All the major economic news from Nigeria in 5 minutes-9/8/2017


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

  1. The Nigerian National Petroleum Corporation (NNPC), has agreed to open its finances for scrutiny and allow unfettered access to its books, especially by the Office of the Auditor General of the Federation, OAuGF. This was disclosed in a statement by the NNPC following a visit by the Auditor General of the Federation, Mr. Anthony Ayine, to the Corporation in Abuja. Link
  2. CANON, an imaging and business solutions company, has strengthened its presence in Nigeria with three local service centres across three major cities of Lagos, Abuja and Port Harcourt, partnering Ensure Services, Kontakt and Technology Distribution, TD. Link
  3. Indigenous 4G operator,  Cyberspace Network Limited, is launching a corporate social responsibility (CSR) Initiative which will see to connecting Nigerian universities on free wi-fi network to boost their academic and research works. The free WIFI facility, known as Surfwella will be launched and made available to Nigerian universities across the country today. Link
  4. Hubmart Stores on Tuesday said that the opening of its second outlet in Lagos State would provide jobs to over 150 Nigerians. According to the company, the shopping complex will be located in the Ikeja Government Reserved Area of the state and open to the public from Friday, this week. Link
  5. Imo Air operated by Dana Airlines Limited has announced that it will partner the House of Freeda to unveil Elfreeda Foundation, a non- profit organisation, aimed at providing a stabilising base for homeless women and children to rebuild their lives. Link
  6. The United States-based Silicon Valley is set to train the chief executive officers of some Nigerian companies, entrepreneurs and other professionals in human capital development, organisational management and technological trends. Link
  7. The Nigerian Bulk Electricity Trading Plc and the Transmission Company of Nigeria have jointly written to power firms of the Republics of Benin and Niger, demanding the payment of an outstanding $115.91m (about N35.4bn at the official exchange rate of N305 to a dollar) for electricity supplied to both countries from Nigeria. Link
  8. The Nigeria Employers’ Consultative Association has partnered the Imagine Business Services to unveil NECAPreneur, an entrepreneurship e-learning programme. In a statement on Tuesday, the association said the programme was part of its continued efforts to join hands with the government to address the high unemployment rate among Nigerian youths which was recently put at 80 per cent by the Central Bank of Nigeria. Link
  9. The Federal High Court in Lagos on Wednesday struck out the suit filed by the Federal Government against seven commercial banks, which were accused of violating government’s Treasury Single Account policy. Link
  10. As part of efforts in delivering its vision of bringing the world’s best entertainment to its audiences, iflix, the world’s leading Subscription Video on Demand (SVoD) on Tuesday, announced completion of $133 million funding to boosts service for emerging markets. Link
  11. FBN Merchant Bank will team up with the global research and consultancy firm, Oxford Business Group (OBG), to produce the financial chapter of The Report: Nigeria 2017, highlighting the pivotal part Nigeria’s banks are playing in the country’s broader diversification efforts by boosting lending to the private sector. Link
  12. Promasidor Nigeria Limited has appointed Mr. Anders Einarsson as Managing Director. Einarsson, succeeds Mr. Olivier Thiry, who is now elevated to the Group as Chief Executive Officer. Until his elevation, Einarsson served the organisation diligently as Chief Operating Officer. Link
  13. The Central Bank of Nigeria (CBN) has disclosed that foreign reserves appreciated by $554.7 million or 1.8 per cent in July, to bring the year till date growth to 19.3 per cent. The foreign reserves closed July at $30.8 billion from $30.29 billion it opened the month under review. Link
  14. The University of Nigeria Nsukka (UNN) and Hightech System Limited are to partner in tractor assembling, manufacturing and other tractor value chain services as part of Higher Institution Tractorisation Initiative(HITI). The joint venture Memorandum of Understanding (MoU) was signed in Abuja between UNN and HITI under the Partnership Development Programme on Nigeria Agricultural Mechanisation Local Content Support Initiative. Link
  15. The Nigeria Customs Service (NCS) has saved a total of N1.4 billion for the federal government as it intercepted 37 brand new vehicles smuggled into the country from Republic of Benin. Link
  16. The Economic and Financial Crimes Commission (EFCC) said it had so far, through painstaking investigations by its operatives, traced N47.2bn and $487.5m in cash and properties to a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke. Link
