Summary of the top business, economic and political news in Nigeria today.
BUSINESS & ECONOMY
Nigeria’s total debt now N17.5tn –NBS – The National Bureau of Statistics has said that the country’s foreign and domestic debts stood at $11.41bn (N3.49tn) and N14.02tn as of December 2016.
FG appoints transaction advisers for national carrier, airports – The Federal Government has approved the appointment of transaction advisers for the proposed national carrier and concession of the nation’s airports. Nigeria’s Minister for State for Aviation Hadi Sirika said a group of six firms including German carrier Lufthansa would be advising the government on setting up an airline, an aviation leasing company and a maintenance hanger, and on creating concessions to run the country’s airports.
Sirika also revealed a sum of N1. 52 billion was approved for the project by the federal executive council chaired by Vice President Yemi Osinbajo.
Govt. Approves $250m multilateral loans and will be used as follows – The Federal Executive Council (FEC) yesterday approved a $150 million soft loan from African Development Bank (AfDB) and $100 million from African Development Finance (ADF) to finance some basic services. According to a memo presented to the Council by the Minister of Finance, Mrs Kemi Adeosun, the funds will be used for the following:,
- Improving the quality of life of 14 million people and over 2.3 million Internally Displaced Persons (IDPs) affected by the Boko Haram insurgency.
- Improve their standard of living by increasing their access to basic social services in the areas of potable water supply, sanitation, health care delivery and education.
- Entrepreneurship development, job creation and livelihoods for youth, women and the vulnerable, social cohesion and physiological support.
Other terms of the loan
- States to benefit from the loans will be Adamawa, Borno, Gombe, Bauchi and Taraba States
- Duration of the programme is within a span of five years starting from 2017 to December 2021, while Yobe State has already started implementing a similar programme
- The loan would be repayable in 25 years on a highly concessional interest rate, while the five benefitting states would make a counterpart funding of 6.1 per cent, the statement added
CBN Reverses Ban On 48 Items – In yet another step towards a deregulation of the foreign exchange market, the Central Bank of Nigeria (CBN), has removed the 48 items from the banned list. Importers of the items that were previously banned, will now be allocated $20,000 a quarter. The importers will be required to provide Form Q. Applicants for the foreign exchange would be required to have been account holders for at least six months. Foreign account bank transfer details will be provided along with an invoice.
Customs revenue fell by N216.5bn in 2016 – Ali – The revenue target of the Nigeria Customs Service for 2016 fell by N216.5bn, the Comptroller-General of Customs, Col. Hameed Ali (retd), told the House of Representatives on Wednesday in Abuja.
Lagos@50: Ambode commissions 10 roads, three bridges, other projects – The Lagos @ 50 celebrations took a new dimension this week as the State Governor, Mr. Akinwunmi Ambode embarked on commissioning of several infrastructural projects across the State.
Nigeria lifts FX ban for imports of up to $20,000 per quarter – Central bank – Nigeria’s central bank has lifted a ban on currency allocation for importers bringing in goods worth up to $20,000 per quarter, the bank said in a circular seen by Reuters on Thursday.
CBN Readmits These 3 Previously ‘Banned’ Banks Into The Forex Market – The Central bank of Nigeria (CBN) has readmitted three of the previously banned banks into the spot and wholesale forwards segment of the foreign exchange market after the banks provided ‘proof’ of selling forex to Small and Medium Scale Enterprises (SMEs) since the introduction of the special window for small businesses. The readmitted banks are Guaranty Trust Bank (GTBank) Plc, FirstBank and United Bank for Africa (UBA) Plc.
$13.5bn Zabazaba project to continue despite Malabu scandal – Kachikwu – The federal government and its joint venture partners will proceed with the $13.5 billion Zabazaba Deepwater project located in Oil Prospecting Lease (OPL) 245 despite the controversies that have rocked the oil block.
Nigeria’s Balance of Trade Projected to Hit $3.8bn Next Year – Nigeria’s balance of trade is expected to improve from -$0.5 billion to $3.8 billion before the end of next year, the Chief Executive Officer of the Financial Derivatives Company Limited, Mr. Bismarck Rewane, has said.
FRC set to release template on MDAs operating surplus to curb fraud – To enforce compliance of financial discipline and curb corruption in public life, the Fiscal Responsibility Commission has concluded plans to set template and timelines for all revenue generating agencies on the payment of operating surpluses to the Federation Account of the Nigerian Federation.
Buhari approves $186million to combat criminalities on waterways – President Muhammadu Buhari has approved $186million to combat and stem the cycle of criminalities on the Nigerian waters.
Lagos ranks world’s second cheapest city to live in – Lagos, Nigeria’s largest commercial city is the world’s second cheapest city to live in while Almaty, a city in Kazakhstan is the cheapest to live in, a new survey by the Economist Intelligence Unit (EIU) reveals.
