Economic News Update

Business & Economic News Update: Thursday, 5th October, 2017

 

CBN Releases N44bn for Anchor Borrowers’ Programme

The Central Bank of Nigeria (CBN) has so far released N43.92 billion to farmers under its Anchor Borrowers Programme (ABP) through 13 participating institutions. Over 200,000 small holder farmers from 29 states of the federation have also benefited and about 233,000 hectares of farmland cultivated, with eight commodities, including rice, wheat, maize, cotton, soya beans, poultry, cassava and groundnuts as well as fish farming.

CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, who represented the Governor, Mr. Godwin Emefiele, at the bank’s special day at the ongoing 12th Abuja International Trade Fair, said so far, there has been a quantum leap in local production of most of the commodities contained in the list of 41 items not illegible for official foreign exchange allocation or access in the country.

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Naira closes at 363/dollar

The naira recorded a marginal gain on Wednesday, closing at 363 per United States dollar. The local currency had closed at 364/dollar on Tuesday, up from 365/dollar recorded on Friday. The Federal Government declared Monday public day for the celebration of Nigeria’s independence.

The Central Bank of Nigeria on Tuesday intervened in the inter-bank foreign exchange market with the sale of $195m. Meanwhile, the Federal Government is planning to raise between N270bn and N330bn in local currency-denominated bonds in the fourth quarter, according to the Debt Management Office.

Read More

Lagos to traders: vacate roads or face sanctions

The Lagos State Government has warned traders, particularly those in Ogba Market and its environs, to vacate the roads or face heavy sanctions. It said no one was permitted to convert the roads, their medians, set-backs and walkways to markets or street shops.

Commissioner for the Environment Dr. Babatunde Adejare stated this while on inspection of the Abibatu Mogaji Sunday Market, Oluwole Mini-Market and Ogba Retail Market. Adejare lamented that despite   appeals from the government, some traders were still violating the environmental laws. He said the government would longer tolerate lawlessness by any trader.

Read More

FG approves payment of N26bn to power firms

The Federal Government on Wednesday approved the payment of N25.994bn owed by its Ministries, Departments and Agencies to electricity distribution companies. The government also resolved to investigate the firm that was said to have exported poor quality yams from Nigeria to the United States.

These were the highlights of the decisions reached at a meeting of the Federal Executive Council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, told State House correspondents that since the inception of the present administration, claims of debts by the government to the power firms had been a matter of concern, especially in the light of liquidity issues.

Read More

Emerging market inflows fall to lowest since January

Foreign investors cut capital flows to emerging market debt and equities in September for the second straight month, reducing inflows to $14.5 billion as caution about the U.S. Federal Reserve’s path of interest rate hikes has slowed flows, a survey from the Institute of International Finance (IIF) showed on Tuesday.

The estimate marks the lowest level of inflows since January’s $13.2 billion reading and is a little more than $1 billion lower than August’s levels. Emerging market stocks posted net outflows for the second month in a row, with $2.7 billion of capital flowing out from equities while emerging market debt saw $17.2 billion of inflows.

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Kachikwu/Baru feud: Presidency keeps mum, Senate to probe NNPC boss

Twenty-four hours after a letter he wrote to President Muhammadu Buhari was made public, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday joined his colleagues for the weekly Federal Executive Council meeting at the Presidential Villa, Abuja.

Our correspondents, however, learnt that the issue did not come up at the meeting presided over by the President. “The minister was at the FEC meeting and the President presided. The issue did not come up at the meeting at all,” a source at the meeting said.

Read More

CBN Faults Report on Adelabu, Deputy Governor

The Central Bank of Nigeria (CBN) said its attention had been drawn to a newspaper report alleging that one of its Deputy Governors, Mr. Bayo Adelabu, was arrested and made to forfeit some amount of money to the Economic and Financial Crimes Commission (EFCC). The CBN in a statement by its acting Director, Corporate Communications, Isaac Okorafor, yesterday dismissed the report as falsehood.

“We wish to state categorically that there is no iota of truth in the said report and it is, without doubt, a mere figment of the writer’s imagination. “The Bank and its officials will not be distracted from the onerous task of ensuring stability in the financial system, and indeed the economy, at this critical time.

Read More

CBN recovers N50bn excess charges from banks

The Central Bank of Nigeria has recovered over N50bn excess charges imposed by banks on their customers. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, disclosed this at the ongoing Abuja International Trade Fair on Wednesday.

