All the major economic news from Nigeria in 5 minutes – 13/7/2017


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

 

  1. The Nigerian Content Development and Monitoring Board has said it is planning to increase the funds available to be lent to qualified oil and gas players under the Nigerian Content Intervention Fund from $100m to $200m. Link
  2. Nigeria will continue to borrow domestically and abroad to fund its budget for 2017, the finance ministry said in a statement on Thursday. Link
  3. The Federal Airports Authority of Nigeria (FAAN) on Thursday said the Murtala Muhammed International Airport, Lagos, would be certified on July 21. Mr Rabiu Yadudu, the Director of Operations, FAAN, Yadudu said “Once we certify Lagos, we will continue with that of Abuja Airport which will take place after another five weeks. “We are also targeting the certification of other airports like Kano, Enugu and Port Harcourt within the next few months.” Link
  4. The crash in crude oil price to about $42.5 per barrel and the likely cut in production by Nigeria should the Organisation of Petroleum Exporting Countries ask the country to do so will definitely affect the 2017 national budget, the Minister of Petroleum Resources, Ibe Kachikwu, has said. Link
  5. The Nigerian Electricity Regulatory Commission (NERC) has warned individuals and organisations against buying and installing transformers  without the approval of the power distribution company (DisCo) that supervises the community, its Head, Consumer Affairs Division, Hardley Jack, has said. Link
  6. International Oil Companies (IOCs) are expected to relinquish interest in over $12 billion (N4.3 trillion) oil blocks, which are expected to expire between 2017 and 2019. Already, about 17 Niger Delta onshore Oil Mining Leases (OMLs) belonging to the Shell Petroleum Development Company of Nigeria Limited (SPDC) will expire in the next two years. If the IOcs do not renew the licences, it opens up more opportunities for indigenous investors to buy over these assets and boost the participation of Nigerians in the nation’s petroleum industry. Link
  7. The Debt Management Office, DMO, yesterday, raised N106 billion through the Federal Government of Nigeria, FGN, Bonds. The funds raised will support the implementation of the Federal Government’s N7.44 trillion 2017 budget, which has an allocation of N2.36 trillion to capital expenditure. Link
  8. The power sector has been depleting Nigeria’s treasury by hundreds of billions of naira despite being privatized more than three years ago and has since failed to record tangible improvement, the Nigerian Society of Engineers has said. Link
  9. Against indication of moderation in the upwards movement in food prices in the month of June, 2017, inflation rate, Year-on-Year (YoY) has been projected to significantly drop further to 15.64 per cent; a 61 basis point decline from 16.25 per cent recorded in the preceding month.  According to FSDH Merchant Bank research report, increase in the price of food items moderated in the month of June compared with May 2017. Link
  10. The Nigeria Customs Service, Federal Operations Unit, Zone A, Ikeja, said that it recovered unpaid duties amounting to N229.9m between June 13 and July 10. Link
  11. Courier operators have opposed the proposed annual operating levy as contained in a bill seeking to excise regulatory functions from the Nigerian Postal Services and establish a new regulatory authority. Represented by General Secretary, Mr. Okey Uba, and Managing Director of Xpress Partners Limited, Mr. Oladipo Akinyele, ANCO said the imposition of 2.5 per cent levy on the operators’ annual turnovers would not allow courier firms to thrive, especially when the Internet had eroded the profitability of the industry. Link
  12. The Senate has given an ultimatum of one week to all agencies and corporations of the Federal Government that had yet to submit their 2017 budgets for scrutiny and passage to do so. The agencies include Central Bank of Nigeria, Nigeria National Petroleum Corporation and Nigerian Ports Authority. Link
  13. The Nigerian National Petroleum Corporation  (NNPC) said its has recovered N2billion from Capital Oil and Gas  from the N11billion worth of petroleum products it warehoused in the tank farms of Capital Oil. Link
  14. Etisalat Nigeria is changing its brand name to 9Mobile, the cable has learnt. A few weeks ago, Mubadala Group, the major investor from the United Arab Emirates, pulled out of Nigeria’s fourth largest mobile operator, due to a N541 billion debt. On July 4, 2017, a new board was appointed at Etisalat Nigeria, to handle the smooth transition of the telecommunications company after a reallocation of shares. Link
  15. One of the world’s largest refinery, Dangote refinery with 650, 000 barrels per day capacity, was shut down for three days due to flood. The 650,000 bpd refinery located at Lekki, is expected to come on-stream by 2019. Link
  16. The Nigerian National Petroleum Corporation has been named among 100 fossil fuel producers responsible for 71 per cent of global industrial greenhouse gas emissions since 1988. The NNPC was ranked 25th on the list of the 100 fossil fuel producers, as it produced 6,491 metric tonnes of carbon dioxide equivalent between 1988 and 2015. Link
  17. Neconde Energy Limited said it did not enter into any agreement with its host communities to sell or transfer five per cent of its stake in Oil Mining Lease 42 to them. The company, in a statement on Wednesday, said the Gbaramatu Traditional Council alleged that it refused to honour an agreement to remit five per cent of its 45 per cent equity to OML 42 host communities and that there had not been any community re-entry project since recommencement of oil exploration activities in the block in 2012. Link
  18. The President of Dangote Group of Companies, Alhaji Aliko Dangote, has revealed that the focal point of the company is to replicate the revolution it brought about in cement production into agriculture particularly rice and sugar. Link
  19. The Foreign Commercial Service of the United States Diplomatic Mission to Nigeria has announced the introduction of an innovative technology called ‘Synergy and Aruba’ for use in the Nigerian oil and gas industry. It said the technology was introduced in collaboration with Hewlett Packard Enterprise Nigeria and its leading local partner, Manifold Computers. Link
  20. Capital Hotel Plc has announced the resignation of Chief Victor C.N. Oyolu, Engr Yakubu Disu and Mr Eddie Chukwura from their appointments as the director of the company with effect from 30th June 2017.  The company also announced the appointment of Chief Anthony Idigbe, Alhaji Abatcha Bulama, Mrs Fadeke Alamutu, Dr. Alexander Thomopulos, Barr. Akpofure Ibru and Mr. Toke Alex-Ibru as Non- Executive Directors of the company with effect from 30th, June 2017. Chief Anthony Idigbe was subsequently elected as the Chairman of the board on July 7th 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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