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All the major economic news from Nigeria in 5 minutes – 24/08/2017

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3 years ago

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

  1. President Muhammadu Buhari has signed nine agreements, including the Extradition Treaty, with United Arab Emirates (UAE). The treaty is designed to strengthen Nigeria’s anti-corruption campaign. Link
  2. The Centre of Democracy Development, CDD, has urged Nigeria to rise up to the occasion and ensure that the application of Morocco to join the Economic Community of West African States, ECOWAS, is rejected. The Director of CDD, Idayat Hassan, said on Thursday, that since its formal request on February 24, to join ECOWAS has relentlessly pursued the agenda by designating an ambassador to ECOWAS on March 2. She said the move by Morocco to join the ECOWAS is a direct challenge to the leadership of Nigeria in the sub-region. Link
  3. Following the Federal Executive Council’s recent approval of a plan to issue $3bn worth of foreign bonds of up to three years’ maturity to refinance maturing naira-denominated treasury bills, consultancy firm, PwC Nigeria, says the impact of the action on debt sustainability is likely to be modest. The firm, in its Economic Alert released on Wednesday, said the decision was in line with the Federal Government’s debt management strategy to rebalance its debt portfolio for domestic and foreign debts, from the current 69 per cent: 31 per cent to a targeted 60 per cent: 40 per cent. Link
  4. Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says monetary policy offers limited tools for dealing with the current economic challenges in the country. Emefiele identified the current challenges facing Nigeria as falling Gross Domestic Products (GDP) growth rate, rising inflation, persistently high interest rates, falling foreign exchange reserves and depreciating exchange rate. He said the CBN could not tackle these challenges with the tool available to it with the objective of changing the outcomes for the better. Link
  5. Nigeria raised 56.05 billion naira ($179 million) in a bond auction on Wednesday, less than half the amount on offer as domestic pension funds and insurance firms cut orders due to low yields, traders said on Thursday. Link
  6. Nigeria will by 2021 join the International Civil Aviation Organisation in the implementation of the pilot phase of the Carbon Offsetting Reduction Scheme for International Aviation, the Nigerian Civil Aviation Authority has said. Link

  7. Nigeria’s central bank said on Thursday it is setting up two financial instruments to provide liquidity support to its non-interest paying lenders. It is a push by Nigeria, home to the largest Muslim population in sub-Saharan Africa, to establish itself as the African hub for Islamic finance, which follows religious principles such as bans on interest and gambling. Link

  8. The Federal Government will inaugurate the $200m (about N61bn at the official exchange rate of N305 to a dollar) local content intervention fund today (Thursday). It was gathered that the $200m Nigerian Content Intervention Fund would be directed at increasing local content in the oil and gas industry and would be used for projects and other activities in the sector. Link
  9. The China National Electric Engineering Company has disclosed that the Zungeru 700mw hydroelectric power plant in Niger State is at 47 per cent completion stage. The Deputy Project Manager, Mr. Xiao Nie, said the project on Wednesday that the $1.29bn (about N473bn) project was expected to be completed in 2020. Link
  10. The Federal Inland Revenue Service on Wednesday closed down an MRS Oil’s facility in Lagos over a tax debt amounting to N497.1m, an action the agency described as part of measures being taken against tax-defaulting companies in the country. Link
  11. A major downstream player in the oil industry, Nipco Plc, has bought another 3.23 per cent stake in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for N4.84bn to increase its holding to 70 per cent. Nipco’s investment subsidiary bought 60 per cent of Mobil Oil Nigeria from Exxon Mobil Corporation in October, when the United States oil giant pulled out of downstream fuel distribution in Nigeria. Link
  12. The Nigerian National Petroleum Corporation has said it is working closely with international oil companies to deploy a structured security apparatus in strategic places including the Niger Delta to arrest incidence of oil and gas infrastructure sabotage across the country. Link
  13. The African Export-Import Bank (Afreximbank) on Thursday in Lagos has met with leading Nigerian investors to push for strong participation in the bank’s $300 million equity offering. Link
  14. The management of the Bank of Industry (BoI) may soon consider an option of working in partnership with credible micro finance banks to make credit more easily accessible to Small and Medium Enterprises (SMEs) in Nigeria. Link
  15. Former Vice-Chairman of Arik Air, Senator Anietie Okon, yesterday alleged that some interests in government initially planned to take over Arik Air and sell it cheaply to their cronies. However, he said the plot was frustrated following the takeover of the airline by the Asset Management Corporation of Nigeria (AMCON). Link
  16. The World Bank and French Development Bank will partner the Federal Government and the Oyo State Government in the construction of 70 roads in the agrarian communities of the state to aid agriculture. Link
  17. The President of the Senate, Bukola Saraki, has said that the Senate will accelerate the passage of a bill that will curb the rate of illegal recruitment in government agencies. Link 

 

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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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Coronavirus

COVID-19 Update in Nigeria

On the 5th of June 2020, 328 new confirmed cases and 10 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 11,844.

Published

5 hours ago

on

June 6, 2020

By

COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 11,844 confirmed cases.

On the 5th of June 2020, 328 new confirmed cases and 10 deaths were recorded in Nigeria.

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To date, 11844 cases have been confirmed, 3696 cases have been discharged and 333 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 73,064 tests.