Okorafor said that the CBN was committed to ensuring that banks customers were not subjected to excess charges and urged them to visit the apex bank’s website to get acquainted with the approved charges.

Read More

‘Slow pace of financial inclusion may cripple growth’

Despite Nigeria’s targets to pursue universal financial access to all working age groups by 2020, the slow pace of the goal in the country may become a setback to projected economic growth, experts have warned. Indeed, the poverty gap, as well as inequality could soar unless drastic actions are taken to drive financial inclusion in Nigeria, the experts, who gathered at a seminar organised to mark the 10th anniversary of Accion Microfinance Bank Limited in Lagos said.

The Chairman of Enhancing Financial Innovation and Access (EFInA), Modupe Ladipo, at the event titled: “Making financial inclusion a certainty in Nigeria by 2020”, said Central Bank of Nigeria (CBN) must urgently raise capital requirements for microfinance banks to drive financial inclusion.

Read More

NNPC reopens Ibadan depot

The Group Managing Director, Nigeria National Petroleum Corporation, Maikanti Baru, on Wednesday reopened the NNPC depot in the Apata area of Ibadan, Oyo State after some years of inactivity.

Baru said that President Muhammadu Buhari was concerned about ease of fuel distribution and supply to every part of the company, which he said informed his commitment to upgrading of storage facilities across Nigeria. He stated that the reopening of the depot would ease the stress of transporting fuel from Lagos to Ibadan.

Read More

W’Bank Predicts $22bn Foreign Remittances for Nigeria in 2017

The World Bank has predicted that Nigeria will record foreign remittances inflow of $22 billion in 2017, higher than the $19 billion recorded by the country in 2016. However, India retained its top spot, with remittances expected to total $65 billion this year, followed by China ($63 billion), the Philippines ($33 billion) and Mexico (a record $31 billion).

The World Bank, which stated this in its Migration and Development Brief, obtained on its website wednesday, estimated that remittances to low- and middle-income countries was on course to recover in 2017 after two consecutive years of decline. The Bank estimated that officially recorded remittances to developing countries were expected to grow by 4.8 per cent to $450 billion for 2017.

Read More

Data theft: Skye Bank CEO seeks stakeholders’ collaboration

The Chief Executive Officer of Skye Bank Plc, Tokunbo Abiru, has advocated practical strategies, concerted efforts and close collaboration among stakeholders to prevent proliferation of cloned apps with its attendant effects in the country.

He said experts in the information and communications technology sectors must come together to enhance the sector’s growth. Abiru made this suggestion in a keynote address on the topic: ‘Strategising against malicious app clones’ delivered at the quarterly general meeting of the Nigeria Electronic Fraud Forum held in Lagos.

Read More

SEC celebrates World Investor Week 2017

The Securities and Exchange Commission has announced plans to join the International Organisation of Securities Commissions (IOSCO) and other capital market regulators across the globe to celebrate the 2017 edition of the IOSCO World Investor Week, first of its kind from October 2-8, 2017.  The Investor Week (WIW) is a week-long, global campaign for IOSCO to raise awareness about the importance of investor education and protection and highlights the various initiatives of securities regulators in these two critical areas.

Read More

Oil workers threatening strike over salary arrears – Marketers

Oil marketers have said the Petroleum and Natural Gas Workers Senior Staff Association and the National Union of Petroleum and Natural Gas Workers are threatening to embark on a nationwide strike over the backlog of salaries owed their members.

The marketers, in a communiqué after their joint National Executive Council meeting held on Tuesday, said the salaries were owed following the inability of Federal Government to settle the accumulated debts of over N800bn owed oil marketers.

Read More

Bumper harvest: Operators predict rice to sell for N6,000/bag

Rice farmers, millers and processors on Wednesday announced that the price of a 50kg bag of the produce would fall to around N6,000 in the next few months. According to them, the current market price of rice, which is about N15,000 per 50kg bag, will drop to between N6,000 and N7,000 in a couple of months going by the bumper wet season harvest by farmers.

Speaking on the sidelines of a meeting between the rice farmers/processors and the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, at the ministry’s headquarters, in Abuja, the National President, Rice Farmers Association of Nigeria, Mr. Aminu Goronyo, told journalists that the operators had resolved to reduce the price of the commodity to N13,000 per 50kg bag, but stressed that the price would further drop to N6,000 in the coming months.

