Economic News Update

Business & Economic News Update: Thursday 13th July, 2017

 

Falling oil price’ll definitely affect 2017 budget – Kachikwu

The crash in crude oil price to about $42.5 per barrel and the likely cut in production by Nigeria should the Organisation of Petroleum Exporting Countries ask the country to do so will definitely affect the 2017 national budget, the Minister of Petroleum Resources, Ibe Kachikwu, has said.

He also stated that Nigeria would support all measures put in place by OPEC to ensure crude price stability globally, not minding if the cartel asks the country to cut down its oil production volume.

Read More

DMO Raises N106bn through FGN Bond Auction

The Debt Management Office (DMO) wednesday raised N106billion through the Federal Government of Nigeria (FGN) Bonds. The funds raised will support the implementation of the federal government’s N7.44trillion 2017 budget, which has an allocation of N2.36 trillion to capital expenditure. The funds were raised after the DMO, in line with its mandate, conducted an Auction of FGN Bonds to provide funds for the implementation of the budget.

Read More

FG to drive insurance sector’s growth via economic reforms

The Minister of Finance, Kemi Adeosun, said the Federal Government would boost the insurance industry’s growth, and attract foreign investors into the country through economic reforms.

This the minister, asserted at the just concluded 2017 National Insurance Conference (NIC) in Abuja, organised by the Insurance Industry Consultative Council (IICC), tagged: “Nigeria Open for Business.’’

Read More

FG approves N2.7tn for pensioners, contractors, fuel marketers

The Federal Executive Council on Wednesday approved a proposal presented by the Ministry of Finance to offset accumulated Federal Government’s debts totalling N2.7tn.

The Minister of Finance, Mrs. Kemi Adeosun, disclosed this to State House correspondents at the end of the weekly meeting of the council presided over by Acting President Yemi Osinbajo at the Presidential Villa, Abuja.

Read More

Sterling Bank, DAAR Communication Sign Pact

Sterling Bank Plc and DAAR Communication Plc have announced a strategic partnership aimed at keeping Nigeria clean and safe through mass awareness campaigns on environmental sustainability.

The objective of the strategic partnership is the amplification of Sterling Environment Makeover (STEM) message on sanitation through the Ray Power FM and AIT Television networks to influence uptake of sustainable living actions among Nigerians.

Read More

Government’s TTP scheme to save over $15 billion yearly

The Federal Government’s initiative to float Truck Transit Parks (TTP) along major highways is expected to save over $15 billion currently lost to road accidents yearly.

The standard parks, to be built through Public Private Partnership (PPP), is planned for Kogi, Enugu, Ogun, Kwara, Lagos, Ondo, Kaduna, and Anambra states.

Read More

CBN, NERDC Engage Teachers on Financial Inclusion Syllabus

Ahead of the planned infusion of financial education into the curricula of basic and senior secondary schools in Nigeria, the Nigerian Educational Research and Development Council (NERDC) and the Central Bank of Nigeria (CBN) have jointly organised a workshop for the development of teachers’ guide for the programme.

As part of measures to key into financial inclusion, the NERDC was given the mandate to infuse financial education into the curricula of basic and senior secondary schools in Nigeria from the next academic session.

Read More

‘Compel power firms to list on NSE’

The Federal Government has been urged to compel power firms to list their shares on the Nigerian Stock Exchange as a way of encouraging more citizens to participate in the affairs of the firms.

The Chairman of the Board of Jaiz Bank Plc, Alhaji Umaru Mutallab, stated this at the annual workshop of the Chartered Institute of Stockbrokers in Abuja on Wednesday.

Read More

Government seeks solutions to Oshodi, Ikeja, Ijoko bridges

The Minister for Transportation, Rotimi Amaechi has warned the contractor handling the $1.5billion Lagos-Ibadan standard gauge railway, against failing to deliver the project by the December 2018 deadline set by Government.

Amaechi, who assured that there would be no going back on the deadline, said the Oshodi, and Ikeja bridges in Lagos, and ongoing construction of flyover at Ijoko, Ogun state, were major impediments to the project.

Read More

APC govs to meet over FG’s stance on fresh loans

Members of the Progressives Governors’ Forum will soon meet on the Federal Government’s declaration that the country can no longer take loans to finance its budget.

The Director-General of the forum, Mallam Salihu Lukman, stated this in a telephone interview with one of our correspondents on Wednesday, while reacting to a statement credited to the Minister of Finance, Mrs. Kemi Adeosun, that the nation could no longer borrow from external creditors and that local sources of raising funds must be explored.

Read More

IOCs’ N4.3 trillion oil assets up for grabs in two years

International Oil Companies (IOCs) are expected to relinquish interest in over $12 billion (N4.3 trillion) oil blocks, which are expected to expire between 2017 and 2019.

Already, about 17 Niger Delta onshore Oil Mining Leases (OMLs) belonging to the Shell Petroleum Development Company of Nigeria Limited (SPDC) will expire in the next two years.

Read More

Nigeria lost out on $10bn oil asset divestment – Operators

Nigeria failed to benefit from the over $10bn raked in by international oil companies from recent divestment of assets in the country, industry operators said. The divestment exercise, which started in 2010, saw a number of indigenous oil companies falling over themselves to snap up assets that had been described as over-priced.

In the past few years, mostly before the steep fall in global oil prices, the IOCs such as Shell, Total, Chevron, and Eni successfully disposed of stakes in some onshore and shallow water assets in the country.

Read More

NNPC recovers N2b out of N11b from Capital Oil

The Nigerian National Petroleum Corporation  (NNPC)  said its has recovered N2billion from Capital Oil and Gas  from the N11billion worth of petroleum products it warehoused in the tank farms of Capital Oil.

The House of Representatives has however  asked the management of Capital Oil and Gas to appear before its Committee on Petroleum Resources (Downstream) today or face legislative sanctions.

Read More

Aladekomo urges NSE to partner tech companies

The Chairman, SmartCity Resorts Plc and Advisory Board member, TechPlus, Sir Demola Aladekomo, has implored the management of the Nigerian Stock Exchange (NSE), to partner with indigenous technology firms and encourage them to be listed on the Exchange.

Aladekomo made the appeal when he led the leadership team of TechPlus to the NSE to ring the bell at the close of trading on Monday, noting that technology has the power to change lives and economic fortune.

Read More

Lagos reforms lands registry to improve economy

Lagos State Governor  Akinwunmi Ambode has said reforms to reposition land administration for efficiency and ease of doing business have been put in place by his administration. These include the deployment of cutting-edge technology. Ambode made this known while inaugurating the upgraded and redesigned Land Registry in Alausa, Ikeja.

The reforms, he said, were reasons for the accelerated issuance of land documents. About 11, 034 documents have so far been issued. The breakdown is: 4,602 Certificates of Occupancy (CofO), as well as 6,118 Governor’s Consent and 314 Deemed Grant Consent.

Read More

US unveils new technology for Nigerian oil industry

The Foreign Commercial Service of the United States Diplomatic Mission to Nigeria has announced the introduction of an innovative technology called ‘Synergy and Aruba’ for use in the Nigerian oil and gas industry.

It said the technology was introduced in collaboration with Hewlett Packard Enterprise Nigeria and its leading local partner, Manifold Computers.

Read More

AIICO returns N1.5b pension legacy fund to PTAD

AIICO Insurance Plc has  transferred the ownership of fixed assets, private equity holdings and cash of pensioners under the old pension scheme, Defined Benefit Scheme (DBS) to Pension Transitional Arrangement Directorate (PTAD).

PTAD Executive Secretary, Sharon Ikeazor who spoke with reporters at the formal handing over of landed properties, fixed private  holdings and cash at AIICO headquarters in Lagos, added that the Directorate had issued demand notices to 15 insurers to return pension legacy funds as required by the  Pension Reform Act (PRA) 2014.

Read More

Enelamah inaugurates 10-member board for BoI

A 10-member board  for the Bank of Industry (BoI) has been inaugurated by the Minister of  Industry, Trade and Investment, Dr. Okechukwu Enelamah, which a charge to lift the bank to greater heights.

The members include Aliyu AbdulRahman Dikko as Chairman; Olukayode Pitan, Managing Director/Chief Executive Officer; Waheed  Olagunju, Executive Director (SME); Mrs. Toyin Adeniji, Executive Director (Micro –Enterprises); and Jonathan Tabin, Executive Director (Corporate Services& Communication).

Read More

Power sector depleting national treasury –NSE

The power sector has been depleting Nigeria’s treasury by hundreds of billions of naira despite being privatised more than three years ago and has since failed to record tangible improvement, the Nigerian Society of Engineers has said.

It said the excitement across the country at the time the sector was privatised had suddenly diminished among Nigerians, adding that the present situation of the industry was awful.

Read More

OPEC sees surplus, lower demand for oil

The Organisation of Petroleum Exporting Countries (OPEC) yesterday said its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more. It pointed to a market surplus next year despite an OPEC-led output cut.

Giving its first 2018 forecasts in a monthly report, the oil cartel said the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year.

