Sunday 28 May 2017
(Financial Times 04/27/17)
Government looks to revive economy via spending on big infrastructure projects. Muhammadu Buhari, Nigeria’s president, is seeking approval from lawmakers to borrow nearly $6bn from the Export-Import Bank of China for railway projects, as his government seeks to revive a recession-hit economy through spending on big infrastructure projects. Nigeria’s economy suffered its first contraction in 25 years last year, a sign of its near total dependence on revenues from oil exports. Mr Buhari’s administration hopes capital projects will create jobs and help the economy bounce back, and said late last year it would boost its foreign borrowing in 2017 to fund that spending. The country sold a $1bn Eurobond that was almost eight times oversubscribed in February and has not...
(AFP (eng) 04/27/17)
Nigeria's president has missed the last two meetings of his cabinet, a senior minister said on Wednesday, in comments likely to fuel fresh speculation about the head of state's health. Muhammadu Buhari, who spent two months on medical leave in London earlier this year, missed the meeting "because he asked that he be allowed to rest", said information minister Lai Mohammed. Vice-President Yemi Osinbajo, who stood in as acting president during 74-year-old Buhari's time in the British capital, chaired the meeting, Mohammed told reporters. "He will be working from home. He has asked all his files to be taken to him in the house," he added. The weekly cabinet meeting was last held before Easter on April 16 but again...
(Reuters (Eng) 04/27/17)
Nigerian President Muhammadu Buhari is seeking parliament's approval for a proposal to borrow $5.85 billion from China to modernize its rail network and another $1.075 billion from the World Bank to help rebuild the insurgency-torn northeast. Buhari urged parliament in a letter to approve the railway borrowing because China has a limit on funds available from its China Africa Fund. The president wants to sign loan agreements as soon as China approves the project. "These loans form part of the overall money for the rail strategy," Buhari said in the letter. The loans are part of the government's 2016-2018 foreign borrowing plan, he said. Buhari also asked lawmakers to also approve a $1.075 billion loan to help rebuild the northeast,...
(Reuters (Eng) 04/27/17)
The government approved a house-to-house search in northern Nigeria to identify those afflicted with meningitis for vaccination and treatment. A meningitis outbreak in Nigeria has killed 813 people so far this year, the country’s health minister said, as Africa’s most populous country and aid organisations attempt to tackle the surge in infections. The government on Wednesday approved a house-to-house search in northern Nigeria to identify those afflicted with meningitis for vaccination and treatment, Isaac Adewole told reporters after a cabinet meeting under vice president Yemi Osinbajo. The West African nation in April launched a mass vaccination campaign as part of its emergency response to the outbreak in its northwestern states, the Nigeria Centre for Disease Control (NCDC) has said. The...
(AFP (eng) 04/27/17)
Nigerian international goalkeeper Vincent Enyeama will miss the last four games of the season with a knee injury, his Lille coach Franck Passi said on Thursday. Enyeama, his country's most capped player with more than 100 appearances for the Super Eagles, was injured against Rennes on April 15. Passi said Enyeama, 34, would undergo an operation next week to "clean up" the knee. "It will therefore be difficult for him to play again before the end of the season because he needs two to three weeks (rest) before returning," said Passi.
(AfricaNews 04/27/17)
253 Nigerian nationals stranded in Libya have been returned home with the help of the United Nations migration agency International Organisation for Migration (IOM). An Airbus A333-200 airplane with registration number 5A LAT disembarked 140 women, 102 men and 11 children at the Murtala Muhammed International Airport in Lagos on Tuesday. Officials of the National Emergency Management Agency (NEMA) were at the airport to help the returnees go back to their families. “We are giving them some stipends. We need to let them realize that the country they left some years ago is not the same country they are meeting today. We have moved ahead and everybody now has equal opportunity to be the best you can be,” NEMA Director...
(Reuters (Eng) 04/27/17)
The Nigerian navy has arrested 10 suspects after intercepting a vessel carrying stolen crude oil off the coast of the Niger Delta, a senior military official said on Wednesday. The suspects - a Nigerian, two Pakistanis, three Ghanaians, one Indonesian, one Beninois and two Ukrainians - had siphoned about two thousand metric tonnes of crude oil from a loading facility belonging to Shell Petroleum, the official said. "The suspects were caught in the early hours of Tuesday while siphoning crude oil into the vessel from Afremo A platform, a loading jacket belonging to the Shell Petroleum and Development Company in Forcados River," Navy Commodore Ibrahim Dewu, commander of the NNS Delta, said in a statement. Nigeria is the world's eighth...
