The Nigerian Economy Today 05/04/2017


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

 

NAIRAMETRICS BUSINESS & ECONOMY

IMF says Nigeria’s naira over-valued by around 10 to 20 percent –  Nigeria’s naira is over-valued by around 10 to 20 percent, the International Monetary Fund’s (IMF’s) country head said on Wednesday, when the organisation released a critical report on government efforts to boost growth in Africa’s largest economy. Source Reuters Read More

CBN to inject another $10,000 to BDCs to check speculation – The Central Bank of Nigeria (CBN) will inject additional 10,000 dollars proceeds of International Money Transfer Services Operators (IMTSO) to 3135 Bureau De Change Operators nationwide, Alhaji Aminu Gwadabe says. Source New Telegraph Read More

Buhari okays $4.5b Chinese loan for 36 states, FCT – President Muhammadu Buhari has directed the Ministry of Finance, Budget and National Planning and the Central Bank of Nigeria (CBN) to complete the processes that will enable 36 states and the Federal Capital Territory (FCT) benefit from a support loan of $4.5 billion to be facilitated by the People’s Bank of China in cooperation with the Chinese government. Source Guardian Read More

Currency In Circulation Appreciates To N1.98trn In March – CBN – Currency in circulation appreciated to N1.98 trillion in March 2017, representing 0.24 per cent increase compared with N1.978 trillion in February 2017, according to data obtained from the website of the Central Bank of Nigeria (CBN). Source LEADERSHIP Read More

CBN Will Sell Dollars To Airlines, Fuel Importers and Other Businesses – Nairametrics| Barely a few months ago businesses all around the country threatened to collapse or relocate owing to their inability to access forex for their activities. That is now likely to become forgotten as the Central Bank of Nigeria (CBN) has recently pledged to ensure that businesses get the forex they need. Source Nairametrics Read More

IMF says Nigeria economy needs urgent reform, no FX curbs – The International Monetary Fund (IMF) warned Nigeria its economy needs urgent reform in a report published on Wednesday that highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. Source Reuters Read More

Osinbajo Urges Ambassadors-Designate To Attract Investors To Nigeria – Vice President Yemi Osinbajo on Tuesday urged the ambassadors-designate to use their positions to attract investors and enhance the Foreign Direct Investment of the country. Source Premium Times Read More

‘77% of board members justify unethical business behaviour’ – Seventy seven percent of board members or senior managers say they can justify unethical behaviour to help a business survive, a new fraud report has found. Source Punch Read More

FG Owes Insurance Operators N8.4billion Premium – Despite the ‘no premium no cover’ regime, the federal government is owing the Insurance Industry about N8.4billion, which ought to have been paid for the group life insurance coverage for all federal civil servants. Source  Thisday Read More

‘PFAs pay N52.91 billion to 169,419 sacked workers’ – Since the inception of the Contributory Pension Scheme (CPS), Pension Fund Administrators (PFAs) have paid N52.91 billion as 25 per cent of their Retirement Saving Account (RSA) balance to 169,419  workers that lost their jobs and unable to secure other jobs within four months of disengagement. Source The Nation Read More

Suppliers want LPFO price reverted to N72.9 – Suppliers of Oil and Gas product in Nigeria have decried the recent increase in price of Low Pour Fuel from N72.9 to N103.60; saying the increment will cripple industries in the country.  Source Daily Trust Read More

Kaduna approves N62b for local councils – Satisfied with the performance of local councils, the Kaduna State Executive Council (KSEC) yesterday approved N62 billion in the 2017 budget for the 23 council areas in the state. Source Guardian Read More

Local airlines’ indebtedness to NCAA hits N15bn – The Nigerian Civil Aviation Authority (NCAA), says local airlines’ indebtedness to service and regulatory establishments in the industry has hit N15 billion thus necessitating a speedy implementation of its directive on automation of remittance of the 5 per cent Ticket and Cargo Sales (TCS) charges paid to the agency. Source The Sun Read More

