Economic News Update

Economic News Update: Thursday 20th July, 2017

 

It’s difficult for investors to come to Nigeria – Kachikwu

There is some level of latent difficulty for investors to come and invest in Nigeria due to security concerns, among other issues, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.

This is coming as the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, announced that the country’s current crude oil production had risen to 2.2 million barrels per day.

Read More

Nigeria to explore African market for crude oil sale, says Kachikwu

The Minister of State for Petroleum, Dr. Ibe Kachikwu has announced that Nigeria would explore the possibility of selling crude oil to African markets. He spoke in Abuja yesterday at the 2017 edition of the Sustainability in the Extractive Industries (SITEI) conference.

Kachikwu said the country’s oil firms must develop the capacity to compete in the continent, while government provides the necessary incentives. He said: “Nigeria has to begin by looking at the country first. What do we do to encourage local companies to be able to compete in Africa? It is along these lines for example, that we have started product or sector specialisation which are the areas where we have the most competitive advantages.”

Read More

 

Nigeria’s debt rose by N4.76tn in 2016 – DMO

Nigeria total debt rose by N4.76tn in 2016, the Debt Management Office has disclosed. The DMO disclosed this in its 2016 Annual Report and Statement of Accounts obtained by our correspondent in Abuja on Wednesday.

According to the office, Nigeria’s debt as of December 2016 stood at N17.36tn, up from N12.6tn a year earlier. This reflects an increase of N4.76tn or 37.74 per cent within a period of one year.

Read More

Experts proffer sustainable economic recovery solutions

Renowned economist and Chief Executive Officer, Economic Associates, Dr. Ayo Teriba, has advised the Federal Government to open up the economy to foreign direct investment (FDI), to get Nigeria out of recession, and keep it on the path of sustainable economic growth.

Teriba said this at a breakfast session of the Financial Services Group of the Lagos Chamber of Commerce and Industry (LCCI), with the theme: Economic recovery and growth plan: Roadmap to a sustainable economy, held in Lagos recently, which was sponsored by Sterling Bank.

Read More

 

Debit card: UBA, First Bank raise international spending limits

The United Bank for Africa Plc has announced an immediate upward review of the monthly international spend limit on its debit and prepaid naira cards from $100 to $2,000.

The upward review, which represents a marked increase by 1,900 per cent, allows customers to withdraw up to $2,000 per month as against $100 which was obtainable previously.

Read More

FCMB gets Africa’s environmental award

First City Monument Bank (FCMB) has emerged the Best Environmental Supporting Financial Institution in Africa at the African Clean-up Award for Excellence 2017, held in Ghana.

The award, organised by African Clean-Up Initiative and endorsed by Estonia’s Let’s Do It World Clean-up Foundation, is the first ever-independent clean-up award in the continent.

Read More

FG approves new national oil policy

The Federal Executive Council presided over by Acting President Yemi Osinbajo, on Wednesday, approved the Nigerian Petroleum Policy, which is aimed at improving efficiency in the oil industry.

The Minister of State for Petroleum Resources, Ibe Kachikwu, disclosed this to State House correspondents at the end of the council’s meeting inside the Presidential Villa, Abuja.

Read More

PEARL Awards hinges capital market growth on policy consistency

For the nation’s capital market to become more competitive and attract huge investors’ participation, the need for consistency in policies and regulations has been stressed.

The President, PEARL Awards Nigeria, Tayo Orekoya, who identified policy somersault as one of the major problem affecting the growth of the capital market, urged government to ensure that it initiates policies that would attract more investments in the market and pursue its sustainability.

Read More

NMRC to issue N20bn bond for affordable housing scheme

The Nigerian Mortgage Refinancing Company will before the end of this quarter raise the sum of N20bn through the bond market to finance its affordable housing scheme for the citizens.

It is also planning to issue a N2bn sukuk bond as part of its portfolio of products towards addressing the housing financing needs of low income earners.

