All the major economic news from Nigeria in 5 minutes – 27/6/2017


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

 

  1. The Federal Government is seeking a loan of $5bn from the World Bank Group to boost power availability in Nigeria. Link
  2. Investment bankers in South Africa have indicated their interest in partnering companies in Nigeria, and have chosen to visit the Nigerian Stock Exchange in that respect. Link
  3. The Director-General, Association of Nigerian Exporters, Mr Joseph Idiong,  has said  the association has signed a Memorandum of Understanding with the American Shea Butter Institute on the production of quality products for export. Link
  4. The Minister of State for Petroleum Resources, Dr. Ibe Kachukwu, has said the government is willing to allow Office of the Auditor General of the Federation (OAuGF) full access to accounts of its joint venture companies and other of its subsidiaries during audit processes. Link
  5. In view of prevailing electricity generation limitations nationwide, the Benin Electricity Distribution (BEDC) Plc will soon begin the publication of power availability schedule for customers in its franchise areas of Edo and Delta states. Link
  6. Failure by state governments to use part of the recently released Paris loan refund to settle outstanding salary arrears of local government workers will lead to a nationwide strike, the National Union of Local Government Employees (NULGE) has said. A total of 23 states presently owe their local government workers salaries ranging for one to 16 months; a computed local government staff salaries indebtedness in Nigeria has revealed. Link
  7. The French Government has said that it has set aside about one billion euros to be invested in the Nigeria Oil and Gas industry, stating that Nigeria remains her first economic trading partner in Africa. Link
  8. The Nigeria Customs Service (NCS) will sell seized goods from Saturday when its auction online portal is opened. Its Public Relations Officer (PRO), Mr Joseph Attah, said the goods would be sold to the highest bidders. Link
  9. The Central Bank of Nigeria (CBN) has assured that Nigeria would meet its 6.1 million tonnes rice demand by the end of this year’s harvest season. Acting Director, Corporate Communications of the bank, Mr. Isaac Okoroafor, who disclosed this in Awka during a three-day sensitisation workshop for the people of Anambra State, said already the national rice output has risen to about 5 million tonnes. Link
  10. The Nigeria Labour Congress (NLC) says workers welfare is not properly captured in the 2017 national budget. “Our budget system is not transparent enough, if you look at the estimate of this year budget, a lot of issues have arisen, especially the allocations for capital and current expenditure.” The NLC President, Mr Ayuba Wabba, said. Link
  11.  A Germany-based global solar developer, Soventix, and Gentec EPC have formed a joint venture called Soventix Hybrid Limited to develop solar projects across Nigeria. Link
  12. Four core oil host communities in Ibeno, Eket, Esit Eket and Onna Local Government Areas, Akwa Ibom State, have asked the Mobil Producing Nigeria Unlimited, MPNU, to vacate their lands if it was averse to relocating its administrative headquarters to the state, its operational base, as directed by the Federal Government. Link
  13. Ibadan Electricity Distribution Company, IBEDC, has commenced its Asset and Customer Enumeration, ACE, in its distribution network. The ACE is the proper tracking and data collation of all customers under the network, using a Geographic Information System, GIS, technology to capture asset details and customer information. Link
  14. Three indigenous oil producing companies, Century Energy Exploration & Production (E&P), Excel E&P and Millenium Oil and Gas, are set to produce their first oil in Nigeria. According to Africa Oil and Gas Report, the companies have already completed fields development as well as put in place facilities for production. Link
  15. Lekoil Limited, Monday, confirmed the lifting of a shipment of 250,000 barrels of crude oil to Shell Western Supply and Trading Limited. The company in a note to its shareholders said the crude oil was produced from the Otakikpo field in Nigeria. Link
  16. The Nigerian National Petroleum Corporation (NNPC) overhead costs took the lion share of $33.8billion it generated in 2016, latest findings from BudgIT, a data and technology civic group has revealed. Link
  17. Some shareholder groups in the nation’s capital market on Tuesday urged Etisalat Nigeria to settle the N1.2 billion debt it owed 13 commercial banks to avoid  a takeover.  Mr Boniface Okezie, National Coordinator, Progressive Shareholders Association of Nigeria, stated that the banks had obligations to their shareholders in terms of dividend payment at the end of the financial year, insisting that the debt must be paid. Link
  18. Sona Agro Allied Foods, one of Nigeria’s biscuit and snack companies, has started exporting biscuits to other West African countries in support of the Federal Government’s efforts at encouraging local production as a strategy for economic growth. Link
  19. The Kaduna State Government has sacked 124 road Marshals of its traffic law enforcement authority following allegations of misconduct and other corrupt activities. The General Manager of the Kaduna State Traffic Law Enforcement Authority (KASTELEA), Colonel Abdulkadri Ahmed explained that out of the 124 marshals, one was dismissed from service for extortion, another for gross misconduct, while 122 marshals were relieved of their appointment for absconding from their duty posts. Link
  20. The governor of Edo State, Mr. Godwin Obaseki, has ordered the employment of 4,200 youths from across the state under the Edo State Public Works Programme from July 1. 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.

What's your say?