Economy Titbits – November 13, 2017

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ECONOMY

Nigeria Gets N212.73b From Agricultural Exports In 2016 – Report – Nigeria realised N212.73 billion from agricultural product exports at the end of the fourth quarter of 2016. This was disclosed in excerpts of a book entitled: ‘‘Making steady, sustainable progress for Nigeria’s peace and prosperity: a mid-term scorecard on the President Muhammadu Buhari administration’’. Credit: Leadership Read More

NDIC pays N100bn to failed banks’ depositors – The Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Alhaji Umaru Ibrahim, has called on the depositors of liquidated banks to come forward and claim their entitlements as the Corporation has so far expended N100billion in paying the customers. Credit: Daily Sun Read More

External reserves will hit $40bn in 2018, says Emefiele – As the external reserves inched up to $34.3 billion last week, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has predicted 7 per cent rise in its accretion to reach $40 billion next year. Credit: Daily Sun Read More

NIRSAL, Union Bank launch N10bn Agric financing partnership – Ifeanyi Onuba, Abuja The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and Union Bank Plc have launched a N10bn financing partnership that will see the lender providing funds for the agricultural sector. Credit: Punch Read More

How Nigeria, Singapore Deal to Revive National Fleet Status Failed – The bid by the federal government to start a national fleet with private investors collapsed because the Nigerian government stock to obsolete laws that the foreign partners felt will make it impossible to recoup their return. Credit: This Day Read More

Unity Bank drives economic growth with NIRSAL account – Unity Bank Plc has developed Nigerian Incentive Risk Sharing System for Agricultural Lending (NIRSAL) Farmers Savings Account designed to help the bank execute key agreement for rural farmers. The NIRSAL is a Central Bank of Nigeria (CBN) initiative to increase the disbursement of the Anchor Borrower funds to more farmers at the grassroots level. Credit: The Nation Read More

Ikoyi cash: Whistle-blower’ll be paid this month, says Adeosun – The Minister of Finance, Mrs. Kemi Adeosun, on Sunday said that the whistle-blower who informed the Economic and Financial Crimes Commission of the N13bn recovered from an Ikoyi apartment in Lagos would be paid this month. Credit: Punch Read More

Hyundai unveils locally assembled Sonata – Hyundai has unveiled the remodelled midsized Sonata family sedan with standard and accessible features. Assembled locally at the Hyundai Motors Nigeria Limited plant in Lagos, the 2018 Sonata equipped with proximity key with push-button start, power driver’s seat as well as shiftronic gear system with courtesy door lamps. The car is also equipped with rear parking sensors/back warning camera, engine immobiliser and perceptible front grill among others. Credit: The Nation Read More

Economic Values Of CBN’s Planned Expansion Of ABP – The Central Bank of Nigeria (CBN) has announced a new plan to expand its agro-based – Anchor Borrowers’ initiative to cover another set of micro and large-scale farmers in the country, with a target to produce additional two million metric tonnes of paddy rice in a rekindled partnership with the Rice Farmers Association of Nigeria (RIFAN). The move is obviously to consolidate on the gains of the ABP and reach more deserving smallholder farmers nationwide. Credit: Read More

CBN commits N44b to Anchor Borrowers’ programme – The Central Bank of Nigeria (CBN) has committed N44.1 billion to the Anchor Borrowers’ Programme (ABP) through the 13 participating financial institutions. Its spokesman, Isaac Okorafor, disclosed this during the CBN Special Day at the just concluded 2017 Lagos International Trade Fair. He said the CBN is moving into commodity associations where over 300,000 farmers will be mobilised and about two million jobs will be created. Credit The Nation Read More

Stanbic IBTC restates commitment to SMEs growth – Stanbic IBTC has restated its commitment to providing right support, solutions and capacity development to the Small and Medium-scale Enterprises. The Head, Enterprise Banking, Stanbic IBTC, Mr. Babatunde Akindele, said the lender had realised that the SMEs remained the lifeblood of the economy providing employment opportunities and contributing to economic growth. Credit: Punch Read More

FG begins process of disbursing $100m CVFF – After 14 years of non-implementation of the Cabotage Vessel Financing Fund (CVFF), which is now over $100 million, the Federal Government has begun the review of the scheme with a view to disbursing the fund to qualified shipowners. Credit: Daily Sun Read More

REGULATORS

CBN writes banks, requests for accounts without BVN – Oyetunji Abioye The Central Bank of Nigeria has written a letter to the Deposit Money Banks in the country, asking them to submit list of customers and bank accounts without bank verification number. The letter came after a Federal High Court in Abuja ordered the CBN and 19 banks to freeze accounts without the BVN. Credit: Punch Read More