  17. The Nigerian Stock Exchange (NSE) market capitalisation yesterday crossed the N13 trillion mark for the first time since October 2014. The market capitalization added N164 billion to close at N13, 097 trillion. Link
  18. Pension Fund Administrators have gradually increased the amount of funds invested in infrastructure under the Contributory Pension Scheme to N4.2bn. Figures obtained from the National Pension Commission on Tuesday showed that this translated to 0.07 per cent of the total funds under the scheme, which rose to N6.49tn as of April this year. Link
  19. The Institute of Chartered Accountants of Nigeria(ICAN) has appointed Mr. John Evbodaghe as its registrar/chief executive officer. The institute also appointed Dr. Ben Ukaegbu and Mukaila Lawal as deputy registrars. The appointment took effect from August 1, 2017, it said in a statement on Wednesday. Link
  20. PREMIER of the State Council of the People’s Republic of China, Li Keqiang, has said that China will import $8 trillion worth of goods from Nigeria and other parts of the world in the next five years. Link
  21. NIGERIA’s average oil production including condensates, increased to 2.06 million barrels per day (mb/d) last month, from 2.05 million b/d in June, as the country continued to ramp up production amidst retention of output concession from the Organisation of Petroleum Exporting Countries (OPEC), the Ministry of Petroleum Resources has revealed. Link
  22. Amidst rising sales profile of brewing companies, consumers are complaining of high presence of sugar in the low sugar and regular malt drinks. The key competitors in that segment of non-alcoholic beverages may have adjusted their competition strategy as a result of the complaints as now consistently playing up health as one of their unique selling propositions to retain or increase their market share. Link
  23. The Onitsha Traders Consultative Forum (OTCF), has called on the major political parties to ensure that they pick their candidates from Anambra North Senatorial District for the sake of equity and fairness. Link
  24. The Nigerian Airspace Management Agency, the Nigerian Civil Aviation Authority and other relevant stakeholders in the aviation sector have called for collaboration towards ensuring safer skies in Nigeria and the African region. Link
  25. The Association of Stockbroking Houses of Nigeria has commenced strategic training of capital market professionals as preparatory to the inauguration of its commodity and futures exchange. Link
  26. Nigerian doctors have cited salary deductions and low work satisfaction as some of the reasons for seeking better jobs overseas. House officers, corps members, medical and senior medical officer, residents, registrars, consultants and medical directors, among others said poor salaries and emoluments as well as the huge knowledge gap were other reasons for their decisions. In a study by the Nigerian Polling Organisation, in partnership with the Nigeria Health Watch, 88 per cent of the medical practitioners indicated interest in jobs outside the country and had registered to write foreign medical examinations. Link
  27. The Federal Executive Council has approved the establishment of the proposed Information and Communications Technology University of Nigeria. Link
  28. The Abuja Chamber of Commerce and Industry on Tuesday said the lifting of administrative suspension on Pioneer Status Incentives by the Federal Government would boost local production capacity of manufacturers. Link
  29. Nigeria will no longer be a dumping ground for all manner of foreign products, Acting President Yemi Osinbajo has said. He said the present administration was determined to change the trend by empowering local capacities through policies and programmes that could promote economic diversification. Link
  30. The Federal Government will next week complete payment for the construction of the new Lagos-Ibadan rail line being handled by the China Civil Engineering Construction Corporation, the Minister of Transportation, Mr. Rotimi Amaechi, has said. Link
  31. Producers of vegetable oil are now positioning their products based on consumers’ health consciousness, while paying attention to product repackaging and visibility. Brands produced along the lines of these elements of marketing are not relenting on their various positions, making price differentials insignificant in the race for top contenders in the control of market share. Link
  32. The Federal Government has declared the maiden Smart City Summit Nigeria open with a charge to stakeholders to proffer solutions aimed at enhancing its implementation. Smart City has been described as a city outfitted with high-tech communications capabilities, uses digital technology to enhance performance and well-being, to reduce costs and resources consumption, and to engage more effectively and actively with its citizens. Link
  33. The Auditor General of the Federation, Mr Anthony Mkpe Ayine, has directed  staff of his office to henceforth request clearance by the National Information Technology Development Agency (NITDA) on any IT project when auditing the accounts of MDAs. Link
