Connect with us
nairametrics

Business News

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

Published

on

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

 

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.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

NNPC says local operators must improve capacity to achieve low cost of oil production

The NNPC has mandated local oil companies to improve capacity to so as to reduce oil production cost.

Published

on

NNPC unveils covid-19 contacts tracing app, marketers to buy petroleum products online

The Nigerian National Petroleum Corporation (NNPC) has said that indigenous companies operating in Nigeria’s oil and gas sector must upscale their capacity for global competitiveness in order to achieve the target of reducing the cost of oil production in Nigeria on a sustainable basis.

This was disclosed by the Group Managing Director of NNPC, Mallam Mele Kyari, at a virtual stakeholder’s consultative summit which was organized by the Senate Committee on Local Content.

According to a press release by NNPC, which was signed by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, the NNPC GMD said that there was need to amend the Local Content Act to reflect current realities in the industry.

Kyari, who was represented by the Group General Manager, Corporate Planning & Strategy (CP&S), Mrs Eyesan Oritsemeyiwa, argued that there was a need to have a legislation to resolve the issues of funding challenges faced by local players, stressing that oil and gas business required high technical skills and competence to compete favourably at the global stage.

Speaking further on the need for greater capacity building on the part of indigenous companies, the GMD said the nation’s education system has a great role to play in the development of highly skilled technical manpower, adding that any legislation on Nigerian content development that fails to embrace issues of investment in the educational system was not likely to achieve much.

GTBank 728 x 90

He said, “In terms of the interaction between industry and education, we think these new bills would present a good model that we should work with. People are the greatest assets of any nation. If you have the best brains in the industry today, as long as you are not getting a good replacement for them from the educational sector when they grow old and retire, then your industry will collapse,”

The NNPC boss pointed out that the nation has made some good progress from the era when there was no single indigenous operator in the oil and gas industry to the current situation where local operators have risen to double digits, stressing that the trend should be encouraged.

He praised the National Assembly’s initiative to review and amend the Local Content Act and urged the committee to ensure that it is carried out in a timely fashion in order for the law to deliver maximum value for the nation.

GTBank 728 x 90

The GMD commended the legislators for the plan to extend the local content law beyond the oil and gas industry to other sectors of the nation’s economy, stressing that it would open up the non-oil sectors to growth and development.

The local content initiative has been identified as being very critical to the development of Nigeria’s oil and gas sector as the Federal Government plans to reduce the cost of production of crude oil to $10 per barrel in the face of the recent crash in crude oil prices.

The Federal Government has provided the sum of $350 million as the Nigerian Content Intervention Fund to help support local participation in the oil and gas sector.

Continue Reading

Energy

NNPC signs gas development and commercialization deal with SEEPCO

NNPC and SEEPCO have signed a gas development and commercialization deal.

Published

on

FG to give up majority stakes in its 4 refineries, to be privately managed, NNPC, Pipeline Vandalism: Stakeholder collaboration, critical to tame menace - Kyari, Nigeria explains when it will fully comply with OPEC+ output cut

The state oil giant, Nigerian National Petroleum Corporation (NNPC) has signed a gas development deal with Sterling Exploration and Energy Production Company (SEEPCO).

The agreement between the 2 oil firm is for the development and commercialization of gas from Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country.

The disclosure was contained in a press statement that was issued by the Group General Manager, Group Public Affairs Division of NNPC, Dr Kennie Obateru, on Saturday, September 26, 2020, in Abuja.

According to the statement, the Group Managing Director of NNPC, Malam Mele Kyari, while speaking at the agreement-signing ceremony which held at the NNPC Towers, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy.

Kyari disclosed that the deal would not only help reduce gas flaring and its environmental hazards but would also promote gas production and utilization in the domestic market.

GTBank 728 x 90

The NNPC boss also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which has led to the establishment of a Special Purpose Vehicle that will help expand gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

On his part, the Chairman of SEEPCO, Mr Tony Chukwueke, described the deal as an essential partnership that would help the company fulfil the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.

He commended NNPC and the Group Managing Director for ensuring the execution of the agreement which he described central to the achievement of the company’s cardinal objective of boosting the production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600 million for that purpose.

GTBank 728 x 90

This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

Continue Reading

Energy

Buhari reappoints 3 Chief Executives of agencies under Federal Ministry of Petroleum

3 Chief Executive Officers of agencies under the Federal Ministry of Petroleum Resources have been reappointed.

Published

on

BREAKING: President Buhari retains portfolio as Petroleum Minister

President Muhammadu Buhari has renewed the appointment of 3 Chief Executive Officers of parastatals under the Federal Ministry of Petroleum Resources with immediate effect.

The appointments that were renewed by the president include that of Dr Bello Aliyu Gusau as the Executive Secretary of Petroleum Technology Development Fund (PTDF), Ahmed Bobboi as the Executive Secretary/Chief Executive Officer of Petroleum Equalization Fund (PEF) and Simbi Wabote as Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB).

The disclosure was made through a series of tweet posts by the presidency on its official Twitter handle on Friday, September 25, 2020.

The statement disclosed that the renewal of the appointments followed recommendations to the President by the Minister of State Petroleum Resources, Timipre Syla.

It stated that Dr Aliyu Gusau was credited to have run the PTDF successfully in the past four years, keeping faith with the Seven Strategic Priorities he had introduced in January 2017.

GTBank 728 x 90

These are Domestication, Cost cutting, Sustainable funding, Efficient internal processes, Linkages with the industry, Utilization of centres of excellence, and Pursuit of home-grown research.

It also stated that Bobboi got his reappointment for having run PEF in a way that made it a key and strategic player in the administration’s oil and gas reforms, especially in stabilizing the supply and distribution of petroleum products across the country, among others.

Going further, it stated that the NCDMB boss, Wabote, won his pips for managing the NCDMB and completing its headquarters building. Wabote was also credited to have initiated many landmark projects that were widely commended by industry players.

GTBank 728 x 90

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement