All the major economic news from Nigeria in 5 minutes – 14/7/2017


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

 

  1. The Commissioner of Finance, Economic Planning and Budget, Hon. Akinyemi Ashade, has expressed the resolve of the Lagos State Government to raise N100billion in bond offering to finance critical infrastructure in the state. Link
  2. The Federal Government has set average growth rate target of 8.5 per cent to 10.6 per cent for the manufacturing sector over the next four years under the Economic Recovery and Growth Plan, ERGP. Link
  3. Kano state government has introduced five per cent (5%) consumption tax on goods and services to improve her internal revenue generation profile.  Link
  4. The Central Bank of Nigeria (CBN) yesterday said Nigerians lost over N11.9 billion to the activities of Ponzi schemes in 2016. Link
  5. The Central Bank of Nigeria (CBN) yesterday said it will disburse the sum of N660 million to farmers in Gomne state, under the Federal Government’s Anchor Borrower scheme. The Head of Development Finance Department of CBN, Gombe branch, Sani Muhammad Chobe, stated that  plans have been concluded to commence the disbursement of the grant to the first and second batch of the beneficiaries next week. Link
  6. There is no hiding place for tax defaulters. The Federal Government has engaged the services of asset tracing-companies to investigate the tax payment status of 150 firms/individuals. Minister of Finance Mrs. Kemi Adeosun said yesterday in Lagos that investigators would rely on information derived from Bank Verification Number (BVN),  records of property ownership, records of foreign exchange allocation, and records of company ownership from the Corporate Affairs Commission (CAC), among others, to ascertain the income status of the companies/individuals vis-a-vis their lifestyle. Link
  7. The Federal Government has allotted N400.5 million in its July 2019 and 2020 savings bond sales, the Debt Management Office (DMO) has said. Link
  8. The Minister of Power, Works and Housing, Babatunde Fashola, has said Nigerians should stop going to court to stop electricity tariff review, describing the planned review as necessary. Link
  9. The Federal Government and the government of China are developing strategies to improve the level of trade between both countries, which stood at about $15bn at the end of 2016. Link
  10. The Poultry Association of Nigeria has expressed concerns over the 27 per cent interest rate available for lending to the agricultural sector, noting that it is not viable for the poultry industry. Link
  11. Nigeria is currently the biggest supplier of Sesame Seed to Japan, the Deputy Trade Commissioner of Japan External Trade Organisation, Chiharu Yamamura had said. He added that in 2016, Japan imported 54,276 metric tonnes of Sesame seed valued at ¥6.329m (Japanese Yen) from Nigeria. Link
  12. Shareholders of the Nigerian Aviation Handling Company (Nahco, Aviance) yesterday approved the 22k dividend per share payout by their company. Link
  13. Yesterday, Microsoft Nigeria announced the appointment of Akin Banuso as the new General Manager for Nigeria. Link
  14. AJW Group, a market leader in the global management of aircraft spares, has signed an agreement with Aero Contractors, Nigeria’s oldest carrier, to assist in the restructuring and upgrading of its MRO support services. Link
  15. The Bank of Industry (BOI) has stated that its disbursement to Micro Small and Medium Enterprises (MSMEs) in the country has hit over N7 billion under its social intervention programmes and Government Enterprise & Empowerment Programme (GEEP) scheme. Link
  16. Ecobank Nigeria has announced the availability of its naira-denominated MasterCard for international transactions as well as increased daily limits customers can spend on their payment cards. As a result, the daily spending limits for international payments on the Point of Sale terminal and online channels increased from $100 to $1,000 for its platinum card customers. Link
  17. DavoDani Microfinance Bank has offered to partner the Institute of Chartered Accountants of Nigeria in the provision of the micro, medium and small-scale financial services to the institute’s members and staff under the Institute Entrepreneurial Empowerment Initiative. Link
  18. Cloud Exchange West Africa, formerly known as Dimension Data Nigeria Limited, has signed a partnership agreement with Huawei Technology Company Nigeria Limited, a subsidiary of Huawei International, making Cloud Exchange Huawei’s only Tier 1 Value Added Partner in Nigeria and West Africa. Link
  19. The Nigerian Breweries Plc has introduced its first zobo-flavoured alcoholic drink, Ace Desire, to the Nigerian market. Link
  20. Funtuna Food and Bottling Company, a subsidiary of Funtuna Holdings Group, has introduced a new innovation into its egg production process. The firm, a member of International Egg Commission, said it was inspired by trends witnessed during an international food exhibition to introduce the first-ever coloured boiled eggs into the Nigerian market. Link
  21. Barely 24 hours after the Federal Government announced a proposal of N2.7tn to offset accumulated local debts and other services, the House of Representatives on Thursday demanded the details of the plan. Link
  22. The Speaker, House of Representatives, Hon Yakubu Dogara has queried the non-disclosure of the interest accrued on Nigeria’s foreign reserves accounts by the Central Bank of Nigeria (CBN). He lamented that in spite of spirited efforts by the parliament to know its state, it remains shrouded in secrecy. Link

 

mudeerat olawunmi

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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