Monday 24 July 2017
(APA 07/11/17)
The Central Bank of Nigeria (CBN) has injected $142.5 million into the inter-bank foreign exchange, days after intervening in the retail segment of the market with $254.3 million. The spokesperson of the apex bank, Mr. Isaac Okorafor, in a statement, said on Monday that CBN would continue to carry out its regular mediation in the market to keep the market liquid and guarantee the international value of the naira in line with its mandate. A breakdown of Monday’s intervention indicates that the Bank offered $100 million to dealers in the wholesale segment, while it allocated $23 million to the Small and Medium Enterprises (SMEs) segment. The allocation of $19.5 million is also for those requiring foreign exchange for invisibles such...
(APA 07/11/17)
The Chief of Army Staff of the Nigerian Army, Lt-Gen. Tukur Buratai, has said that the strong link which the Boko Haram terrorists have with the terror groups in northern Mali poses security threats to Nigeria. Receiving Mali’s Chief of Army Staff, Col. Babi Abdulrahman, at the Army Headquarters, Abuja on Monday, Burata said that Boko Haram’s links with Mali was confirmed with the arrest of two Boko Haram recruiters in Senegal and Mali. According to him, Nigeria and Mali are confronted with a similar security threat of terrorism and that as the threat grows globally, it is important for the two countries to partner and tackle the menace. “The threats in northern Mali are direct threats to Nigeria because...
(Reuters (Eng) 07/11/17)
Nigeria must not borrow more to fund its budget and should instead raise money it needs by other means, the country's finance minister said on Tuesday, calling into question planned foreign loans of $2 billion from lenders like the World Bank. Africa's largest economy is in its first recession in 25 years, and had planned to borrow extensively from overseas to fund a record budget aimed at helping the country spend its way out of its economic doldrums. But plans for lenders like the World Bank and African Development Bank to loan at least $2 billion to Nigeria have been stalled for over a year as international organizations' frustrations mounted at the country's refusal to impose key fiscal reforms such...
(APA 07/11/17)
Nigeria has resolved to bring down the inflation rate to a single digit by 2020 and rates dip consecutively in four months. The National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) May 2017 report, released in Abuja on June 14, indicated that the country’s inflation dropped to 16.25 percent in May from 17.24 percent in April. According to the report, this is the fourth consecutive decline in the rate of inflation since January. The bureau stated that the headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent recorded in April 2017. However, the Minister of Budget and National Planning, Mr. Udoma Udu Udoma, expressed government’s commitment to...
(Bloomberg 07/11/17)
A proposal that Libya and Nigeria could have to accept limits on their crude production probably wouldn’t be enough to put OPEC’s faltering efforts to eliminate a global supply glut back on track. The two African nations -- exempt from the supply curbs agreed last year due to internal strife -- have added enough production in the last two months to offset Saudi Arabia’s cut. Should the pair accept a cap at their desired levels of output, OPEC and allies including Russia would still have to adjust their own quotas to compensate for the increase, said Nordine Ait-Laoussine, president of Geneva-based consultants Nalcosa and former energy minister of Algeria. “It’s not going to be easy just to say ‘Maybe we...
(APA 07/11/17)
Power supply to Nigerian households declined in the first half of this year, the new aggregated power poll results released by NOIPolls on Tuesday in Abuja has shown. The poll result said that an average of 31 percent of Nigerians surveyed reported the decline in power supply for the first half of this year, representing a 6-point decline when compared to the fourth quarter (Q4) of 2016, which stood at 37 percent. It said that the drop could be attributed to the reported shortage of gas supply experienced by the sector several months back and the grid instability caused by weak transmission infrastructure. The result said that the quarterly evaluation revealed that 31 percent of adult Nigerians reported that they...
(Punch 07/11/17)
The Facebook post by Aisha, wife of President Muhammadu Buhari, on Monday seems to have raised the hope that her husband would soon return hale from his ongoing medical leave in the United Kingdom. President Buhari has spent about two months in the UK, after the initial 45-day medical leave he had taken last year. Aisha Buhari’s post was predicated on that of Senator Shehu Sani (APC Kaduna Central), who had written: “…It is the wish of the hyenas that the Lion King never wakes or come back, so that they can be kings. “It is the prayers of the weaker animals that the Lion King comes back to save the kingdom from the hyenas, the wolves and other predators.”...
