Economy Titbits – November 22, 2017

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ECONOMY

Nigeria, Japan Sign MoU on N642m Aid Project – Nigeria and Japan on Tuesday signed a memorandum of understanding (MoU) for an aid project on economic and social development in Nigeria worth N642 million, to be funded by the Japanese government. Credit: THisDay Read More

FG mulls reduced interest rate for local manufacturers in Q1 2018 – The Federal Government’s commitment to support and encourage local manufacturing firms through access to cheap funds may soon be realised with the implementation of a reduced interest rate regime for local manufacturers in the first quarter of 2018. Credit: Guardian Read More

Reps to debate MTEF today, 2018 budget next week – John Ameh and Leke Baiyewu The House of Representatives on Tuesday fixed November 28 to begin the debate on the 2018 budget. The debate will last till Thursday. Credit: Punch Read More

Senate probes N2bn hydro-power fund — The Senate, yesterday, mandated its committees on Power and Public Accounts to probe amounts running into over N2 billion, including interest accrued, and collected on behalf of the Hydroelectric Power Producing Areas Development Commission (HYPPADEC). Credit: Daily Sun Read More

Reps query bid to spend $1.8bn on refineries – John Ameh, Abuja The House of Representatives on Tuesday queried the viability of further expenditure on the country’s four refineries and the daily allocation of 445,000 barrels of crude to the facilities. It queried a fresh bid by the Nigerian National Petroleum Corporation to spend $1.8bn on the Turn Around Maintenance of the refineries… Credit: Punch Read More

Experts seek policy to drive PoS penetration – Inadequate investments in Point of Sales (PoS) terminals have been identified as one of the major reasons the Central Bank of Nigeria (CBN’s) Cashless Economy initiative is not connecting as it should.Nigeria currently has about 150,000 terminals, which have been identified as grossly too inadequate to serve the projected 180 million people in the country. Credit: Guardian Read More

Reps to govt: stop sale of PHCN assets – The House of Representatives has urged the Federal government to stop further sale of some assets of the Power Holding Company of Nigeria (PHCN). The lawmakers said the sale of PHCN’s overtime cargoes was fraudulent with opportunities denied qualified bidders that have no personal relationships with those in charge of the exercise. Consequently, the Committees on Power and Public Procurement have been mandated to investigate the alleged fraudulent sale of the assets. Credit: The Nation Read More

FG revises GDP growth to 3.5%, submits adjusted 2018-2020 MTEF to Senate — The Federal Government, yesterday, presented a revised 2018 to 2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the Senate for consideration and passage. The government specifically adjusted the Gross Domestic Product (GDP) growth rate from 4.5 per cent to 3.5 per cent. Credit: Daily Sun Read More

‘50 % of trucks in Apapa have no business in port’ – A new report released by a leading maritime consulting firm, revealed that more than half of the container trucks visiting Apapa, Lagos daily have no immediate business to transact at the port. The report, which stemmed from an independent study conducted by Ships & Ports and a Don of the Lagos Business School, Dr. Frank Ojadi, also indicated that truckers that genuinely have business to do in Apapa Port spend an average turnaround time of two days. Credit: The Nation Read More

Nigeria, USA sign Commercial Investment Dialogue — Nigeria and the United States of America (USA) have signed a Memorandum of Understanding (MoU) on an investment instrument titled US-Nigeria Commercial Investment Dialogue (CID). The two countries signed the MoU at the Federal Ministry of Industry, Trade and Investment in Abuja, yesterday. Credit: Daily Sun Read More

REGULATORS

MPC retains lending rate at 14% – The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) yesterday, retained lending rate 14 per cent, even as it stressed the decision was intended to consolidate on and deepen the successes recorded by the economy in recent times. Credit: Daily Sun Read More

Illegal Arms Import: Nigeria To Clampdown On Shipping Firms – The Nigeria Customs Service (NCS) yesterday said it would begin seizure of any vessel that convey illegal arms and ammunitions into the country. Speaking at a stakeholders meeting with shipping companies, terminal operators, clearing agents and shippers organised by the Nigerian Shippers’ Council (NSC) in Lagos, the Comptroller-General of the NCS, Col. Hameed Ali (rtd) said it would no longer accept excuse by shipping companies that they are not in the know of the goods in the containers. Credit: Leadership Read More

MARKETS

Bourse relapsed 0.52%, as MPC maintains Rates – The Nigerian Equities market today closed lower by 0.52% to 36,600.07 basis points, against the previous day’s 36,792.60 basis points, as CBN rates’ decision aligns with larger section of projections. Credit: StocksWatch Read More

NSEs market capitalisation plunges by N61 billion – Price losses outweighed gains on the equity sector of the Nigerian Stock Exchange (NSE) yesterday, as most blue chip stocks depreciated in price, causing market capitalisation to plunge by N67billion. Credit: Guardian Read More

No sacred cow in the capital market, says SEC – Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has reiterated its commitment to wield the big stick against any major capital market operators and companies that violate the ethics of the market or engage in activities that infringe on investors’ confidence. Credit: The Nation Read More

Lagos Pays N141bn to Bond Subscribers – The Lagos State Government tuesday disclosed that it had paid a total sum of N141.59 billion to bond holders in its various fixed rate bond programmes. Credit: ThisDay Read More

GTI Securities picks Elumelu Group as bargain stocks – Leading investment firm, GTI Securities Limited, has picked United Bank for Africa (UBA) Plc and Transnational Corporation of Nigeria (Transcorp) Plc, as the two topmost stocks for consideration by investors. Tony Elumelu’s Heirs Holding is a major investor in both UBA and Transcorp. In its latest top-five stock picks, GTI Securities listed three other stocks as bargain stocks including Dangote Flour Mills, Zenith Bank and Dangote Sugar Refinery. Credit: The Nation Read More

FMDQ OTC Exchange Records N115trn Transactions in 10 Months – Trading in the secondary segment of the fixed income and currency markets operated by the FMDQ OTC Securities Exchange remained upbeat, recording transactions worth N115 trillion from January to October 2017. Transaction turnover had grown to N102.84 trillion as at end of September while the month of October accounted for N12.18 trillion. Credit: ThisDay Read More

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