Read More

Comment here

Economic News Update

Business & Economic News Update: Thursday, 5th October, 2017

 

CBN Releases N44bn for Anchor Borrowers’ Programme

The Central Bank of Nigeria (CBN) has so far released N43.92 billion to farmers under its Anchor Borrowers Programme (ABP) through 13 participating institutions. Over 200,000 small holder farmers from 29 states of the federation have also benefited and about 233,000 hectares of farmland cultivated, with eight commodities, including rice, wheat, maize, cotton, soya beans, poultry, cassava and groundnuts as well as fish farming.

CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, who represented the Governor, Mr. Godwin Emefiele, at the bank’s special day at the ongoing 12th Abuja International Trade Fair, said so far, there has been a quantum leap in local production of most of the commodities contained in the list of 41 items not illegible for official foreign exchange allocation or access in the country.

Read More

Naira closes at 363/dollar

The naira recorded a marginal gain on Wednesday, closing at 363 per United States dollar. The local currency had closed at 364/dollar on Tuesday, up from 365/dollar recorded on Friday. The Federal Government declared Monday public day for the celebration of Nigeria’s independence.

The Central Bank of Nigeria on Tuesday intervened in the inter-bank foreign exchange market with the sale of $195m. Meanwhile, the Federal Government is planning to raise between N270bn and N330bn in local currency-denominated bonds in the fourth quarter, according to the Debt Management Office.

Read More

Lagos to traders: vacate roads or face sanctions

The Lagos State Government has warned traders, particularly those in Ogba Market and its environs, to vacate the roads or face heavy sanctions. It said no one was permitted to convert the roads, their medians, set-backs and walkways to markets or street shops.

Commissioner for the Environment Dr. Babatunde Adejare stated this while on inspection of the Abibatu Mogaji Sunday Market, Oluwole Mini-Market and Ogba Retail Market. Adejare lamented that despite   appeals from the government, some traders were still violating the environmental laws. He said the government would longer tolerate lawlessness by any trader.

Read More

FG approves payment of N26bn to power firms

The Federal Government on Wednesday approved the payment of N25.994bn owed by its Ministries, Departments and Agencies to electricity distribution companies. The government also resolved to investigate the firm that was said to have exported poor quality yams from Nigeria to the United States.

These were the highlights of the decisions reached at a meeting of the Federal Executive Council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja. The Minister of Power, Works and Housing, Mr. Babatunde Fashola, told State House correspondents that since the inception of the present administration, claims of debts by the government to the power firms had been a matter of concern, especially in the light of liquidity issues.

Read More

Emerging market inflows fall to lowest since January

Foreign investors cut capital flows to emerging market debt and equities in September for the second straight month, reducing inflows to $14.5 billion as caution about the U.S. Federal Reserve’s path of interest rate hikes has slowed flows, a survey from the Institute of International Finance (IIF) showed on Tuesday.

The estimate marks the lowest level of inflows since January’s $13.2 billion reading and is a little more than $1 billion lower than August’s levels. Emerging market stocks posted net outflows for the second month in a row, with $2.7 billion of capital flowing out from equities while emerging market debt saw $17.2 billion of inflows.

Read More

Kachikwu/Baru feud: Presidency keeps mum, Senate to probe NNPC boss

Twenty-four hours after a letter he wrote to President Muhammadu Buhari was made public, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday joined his colleagues for the weekly Federal Executive Council meeting at the Presidential Villa, Abuja.

Our correspondents, however, learnt that the issue did not come up at the meeting presided over by the President. “The minister was at the FEC meeting and the President presided. The issue did not come up at the meeting at all,” a source at the meeting said.

Read More

CBN Faults Report on Adelabu, Deputy Governor

The Central Bank of Nigeria (CBN) said its attention had been drawn to a newspaper report alleging that one of its Deputy Governors, Mr. Bayo Adelabu, was arrested and made to forfeit some amount of money to the Economic and Financial Crimes Commission (EFCC). The CBN in a statement by its acting Director, Corporate Communications, Isaac Okorafor, yesterday dismissed the report as falsehood.

“We wish to state categorically that there is no iota of truth in the said report and it is, without doubt, a mere figment of the writer’s imagination. “The Bank and its officials will not be distracted from the onerous task of ensuring stability in the financial system, and indeed the economy, at this critical time.

Read More

CBN recovers N50bn excess charges from banks

The Central Bank of Nigeria has recovered over N50bn excess charges imposed by banks on their customers. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, disclosed this at the ongoing Abuja International Trade Fair on Wednesday.