(Premium Times 04/27/17)
Lagos State had a local debt stock of N311.7 billion as at December 31, 2016, according to the Debt Management Office. The state, referred to as the commercial hub of Nigeria, had the highest local debt stock in the country during the period. A document posted on the Website of DMO disclosed that total local debts of the 36 states and the Federal Capital Territory, FCT, was N2.958 trillion as at December 31, 2016. Delta followed Lagos with N241.3 billion in local debts, while Akwa Ibom came third with N155.4 billion in local debts. The three states were followed by FCT with N152.8 billion debt stock, Osun with N147 billion, Rivers N142.4 billion and Bayelsa N140.1 billion. The document also...
(Bloomberg 04/27/17)
Nigeria detained a vessel with crew members from countries including Pakistan, Indonesia and Ukraine for alleged theft of crude from a facility owned by Royal Dutch Shell Plc, the navy said. The tanker, MT TECNE, was apprehended before dawn on April 25 while loading crude from the Afremo platform operated by Shell’s Nigerian unit, Ibrahim Dewu, a navy spokesman, said Wednesday by phone from the southern city of Warri. “They had siphoned about 2,000 metric tons of crude oil from the loading jacket before their arrest,” he said. A Nigerian, three Ghanaians and a Benin national were among the crew arrested, he said. Organized criminal gangs have for years stolen crude from pipelines and facilities in the Niger River delta,...
(Bloomberg 04/27/17)
A Nigerian lawmaker said work on passing the overdue 2017 budget stalled after police raided his house last week and took away key papers. The police denied confiscating any budget-related document. “The police truncated work on the 2017 budget by the invasion of my house,” Senate Appropriations Committee Chairman Danjuma Goje told reporters Wednesday in the capital, Abuja. “I don’t know if the police are now working on the budget.” The committee is tasked with making recommendations on President Muhammadu Buhari’s budget to the Senate, which then decides whether to accept it. Lawmakers are yet to approve the spending plan after Buhari presented it to them on Dec. 14. Though the 2016 budget was only signed into law on May...
(Xinhuanet 04/27/17)
The West African bloc is seeking to strengthen the role of the private sector in health service delivery in the sub-region as financing sources become increasingly difficult, Dr. Xavier Crespin, Director General of the West African Health Organization (WAHO), disclosed here on Monday. He explained that, for the sub-region to be able to attain its health targets, both public and private sector support would be critical in financing the health delivery needs of the countries. Dr. Crespin emphasized this during the opening of a day’s sub-regional meeting for both public and private sectors organized by WAHO here to develop a strategic framework for Public-Private Partnership (PPP) in the health sector. “We cannot really continue to do ‘Business as Usual’. It...
(Business Day Ghana 04/27/17)
There are currently 960 million mobile subscriptions across Africa – an 80 percent penetration rate among the continent’s population. Internet penetration is at 18 percent with 216 million internet users, according to the latest Jumia mobile trend report for Africa. The 2017 edition of the African Mobile Trends Paper is the third white paper presentation from Jumia delving into mobile trends across Africa and specifically Nigeria. The study takes a look at the how the market has democratised mobile internet use, the consumer behaviours driving increased smartphone adoption and the role of mobile brands, mobile operators and m-commerce in creating a synergy of an enhanced customer experience. This year’s Mobile Africa Study was carried out in 15 African countries which...
(AFP (eng) 04/26/17)
More than 800 people have died in a meningitis outbreak in Nigeria but the disease is now spreading more slowly, health minister Isaac Adewole said on Wednesday. "As of yesterday (Tuesday), the number of deaths stood at 813," he told reporters in Abuja after a cabinet meeting. "As of now, we are noticing a decline. "This is week 16. This is also expected because we are moving away from the active season. We are confident that in the next couple of weeks everything will be over." The outbreak of meningitis C is concentrated in northern Nigeria, where a mass vaccination programme has begun to limit its spread.
