| Africatime
Sunday 26 March 2017
(Reuters (Eng) 03/25/17)
Nigeria's state oil company said on Friday it was set to recover $184 million in crude oil swap under-deliveries recorded against three oil companies during the now defunct crude for product swap system. Last year the OPEC producer replaced crude oil swap deals with a system under which it will directly sell crude oil to refiners and purchase refined oil products from them. The Nigerian National Petroleum Corporation (NNPC) is in the process of reconciling transactions made as part of the defunct system, Group Managing Director Maikanti Baru told journalists in the capital Abuja. He said the companies involved were AITEO
(Agence Ecofin 03/24/17)
The Nigerian Federal Executive Council (FEC) has approved N80 billion ($256.5million) for the rehabilitation of 12 federal roads across the country. Babatunde Fashola, the Minister of Power, Works and Housing, who disclosed this on Wednesday said road projects approved across the states include the construction of access roads 1 and 2 to link Asaba in Delta State and Onitsha in Anambra State to the Second Niger Bridge project, the Numan, Jalingo roads connecting Adamawa‎ and Taraba states as well as the replacement of bridges at Mayanchi along Gusau-Sokoto road in Zamfara state. Other roads to be rehabilitated in the same framework are situated in Bauchi, Plateau, Osun, Kwara
(Agence Ecofin 03/24/17)
The Nigerian House of Senate has granted President Muhammadu Buhari’s request to raise additional $500 million Eurobond from the international capital market to finance the $7 billion deficits in the 2017 budget. The approval was given after a closed-door session by the senate on Wednesday. The Eurobond follows the oversubscription of a similar bond worth $1 bn approved earlier this year by the Senate, also to finance budget. Last month, the Vice President, Yemi Osinbajo, also wrote to the parliament...
(Agence Ecofin 03/24/17)
Youtube watch-time in Nigeria increased by 150% in 2016, according to Youtube Partnership Manager for Sub-Saharan Africa, Teju Ajani. “In 2016, YouTube mobile watch time in Nigeria increased by 150 percent, a proof that Nigerians are spending more time on the platform, and are finding content relevant to them,” she said. Ajani who disclosed this at the YouTube Brand Partner summit in Lagos, said the video-sharing website continues to be a top video destination for Nigerians who want to share...
(This Day Live 03/24/17)
The House of Representatives thursday passed a resolution urging the Central Bank of Nigeria (CBN) to urgently withdraw and arrange for the destruction of mutilated currency notes in circulation as well as replace same with new ones. It expressed concern over the alarming rate of mutilated currency notes in circulation which has become a national embarrassment. The House further mandated the Committee on Banking and Currency to conduct an investigation into the activities of an existing cartel in both the...
(This Day Live 03/23/17)
The National Assembly on Wednesday approved the request by the executive for the issuance of a $500 million Eurobond to fund the deficit in the 2016 budget. A resolution of the National Assembly is a critical condition that must be met for securities issuance at the international capital market. The Senate considered the request at the Committee of the Whole on Wednesday and voted to approve the request, immediately shortening the approval processing time. The proceeds of the Eurobond are...
(This Day Live 03/23/17)
For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday. With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria’s (CBN) key foreign exchange policy objectives of an exchange rate convergence. The naira trades...
(Bloomberg 03/23/17)
Pitting Nigeria and Kenya’s biggest banks by market value against each other shows just how much state intervention hurt Nairobi-based Equity Group Holdings Ltd., while Guaranty Trust Bank Plc in Lagos fended off a contracting economy by benefiting from a weaker local currency. Equity Group reported its first-ever drop in annual profit last week as non-performing loans more than doubled and lending in the final quarter shrank in the wake of interest-rate caps announced in August in East Africa’s biggest...
(Bloomberg 03/21/17)
Faced with a contracting economy, surging inflation and a rigid exchange rate, Nigeria’s central bank will have little choice but to keep its key interest rate unchanged on Tuesday. The Monetary Policy Committee led by Governor Godwin Emefiele has held the policy rate at 14 percent since July and is unlikely to make a change, according to all 17 economists and analysts surveyed by Bloomberg. Foreign-exchange policy has become a common agenda-item for the committee as the nation maintains a...
(Reuters (Eng) 03/21/17)
Nigeria's central bank will leave its benchmark interest rate unchanged on Tuesday to try and curtail high inflation as Africa's top economy grapples with its first recession in 25 years, a Reuters poll found on Friday. But in a sharp turnaround from a January survey, the median from the poll projects a 100 basis-point cut to 13.0 percent in the third quarter and an identical chop in the last months of 2017. In January, no cuts were predicted this year...