CAC’s Reforms Instrumental To Nigeria’s Business Ranking – The acting registrar-general, Corporate Affairs Commission (CAC), Lady Azuka Azinge, has commended Nigeria’s improved ranking on the World Bank ease of doing business 2018 from 169 to 145 and observed that the reform initiatives of the Commission in respect of start-up-to business contributed to the improvement in the index. Credit: Leadership Read More

CBN’s policy saves N217b from rice import – The capital control policy of the Central Bank of Nigeria (CBN), which excluded 41 items from accessing foreign exchange (forex) at the official window, saved the country N217 billion ($600 million) worth of forex in its first full year of implementation in 2016. Credit: Guardian Read More

NCRIB advocates compulsory Agric insurance for economic growth – The Nigerian Council of Registered Insurance Brokers (NCRIB) has underscored the need for government to make agricultural insurance compulsory in the country. NCRIB President, Shola Tinubu, made this known while addressing Course 39 set of the Nigerian Institute of Policy and Strategic Studies (NIPSS), Kuru. Credit: The Nation Read More

Investors to use BVN as valid identification – Investors in the Nigerian capital market will soon be able to use their Bank Verification Number (BVN) as a means of identification as capital market regulators seek to widen the scope of customer verification. A circular obtained by The Nation at the weekend indicated that Securities and Exchange Commission (SEC), the apex capital market regulator, has started the process of amending capital market’s rules to pave way for the admission of BVN as part of acceptable means of identification Credit: The Nation

MARKETS

Shareholders May Shun Shares Of 6 Insurers Planning To Raise N22bn– The expectation of six insurance companies ready to raise about N22 billion capital from the Nigerian Stock Exchange(NSE) may suffer a set back as there are indications that shareholders, especially the retail ones, are not ready to buy insurance shares, LEADERSHIP can exclusively reveal. Credit: Leadership Read More

Shareholders back NSE’s one-kobo pricing rules – Retail shareholders have expressed support for the planned implementation of a new pricing rule that will allow stocks on the Nigerian Stock Exchange (NSE) to trade below their nominal value and as low as one kobo. Credit: The Nation Read More

SEC urges shareholders to key into capital market initiatives – The Securities and Exchange Commission (SEC) has enjoined all shareholders to take advantage of the initiatives introduced in the capital market aimed primarily at strengthening the market and accelerating economic development. Credit: Guardian Read More

Prestige Assurance projects N9billion forecast for GPI by 2021 -Leading underwriting firm in the country, Prestige Assurance Plc has revealed plans to boost its gross premium income by N9 billion in the year 2021.This, was revealed at the floor of the Nigerian Stock Exchange (NSE) by the Managing Director/ Chief Executive Officer Dr. Balla Swamy, at the presentation of the company’s Fact behind the figure that it’s gross premium income is expected to grow from N3..4 billion in 2017; N5.2billion in 2018; N6.6 billion in 2019; N7.5 billion in 2020 and N9billion at the end of 2021. Credit: Guardian Read More

Stanbic IBTC Pension Managers Assets Hit N1.7trn – Stanbic IBTC Pension Managers Limited has paid over N279 billion to retirees since its inception in 2006. Between January and June this year, over 5,000 new retirees also received their benefits from the Pension Fund Administrator (PFA), increasing the number of individual retirement savings account (RSA) holders nationwide with it to over 1,500,000. A total of N16.6 billion was paid to retirees from January to June this year. Credit: Leadership Read More

Stocks: Analysts envisage buy sentiment as week opens – Stanley Opara Analysts in the country’s financial market are expecting equities to start the week on a positive note given the events of the immediate past week. The Nigerian bourse had closed on a positive stance following buy pressures which dominated counters that had previously shed value. “Given the slightly positive market breadth and strong… Credit: Punch Read More

Africa’s mobile subscriptions to hit 310m by 2023 – Long Term Evolution (LTE) subscriptions will expand by 47 per cent from 30 million in 2017 to 310 million by 2023 in Nigeria and the entire Sub-Saharan Africa, latest Ericsson Mobility Report, has said. Ericsson is a world leader in communications technology and services with headquarters in Stockholm, Sweden The report also announced that mobile subscriptions in Sub-Saharan Africa are expected to grow by six per cent, between 2017 and 2023, from 700 million mobile subscriptions in 2017 to 990… Credit: The Nation Read More

May & Baker grosses N322m profit in 9 months – May & Baker Nigeria Plc. has grossed a pre-tax profit of N322.3 million in its unaudited third quarter results, spanning nine-month period, which ended on September 30. A statement from the company says this represents a 486 per cent growth. The previous year’s return of N66. 23 million profit before tax shows that the company hugely shrugged off the recession hangover of 2016. Credit: Daily Sun Read More

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