Friday 23 June 2017
(APA 06/23/17)
Nigeria’s leading brewer, the Nigerian Breweries (NB) Plc says that it plans to raise local sourcing of raw materials like Sorghum, Food Grade Starch and other locally raw materials from 57 percent to 60 percent by 2020. The Corporate Communications and Brand Public Relations Manager of the company, Mr. Patrick Olowookere, told journalists that the company was always looking at ways to partner with local farmers and processors to develop agricultural value chains that would strengthen the economy and save foreign exchange. Speaking during a facility tour of the company's facility in Ado Awaiye in Iseyin area of Oyo State in south-western Nigeria on Wednesday, Olowookere said that through these partnerships, many farmers had been...
(Bloomberg 06/23/17)
Dangote Cement Plc, controlled by Africa’s richest man, Aliko Dangote, said it may shut its operations in Ethiopia if authorities in the central state of Oromia don’t reverse an order to cement makers to hand over control of some parts of their businesses to local young people. Oromia state’s East Shewa Zone administration wants the Nigerian company to outsource its pumice, sand and clay mines to youth groups or be responsible for “any problems” that may arise, according to a letter from the authority to Dangote that was seen by Bloomberg and verified with a representative of East Shewa’s administration. The regional government sees the transfer of jobs in pumice production as a way to ease youth unemployment and quell...
(APA 06/21/17)
The Nigerian Ports Authority (NPA) has said that seven ships laden with petrol and other commodities are at the Lagos ports waiting to berth. According to the shipping position chart released on Tuesday in Lagos by the NPA, four of the vessels are laden petrol, while three other ships are laden with bulk coke, base oil and bulk fertiliser. It noted that 31 other ships laden with petroleum products, food items and other goods are expected at Apapa and Tin-Can...
(APA 06/21/17)
The embattled Etisalat Nigeria, a telecom giant, may get respite as key institutions are reported to be finding a solution to its financial predicament. The company has not been able to meet its financial obligation to 10 consortium of banks, necessitating a change in shareholding. Therefore, a meeting between the officials of Etisalat Nigeria, Nigerian Communications Commission (NCC), the Central Bank of Nigeria (CBN) and a consortium of banks has been scheduled for Wednesday. This is to find a resolution...
(Bloomberg 06/20/17)
A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice them back. But trying to placate investors by introducing multiple exchange rates isn’t going to work, bond funds and Wall Street lenders including Citigroup Inc. say. To end the dollar shortage that has hamstrung West Africa’s biggest economy and oil producer, President Muhammadu Buhari and central bank Governor Godwin Emefiele will have to weaken the naira’s official rate again, or let it...
(Agence Ecofin 06/20/17)
Abu Dhabi-based Telecoms Company, Etisalat, on Tuesday said it has been ordered to transfer its 45% interest in Etisalat Nigeria to a loan trustee after debt restructuring talks failed. The Nigerian unit said it had been in talks with lenders to restructure a $1.2billion loan after missing a payment deadline but the discussion had not yielded any agreement. Etisalat added that the syndicate had set a June 23rd deadline for the transfer of ownership of its shares. According to the...
(Agence Ecofin 06/20/17)
A memorandum of Understanding (MoU) has been signed between the Ministry of Power, Works and Housing, the Dangote Group, the Nigerian Ports Authority (NPA) and Flour Mills of Nigeria, regarding the rehabilitation of the worn out 2km-long Wharf road in Apapa, Lagos. Worth N4.34billion ($13million), the project will be carried out by the construction arm of the Dangote Group, AG Dangote and will last one year. Speaking at the signing ceremony, the Minister of Power, Works and Housing, Babatunde Fashola (photo), explained that the project became important as the gridlock in Apapa had reached...
(APA 06/19/17)
The state-run Nigerian National Petroleum Corporation (NNPC) says it has reduced the price of diesel by 42 percent in the country. The Group General Manager, Public Affairs Division of the NNPC, Mr. Ndu Ughamadu, said in a statement on Sunday in Abuja that the price of diesel took a huge downslide over the last six months, following key strategic interventions by the NNPC. It noted that in the first quarter of 2017, retail prices of AGO, which is one of...
(Agence Ecofin 06/17/17)
The Financial Services Industry led the activity chart this week on the floor of the Nigerian Stock Exchange (NSE) with 2.189 billion shares valued at N21.792 billion traded in 18,832 deals. The weekly report of trading released by the NSE on Friday in Lagos showed that the Conglomerates Industry followed with 287.945 million shares worth N621.772 million in 2,031deals. It added that the third place was occupied by Consumer Goods Industry with a turnover of 114.832 million shares worth N5.370...