(APA 07/11/17)
The Central Bank of Nigeria (CBN) has injected $142.5 million into the inter-bank foreign exchange, days after intervening in the retail segment of the market with $254.3 million. The spokesperson of the apex bank, Mr. Isaac Okorafor, in a statement, said on Monday that CBN would continue to carry out its regular mediation in the market to keep the market liquid and guarantee the international value of the naira in line with its mandate. A breakdown of Monday’s intervention indicates that the Bank offered $100 million to dealers in the wholesale segment, while it allocated $23 million to the Small and Medium Enterprises (SMEs) segment. The allocation of $19.5 million is also for those requiring foreign exchange for invisibles such...
(AFP (eng) 07/11/17)
As West Africa declares war on the market for expired and counterfeit medicines, start-ups are putting quality control in the hands of patients to stop them risking their lives trying to get well. Not only can such drugs fail to treat the diseases they are bought to combat, experts say, but they may encourage resistance to antibiotics and even cause death as diseases continue to course unchecked through the body. At an April meeting in Liberia, the 15-member Economic Community of West African States (ECOWAS) announced a region-wide investigation into the trafficking of expired and counterfeit drugs, and a public awareness campaign. Traffickers in bad medicine prey on some of the world's poorest and most in need, who also face...
(APA 07/11/17)
The Nigerian Army has inaugurated locally fabricated Infantry Patrol Vehicles (IPV) to strengthen troops’ operations nationwide. Speaking at the inauguration ceremony on Monday in Abuja, Nigeria’s Minister of Defence, Mansur Dan-Ali said that the process of transforming the army was anchored on three pillars, namely: capacity building, reorganization and troops’ welfare. He said although the three were embarked upon two years ago, the implementation had not been easy. The minister, who also performed the ground-breaking ceremony for a new army cantonment known as Muhammadu Buhari Cantonment at Giri, on the Airport Road in Abuja, said that the cantonment would provide the appropriate working and living accommodation for officers and soldiers in the Abuja. In his speech, the Chief of Army...
(Voice of America 07/11/17)
In the past five years, terrorist attacks have killed nearly 20,000 people across Africa. Two groups, Boko Haram and al-Shabab, accounted for 71 percent of reported incidents and 91 percent of fatalities. But, while these and other militant groups remain active, fatal terrorist attacks across the continent are on pace to fall for a second straight year, and the total number of attacks is running far below 2012 highs. These findings are part of VOA’s original analysis of data from ACLED, the Armed Conflict Location and Event Data Project. ACLED tracks political violence, protests and terrorist events across Africa. Their reports include attacks since 1997 based on data collected from local news media, government statements, non-governmental organizations and published research...
(APA 07/11/17)
Nigeria has resolved to bring down the inflation rate to a single digit by 2020 and rates dip consecutively in four months. The National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) May 2017 report, released in Abuja on June 14, indicated that the country’s inflation dropped to 16.25 percent in May from 17.24 percent in April. According to the report, this is the fourth consecutive decline in the rate of inflation since January. The bureau stated that the headline index increased by 1.88 percent in May 2017, 0.28 percent points higher than the rate of 1.60 percent recorded in April 2017. However, the Minister of Budget and National Planning, Mr. Udoma Udu Udoma, expressed government’s commitment to...
(APA 07/11/17)
Nigeria’s Inspector-General of Police (IGP) Ibrahim Idris has ordered the dismissal of four policemen attached to the Ijebu-Ode area command in Ogun State in south-western Nigeria for extortion. A statement by the Assistant Commissioner of Police, Abayomi Sogunle, who heads the police public complaints rapid response unit, said that the men were found guilty of extorting N50,000 from a man they arrested on trumped up charges. Local media reports on Monday said that the men were charged with discreditable conduct and corrupt practice under the First Schedule of Police Act and Regulations Cap. P19. Laws of the Federation of Nigeria 2004 and were dismissed after they were found guilty in an orderly room trial. “The four men on June 7,...