  34. The Federal Government has been advised to privatise the 27 local and international airports in the country, as Nigeria does not need a national career. The MD/CEO of the Med-View Airline, Alhaji Muneer said there were only four standard airports; Abuja, Kano, Port Harcourt and Kaduna airports, out of the 27 airports in the country, added that the nation’s airports should be developed to attract investment. Link
  35. An aviation expert, Group Capt. John Ojikutu, said going by the figure of $8 billion declared by the International Air Transport Association (IATA) as the contribution of aviation to the nation’s Gross Domestic Product (GDP), there are fears the government is being shortchanged. Link
  36. The federal government through the ministry of agricultural and rural development has expressed the desire to ensure Nigeria establishes 15 specialised universities of Agriculture in the next few years. Link
  37. The Federal Executive Council has approved a local content policy for the ongoing Lagos-Ibadan standard gauge rail project. Under the local content policy, he said the contractor has been directed to ensure that nothing less than 60 percent is reserved for local sourcing of manpower. The Minister of Transportation, Mr. Rotimi Amaechi disclosed this while monitoring the progress of work on the $1.5bn project. Link
  38. Three men, accused of cyber crime and theft of N9.2million, property of Lagos State House Speaker, have been sent to Ikoyi Prison by a Federal High Court in Lagos, after they were docked today. Link
  39. Ongoing drive by the current administration to revamp the rail sector in Nigeria, will cut across the 36 states of the federation, Minister of Transportation, Rotimi Amaechi said in Lagos, yesterday. Link
  40. Despite generating revenue from crude oil export from 2005 to 2015, Nigeria recorded less than 0.5 per cent savings in its Excess Crude Account (ECA), according to the Nigeria Extractive Industries Transparency Initiative (NEITI). Link
  41. The Manufacturers Association of Nigeria (MAN) has said the estimated value of manufacturing in the country during the second half of last year reached N5.02 trillion  as against N4.08 trillion of the corresponding period of the previous year. This translates to N0.94 trillion or 23.0 per cent increase over the period, according to MAN’s second half of 2016 report. Link
  42. After raising $1.5 billion from the Eurobond market this year, the Federal Government is expected to access more dollars from the Global Capital Market (GCM) before December. Report from FBN Capital, the investment arm of FBN Holdings, says the Federal Government may return to the Eurobond market, adding that the heavily-oversubscribed Iraqi sovereign issue last week without United States guarantees was a reminder of the strength of the market. Link
  43. The Nigeria Extractive Industries Transparency Initiative (NEITI), Nigeria Sovereign Investment Authority (NSIA) and National Orientation Agency (NOA) have agreed to work together in the areas of oil revenue savings and promotion of better attitude to public office. Link
  44. Minister of Transportation, Mr Rotimi Amaechi, yesterday disclosed that the recently-commissioned Abuja-Kaduna rail line now generates over one million naira daily. The Minister who said this during a tour of the projects with newsmen, explained that in the past the rail line was generating N16 million, while it was gulping N56 million per month. But as at now, it is attracting N30 million a month. Link
  45. A major agenda of the Tin Can Island Port, Lagos, is to generate more revenue for the country. Customs Area Controller, Bashar Yusuf, during the command’s recent training series for officers, disclosed that the NCS would deploy latest ICT tools to buoy up the service, in line with 21st century customs operations. He emphasised that the upgrading of ICT facilities would propel more revenue for government’s purse. Link
  46. Hajiya Aisatu Oshiomhole, the mother of former Edo Governor, Adams Oshiomhole, on Tuesday advised politicians to restructure the political scene and reduce the high cost of contesting election. Link
  47. Governors of 18 Northern states in the country yesterday donated the sum of N360 million to support Borno State in addressing problems associated with humanitarian needs and rebuilding of communities and livelihoods destroyed by the Boko Haram insurgents. Link
  48. The Secretary to Kwara State Government (SSG), Alhaji Isiaka Gold, on Wednesday said Senate President, Bukola Saraki has returned all monies paid to him as pension back to the coffers of the state government. Link
  49. The Kebbi Government, on Wednesday said it would review its tax policy to raise its internal revenue collection from the “meager” N6.4 billion it generated in the last two years. The Commissioner for Finance, Alhaji Ibrahim Augie, made the disclosure at a news briefing in Birnin Kebbi. Link
What's your say?