Read More

DisCos need N220b for metering, says Fashola

The 11 electricity distribution companies (DisCos) require   N220 billion for the metering of customers, Power, Works and Housing Minister, Mr. Babatunde Raji Fashola, has said.

Fashola was the guest lecturer at this year’s edition of the public lecture series of the Department of Economics of the University of Lagos. He spoke on Power sector reforms: Challenges and the way forward.

Read More

Foreign banks to finance N5bn Ikeja ICT Mart

Some foreign banks have agreed to finance a N5bn investment project scheduled to commence in October this year.

The proposed project, an ultra-modern three-storey edifice called Ikeja ICT Mart, is being positioned as the hub for Information and Communications Technology-related matters in the country and Africa in general.

Read More

Ecobank extends rapid transfer services to customers

Ecobank has extended the capabilities of its Rapid Transfer product enabling all bank account holders in Nigeria receive money via the Rapid Transfer instantly from 33 African countries where Ecobank operates.

With this development, a bank account holder in any bank in  Nigeria, who is privileged to receive transfer of funds from within Africa can now benefit from the Ecobank Rapid Transfer product.

Read More

Business drags as 24 government agents inspect ships

The ease of doing business initiative of the Federal Government is under a serious threat from the activities of some government agencies at the seaports.

Our correspondent learnt that about 24 personnel from more than seven government agencies would go aboard ships for inspection whenever a vessel berthed at the country’s port.

Read More

Senate okays private-public partnership for refineries’ repairs

The Senate has finally endorsed the private-public partnership (PPP) for the repair of the country’s four refineries. The lawmakers kicked against the government initiative, given that the contract given to Eni/Agip and Oando to repair Port Harcourt Refinery did not follow due process.

The Upper Legislature had suspended a contract awarded to Eni/Agip and Oando Plc to rehabilitate the Port Harcourt Refinery, claiming that it did not follow due process; the Senate constituted an ad hoc committee to probe the deal.

Read More

‘Gencos, NBET committing fraud with capacity charges’

Power distribution companies on Wednesday said it was fraudulent for electricity generation companies to connive with the Nigerian Bulk Electricity Trading Company to issue invoices that had higher capacity charges than energy charges to the Discos.

According to the Discos, this is one major reason why high electricity bills are transmitted to power consumers, especially those under the estimated billing system, stressing that it was not right for fixed charges from generation companies to be higher than the cost of the energy, which they were selling.

Read More

Wema Bank Grows Half-year Profit Before Tax to N1.4bn

Wema Bank Plc has reported an improved performance for the half year ended June 30, 2017, despite the challenging operating environment. The bank recorded a gross of N30.37 billion in 2017, showing an increase of 25 per cent, while net interest income rose by 22 per cent to N5.0 billion, compared with N4.11 billion in 2016.

Profit before tax (PBT) rose by 10 per cent from N1.30 billion in 2016 to N1.43 billion in 2017, while Profit after tax (PAT) grew in same margin from N1.10 billion to N1.22 billion in 2017.

Read More

Stakeholders strategise to fast-track implementation of NIRP agenda

To aid the realisation of the five-year development agenda of the Nigerian Industrial Revolution Plan (NIRP), stakeholders in the value-chain have strategised to build capacities of key actors in the project to enhance implementation.

Specifically, the United Nations Industrial Development Organisation (UNIDO), and the Federal Ministry of Industry Trade and Investment (FMITI) as well as other stakeholders, noted that with collective efforts from appropriate agencies and parastatals, the development agenda would be implemented with ease.

Read More

Nigeria’s Forex Inflow Hits $15bn in First Quarter

The aggregate foreign exchange (forex) inflow into the Nigerian economy in the first quarter of 2017 has been estimated at US$15 billion.

This, however, represented a decline of 9.2 per cent below the level in the fourth quarter of 2016, but showed an increase of 1.4 per cent over the level at the end of the corresponding period of 2016. The Central Bank of Nigeria (CBN) disclosed this in its first quarter 2017 economic report that was posted on its website.