Okorafor said that the CBN was committed to ensuring that banks customers were not subjected to excess charges and urged them to visit the apex bank’s website to get acquainted with the approved charges.

Read More

‘Slow pace of financial inclusion may cripple growth’

Despite Nigeria’s targets to pursue universal financial access to all working age groups by 2020, the slow pace of the goal in the country may become a setback to projected economic growth, experts have warned. Indeed, the poverty gap, as well as inequality could soar unless drastic actions are taken to drive financial inclusion in Nigeria, the experts, who gathered at a seminar organised to mark the 10th anniversary of Accion Microfinance Bank Limited in Lagos said.

The Chairman of Enhancing Financial Innovation and Access (EFInA), Modupe Ladipo, at the event titled: “Making financial inclusion a certainty in Nigeria by 2020”, said Central Bank of Nigeria (CBN) must urgently raise capital requirements for microfinance banks to drive financial inclusion.

Read More

NNPC reopens Ibadan depot

The Group Managing Director, Nigeria National Petroleum Corporation, Maikanti Baru, on Wednesday reopened the NNPC depot in the Apata area of Ibadan, Oyo State after some years of inactivity.

Baru said that President Muhammadu Buhari was concerned about ease of fuel distribution and supply to every part of the company, which he said informed his commitment to upgrading of storage facilities across Nigeria. He stated that the reopening of the depot would ease the stress of transporting fuel from Lagos to Ibadan.

Read More

W’Bank Predicts $22bn Foreign Remittances for Nigeria in 2017

The World Bank has predicted that Nigeria will record foreign remittances inflow of $22 billion in 2017, higher than the $19 billion recorded by the country in 2016. However, India retained its top spot, with remittances expected to total $65 billion this year, followed by China ($63 billion), the Philippines ($33 billion) and Mexico (a record $31 billion).

The World Bank, which stated this in its Migration and Development Brief, obtained on its website wednesday, estimated that remittances to low- and middle-income countries was on course to recover in 2017 after two consecutive years of decline. The Bank estimated that officially recorded remittances to developing countries were expected to grow by 4.8 per cent to $450 billion for 2017.

Read More

Data theft: Skye Bank CEO seeks stakeholders’ collaboration

The Chief Executive Officer of Skye Bank Plc, Tokunbo Abiru, has advocated practical strategies, concerted efforts and close collaboration among stakeholders to prevent proliferation of cloned apps with its attendant effects in the country.

He said experts in the information and communications technology sectors must come together to enhance the sector’s growth. Abiru made this suggestion in a keynote address on the topic: ‘Strategising against malicious app clones’ delivered at the quarterly general meeting of the Nigeria Electronic Fraud Forum held in Lagos.

Read More

SEC celebrates World Investor Week 2017

The Securities and Exchange Commission has announced plans to join the International Organisation of Securities Commissions (IOSCO) and other capital market regulators across the globe to celebrate the 2017 edition of the IOSCO World Investor Week, first of its kind from October 2-8, 2017.  The Investor Week (WIW) is a week-long, global campaign for IOSCO to raise awareness about the importance of investor education and protection and highlights the various initiatives of securities regulators in these two critical areas.

Read More

Oil workers threatening strike over salary arrears – Marketers

Oil marketers have said the Petroleum and Natural Gas Workers Senior Staff Association and the National Union of Petroleum and Natural Gas Workers are threatening to embark on a nationwide strike over the backlog of salaries owed their members.

The marketers, in a communiqué after their joint National Executive Council meeting held on Tuesday, said the salaries were owed following the inability of Federal Government to settle the accumulated debts of over N800bn owed oil marketers.

Read More

Bumper harvest: Operators predict rice to sell for N6,000/bag

Rice farmers, millers and processors on Wednesday announced that the price of a 50kg bag of the produce would fall to around N6,000 in the next few months. According to them, the current market price of rice, which is about N15,000 per 50kg bag, will drop to between N6,000 and N7,000 in a couple of months going by the bumper wet season harvest by farmers.

Speaking on the sidelines of a meeting between the rice farmers/processors and the Minister of Agriculture and Rural Development, Chief Audu Ogbeh, at the ministry’s headquarters, in Abuja, the National President, Rice Farmers Association of Nigeria, Mr. Aminu Goronyo, told journalists that the operators had resolved to reduce the price of the commodity to N13,000 per 50kg bag, but stressed that the price would further drop to N6,000 in the coming months.

Read More

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