Read More

Comment here

Economic News Update

Business & Economic News Update: Thursday 13th July, 2017

 

Falling oil price’ll definitely affect 2017 budget – Kachikwu

The crash in crude oil price to about $42.5 per barrel and the likely cut in production by Nigeria should the Organisation of Petroleum Exporting Countries ask the country to do so will definitely affect the 2017 national budget, the Minister of Petroleum Resources, Ibe Kachikwu, has said.

He also stated that Nigeria would support all measures put in place by OPEC to ensure crude price stability globally, not minding if the cartel asks the country to cut down its oil production volume.

Read More

DMO Raises N106bn through FGN Bond Auction

The Debt Management Office (DMO) wednesday raised N106billion through the Federal Government of Nigeria (FGN) Bonds. The funds raised will support the implementation of the federal government’s N7.44trillion 2017 budget, which has an allocation of N2.36 trillion to capital expenditure. The funds were raised after the DMO, in line with its mandate, conducted an Auction of FGN Bonds to provide funds for the implementation of the budget.

Read More

FG to drive insurance sector’s growth via economic reforms

The Minister of Finance, Kemi Adeosun, said the Federal Government would boost the insurance industry’s growth, and attract foreign investors into the country through economic reforms.

This the minister, asserted at the just concluded 2017 National Insurance Conference (NIC) in Abuja, organised by the Insurance Industry Consultative Council (IICC), tagged: “Nigeria Open for Business.’’

Read More

FG approves N2.7tn for pensioners, contractors, fuel marketers

The Federal Executive Council on Wednesday approved a proposal presented by the Ministry of Finance to offset accumulated Federal Government’s debts totalling N2.7tn.

The Minister of Finance, Mrs. Kemi Adeosun, disclosed this to State House correspondents at the end of the weekly meeting of the council presided over by Acting President Yemi Osinbajo at the Presidential Villa, Abuja.

Read More

Sterling Bank, DAAR Communication Sign Pact

Sterling Bank Plc and DAAR Communication Plc have announced a strategic partnership aimed at keeping Nigeria clean and safe through mass awareness campaigns on environmental sustainability.

The objective of the strategic partnership is the amplification of Sterling Environment Makeover (STEM) message on sanitation through the Ray Power FM and AIT Television networks to influence uptake of sustainable living actions among Nigerians.

Read More

Government’s TTP scheme to save over $15 billion yearly

The Federal Government’s initiative to float Truck Transit Parks (TTP) along major highways is expected to save over $15 billion currently lost to road accidents yearly.

The standard parks, to be built through Public Private Partnership (PPP), is planned for Kogi, Enugu, Ogun, Kwara, Lagos, Ondo, Kaduna, and Anambra states.

Read More

CBN, NERDC Engage Teachers on Financial Inclusion Syllabus

Ahead of the planned infusion of financial education into the curricula of basic and senior secondary schools in Nigeria, the Nigerian Educational Research and Development Council (NERDC) and the Central Bank of Nigeria (CBN) have jointly organised a workshop for the development of teachers’ guide for the programme.

As part of measures to key into financial inclusion, the NERDC was given the mandate to infuse financial education into the curricula of basic and senior secondary schools in Nigeria from the next academic session.

Read More

‘Compel power firms to list on NSE’

The Federal Government has been urged to compel power firms to list their shares on the Nigerian Stock Exchange as a way of encouraging more citizens to participate in the affairs of the firms.

The Chairman of the Board of Jaiz Bank Plc, Alhaji Umaru Mutallab, stated this at the annual workshop of the Chartered Institute of Stockbrokers in Abuja on Wednesday.

Read More

Government seeks solutions to Oshodi, Ikeja, Ijoko bridges

The Minister for Transportation, Rotimi Amaechi has warned the contractor handling the $1.5billion Lagos-Ibadan standard gauge railway, against failing to deliver the project by the December 2018 deadline set by Government.

Amaechi, who assured that there would be no going back on the deadline, said the Oshodi, and Ikeja bridges in Lagos, and ongoing construction of flyover at Ijoko, Ogun state, were major impediments to the project.

Read More

APC govs to meet over FG’s stance on fresh loans

Members of the Progressives Governors’ Forum will soon meet on the Federal Government’s declaration that the country can no longer take loans to finance its budget.

The Director-General of the forum, Mallam Salihu Lukman, stated this in a telephone interview with one of our correspondents on Wednesday, while reacting to a statement credited to the Minister of Finance, Mrs. Kemi Adeosun, that the nation could no longer borrow from external creditors and that local sources of raising funds must be explored.