Nigeria to raise 135 bln naira in bonds – debt office – Nigeria plans to raise 135 billion naira ($429.25 million) in naira-denominated bonds at its April 12 debt auction, the fourth this year, the Debt Management Office said on Wednesday. Source Reuters Read More

NAIRAMETRICS COMPANY

No plan to increase price of petrol – NNPC – The Nigerian National Petroleum Corporation, NNPC, said in a statement Tuesday that the Federal Government had no plan to effect an increase in the price of the Premium Motor Spirit, PMS – more popularly known as petrol. Source Sweet Crude Read More

NSE downgrades Guinness Nigeria from special pricing status – The Nigerian Stock Exchange (NSE) has downgraded Guinness Nigeria Plc from its special pricing status category following the depreciation in its share price. Source The Nation Read More

Quick Rundown of The NNPC Vs IPCO Case – Nairametrics| The Supreme Court in the United Kingdom has acquitted the Nigerian National Petroleum Corporation (NNPC) from providing an additional $100 million guarantee in a case involving the Corporation and a service company, IPCO (Nigeria) Limited. Source Nairametrics Read More

Video: NEITI Executive Secretary On How NNPC Withheld FG’s $20 billion – Nairametrics| On Tuesday, the Nigeria Extractive Industries Initiative released a report that claimed that Nigeria’s State oil firm NNPC owes billions to the Nigerian Government. In light of this CNBC Africa’s Wole Famurewa spoke to the Executive Secretary of the agency, Waziri Adio for an exclusive full breakdown of the watchdog’s allegations. Source Nairametrics Read More

Rep Member Wants Government To Deduct At Source Money Owed To AMCON By Contractors – Nairametrics| The House Committee on Banking and Currency visited the Asset Management Corporation of Nigeria (AMCON) yesterday as part of their oversight functions. During the visit, the Committee reviewed the 2016 performance of the corporation and highlighted some issues about AMCON’s operations Source Nairametrics Read More

FMBN Signs MoU With REDAN, Shelter Afrique’s On $2bn Housing Fund – The Federal Mortgage Bank of Nigeria (FMBN) has signed a memorandum of understanding with the Real Estate Developers Association of Nigeria (REDAN) and pan-African finance institution Shelter Afrique to establish a $2 billion affordable housing fund. Source LEADERSHIP Read More

NLNG Pays $489m In Taxes To FG, States, LGAs – Nigeria Liquefied Natural Gas Limited (NLNG) has paid $489.226 million, about N151.6 billion, in various forms of taxes to the Federal, States and Local Governments in 2016.  Source LEADERSHIP Read More

AMCON May Revisit Root Causes Of Bad Loans – CEO – The Managing Director/Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has said for the corporation to survive and meet its obligations, the root causes of some of the toxic loans in the real sector of the economy needed to be revisited. Source LEADERSHIP Read More

How we ended with N22.5b loss, by Japaul – The management of Japaul Oil and Maritime Services (JOMS) Plc has said the company’s performance was worsened by the challenging operating environment in 2016 and exacerbated further by the impact of the devaluation of Naira by the Central Bank of Nigeria (CBN). Source The Nation Read More

FG shouldn’t do business with AMCON debtors – Reps – The House of Representatives has stated that there is a need for the government to review some of its processes and be mindful of how it relates with the Asset Management Corporation of Nigeria’s debtors. Source Punch Read More

DataPro Introduces GPS to Address Verification in Banks – As part of efforts to curb fictitious address verification during the mandatory Know Your Customer (KYC) procedure in banks and other financial institutions, DataPro, one of the leading compliance Solutions Companies, has introduced the capturing of the Global Positioning System (GPS) featuring the latitude and longitude of an address. Source Thisday Read More

Stanbic IBTC Pension Managers’ assets hit N1.88tr – Stanbic IBTC Pension Managers Limited has over 1.5 million Retirement Savings Accounts (RSAs), with assets under management in excess of N1.88 trillion, Chief Executive, Stanbic IBTC Pension Managers Limited, Eric Fajemisin has said. Source Read More