(AFP (eng) 04/26/17)
Three suicide bombings rocked the northeast Nigerian city of Maiduguri on Wednesday, killing one civilian militia member and injuring several others, security personnel told AFP. The bombings came two days after multiple suicide attacks near the strategic city that killed four members of the civilian joint taskforce (JTF) and injured two others. "There have been three suicide bombings in the city this morning in which one civilian JTF was killed and one other wounded," a senior military officer, who asked not to be identified, said. In the first blast, a female suicide bomber struck near a sprawling camp for displaced people in the Muna
(Premium Times 04/26/17)
President Muhammadu Buhari on Wednesday, again sought the approval of the National Assembly for the federal government to secure about $6.4 billion dollar loans from the World Bank and China to fund infrastructural objectives across the country and combat polio outbreak in the North-East. In a letter separately read by Senate President Bukola Saraki and the Speaker of the House of Representatives, Yakubu Dogara, Mr. Buhari sought approval to borrow a total of $5.851 billion from China to fund Nigeria's railway projects. In the letter, Mr. Buhari asked the lawmakers for quick approval to enable Nigeria access the China-Africa fund package already included in 2016-2018 external borrowing plan which was forwarded to the National Assembly last August. The Senate had...
(Vanguard 04/26/17)
MCKINSEY Global Institute (MGI), yesterday, said that financial services within Nigeria’s digital economy could add $88 billion and create over three million new jobs over the next 10 years. MGI is a worldwide business and economic research arm of McKinsey, established in 1990 to develop a deeper understanding of the evolving global economy. In a communication to the Federal Ministry of Industry, Trade and Investment, the Institute also indicated that potential gains of the digital economy will be manifest in digital accounts, payments, mobile money, health and educational services and other sectors of the economy. Speaking at the first ministerial meeting of the United Nations Conference for Trade and Development (UNCTAD) e-Commerce week in Geneva the Minister of Industry, Trade...
(Bloomberg 04/26/17)
There’s a lot riding on Nigeria’s new foreign-exchange platform. The system -- called the Investors’ and Exporters’ FX Window -- is the government’s latest attempt to lure back traders who fled in the past two years. The idea is that by creating a market for some types of investment transactions, policy makers can satisfy calls to float the currency without risking an inflationary spiral that may come from a devaluation. Eventually, it would attract foreign funds and alleviate the shortage of dollars. While analysts warn that it may be weeks before they’ll have a clear idea of how it’s functioning, here is what traders need to know: What is it? Nigeria, unlike other crude exporters such as Russia, Colombia and...
(BBC News Africa 04/26/17)
The cash-strapped Nigeria Football Federation (NFF) has received a financial boost from an energy company worth around US$9.2 million over the next five years. The deal with the Aiteo Group will commence on 1 May. "This will make it easier for us to plan adequately for our national teams," NFF boss Amaju Pinnick said. "It is important to note that this will also take care of the national team coaches' salaries." Pinnick hopes that this means no repeats of problems paying national team coaches that has troubled the NFF in the past. "There will be no owing of coaches for the next five years," he added. "This lucrative deal with Aiteo will cover all the national teams and has an...
(Xinhuanet 04/26/17)
The Belt and Road (B&R) Initiative is a golden opportunity to bring about regional integration and sustainable economic growth for Africa, said Berhane Gebre-Christos, special envoy of the Ethiopian Prime Minister, on Tuesday. The special envoy made the remarks at the opening of a seminar organized on the B&R Initiative in Ethiopia's capital Addis Ababa. Welcoming the initiative, the special envoy said he is looking forward to the expected effects of the initiative. "The B&R is a project that will affect millions of people, and it will be one of the most important issues of the 21st century," he said, adding that the comprehensive approach of China means that the aspirations and development strategies of all countries involved will be...
(Bloomberg 04/25/17)
Nigeria’s central bank will let the market determine the naira’s rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage. Naira forward contracts and banking stocks rose. Governor Godwin Emefiele told senior bankers that he would tolerate the naira weakening in the window, which started today, according to a person who attended meetings with the policy maker over the past two weeks. While that may cause the currency to depreciate to its black-market level, the central bank probably won’t devalue the interbank exchange rate, the person said, declining to be identified because

Pages