Recap Of The Most Important Things About Nigeria's Economy Right Now

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

BUSINESS & ECONOMY

FG raises tariff on imported tomato concentrate to 50% – The Federal Government on Tuesday announced a new policy for tomatoes by raising the tariff on imported tomato concentrate to 50 percent. 

Nigeria Seeks Over $3 Billion From World Bank, AfDB, Bonds – Nigeria is talking to the World Bank and African Development Bank for $3 billion of loans before the West African nation determines how much it will raise from Eurobonds to help fund this year’s budget. 

FG to block N52bn annual leakage with tomato policy – The Ministry of Industry, Trade and Investment (MITI) has announced a new policy for tomato aimed at reducing the N52 billion ($170 million) spent annually on importing 150,000 metric tons of tomato concentrate per annum into the country. 

INEC Suspends 205 Staff Over Bribery Allegation – The Independent National Electoral Commission (INEC) has suspended 205 members of staff and placed them on half salary over allegation of bribe. 

Deal: AFC Issues $500 Million 7 Year Bond – PRESS RELEASE: LAGOS, Nigeria, 11 April, 2017-/African Media Agency (AMA)/- Africa Finance Corporation (‘AFC’), a leading pan-African multilateral development finance institution and project developer, has issued a US$500 million 7 year Eurobond. The senior, unsecured Eurobond which carries a coupon of 3.875% was priced to yield 4.000% and matures in April 2024. 

Buhari must develop Nigeria even if it means stealing, says World Bank consultant – Olu Ajakaiye, president of Nigeria Economic Society and a World Bank consultant, says the Muhammadu Buhari-led government and subsequent Nigerian governments must develop the country, even if it means stealing from other countries. 

CPC seeks review of standards, regulations on products’ safety – Following investigations carried out by the Consumer Protection Council (CPC), on the possible quality issues affecting consumers of products of the Nigeria Bottling Company (NBC), the Council has come up with recommendations that will ensure the safety and protection of the citizens. 

Work on Lagos-Ibadan rail begins April 14 – The Nigeria Railway Corporation says that the construction of the Lagos-Ibadan standard gauge rail would begin on April 14. 

Missing’ Petrol Scandal: Four NNPC top officials get letters of compulsory retirement – Four top officials of the Nigerian National Petroleum Corporation, NNPC, on Tuesday received their letters directing them to proceed on compulsory retirement over the missing petrol scandal. 

Malabu urges court to stop govt, others from signing $13.5b project – Malabu Oil & Gas Limited yesterday urged the Federal High Court, Abuja, to stop the Federal Government and six others from signing the Final Investment Decision (FID) for the $13.5 billion Zabazaba Deepwater Project. 

Pipeline vandalism up by 233%, says NNPC – The rate of pipeline vandalism in the country increased by 233 per cent in January this year compared to December 2016, the Nigerian National Petroleum Corporation has said. 

Cordros Securities, Capital Assets lead transactions at NSE in Q1 – Cordros Securities Limited, a subsidiary of Cordros Capital Limited, emerged the most active stockbroking firm, in terms of value, at the Nigerian Stock Exchange (NSE) in the first quarter of 2017. 

Unilever Nigeria to seek approval next month for $200 mln share sale – Unilever Nigeria said on Wednesday it will seek shareholder approval next month to raise 63 billion naira ($200 million) through a rights issue. 

ARM Pensions asset under management hits N494 billion – ARM Pension Mangers Limited has grown its asset under management (AUM) to N494.37 billion at the end of 2016 financial year, indicating a 13.92 percent increase from N433.95 billion posted at the end of 2015. 

Herbert Wigwe Named ‘Most Reputable Nigerian Bank CEO’ – The Group Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe has been voted the ‘Most Reputable Nigerian Bank CEO’ in the latest ranking of the Reputation Poll, by the Reputation Management Agency, Avance Media and the Institute of Leadership and Management. Wigwe was said to have beaten 19 other CEOs of commercial banks in Nigeria in the public poll. 

NNPC reduces trade deficit by 16% – The Nigeria National Petroleum Corporation (NNPC) has reduced its trading deficit to ₦14.26 billion by January end, down from ₦17.01billion recorded in December 2016, representing about 16 per cent improvement. 

CWG Plc unveils BillsnPay solution to address e-payment challenges – To aid bills settlement and improved customer engagement, CWG Plc, unveiled an e-payment solution called ‘BillsnPay’; a digital bills presentment -payment system with added value offerings, to address payment challenges in the country. 

Newly-refurbished Ughelli plant to cater for 2.4m homes – Transcorp – The Transnational Corporation of Nigeria Plc says its newly-commissioned power plant located at Ughelli, Delta State, is now operating at a capacity of 620megawatts, and can supply power to up to 2.4-million Nigerian homes. 

 POLITICS

Pay Slips Of Speaker Yakubu Dogara’s Salary Released To Public – The Speaker of the House of Representatives, Hon Yakubu Dogara, has bowed to public pressure and released his pay slips for the months of October, 2016 to March, 2017 to the public. 

Patience Jonathan’s $15m: Ozekhome challenges companies’ conviction – Senior Advocate of Nigeria, Chief Mike Ozekhome, has approached the Lagos Division of the Court of Appeal seeking to set aside the guilty plea entered by four companies which were accused of laundering a sum of $15.591m being claimed by the wife of ex-President Goodluck Jonathan, Patience.