COVID-19 Case Updates- 5th June 2020

  • Total Number of Cases – 11,844
  • Total Number Discharged – 3,696
  • Total Deaths – 333
  • Total Tests Carried out – 73,064

The 328 new cases were reported from 14 states- Lagos (121), FCT (70), Bauchi (25), Rivers (18), Oyo (16), Kaduna (15), Gombe (14), Edo (13), Ogun (13), Jigawa (8), Enugu (6), Kano (5), Osun (2), Ondo (2).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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The latest numbers bring Lagos state total confirmed cases to 5663, followed by Kano (985), Abuja at 862, Katsina (385), Edo (364), Kaduna (335), Oyo (334), Ogun (329), Borno (322), Rivers (308), Jigawa (282),  Bauchi (281),  Gombe (184), Kwara (127).

Delta State has recorded 116  cases, Sokoto (115), Plateau (113), Nasarawa (90), Ebonyi (80), Zamfara (76),  Yobe (52), Osun (49), Imo (47), Akwa Ibom (45), Adamawa (42), Niger (41), Ondo (38),  Kebbi  (33), Bayelsa and Enugu (30), Ekiti (25), Taraba (18), Abia (15), Benue (13), Anambra (12), while Kogi state has recorded only 3 cases.

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, 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.

 

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

Patricia
DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
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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Business News

Dangote, BUA Cement drag Nigerian Stock market down, investors lose N154.28 billion

Investors lost N154.28 billion in value, as market capitalization dropped to N13.04 trillion at the Nigerian Stock market.

Published

9 hours ago

on

June 5, 2020

By

Dangote Cement Plc, stock market, NSE, Nigerian stock exchange

Nigeria’s stock market finished the week on a poor note, extending its previous day’s loss. The ASI declined by -1.17% to 25,016.00 index points. Consequently, the Year to Date loss dipped to -6.88%. Also, investors lost N154.28 billion in value, as market capitalization dropped to N13.04 trillion.

In terms of activity levels, market activity mirrored the broad index as total volumes and values declined by -20.61% and -52.51% to 214.49 million units and 2.51 billion respectively. ZENITH BANK was the most traded stock by volume at 22.2 million units, while NB topped by value at N666 million.

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READ ALSO: List of Dividends announced so far in 2020 (June)

Market sentiment, measured by market breadth, was however positive with 22 gainers led by BOCGAS (10.00%), against 18 losers topped by CABDURY (-9.47%).

Across the major indexes we cover, four out of five indexes closed negative. The Industrial goods (-3.91%) index was the worst performer, due to BUACEM (-5.44%) and DANGCEMENT (-2.04%) price decline. The Consumer Goods (-1.23%) and Energy (-0.96%) indices followed, owing to sell-offs in CADBURY (-9.47%); NB (-4.55%); GUINNESS (-3.68%) and OANDO (-2.22%).

GTBank 728 x 90

Also, the Banking (-0.28%) index lost points, as prices of GUARANTY (-2.45%) and FBNH(-1.82%) fell. The Insurance index was the lone gainer, up +0.06% on price appreciation in CHIPLC, CUSTODIAN & AIICO Insurance.

READ MORE: GTBank, Zenith Bank, Nestle emerge Renaissance Capital’s top stock picks

Top gainers

BOCGAS up 10.00% to close at N4.4; SKYAVN up 9.64% to close at N2.73; NASCON up 1.77% to close at N11.5; CUSTODIAN up 3.42% to close at N6.05; and NEIMETH up 9.94% to close at N1.77.

Top losers

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CADBURY down 9.47% to close at N7.65; BUACEMENT down 5.44% to close at N40; NB down 4.55% to close at N42; GUINNESS down 3.68% to close at N18.3; and DANGCEM down 2.04% to close at N139.

Patricia

Outlook

Market dropped close to the N13 trillion market capitalization support level, as heavy selling was observed among blue-chip stocks. Nairametrics recommends caution as price swing momentum strengthens.

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Business News

Buhari reappoints Danbatta as NCC Vice Chairman/CEO

With the reappointment, Danbatta will continue serving in the capacity of NCC Vice Chairman and CEO for another 5 years.

Published

9 hours ago

on

June 5, 2020

By

Buhari reappoints Danbatta as NCC Vice Chairman/CEO

President Muhammadu Buhari has approved the reappointment of of Prof. Umar Garba Danbatta as Executive Vice Chairman, and Chief Executive Officer of the Nigerian Communications Commission (NCC).

This means that Danbatta will continue serving in the capacity of NCC Vice Chairman and CEO for another 5 years.

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Personal assistant on New Media to President Muhammadu Buhari, Bashir Ahmad announced this via his twitter handle on Friday evening.

READ MORE: Nigerian economy going into recession, might contract by -8.9% – Finance Minister

GTBank 728 x 90

This reappointment was based on the recommendations of the Honourable Minister of Communications and Digital Economy, Dr Ali Ibrahim Pantami, and contained in a Press statement from the ministry.

https://twitter.com/FMoCDENigeria/status/1268927885726924808/photo/1

READ ALSO: Construction of ICT Parks nudges Nigeria into digital transformation

While wishing him well in his second tenure, Pantami urged Professor Danbatta to consolidate on gains and achievements of his first term.

“The honourable minister directed him to significantly improve on the overall performance of the commission as well as ensure that adequate mechanisms are put in place to facilitate the implementation of all policies of the Federal Government through the ministry” the statement read.

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Patricia

The professor of Telecommunications engineering had lectured for about three decades before his previous appointments. At different times, he also served as a member of the Implementation Committee of the Northwest University Kano, as well as served as the Acting Vice-Chancellor of the Kano University of Science & Technology, Wudil.

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