All the major economic news from Nigeria in 5 minutes – 25/08/2017

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

1. Minister of Finance Mrs. Kemi Adeosun has said there is urgent need to reposition the Federation Account Allocation Committee (FAAC) for enhanced performance through efficient management of accrued scarce resources for national development. LInk
2. In a bid to aid liquidity management and deepen the financial system, the Central Bank of Nigeria (CBN) has introduced two new financial instruments known as – Funding for Liquidity Facility (FfLF) and Intra-day Facility (IDF), at its window, for access by non-interest financial institutions (NIFIs) under its regulation. Link
3. Nigeria’s oil production, excluding condensates, was slightly below 1.8 million barrels per day in July, the country’s oil minister Emmanuel Ibe Kachikwu said yesterday.  LInk
4. The total amount of stamp duty collected on deposits in bank accounts across the Deposit Money Banks has yielded N13bn to the Federal Government. Sources close to the Central Bank of Nigeria where the fund is warehoused confirmed that in the first 12 months of application of the duty (January to December 2016), the banks remitted a total of N3bn into the Stamp Duty Treasury Single Account. Link
5. The Manufacturers Association of Nigeria (MAN) has kicked against the threat to arrest 30 Chief Executive Officers of some of its member companies by the Senate Committee on Customs, Excise and Tariff, over N30 trillion revenue leakage in the import and export value chain between 2006 and 2017. Link
6. Experts in apiculture industry in Nigeria have lamented that at least $2bn is spent annually on the importation of bee to beef up the shortfall in local production. The experts said that the national production of honey stood at 38, 000 tonnes annually as against the country’s consumption of 380, 000 tonnes, representing a shortfall of 90 per cent. Link
7. The Minister of Power, Works and Housing, Mr Babatunde Fashola, said that the Federal Government has commenced construction of houses in 33 states for workers under its National Housing Programme. Link
8. The quarterly contribution of Information and Communications Technology (ICT) sector to the Gross Domestic Product (GDP) has increased to N1.6 trillion from N1.4trn, the Nigerian Communications Commission has said. Link
9. In line with the Federal Government move to boost poultry production in the country, the Central Bank of Nigeria (CBN), Bank of Industry (BoI) and Amo Farms have collaborated to flag off the Anchor Borrowers Program (APB) for poultry farmers in Lagos State. Link
10. Niger State Fadama 111 Additional Financing Project have distributed farm inputs to over 8,000 farmers this year to boost agricultural produce in the state. Link
11. The Murtala Muhammed Airport Terminal Two, popularly referred to as the MMA2, has been named the Nigerian Airport of the Year 2017 by WorldStage Limited. Link
12. Investors in the country’s bond market, on Wednesday, shunned the Federal Government’s bond auction owing to falling yields. The country raised only N56.05bn ($179m) in the bond auction, which was 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
13. Central Bank of Nigeria (CBN) has unveiled a scheme that aims to increase Nigerians’ ability to become homeowners in its Nigerian Housing Finance Programme (NHFP). The scheme termed, “My Own Home” launched in Lagos is a Public Private Partnership (PPP) arrangement targeted at providing mortgages, mortgage guarantee and insurance as well as housing microfinance to the Nigerian populace. Link
14. An indigenous firm, Nigus Enfinity said it is set to introduce Electric Vehicles (EVs) into the Nigerian automobile market from 2018 just as it plans the first local assembly plant for EVs in 2020. Link
15. Vitafoam Nigeria Plc has appointed two independent non-executive directors and one non-executive director into its board. The newly appointed directors whose tenure shall commence in October this year are Professor (Mrs) Rosemary IviowenEgonmwan, Mr Mohammed Goni Alkali and Mr Gerson Silver. Link
16. The Northern Nigeria Flour Mills Plc’s new ultra-modern Sorghum Milling Plant, recently commissioned in the business city of Kano is to provide over 40,000 new jobs along the value chain. Link
17. Paints and Coatings Manufacturers Nigeria Plc (“Paints and Coatings’’ or “the Company”) has notified its Dealing Members that it has through its Stockbroker; Meristem Securities Limited submitted an application for a Scheme of Arrangement between the Company and holders of its fully paid up ordinary shares of 50k each. The Scheme will lead to the delisting of the entire shares of Paints and Coatings Manufacturers Nigeria Plc from The Daily Official List of The Exchange. Link
18. The Nigeria Police Force Property Development Construction Company (NPDCC), in collaboration with Ojim Royal Investment and Property Limited, are partnering to construct 40,000 units of mass housing in Enugu, Enugu State. Link
19. A Japanese designer brand, Miniso, has opened outlets inside the six high-brow shopping malls in Lagos in line with the Federal Government’s quest for foreign direct investment. According to the Country Manager, Miniso, Mr. Chris Lee, the firm was planning to create employment by establishing 500 stores across Nigeria by 2019, noting that the brand was committed to employing about 30,000 Nigerians and establishing a university to transfer knowledge of retail trade to Nigerians. Link
20. A leading media buying agency, Starcom Media, has changed its name to Media Seal. Link
21. The United Bank for Africa has placed a restriction on the use of its debit and prepaid cards for purchasing certain items. The items include jewellery, pornography, dating and escort services. The bank also forbids the use of its cards for all sorts of betting — including buying lottery tickets, casino gaming chips, off-track betting and wagers (bets). Link
22. Three commercial banks, including Zenith Bank, Guaranty Trust Bank (GTBank) and United Bank for Africa (UBA) Plc funded one third (1/3) of Federal Government’s budget in 2016 with a whopping N2.3 trillion loans. Link
23. The Nigerian Content Development Monitoring Board, NCDMB, Thursday, said it has set up an initiative to develop the capabilities of indigenous companies, ensuring that local companies manage the operations and maintenance of the Dangote Refinery when construction work is completed. Link