Recession: Don’t patronise unauthorised mechanics, Toyota warns motorists – Toyota Nigeria Limited has urged vehicle owners and drivers not to patronise fake mechanics and unauthorised auto technicians in an attempt to save cost due to economic recession. Source Punch Read More

Speed limiter: Firm threatens to sue FRSC – In a major dent to the campaign for the installation of speed limiters for vehicles by the FRSC, A logistics company, Bidmos Nigeria Limited, has threatened to sue the Federal Road Safety Corps over damage allegedly done to one of its trucks by a road marshal while trying to arrest the firm’s driver on speed limit device’s offence. Source Punch Read More

Fidelity Bank, others promote non-oil export initiatives – Fidelity Bank Plc has in collaboration with the Nigerian Export Promotion Council (NEPC) and Ghana based West African Trade and Investment (WATI) HUB held an African Growth and Opportunity Act (AGOA) workshop for leather and garment cluster businesses in the southeastern part of the country. Source The Nation Read More

GTBank to open Tanzanian subsidiary this year – Group Managing Director of Guaranty Trust Bank (GTBank) Plc, Mr. Segun Agbaje, Tuesday, declared that the decision of the bank’s management to diversify into retail business over five years ago has become the building block for its phenomenal growth in recent times. Source The Sun Read More

Tourist Company Of Nigeria announces change in accounting year – Tourist Company Of Nigeria Plc informed the exchange that the Co has changed accounting year end from 30 June to 31 December. Source Reuters Read More 

Access Bank Plc announces Resignation od Grop DMD –  The board of director of Access bank Plc hereby announces resignation of Mr. Obinna David Nwosu as the Group Deputy Manging Director of the company with effect from April 30th 2017. Source NSE Read More

Dangote Flour Releases 2016 Audited Annual report – Source NSE Read More

NAIRAMETRICS POLITICS

INEC staff admits collecting N30m from Diezani to compromise 2015 elections – A staff of the Independent National Electoral Commission (INEC), Christian Nwosu, has admitted collecting the sum of N30 million from a former Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, to compromise the 2015 general elections. Source New Telegraph Read More

Nigeria’s parliament to investigate lack of funds for Delta militant amnesty – Nigeria’s lower house of parliament on Tuesday launched a probe into a lack of funding for an amnesty programme for militants in the country’s oil-producing heartland, a key factor in maintaining a tenuous peace in the Niger Delta and supporting crude production. Source Reuters Read More

Reps probe alleged N200b pension fraud – The House of Representatives yesterday set up an ad-hoc committee to investigate activities of the Presidential Task Force on Pensions Reforms from 2010 to the time it was disbanded in February, 2013. Source Guardian 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.

What others say about : The Nigerian Economy Today 05/04/2017..


Anodebenze

Sometimes.not only young Nigeria,but old Nigerians curses in un-printable words.what generates all this ? it is the words of the IMF which said that naira is over valued by 10 % to 20 %,on what basis is it based on ?if the naira is over value,then the dollar is over valued so is the euro,and the pound.it is only the japanese yen that is under valued so is the the Chinese yuan by the IMF,however the Governor said he naira is under-valued.
i saw another article today that this govt only sign a memoradunm of debt with the Chinese,any time this apc govt visits china by The emir of kano,that this budget will get 30 % to be spent on facilities.AND SOME YOUNG NIGERIAN IS SAYING,that if GEJ is killing then,President BUhari is burying slowly.
Now this foreign loan to go to state to be guaranteed by the Chinese govt,for what I do not knows,what it is for ?.why not those state govt uses their annual budget , to have a deficit budget,without having this foreign loan.may god saves us from the govt of President Buhari,once this foreign loan is taken,president buhari will go back to London to complete his medical vacation,as he have already told Nigerians,that he is going back to London soon,BON VONGAGE MR PRESIDENT AND BEST LUCK THIS TIME,AND DO NOT COME BACK SOON.GET THE BEST TREATMENT IN LONDON

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