by individuals and maritime operators that may want to reverse the progress being recorded along the Apapa corridor.

This disclosure was made by Sanwo-Olu on Wednesday while speaking at the formal hand over of newly improved 3 traffic-prone junctions along the Lekk-Epe expressway.

The Governor said the electronic Call-Up System launched, last Saturday, in the Apapa seaports was designed to permanently address the movement of trailers in and out of the ports, and bring about traffic improvement along the corridor.

What Governor Babajide Sanwo-Olu is saying

While sharing the details, the Governor described the progress recorded in Apapa as a hard-won, disclosing that it took the State Government over a year to bring together all stakeholders on the discussion table to agree on a far-reaching approach to permanently address the problem.

Sanwo-Olu said, “What we are seeing is the beginning of the lasting solution we have brought to Apapa. Our appeal is that we are not out of the problem completely yet. Our citizens can now see that a journey that took them three hours can, indeed, take between 15 and 20 minutes to commute. Everyone can now see that when we work together, indeed we can solve our problems internally.

“We have taken some troublesome people that are benefiting from the gridlock out of the way. Whatever they were earning illegally has been taken away from them. We know they will want to make an attempt to fight back. We will not stop at anything to ensure that anybody that tries to retract the progress or wants to take us back to gridlock in Apapa will be fought against. We will bring out their names and shame them.

The Governor vowed that any corporate organisation, security operative, NPA or State Government official who attempts to circumvent the newly instituted traffic procedures around the Apapa seaports would be named and shamed publicly.

The Governor said the State was serious about bringing a lasting solution to the Apapa congestion, stressing that the Government could no longer condone the careless attitude of truckers clogging the highways with heavy-duty vehicles.

He said part of the State’s efforts was to approach the Federal Government for the unbundling of the inefficient Presidential Taskforce on Apapa gridlock and took over the traffic management in the area.

Sanwo-Olu added that State Government also met with stakeholders, including the Federal Ministry of Transportation, Maritime operators and seaports unions.

He said: “I commend NPA’s Managing Director and management for working with us on this agenda. My appeal is to other stakeholders in the maritime sector who have not signed up on the electronic Call-Up System we have embarked on. I call the big logistics companies, including Sifax, Dangote, Flour Mills, Tunde Folawiyo and others, to come and collaborate with us on this progress.

“Let us have a system that our citizens will be proud of. We will stop at nothing to sustain the progress achieved. Our team will be working round the clock to keep the system working. This is one of our modest efforts to deliver what we promised in solving traffic and transportation challenges. We will not relent in doing anything required to ensure traffic improvement in Apapa.”

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What you should know

  • Following the withdrawal of the Presidential Task Force on port congestion, the Lagos State Governor, Babajide Sanwo-Olu, set up a Special Traffic Management Team to resolve the traffic gridlock in and around the Apapa corridor.
  • The Electronic Truck call-up system, Eto, which was designed and launched by NPA for the management of truck movement and access to and from the Lagos ports and to end the gridlock in and around the ports, formally took off last weekend.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.

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