(Xinhuanet 03/21/17)
Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, Minister for Solid Minerals Development, Kayode Fayemi said Monday. In a statement made available to Xinhua in Lagos, Nigeria's economic hub, the minister ascribed the feat to Dangote Cement which spearheaded the backward integration policy introduced by the government. The minister who leads a team of the federal government to the Dangote Cement plants in Ibese, Ogun State, said the government is happy...
(Vanguard 03/21/17)
The divestments of international oil companies, IOCs from Nigerian assets appear to be beneficial to indigenous operators as three independents Aiteo, Eroton and Newcross, collectively produced about 200,000 barrels per day (bpd) at peak, close to the end of 2016. Aiteo Eastern Exploration and Production, the operator of the Oil Mining Lease (OML) 29, reported gross production of 92,000bpd in October 2016, figures in the Nigerian National Petroleum Corporation, NNPC’s December 2016 report showed. production shut-in Eroton Exploration and Production,...
(Agence Ecofin 03/20/17)
Nigerian Senate President, Bukola Saraki, has announced plans by the National Assembly to put a legal framework expected to actualize the bilateral agreements between Nigeria and Morocco, in place. This he assured during a meeting with the President of the Morrocan House of Councillors, Abdelhakim Benchamach, and the President of Moroccan House of Representatives, Habib El-Malki, last weekend. Let’s recall that Nigeria signed several bilateral agreements with Morocco during the recent state visit by the King of Morocco to the country. These agreements were signed in the areas of agriculture, energy and gas as well as the trans-African gas pipeline project.
(Agence Ecofin 03/20/17)
The World Bank plans to commit $57 billion in investment in Nigeria and 52 other countries in the sub-Saharan African region for the next three years. According to the institution, $45 billion will come from the International Development Association (IDA), while an estimated $8 billion which is to injected in private sector will come from the International Finance Corporation (IFC). The remaining $4 billion will come from the International Bank for Reconstruction and Development. “In December, development partners agreed to...
(Bloomberg 03/20/17)
GreenWish Partners, a Paris-based independent power producer, will invest $280 million to build solar-power plants in Nigeria that are expected to start producing electricity in the first quarter of next year. A plant in the southeastern state of Enugu will produce 100 megawatts, while the company will build two others of 50 megawatts each in the northern Kaduna and Jigawa states, Chief Executive Officer Charlotte Aubin-Kalaidjian said in an interview in Lagos. The project will be funded 70 percent through...
(This Day Live 03/20/17)
Desirous of ensuring monetary and fiscal collaboration in order to turn the economy around, managers of the economy from the Central Bank of Nigeria (CBN), the Ministries of Finance, Budget and National Planning, and Industry, Trade and Investment confirmed THISDAY’s exclusive report on Sunday of their meeting in Abuja at the weekend to harmonise their policy perspectives. Speaking at the opening of the two-day Monetary Policy Committee (MPC) retreat at the CBN headquarters in Abuja, with the theme: “Pathway to...
(Premium Times 03/20/17)
The presidential spokesperson, Garba Shehu, says efforts to get the nation out of its present economic challenges are beginning to yield positive results, especially in agriculture. The presidential aide said this in Abuja on Sunday. According to him, an increase in the volume of rice production and processing across the country is already saving the country a lot of foreign exchange. Mr. Shehu, who is the Senior Special Assistant on Media and Publicity to the President, said that Nigeria only...
(Agence Ecofin 03/20/17)
Recent data from the Central Bank of Nigeria (CBN) has shown that Nigeria’s external reserves increased by $58 million to $30.23 billion on March 14, 2017. According to the data, the reserves were lingering between $29 billion and $30 billion this month. Although the apex bank is yet to disclose the reasons behind the recent increase, experts attribute the rise to a steady increase in global oil prices, amongst others. “As indicated in earlier Exchange Rate analysis, the external reserves...
(Premium Times 03/20/17)
The Federal Government has officially confirmed that Nigeria has attained self-sufficiency in the production of cement and is now an exporter of the commodity, ascribing the feat to Dangote Cement which spearheaded the “backward integration policy” introduced by the government. The Minister for Solid Minerals Development, Kayode Fayemi, who led a government team to the Dangote Cement plants in Ibese, Ogun State, at the weekend, said the government was happy with the leadership role played by Dangote Cement in executing...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years,...

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