Read More

IOCs’ N4.3 trillion oil assets up for grabs in two years

International Oil Companies (IOCs) are expected to relinquish interest in over $12 billion (N4.3 trillion) oil blocks, which are expected to expire between 2017 and 2019.

Already, about 17 Niger Delta onshore Oil Mining Leases (OMLs) belonging to the Shell Petroleum Development Company of Nigeria Limited (SPDC) will expire in the next two years.

Read More

Nigeria lost out on $10bn oil asset divestment – Operators

Nigeria failed to benefit from the over $10bn raked in by international oil companies from recent divestment of assets in the country, industry operators said. The divestment exercise, which started in 2010, saw a number of indigenous oil companies falling over themselves to snap up assets that had been described as over-priced.

In the past few years, mostly before the steep fall in global oil prices, the IOCs such as Shell, Total, Chevron, and Eni successfully disposed of stakes in some onshore and shallow water assets in the country.

Read More

NNPC recovers N2b out of N11b from Capital Oil

The Nigerian National Petroleum Corporation  (NNPC)  said its has recovered N2billion from Capital Oil and Gas  from the N11billion worth of petroleum products it warehoused in the tank farms of Capital Oil.

The House of Representatives has however  asked the management of Capital Oil and Gas to appear before its Committee on Petroleum Resources (Downstream) today or face legislative sanctions.

Read More

Aladekomo urges NSE to partner tech companies

The Chairman, SmartCity Resorts Plc and Advisory Board member, TechPlus, Sir Demola Aladekomo, has implored the management of the Nigerian Stock Exchange (NSE), to partner with indigenous technology firms and encourage them to be listed on the Exchange.

Aladekomo made the appeal when he led the leadership team of TechPlus to the NSE to ring the bell at the close of trading on Monday, noting that technology has the power to change lives and economic fortune.

Read More

Lagos reforms lands registry to improve economy

Lagos State Governor  Akinwunmi Ambode has said reforms to reposition land administration for efficiency and ease of doing business have been put in place by his administration. These include the deployment of cutting-edge technology. Ambode made this known while inaugurating the upgraded and redesigned Land Registry in Alausa, Ikeja.

The reforms, he said, were reasons for the accelerated issuance of land documents. About 11, 034 documents have so far been issued. The breakdown is: 4,602 Certificates of Occupancy (CofO), as well as 6,118 Governor’s Consent and 314 Deemed Grant Consent.

Read More

US unveils new technology for Nigerian oil industry

The Foreign Commercial Service of the United States Diplomatic Mission to Nigeria has announced the introduction of an innovative technology called ‘Synergy and Aruba’ for use in the Nigerian oil and gas industry.

It said the technology was introduced in collaboration with Hewlett Packard Enterprise Nigeria and its leading local partner, Manifold Computers.

Read More

AIICO returns N1.5b pension legacy fund to PTAD

AIICO Insurance Plc has  transferred the ownership of fixed assets, private equity holdings and cash of pensioners under the old pension scheme, Defined Benefit Scheme (DBS) to Pension Transitional Arrangement Directorate (PTAD).

PTAD Executive Secretary, Sharon Ikeazor who spoke with reporters at the formal handing over of landed properties, fixed private  holdings and cash at AIICO headquarters in Lagos, added that the Directorate had issued demand notices to 15 insurers to return pension legacy funds as required by the  Pension Reform Act (PRA) 2014.

Read More

Enelamah inaugurates 10-member board for BoI

A 10-member board  for the Bank of Industry (BoI) has been inaugurated by the Minister of  Industry, Trade and Investment, Dr. Okechukwu Enelamah, which a charge to lift the bank to greater heights.

The members include Aliyu AbdulRahman Dikko as Chairman; Olukayode Pitan, Managing Director/Chief Executive Officer; Waheed  Olagunju, Executive Director (SME); Mrs. Toyin Adeniji, Executive Director (Micro –Enterprises); and Jonathan Tabin, Executive Director (Corporate Services& Communication).

Read More

Power sector depleting national treasury –NSE

The power sector has been depleting Nigeria’s treasury by hundreds of billions of naira despite being privatised more than three years ago and has since failed to record tangible improvement, the Nigerian Society of Engineers has said.

It said the excitement across the country at the time the sector was privatised had suddenly diminished among Nigerians, adding that the present situation of the industry was awful.

Read More

OPEC sees surplus, lower demand for oil

The Organisation of Petroleum Exporting Countries (OPEC) yesterday said its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more. It pointed to a market surplus next year despite an OPEC-led output cut.

Giving its first 2018 forecasts in a monthly report, the oil cartel said the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year.

Read More

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