Read More

Comment here

Economic News Update

Economic News Update: Thursday 20th July, 2017

 

It’s difficult for investors to come to Nigeria – Kachikwu

There is some level of latent difficulty for investors to come and invest in Nigeria due to security concerns, among other issues, the Minister of State for Petroleum Resources, Ibe Kachikwu, has said.

This is coming as the Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, announced that the country’s current crude oil production had risen to 2.2 million barrels per day.

Read More

Nigeria to explore African market for crude oil sale, says Kachikwu

The Minister of State for Petroleum, Dr. Ibe Kachikwu has announced that Nigeria would explore the possibility of selling crude oil to African markets. He spoke in Abuja yesterday at the 2017 edition of the Sustainability in the Extractive Industries (SITEI) conference.

Kachikwu said the country’s oil firms must develop the capacity to compete in the continent, while government provides the necessary incentives. He said: “Nigeria has to begin by looking at the country first. What do we do to encourage local companies to be able to compete in Africa? It is along these lines for example, that we have started product or sector specialisation which are the areas where we have the most competitive advantages.”

Read More

 

Nigeria’s debt rose by N4.76tn in 2016 – DMO

Nigeria total debt rose by N4.76tn in 2016, the Debt Management Office has disclosed. The DMO disclosed this in its 2016 Annual Report and Statement of Accounts obtained by our correspondent in Abuja on Wednesday.

According to the office, Nigeria’s debt as of December 2016 stood at N17.36tn, up from N12.6tn a year earlier. This reflects an increase of N4.76tn or 37.74 per cent within a period of one year.

Read More

Experts proffer sustainable economic recovery solutions

Renowned economist and Chief Executive Officer, Economic Associates, Dr. Ayo Teriba, has advised the Federal Government to open up the economy to foreign direct investment (FDI), to get Nigeria out of recession, and keep it on the path of sustainable economic growth.

Teriba said this at a breakfast session of the Financial Services Group of the Lagos Chamber of Commerce and Industry (LCCI), with the theme: Economic recovery and growth plan: Roadmap to a sustainable economy, held in Lagos recently, which was sponsored by Sterling Bank.

Read More

 

Debit card: UBA, First Bank raise international spending limits

The United Bank for Africa Plc has announced an immediate upward review of the monthly international spend limit on its debit and prepaid naira cards from $100 to $2,000.

The upward review, which represents a marked increase by 1,900 per cent, allows customers to withdraw up to $2,000 per month as against $100 which was obtainable previously.

Read More

FCMB gets Africa’s environmental award

First City Monument Bank (FCMB) has emerged the Best Environmental Supporting Financial Institution in Africa at the African Clean-up Award for Excellence 2017, held in Ghana.

The award, organised by African Clean-Up Initiative and endorsed by Estonia’s Let’s Do It World Clean-up Foundation, is the first ever-independent clean-up award in the continent.

Read More

FG approves new national oil policy

The Federal Executive Council presided over by Acting President Yemi Osinbajo, on Wednesday, approved the Nigerian Petroleum Policy, which is aimed at improving efficiency in the oil industry.

The Minister of State for Petroleum Resources, Ibe Kachikwu, disclosed this to State House correspondents at the end of the council’s meeting inside the Presidential Villa, Abuja.

Read More

PEARL Awards hinges capital market growth on policy consistency

For the nation’s capital market to become more competitive and attract huge investors’ participation, the need for consistency in policies and regulations has been stressed.

The President, PEARL Awards Nigeria, Tayo Orekoya, who identified policy somersault as one of the major problem affecting the growth of the capital market, urged government to ensure that it initiates policies that would attract more investments in the market and pursue its sustainability.

Read More

NMRC to issue N20bn bond for affordable housing scheme

The Nigerian Mortgage Refinancing Company will before the end of this quarter raise the sum of N20bn through the bond market to finance its affordable housing scheme for the citizens.

It is also planning to issue a N2bn sukuk bond as part of its portfolio of products towards addressing the housing financing needs of low income earners.

