Economic News Update

Business & Economic News Update: Friday, 6th October, 2917

Buhari appoints CBN Deputy Governor, MPC members

President Muhammadu Buhari has sent the name of Mrs Aishah Ahmad to the Senate for confirmation as Deputy Governor, Central Bank of Nigeria (CBN). A statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, explained that she is to replace a former Deputy Governor, who retired early this year.

The statement reads “In accordance with the provisions of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007, President Buhari urged the Senate President, Dr Bukola Saraki, to consider the expeditious confirmation of Mrs Ahmad, who would then resume work immediately.”

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CBN to blacklist exporters for non-repatriation of proceeds

The Central Bank of Nigeria on Thursday expressed concerns over the non-remittance of export proceeds by exporting firms. As a result, the apex bank said it was set to blacklist a number of exporters who had failed to repatriate the proceeds of their exports.

The Director, Banking Supervision, CBN, Ahmad Abdullahi, made this disclosure at a press briefing held after the Bankers’ Committee meeting at the CBN office in Lagos. “In line with the Foreign Exchange Manual, exporters are mandated to repatriate the proceeds of their exports. Unfortunately, some exporters are not doing this.

Read More

Stanbic IBTC, Adeosun raise hopes on economy, FDI inflows

From the Stanbi IBTC Holdings and the Minister of Finance, Mrs. Kemi Adeosun, came a reassurance that the nation’s economy would continue to witness growth, resurgence in revenue and Foreign Direct Investments (FDIs) inflow from now on.

The assurance was riding on the bank’s restated commitment to exploiting its international connections to ensure an increased flow of foreign capital into the economy, while the Federal Government’s policy drive and full implementation would serve as attraction for investors both local and international.

Read More

Govt to close NERFUND over N17.5b loans

The Federal Government plans to shut down the National Economic Reconstruction Fund (NERFUND) over non-performing loans of over N17.5 billion. Pursuant to this, a committee has been formed to ensure the smooth liquidation of the company by the end of this month. The agency said a source in the ministry of finance disclosed this.

The committee is expected to come up with recommendations concerning the welfare of the NERFUND workers and also what to do with the office equipment. The committee is also expected to recommend an agency that would handle the numerous pending court cases initiated by NERFUND to recover billions of naira in bad loans.

Read More

NIMASA Remits N21.805bn to Federal Government Coffers

The Nigerian Maritime Administration and Safety Agency (NIMASA) has within one year and one month, remitted a total of N21.805 billion to the Consolidated Revenue Fund (CRF) of the federal government. A breakdown of the payments obtained by THISDAY showed that the agency paid N9.975 billion $38.272 million (N11.826) to the CRF within the period under review.

Also, on June 1, last year, the agency remitted N5 billion into the CRF. Similarly, it paid N4.975 billion on June 2; $7 million on November 22, 2016 and $15 million on April 19, 2017. In the same vein, the agency on July 18, 2017, remitted $16.272 million to the CRF.

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Nigeria earns N362.43bn from crude oil export in June

Nigeria’s crude oil earning increased from the N253.02billion in June, to N362.43billion in July, according to the National Bureau of Statistics (NBS). This comes as stakeholders in the oil and gas industry have underscored the drawbacks of the Petroleum Industry Governance Bill (PIGB), saying that the bill failed to address some critical issues in the oil sector.

The fiscal statistics on government revenue and expenditure for July 2017, released on Wednesday, reflected that crude oil sales accounted for the larger chunk of the oil revenue, as N188.15billion was generated from crude oil sales, while gas sales generated N29.69billion.

Read More

Senate sets conditions for FG on 2018 budget

The Senate on Thursday considered and adopted the report of its Joint Committee on Appropriation and Finance over its meeting on Tuesday with the Minister of Finance, Mrs. Kemi Adeosun; and Minister of Budget and National Planning, Senator Udo Udoma, on the implementation of the 2017 Appropriation Act.

Part of the recommendations of the panel, approved by the chamber, was that if Nigeria would have a January to December budget cycle in 2018, the Federal Government must not roll over 60 per cent of capital projects in the 2017 budget as proposed by the Executive.

