The Nigerian Economy Today 07/04/2017

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



Nigeria needs $139 oil price to balance budget – Fitch – Nigeria is in the worst position among major oil exporting countries in the Middle East, Africa and parts of Europe to have balanced budgets this year, with oil forecast to average $52.50 per barrel, according to Fitch Ratings Limited. Source Punch Read More

CBN releases $100m, naira rises to 397/dollar – The Central Bank of Nigeria on Thursday offered $100m in currency forwards, to be settled within 60 days, currency traders  said, quoting a notice from the CBN. Source Punch Read More

Nigeria naira slides past 400/$ on black market -traders – The Nigerian naira slid pass 400 on the black market on Friday amid tight dollar supply, despite a series of currency forwards sold by the central bank this week aimed at clearing demand for the U.S. currency on the official market, traders said. Source Reuters Read More

NDIC Calls Bitcoins, Block Chain “Ponzi Schemes” – Nairametrics| The Nigeria Deposit Insurance Corporation, NDIC, has cautioned Nigerians against investing their hard earned funds in certain cooperative contributory schemes that had gone beyond their primary mandate of accepting contributions from their members, but rather patronize non-members with the promise of huge returns. Source Nairametrics Read More

7 “Strategic” Minerals Nigeria Has Considered Priority – Nairametrics| Indications emerged yesterday that the Federal Government (FG) could ban the importation of certain minerals it considers high priority. These minerals are limestone, barites, iron, bitumen, lead and zinc. The ban, if implemented, would help stimulate the local mining industry. Source Nairametrics Read More

Why Airlines Owe NCAA N15 Billion – Nairametrics| The Association of Nigerian Aviation Professionals, an NGO, has called on the Economic and Financial Crimes Commission (EFCC) over the N15 billion ticket and cargo charges airlines owe the Nigerian Civil Aviation Authority (NCAA). Source Nairametrics Read More

Report: North Korea “Hacked” Into Nigerian Bank Accounts – Nairametrics| Heavyweight cyber security outfit, Kaspersky, has listed Nigeria as one of the 17 countries hackers from North Korea have attempted to steal money from using cyber-attacks.  Source Nairametrics Read More

Export of raw minerals to be banned soon – Minister – The Minister of Mines and Steel Development, Dr Kayode Fayemi, has said that government has put in place measures to stop exportation of raw solid minerals by October. Source Daily Trust Read More

Dangote clocks 60, to sound closing gong at NSE – Nigerian cement tycoon, Aliko Dangote, will on Monday sound the closing gong at the Nigeria Stock Exchange, NSE. Source Premium Times Read More

Two People Have Been Arraigned For Luring Their Friends To Invest In MMM – Nairametrics| Two persons in Katsina State, one Deborah Fojo and Musa Garba were arraigned at a Malumfashi Chief Magistrates’ Court in Katsina State for alleged breach of trust and cheating, Punch says. The accusations stemmed from their persuading other people to release funds in order to invest in the popular Ponzi-gone-sour, Mavrodi Mondial Money (MMM). Source Nairametrics Read More

Importers can clear vehicles, pay duty later – Customs – Vehicle dealers in the country will now enjoy the privilege of clearing their cars from the ports and paying the duty later going by a new policy approved by the Federal Government for the Nigeria Customs Service. Source Punch Read More

FG releases new standards for imported petroleum products – In line with the campaign on reduction of sulphur content of fuels imported into Nigeria and other West African countries from Europe, Standards Organisation of Nigeria, SON, has released new approved Nigerian Industrial Standards for petroleum products.  Source Vanguard Read More

N15bn debt: Group asks EFCC to prosecute airline operators – The Association of Nigerian Aviation Professionals has called on the Economic and Financial Crimes Commission to arrest and prosecute airline operators over the N15bn ticket and cargo sales charge they owe the Nigerian Civil Aviation Authority. Source Punch Read More

Osinbajo inspects Abuja airport, says repairs 80 percent complete – Vice President Yemi Osinbajo on Friday inspected the ongoing rehabilitation of Nnamdi Azikiwe International Airport, Abuja and said the exercise is going according to schedule. Source  Premium Times Read More

‘Nigeria producing six million MT of rice’ – A post-harvest expert in African rice, Dr. Chijioke Osuji, has said that Nigeria’s volume of paddy rice is over six million metric tonnes. Source Punch Read More

FG to Save N5bn Annually from Air Fare Discounts – The federal government is targeting an estimated savings of about N5 billion annually from air ticket discounts following an arrangement with some airlines under the Efficiency Unit (E-UNIT) of the Ministry of Finance. Source Thisday Read More

FG To Convince Oil Companies To Patronise Local Barite Producers – Minister – The Federal Government says it will find ways of convincing oil companies in the country to patronise local producers of barite to reduce importation of the product. Source PM News Read More

Pensioners: N54bn Pension Liabilities Release Not Enough – The Nigerian Union of Pensioners (NUP) has said that the N54 billion released by the Federal Government to clear pension liabilities of the Contributory Pension Scheme (CPS) was not enough to cleared pension arrears. Source PM News Read More

Nigerian interbank rate rises on payments for debt purchases – Nigeria’s overnight lending rate rose by 2.5 percentage points this week after the central bank debited bank accounts for debt purchases, draining liquidity in the money market. Source Reuters Read More



Nigeria’s Wema Bank considers debt to boost capital as lending slows – Wema Bank aims to grow loans between one and two percent this year, after it achieved 22.3 percent growth last year, to conserve its capital as Nigeria enters a second year of recession, a senior executive said on Friday. Source Reuters Read More

Lasg Terminates Badagry 48-Room Hotel Project Contract – The Lagos State Government has terminated the contract for the construction of a 48-bedroom hotel project at the VIP chalets in Badagry, which was awarded in 2013 to Messrs. Anatolia International Limited. Source Thisday Read More

BUA Group to increase cement market share with 10m tonnes – BUA Group has unveiled plans to increase its cement market share with 10 million metric tonnes by 2018. Source The Nation Read More

Standard Chartered gets Euromoney recognition – Standard Chartered has been recognised in the 2017 Euromoney Private Banking and Wealth Management Survey. Source Punch Read More

Chi Farms, Aviagen mark 10-year partnership – Chi Farms Limited has marked 10 years of business relationship with Aviagen, a market leader in poultry genetics and owner of ‘Arbor Acres’ broiler brand. Source Punch Read More

Okomu Oil Reports 85% Increase in Profit (2016 FY) – Okomu Oil today released audited results for the financial year ended 31 December 2016. Source Nairametrics Read More

Med-View Airline Plc announces dividend Information – Source NSE Read More



Niger Assembly passes 2017 appropriation bill – The Niger State House of Assembly yesterday passed the 2017 appropriation bill of N116.196 billion into law. Source Daily Trust Read More

No More Political Patronage in Contract Awards, Says NDDC – The Niger Delta Development Commission (NDDC) has said it will adhere strictly to due process and not consider political patronage as criteria for awarding contracts. Source Thisday Read More

EFCC Denies Handing over Alamiyeseigha’s Properties to Falana – The Economic and Financial Crimes Commission (EFCC) thursday denied report that it has handed over properties of former Bayelsa State Governor, Diepreye Alamieyeseigha to Lagos lawyer, Femi Falana (SAN). Source Thisday Read More



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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