(APA 06/17/17)
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, says that the Nigerian bourse continues to position itself not only to be a credible platform for raising capital, but to be a hub for innovative and creative ideas. Speaking at the Nigerian Stock Exchange, Bloomberg CEO Roundtable on Friday in Lagos, Onyema said that the NSE introduced a few initiatives such as the Green Bonds and FGN Savings Bond into the market. “We have automated the...
(Agence Ecofin 06/16/17)
The European Commission has granted Nigeria a €143 million support package for near-term humanitarian aid and an extended development support for those in areas ravaged by Boko Haram attacks in Borno State. The package comprises development aid of €123 million from the Nigeria 11th European Development Fund National Indicative Programme and €20 million from the EU Emergency Trust Fund for Africa. “Our support package of €143 million will assist approximately 1.3 million internally displaced people and affected communities in and...
(APA 06/16/17)
As tension continues to envelop Nigeria over secession crisis, Acting President Yemi Osinbajo has met behind closed doors with the Emir of Kano, Malam Sanusi Lamido Sanusi, in the Presidential Villa, Abuja. The meeting, which took place at the Vice-President’s mini conference room, lasted for about two hours. When accosted by State House correspondents, the Emir declined to comment on the outcome of the meeting. However, reliable sources said that the Emir was on a “Thank You’’ visit to the...
(Agence Ecofin 06/16/17)
The National Bureau of Statistics in a report published on Thursday revealed that Nigeria’s annual inflation fell to 16.25% in May against 17.24% in April. The statistics office in a separate food price index disclosed that inflation was at 19.27% compared to the 19.30% in April. “The rise in the (food) index was caused by increases in prices of meat, bread and cereals, fish, potatoes, milk cheese and eggs as well as vegetables such as tomatoes,” it said. Africa's second...
(APA 06/16/17)
Nigeria’s annual wheat imports rose by 54% to $201 million in the first quarter of this year against the $130.9 million the same period last year, data from the National Bureau of Statistics (NBS) shows. This result, among others, is due to the lack of High Quality Cassava Flour (HQCF), a composite which is mixed with wheat by flour millers for flour production. Explaining the unavailability of HQCF on the market, Nike Tinier, President of the Industrial Cassava Stakeholders Association...
(APA 06/16/17)
The Central Bank of Nigeria (CBN) has said that it will issue special treasury bills on Friday to mop up N200 billion from the banking system in order to further rein in inflation. The Acting Director, Corporate Communication Department of the CBN, Mr. Isaac Okoroafor, said in a statement on Thursday in Lagos that the operation would be carried through the Open Market Operation (OMO) at the rate of 16 percent per annum. He explained that the decision to mop...
(Agence Ecofin 06/16/17)
The Federal Ministry of Industry, Trade and Investment, (FMITI) says it is partnering with Microsoft to digitally transform services delivery in Nigeria. FMITI through the Microsoft Africa Open4Business programme plans to use integrated cloud technologies to change the reach and scope of government-to-investor services and establish an active and investment friendly environment in the country. “Our partnership with Microsoft is designed to drive business model innovations, which will transform the delivery of services to current and prospective investors in Nigeria...
(Agence Ecofin 06/16/17)
Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, has said that the government will recruit 7,500 graduates as Community Tax Liaison Officers to raise tax awareness among the citizens. Adeosun said on Thursday in Abuja that the recruits would be expected to go to schools, churches, mosques, markets and other social places to educate people on the tax system and let them know their obligations. She noted that the initiative will assist government to increase the number of tax payers by...
(APA 06/16/17)
Nigeria’s troubled economy will record tremendous improvement by the third quarter of the year, the Central Bank of Nigeria (CBN) has predicted. The Director of Banking Supervision of the CBN, Mr. Ahmed Abdullahi, told journalists that the prediction was the outcome of the 333rd Bankers’ Committee meeting in Lagos. According to him, this is because the foreign exchange rate has remained stable as there is convergence between the official and the parallel markets. He also said that investors’ confidence in...
(APA 06/16/17)
Nigeria’s Bureau of Statistics (NBS) says that the Consumer Price Index (CPI), which measures inflation rate was 16.25 percent in May 2017. The NBS said in a report published on its website that the inflation figure for May was 0.99 percent points lower than the rate of 17.24 percent recorded in April. “This represents the fourth consecutive decline in the rate of inflation since January 2017,” the NBS said. It added that on a month-on-month basis, the Headline index increased...
(Agence Ecofin 06/15/17)
The Federal Government is currently collaborating with the Nigerian Sovereign Investment Authority (NSIA), the Nigerian Stock Exchange (NSE), amongst others, to assemble a $600 million investment fund for the mining sector, Acting President, Yemi Osinbajo, revealed on Tuesday. This aims to remove all bottlenecks discouraging investment in the sector. “The mining sector is a priority for the Nigerian government and a crucial part of our economic growth and diversification agenda. We have also secured funding from both domestic and international...

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