Read More

BOI, SMEDAN, NEXIM Appoint Ratings Agency for MSMEs

The Bank of Industry ( BOI), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Nigeria Export – Import Bank (NEXIM) have hired the services of a ratings agency, Dun & Bradstreet Nigeria Limited to conduct ratings on micro, small and medium scale enterprises (MSMEs) in the country.

To this end, a memorandum of understanding (MoU), authorising the ratings firm to conduct due diligence analyses on all existing SMEs in Nigeria, was signed yesterday in Abuja by the three agencies with Dun & Bradstreet Limited.

Read More

FG releases N100bn to contractors for Ibadan-Ilorin road, 24 others

The Federal Government on Thursday completed the process required for the funding of the reconstruction and rehabilitation of 25 major economic roads in the six geopolitical zones of the country, using the N100bn sovereign sukuk.

According to the government, each geopolitical zone is to get an equal amount of N16.67bn for the rehabilitation of selected roads. Last month, the Federal Government commenced the sale of the N100bn sovereign sukuk in the local market to fund road infrastructure.

Read More

Minister to SEC: set guidelines for SMEs rating

The Minister of State, Industry, Trade and Investment, Aisha Abubakar has urged the Security and Exchange Commission (SEC) to coordinate and set guidelines for licensing Small and Medium Enterprises (SMEs) rating of companies. He said the rating will help the nation know how SMEs are faring. The Minister disclosed this at the stakeholders round table on the proposed SMEs rating agency in Abuja, adding that this is the most trying period in Nigeria’s economic management history.

She said: “Though we are out of recession, we all know that the MSMEs sub sector holds the key to hastening the economic recovery process. This government is interested in creating the appropriate environment that will turn Nigeria into investors’ preferred destination. All the capital requirements to achieve this are in abundance in this country.

Read More

Nigeria’s electricity law near perfect – Fashola

The Electric Power Sector Reform Act that was passed in 2005, which serves as Nigeria’s electricity reform law, is one of the best in the world and is almost perfect, the Minister of Power, Works, and Housing, Babatunde Fashola, has said.

He stated this at the 2017 Power Africa Nigeria Conference in Abuja on Thursday, adding that nothing was wrong with the law in its entirety, as concerns about the Act might be on its implementation by the government.

Read More

Buhari under pressure over $25b NNPC deals, others

President Muhammadu Buhari was under pressure yesterday to get to the bottom of the $25 billion contracts row and other matters at the Nigerian National Petroleum Corporation (NNPC). Minister of State for Petroleum Ibe Kachikwu, in a letter to the President, alleged that NNPC Group Managing Director (GMD) Maikanti Baru awarded $25b contracts unilaterally ran a ‘bravado management’, sidelining the board and the minister; and made key appointments without consultations.

The President was scheduled to meet Dr. Kachikwu yesterday, but the meeting was put off. “It is rescheduled for today”, a source told The Nation last night. The Nigeria Labour Congress (NLC), the Peoples Democratic Party (PDP), the Nigerian Extractive Industry Transparency Initiative (NEITI), the Africa Network for Environment and Economic Justice (ANEEJ) and the Socio-Economic Rights and Accountability Project (SERAP) are pushing for Baru’s probe. He is yet to speak on the allegations.

Read More

FG needs $16bn for deep seaports, rail, others – Amaechi

The Federal Government currently needs about $16bn to actualise some of the programmes already approved for the Ministry of Transportation. The Minister of Transportation, Mr. Rotimi Amaechi, disclosed this in an interview with State House correspondents after his meeting with President Muhammadu Buhari at the Presidential Villa, Abuja on Thursday.

Amaechi said the sum was needed especially for the construction of two deep seaports in Bonny, Rivers State, and Warri, Delta State. He stated that since the needed money was not coming easily, the government might consider adopting Public-Private Partnerships for some of the projects that had been approved.

