All the major economic news from Nigeria in 5 minutes – 28/6/2017


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

 

  1. The African Development Bank (AfDB) has called on financial credit providers to increase lending to Micro, Small and Medium Enterprises (MSMEs) in Africa to 135 billion U.S. dollars. Link
  2. The Central Bank of Nigeria will sell $100 million at a special foreign exchange auction on Wednesday, the bank said as the local currency held steady in all segments of the foreign exchange market. In a notice to commercial lenders, the regulator said the dollar auction would be for spot and forward deals which would be settled within the next 60 days. Link
  3. The Lagos State Commissioner for Commerce, Industry and Cooperatives, Prince Rotimi Ogunleye, has urged investors in Nigeria, and all over the world to invest in the Lekki Free Zone, adding that government has also provided incentives that will encourage the ease of doing business. Addressing attendants of an investment meeting with city and bilateral Chambers of Commerce in Lagos, last week, Ogunleye listed some of the government incentives. They include complete tax holiday from all federal, state and local government taxes, rates, customs duties and levies; one stop approval for all permits, operating in licenses and incorporation papers; duty-free, tax-free import of raw materials and components for goods destined for re-export. Link
  4. The Nigerian Civil Aviation Authority has called on Global System for Mobile Communications operators and landing facilities owners to obtain aviation height clearance permits and licences before constructing high rise structures. Link
  5. Transactions turnover in the Fixed Income and Currency markets executed in FMDQ OTC Securities Exchange for the month of May amounted to N9.49 trillion, a 7.32 per cent (N6.95 trillion) increase over the value recorded in April and a 18.90 per cent (N2.21 trillion) decrease Year-on-Year (YoY). Link
  6. The Petroleum and Natural Gas Senior Staff of Nigeria (PENGASSAN), Nigeria National Petroleum Corporation (NNPC) group, has warned against outright sale of the energy sector to private investors at this time of the country’s economic downturn, saying it would not serve any good purpose. Link
  7. Despite the economic recession and regulatory headwinds, deposit money banks (DMBs) recorded an increase in customer deposits in 2016 full year financial results published by the lenders have shown. The results of five tier I banks which include Zenith Bank, GTB, Access Bank, UBA and First Bank showed that their total customer deposits rose to N12.6 trillion in 2016 compared to N10.9 trillion in 2015. Link
  8. Dangote Group’s investment in oil and gas will transform the economy from a single commodity market to a sustainable diversified economy, Chief Executive Aliko Dangote has said. Describing the refinery as the largest single-train petrochemical facility in the world, Dangote said the crude oil processing factory is designed to refine 650,000 barrels per day. Link
  9. The Anti Counterfeit Collaboration (ACC) Nigeria has said counterfeiting is projected to drain $4.2trillion from global economy. The Chairman, ACC Nigeria, Mr. Desmond Adeola, during the annual event said the plague will also put over 4.5 million legitimate jobs at risk by the year 2022. Link
  10. No fewer than 343,657 metric tons of phosphate (Muriate of Potash) have arrived the Lagos and Tincan Island ports to boost food production in Nigeria. The chemical is valued at N37.7 billion as a 50-kilogramme bag is sold at a subsidised rate of N5,500. Link
  11. The National Union of Local Government Employees (NULGE) has commended Cross River State Governor Ben Ayade for payment of salaries to local government workers. NULGE National President  Ibrahim kheel said in Abuja that while states like Bayelsa where owing Local Government  workers about 10-16 months salaries with Kogi owing 15months and Delta 8-14months respectively, Cross River has remained steadfast in its payment of Local Government workers. Link
  12. Many motorists are guilty of lane indiscipline, a major cause of highway gridlock that is costing the nation a huge loss, the Founder, Safety Beyond Borders, Mr. Patrick Adenusi, has said. For instance, he said about 100,000 vehicles were daily being trapped in avoidable gridlock on the Lekki-Epe Expressway due to lane indiscipline, resulting in excessive fuel consumption put at N2bn monthly. Link
  13. The Nigeria Hotel Association (NHA) on Wednesday raised concerns over inflated electricity tariff issued to hoteliers across the country by various DISCOS’. Mr Lanre Awoseyin, the President of the Association said that hoteliers paid over 80 per cent of the revenue generated in a month in their distinct hotels as electricity bill. “We keep persuading our members not to embark on a peaceful protest because it is annoying to pay two million naira per month as electricity tariff”, he added. Link
  14. A European bank is set to sell the 79th floor penthouse in Manhattan New York, owned by Nigerian oil mogul, Kola Aluko, who has been declared wanted by the EFCC. Link
  15. Ecobank Transnational Incorporated (ETI) Plc, the pan-African financial services holding company for the Ecobank group, may issue about 6.7 billion ordinary shares under a $400 million convertible bond issue being planned by the company. Link
  16. Coronation Asset Management Limited, the asset management arm of Coronation Merchant Bank Limited, has received regulatory approval to float an initial public offering (IPO) to raise N400 million for a new mutual fund. Link
  17. Authorities of the Nigerian Stock Exchange (NSE) have approved the delisting of Ashaka Cement Plc from the Exchange, paving the way for the subsidiary of Lafarge Africa to revert to a private limited liability company. Link
  18. Chief Executive Officer of Premium Steel and Mines Limited, formerly called Delta Steel Company, Ovwian-Aaldja, Prasanta Mishra, has assured that production would begin at the Aladja Complex before the end of this year. Link
  19. Dangote Cement Plc, owed by Africa’s richest man Aliko Dangote, said it may shut its operations in Ethiopia, if authorities in the central state of Oromia do not reverse an order to cement makers to hand over control of some parts of their businesses to local people. Link
  20. A firm, Starcom Media, has sued Korean automobile giant, Hyundai Motors, at a Lagos High Court for allegedly selling a defective car to it. Link
  21. Aminu Masari of Katsina State has paid N3.6m fines to secure the release of 61 prison inmates in the state. 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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