(AFP (eng) 07/10/17)
Sixteen-year-old Aisha slips into the white family planning tent at the Bakassi camp for displaced people in Maiduguri, northeast Nigeria, and whispers in case she is overheard. The teenager, among the hundreds of thousands of Nigerians who have sought sanctuary from Boko Haram Islamists in the region's biggest city, began taking a contraceptive pill three months ago. Despite her tender years, she has seen death and cruelty up close, fleeing into exile through the hostile, arid bush. But in the Bakassi camp, which is home to more than 21,000 people like her, she has to fight another type of attack.
(Bloomberg 07/10/17)
Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq said. OPEC and non-OPEC producers have invited the two African nations to their committee meeting in St. Petersburg, Russia, on July 24 to discuss the stability of their production, Almarzooq said on the sidelines of an energy conference in Istanbul. Almarzooq is chairman of the committee monitoring the compliance of OPEC and non-OPEC suppliers with output cuts that started in January and have been extended to March. “We invited them to discuss the situation of their production,” Almarzooq said. “If...
(Reuters (Eng) 07/10/17)
Libya and Nigeria may attend a joint meeting between OPEC and non-OPEC this month, Russia's energy minister said on Monday, as oil producers look for ways to cap rising production to help support oil prices. Both nations have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global prices LCOc1. This has prompted more talk among producers about including them in the pact. "We have spoken to (OPEC Secretary General Mohammad) Barkindo and in the next two weeks there will be conversations with them (Libya and Nigeria) and possibly we will invite them to the technical summit," Russian Energy Minister Alexander Novak told reporters on the sidelines of an industry conference in Istanbul. Six...
(Agence Ecofin 07/10/17)
The French Development Agency (AFD) has committed over € 1 billion in Nigeria since 2008, according to the French Ambassador to Nigeria, Denys Gauer (photo). Speaking while receiving a team from the Nigerian National Petroleum Corporation (NNPC) in Abuja on Monday, the Ambassador said the financial commitments were aimed at supporting sustainable growth with emphasis on economic diversification like access to power, among others. For his part, NNPC Spokesman, Ndu Ughamadu, disclosed that the investment climate in Nigeria at present is very conducive to attract investors as pipeline vandalism has reduced significantly. It should be recalled that the Agency recently announced plans to work with the NNPC to mobilize 1 billion euros from investors in France. An amount that will...
(Voice of America 07/10/17)
At least 6,000 people and 2,000 cattle fleeing conflict in Nigeria's Taraba state have been trapped under difficult humanitarian conditions in Cameroonian border villages. Dozens of the refugees are reported to have died and Cameroon medical staff are calling for assistance to care for the survivors. Twenty refugees have just arrived at the Atta Catholic health center. They look tired, hungry and thirsty after travelling long distances on foot from Nigeria's Taraba state. Their spokesman, 53-year old Bello Dewa Oumarou, said they are fleeing violent conflicts between the Mambilas and Fulani Muslim herdsmen. "Most of my people have ran off to Cameroon. The Mambila people wanted to wipe out the Fulani in the whole of Jos plateau. We tried to...
(Bloomberg 07/10/17)
A group of communities in Nigeria’s Niger River delta demanded a stake in an oil block it said it was promised when Royal Dutch Shell Plc sold its share to a local company six years ago. The communities in the Gbaramatu district, near the southern oil town of Warri, want 5 percent of a lease owned by Lagos-based Neconde Energy Ltd. and state-owned Nigerian National Petroleum Corp., according to a statement emailed by the group on Friday. Neconde “refused to fulfill the 5 percent equity share to the host communities, whose environment has been negatively impacted and devastated by oil activities, destroying our age-long traditional fishing business,” Momotimi Guwor, a spokesman for the communities, said in the statement. Impoverished groups...
(Reuters (Eng) 07/10/17)
The Nigerian government's efforts to secure peace in the oil heartlands of the Niger Delta are empty promises, community leaders say, threatening a return to violence that would derail any broader recovery in the crude-dependent economy. With Africa's biggest economy mired in recession, delegations including Acting President Yemi Osinbajo have held talks since February with community leaders in the restive oil-producing states in Nigeria's southeast. Oil exports are now set to exceed 2 million barrels per day (bpd) in August, the highest in 17 months, from as little as just over 1 million bpd at certain points last year. That is due to a steady decline in attacks on pipelines, providing a much-needed injection of cash into Nigerian government coffers...

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