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Economic News Update

Business & Economic News Update: Friday, 6th October, 2917

Buhari appoints CBN Deputy Governor, MPC members

President Muhammadu Buhari has sent the name of Mrs Aishah Ahmad to the Senate for confirmation as Deputy Governor, Central Bank of Nigeria (CBN). A statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, explained that she is to replace a former Deputy Governor, who retired early this year.

The statement reads “In accordance with the provisions of Section 8(1) (2) of the Central Bank of Nigeria (Establishment) Act 2007, President Buhari urged the Senate President, Dr Bukola Saraki, to consider the expeditious confirmation of Mrs Ahmad, who would then resume work immediately.”

Read More

CBN to blacklist exporters for non-repatriation of proceeds

The Central Bank of Nigeria on Thursday expressed concerns over the non-remittance of export proceeds by exporting firms. As a result, the apex bank said it was set to blacklist a number of exporters who had failed to repatriate the proceeds of their exports.

The Director, Banking Supervision, CBN, Ahmad Abdullahi, made this disclosure at a press briefing held after the Bankers’ Committee meeting at the CBN office in Lagos. “In line with the Foreign Exchange Manual, exporters are mandated to repatriate the proceeds of their exports. Unfortunately, some exporters are not doing this.

Read More

Stanbic IBTC, Adeosun raise hopes on economy, FDI inflows

From the Stanbi IBTC Holdings and the Minister of Finance, Mrs. Kemi Adeosun, came a reassurance that the nation’s economy would continue to witness growth, resurgence in revenue and Foreign Direct Investments (FDIs) inflow from now on.

The assurance was riding on the bank’s restated commitment to exploiting its international connections to ensure an increased flow of foreign capital into the economy, while the Federal Government’s policy drive and full implementation would serve as attraction for investors both local and international.

Read More

Govt to close NERFUND over N17.5b loans

The Federal Government plans to shut down the National Economic Reconstruction Fund (NERFUND) over non-performing loans of over N17.5 billion. Pursuant to this, a committee has been formed to ensure the smooth liquidation of the company by the end of this month. The agency said a source in the ministry of finance disclosed this.

The committee is expected to come up with recommendations concerning the welfare of the NERFUND workers and also what to do with the office equipment. The committee is also expected to recommend an agency that would handle the numerous pending court cases initiated by NERFUND to recover billions of naira in bad loans.

Read More

NIMASA Remits N21.805bn to Federal Government Coffers

The Nigerian Maritime Administration and Safety Agency (NIMASA) has within one year and one month, remitted a total of N21.805 billion to the Consolidated Revenue Fund (CRF) of the federal government. A breakdown of the payments obtained by THISDAY showed that the agency paid N9.975 billion $38.272 million (N11.826) to the CRF within the period under review.

Also, on June 1, last year, the agency remitted N5 billion into the CRF. Similarly, it paid N4.975 billion on June 2; $7 million on November 22, 2016 and $15 million on April 19, 2017. In the same vein, the agency on July 18, 2017, remitted $16.272 million to the CRF.

Read More

Nigeria earns N362.43bn from crude oil export in June

Nigeria’s crude oil earning increased from the N253.02billion in June, to N362.43billion in July, according to the National Bureau of Statistics (NBS). This comes as stakeholders in the oil and gas industry have underscored the drawbacks of the Petroleum Industry Governance Bill (PIGB), saying that the bill failed to address some critical issues in the oil sector.

The fiscal statistics on government revenue and expenditure for July 2017, released on Wednesday, reflected that crude oil sales accounted for the larger chunk of the oil revenue, as N188.15billion was generated from crude oil sales, while gas sales generated N29.69billion.

Read More

Senate sets conditions for FG on 2018 budget

The Senate on Thursday considered and adopted the report of its Joint Committee on Appropriation and Finance over its meeting on Tuesday with the Minister of Finance, Mrs. Kemi Adeosun; and Minister of Budget and National Planning, Senator Udo Udoma, on the implementation of the 2017 Appropriation Act.