Read More

DisCos need N220b for metering, says Fashola

The 11 electricity distribution companies (DisCos) require   N220 billion for the metering of customers, Power, Works and Housing Minister, Mr. Babatunde Raji Fashola, has said.

Fashola was the guest lecturer at this year’s edition of the public lecture series of the Department of Economics of the University of Lagos. He spoke on Power sector reforms: Challenges and the way forward.

Read More

Foreign banks to finance N5bn Ikeja ICT Mart

Some foreign banks have agreed to finance a N5bn investment project scheduled to commence in October this year.

The proposed project, an ultra-modern three-storey edifice called Ikeja ICT Mart, is being positioned as the hub for Information and Communications Technology-related matters in the country and Africa in general.

Read More

Ecobank extends rapid transfer services to customers

Ecobank has extended the capabilities of its Rapid Transfer product enabling all bank account holders in Nigeria receive money via the Rapid Transfer instantly from 33 African countries where Ecobank operates.

With this development, a bank account holder in any bank in  Nigeria, who is privileged to receive transfer of funds from within Africa can now benefit from the Ecobank Rapid Transfer product.

Read More

Business drags as 24 government agents inspect ships

The ease of doing business initiative of the Federal Government is under a serious threat from the activities of some government agencies at the seaports.

Our correspondent learnt that about 24 personnel from more than seven government agencies would go aboard ships for inspection whenever a vessel berthed at the country’s port.

Read More

Senate okays private-public partnership for refineries’ repairs

The Senate has finally endorsed the private-public partnership (PPP) for the repair of the country’s four refineries. The lawmakers kicked against the government initiative, given that the contract given to Eni/Agip and Oando to repair Port Harcourt Refinery did not follow due process.

The Upper Legislature had suspended a contract awarded to Eni/Agip and Oando Plc to rehabilitate the Port Harcourt Refinery, claiming that it did not follow due process; the Senate constituted an ad hoc committee to probe the deal.

Read More

‘Gencos, NBET committing fraud with capacity charges’

Power distribution companies on Wednesday said it was fraudulent for electricity generation companies to connive with the Nigerian Bulk Electricity Trading Company to issue invoices that had higher capacity charges than energy charges to the Discos.

According to the Discos, this is one major reason why high electricity bills are transmitted to power consumers, especially those under the estimated billing system, stressing that it was not right for fixed charges from generation companies to be higher than the cost of the energy, which they were selling.

Read More

Wema Bank Grows Half-year Profit Before Tax to N1.4bn

Wema Bank Plc has reported an improved performance for the half year ended June 30, 2017, despite the challenging operating environment. The bank recorded a gross of N30.37 billion in 2017, showing an increase of 25 per cent, while net interest income rose by 22 per cent to N5.0 billion, compared with N4.11 billion in 2016.

Profit before tax (PBT) rose by 10 per cent from N1.30 billion in 2016 to N1.43 billion in 2017, while Profit after tax (PAT) grew in same margin from N1.10 billion to N1.22 billion in 2017.

Read More

Stakeholders strategise to fast-track implementation of NIRP agenda

To aid the realisation of the five-year development agenda of the Nigerian Industrial Revolution Plan (NIRP), stakeholders in the value-chain have strategised to build capacities of key actors in the project to enhance implementation.

Specifically, the United Nations Industrial Development Organisation (UNIDO), and the Federal Ministry of Industry Trade and Investment (FMITI) as well as other stakeholders, noted that with collective efforts from appropriate agencies and parastatals, the development agenda would be implemented with ease.

Read More

Nigeria’s Forex Inflow Hits $15bn in First Quarter

The aggregate foreign exchange (forex) inflow into the Nigerian economy in the first quarter of 2017 has been estimated at US$15 billion.

This, however, represented a decline of 9.2 per cent below the level in the fourth quarter of 2016, but showed an increase of 1.4 per cent over the level at the end of the corresponding period of 2016. The Central Bank of Nigeria (CBN) disclosed this in its first quarter 2017 economic report that was posted on its website.

Read More

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