Domestic gas supply increases to 40%, says DPR – Domestic Gas Supply Obligation (DSO), an initiative of the Federal Government to meet national demand, is achieving the desired result with the level of compliance by oil producing firms rising to 40 per cent this year.
Port efficiency: NPA inaugurates four tugboats worth over N9.16b – The Nigerian Ports Authority (NPA) has acquired four tugboats at the cost of over N9.16 billion to improve port efficiency.
‘Illegal miners will not benefit from $150m fund’ – The Federal Government has said illegal mining firms will not benefit from the $150 million grant given by the World Bank to support the Ministry of Mines and Steel Development.
CBN documents expose diversion of $141m for PMS importation – The House of Representatives’ Adhoc Committee investigating the review of price of Premium Motor Spirit (PMS) on Wednesday uncovered the diversion of $141 million special intervention forex allocation and 50,000 Metric Tonnes of premium motor spirit (PMS).
Power Generation Hits One-month Daily Peak of 4,553.9MW – After several weeks of low power supply in the country, power generation finally hit a daily peak of 4,553.90 megawatts, the highest since March 23 when the daily peak generation was put at 4,452 megawatts, according to yesterday’s operational report by the Nigerian Electricity System Operator, an arm of the Transmission Company of Nigeria (TCN).
CBN directs banks to diversify portfolios, fund MSMEs – The Central Bank of Nigeria has advised commercial banks and other financial institutions to diversify their portfolios and provide more funding for the Micro, Small and Medium Enterprises in order to enhance economic growth.
NNPC wants to raise $16.5b for these projects – The Group Managing Director of NNPC, Dr Maikanti Baru has disclosed that it will be shopping for about $16.5 billion to embark on several oil and gas projects lined up for execution. He said the corporation was seeking to raise about $13 billion to $16.5 billion over the next five years for the following projects. Seven giant gas fields at about $7 billion to $9 billion. Upgrade the upstream assets of its subsidiary, the Nigerian Petroleum Development Company (NPDC), with between $6 billion to $7.5 billion and Build gas infrastructure as well as power plants with between $9 billion dollars to $11 billion.
$6bn needed to fix refineries, says NNPC – About $6bn worth of investment is needed to adequately rehabilitate and revamp the country’s refineries, the Nigerian National Petroleum Corporation has said.
PayPal’s SME lending tops $3bn, launches new tools – Paypal’s small-business financing unit has announced that it has topped $3 billion in financing more than 115,000 businesses worldwide.
Dangote Group Partners GAC Motors, Buys Company’s Vehicles for Its Operations – With an eye on its expansion drive in the Nigerian economy, GAC Motor, one of the brands under the Choice International Group (CIG) in Nigeria, recently marked a milestone when it signed a new business partnership deal with the largest conglomerate not only in Nigeria but in Africa, the Dangote Group, to supply vehicles to the Nigerian conglomerate.
Govt completes 22MW Ajaokuta power plant – Towards the rehabilitation of the Ajaokuta Steel Complex, the Federal Government has completed the first phase of the ACSL thermal power plant.
NNPC shops for $16b to grow upstream, refining sectors – The Nigerian National Petroleum Corporation (NNPC) said it is looking for $16 billion to grow its upstream operations and increase oil refining from 445,000 barrels per day (bpd) to 700,000 bpd within the next few years.
ExxonMobil workers begin warning strike – Workers of Mobil Producing Nigeria Limited, a subsidiary of ExxonMobil Corporation, yesterday commenced a 3-day warning strike over the company’s incessant sack of Nigerians and replacement with foreign expatriates.
Shell profit rise by $2.2bn, to invest $25bn in Nigeria, others – The net profit of Royal Dutch Shell more than doubled in the first three months of 2017, surpassing predictions by analyst as rebounding oil prices and refining gains helped to boost the company’s revenue.
Ashaka Cement Announces Resignation of Chairman – The Board of Directors hereby announce the resignation of Mallam Suleiman Yahyah, OON as the Chairman of the Board of Directors of the Company with effect from May 2, 2017.
Nigerian Breweries Announces Resignation of MD – Nigerian Breweries Plc announces that its Managing Director/CEO, Nicolaas Vervelde will complete his assignment with the Company on June 16, 2017 to take up new role within Heineken group outside Nigeria.
POLITICS
Alleged false asset declaration: Prosecution closes case in Saraki’s trial – The prosecution on Thursday closed its case in the ongoing trial of the Senate President, Bukola Saraki. Mr. Saraki is facing 18 counts of false asset declaration-related charges. He is being tried at the Code of Conduct Tribunal, Abuja.
N’Assembly Increases Its Budget to N150bn, Lays 2017 Appropriation Bill Thursday – Owing to rising inflation and the depreciation of the naira, the National Assembly, which for years has faced criticism over the lack of transparency and accountability over its budget, has increased its 2017 budget in this year’s Appropriation Bill to N150 billion from the initial proposal of N120 billion.
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