Part of the recommendations of the panel, approved by the chamber, was that if Nigeria would have a January to December budget cycle in 2018, the Federal Government must not roll over 60 per cent of capital projects in the 2017 budget as proposed by the Executive.

Read More

BOI, SMEDAN, NEXIM Appoint Ratings Agency for MSMEs

The Bank of Industry ( BOI), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Nigeria Export – Import Bank (NEXIM) have hired the services of a ratings agency, Dun & Bradstreet Nigeria Limited to conduct ratings on micro, small and medium scale enterprises (MSMEs) in the country.

To this end, a memorandum of understanding (MoU), authorising the ratings firm to conduct due diligence analyses on all existing SMEs in Nigeria, was signed yesterday in Abuja by the three agencies with Dun & Bradstreet Limited.

Read More

FG releases N100bn to contractors for Ibadan-Ilorin road, 24 others

The Federal Government on Thursday completed the process required for the funding of the reconstruction and rehabilitation of 25 major economic roads in the six geopolitical zones of the country, using the N100bn sovereign sukuk.

According to the government, each geopolitical zone is to get an equal amount of N16.67bn for the rehabilitation of selected roads. Last month, the Federal Government commenced the sale of the N100bn sovereign sukuk in the local market to fund road infrastructure.

Read More

Minister to SEC: set guidelines for SMEs rating

The Minister of State, Industry, Trade and Investment, Aisha Abubakar has urged the Security and Exchange Commission (SEC) to coordinate and set guidelines for licensing Small and Medium Enterprises (SMEs) rating of companies. He said the rating will help the nation know how SMEs are faring. The Minister disclosed this at the stakeholders round table on the proposed SMEs rating agency in Abuja, adding that this is the most trying period in Nigeria’s economic management history.

She said: “Though we are out of recession, we all know that the MSMEs sub sector holds the key to hastening the economic recovery process. This government is interested in creating the appropriate environment that will turn Nigeria into investors’ preferred destination. All the capital requirements to achieve this are in abundance in this country.

Read More

Nigeria’s electricity law near perfect – Fashola

The Electric Power Sector Reform Act that was passed in 2005, which serves as Nigeria’s electricity reform law, is one of the best in the world and is almost perfect, the Minister of Power, Works, and Housing, Babatunde Fashola, has said.

He stated this at the 2017 Power Africa Nigeria Conference in Abuja on Thursday, adding that nothing was wrong with the law in its entirety, as concerns about the Act might be on its implementation by the government.

Read More

Buhari under pressure over $25b NNPC deals, others

President Muhammadu Buhari was under pressure yesterday to get to the bottom of the $25 billion contracts row and other matters at the Nigerian National Petroleum Corporation (NNPC). Minister of State for Petroleum Ibe Kachikwu, in a letter to the President, alleged that NNPC Group Managing Director (GMD) Maikanti Baru awarded $25b contracts unilaterally ran a ‘bravado management’, sidelining the board and the minister; and made key appointments without consultations.

The President was scheduled to meet Dr. Kachikwu yesterday, but the meeting was put off. “It is rescheduled for today”, a source told The Nation last night. The Nigeria Labour Congress (NLC), the Peoples Democratic Party (PDP), the Nigerian Extractive Industry Transparency Initiative (NEITI), the Africa Network for Environment and Economic Justice (ANEEJ) and the Socio-Economic Rights and Accountability Project (SERAP) are pushing for Baru’s probe. He is yet to speak on the allegations.

Read More

FG needs $16bn for deep seaports, rail, others – Amaechi

The Federal Government currently needs about $16bn to actualise some of the programmes already approved for the Ministry of Transportation. The Minister of Transportation, Mr. Rotimi Amaechi, disclosed this in an interview with State House correspondents after his meeting with President Muhammadu Buhari at the Presidential Villa, Abuja on Thursday.

Amaechi said the sum was needed especially for the construction of two deep seaports in Bonny, Rivers State, and Warri, Delta State. He stated that since the needed money was not coming easily, the government might consider adopting Public-Private Partnerships for some of the projects that had been approved.

Read More

 

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