Economy Titbits – November 28, 2017

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ECONOMY

Physically challenged persons protest at NNPC over jobs – There was heavy security presence at the headquarters of the Nigerian National Petroleum Corporation in Abuja on Monday as physically challenged persons besieged the oil firm to stage a protest. It was gathered that the protesters were members of the Joint National Association of Persons with Disabilities, Delta State Chapter, who demanded… Credit: Punch Read More

Fed Govt gave us ‘fake’ inputs, say cocoa farmers – Cocoa farmers yesterday raised the alarm over alleged procurement of ‘fake ‘chemicals and other inputs for its members by the Federal Ministry of Agriculture. The inputs, particularly fungicides, according to Cocoa Farmers Association of Nigeria (CFAN), have destroyed several cocoa trees and farms. The farmers want President Muhammadu Buhari to quickly address the issue which they say is a deliberate attempt by Federal Ministry of Agriculture officials, Abuja at sabotaging his efforts at rejuvenating cocoa production in the country. Credit: The Nation Read More

Govt contractors should pay higher taxes, says Balogun, ex-CITN boss – Both the federal and state governments should look inwards on how to develop new products that would boost their revenues. According to Mrs. Adebimpe Balogun, the former President of the Chartered Institute of Taxation of Nigeria (CITN), since each state of the federation is endowed with both human and natural resources… Credit: Daily Sun Read More

BATNF Interventions Benefit 18,000 Farmers – The capacity building initiatives by British American Tobacco Nigeria Foundation (BATNF) since 2002 have impacted over 18,000 smallholder farmers in many parts of the country, the Foundation’s Executive Director Abimbola Okoya has disclosed. Credit: THisDay Read More

Import Ban On 41 Items Attracted $10bn Investment – Emefiele – The Governor of Central Bank, Godwin Emefiele has said that Nigeria has attracted investment worth $10 billion following the import prohibition policy imposed on 41 items. Emefiele revealed this yesterday at an interactive session on the 2018 budget estimates and 2018-2020 Medium Term Expenditure Framework/Fiscal Strategy Paper between the members of the National Economic Committee and joint House Committee on Finance, Appropriation; Aids, Loans & Debt Management and Budget Research. Credit: Leadership Read More

Osinbajo: electricity tariff hike inevitable – Vice President Yemi Osinbajo said yesterday that higher electricity tariff was inevitable. He urged Nigerians to brace for a new regime. He spoke at the Sixth Presidential Business Forum held at the old Banquet Hall, Presidential Villa, Abuja. Credit: The Nation Read More

Axxela Invests N216bn To Boost Gas Infrastructure In Nigeria – Osunsanya – Axxela Limited, an indigenous gas player, has spent a whopping N216 billion ($600 million) in the development of over 260 kilometres of gas pipeline infrastructure, virtual pipelines, and captive power plants in the country. Credit: Leadership Read More

FG allots N256.23m in Savings Bond sales – The Federal Government has allotted N256.23 million in its November 2019 and 2020 savings bond sales, according to the Debt Management Office (DMO). The allotment results, obtained from its website showed that N72.42 million was allotted at 12.09 per cent with 177 successful subscriptions to mature in November 2019. Credit: Daily Sun Read More

Foreigners taking over Nigeria’s agric sector, says FG – Foreigners are currently taking over Nigeria’s agricultural sector as a result of the excessively high interest rates being demanded from indigenous agriculturists by Deposit Money Banks, the Federal Government has said. Credit: Punch Read More

Banks lend N1.06b to farmers in six months – Commercial banks have given out over N1.06 billion to the private agriculture sector in the first two quarters of this year. This was disclosed during the national symposium on agriculture organised by the Premium Times Center for Investigative Journalism in Abuja. The information was contained in Nigeria’s Agriculture in facts and figures printed by the center. Credit: THe Nation Read More

REGULATORS

Bankers, economists warn on dangers of bitcoin usage – International bankers and economists have sounded a warning about the mega risks involved in embracing bitcoin, which has lately soared to a new record high of more than $8,000. Six years ago, it traded for just one dollar. “It’s the exact definition of a bubble,” the head of Swiss banking giant, Credit Suisse, Tidjane Thiam, warned recently in comments that immediately sparked an uproar on social media among bitcoin’s supporters. Credit: Daily Sun Read More

‘VAIDS: Data, Information-sharing Agreements Will Expose Tax Dodgers’ – Tax defaulters and prospective taxpayers have been advised to seize the opportunity provided by the Voluntary Assets and Income Declaration Scheme (VAIDS) or risk being exposed through data and a series of information-sharing agreements to which Nigeria is a signatory. Credit: ThisDay Read More

Reps query Fed Govt’s N177b unauthorised bonds – The House of Representatives yesterday queried the unauthorised issuance of N177 billion bonds by the Federal Government. The bonds were initially included by the Ministry of Budget and National Planning in the 2017 Budget, as part of the government’s effort to pay off N2 trillion owed local contractors. It was however discovered to have been issued without the approval of the National Assembly. Credit: The Nation Read More

Fitch Ratings assigns B+ to Nigeria’s $1.5b Notes – Fitch Ratings has assigned Nigeria’s $1.5 billion 6.5 per cent Senior Unsecured Notes due November 28, 2027 and $1.5 billion 7.625 per cent Senior Unsecured Notes due November 28, 2047 the final rating of ‘B+’. The final rating replaces the expected rating of ‘B+ (EXP)’ that Fitch assigned on November 15. The expected rating is in line with Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a negative outlook. Credit: The Nation Read More

MARKETS

Global Spectrum Listing Adds N4bn to NSE Market Capitalisation – The listing of the shares of Global Spectrum Energy Services (GSES) Plc added N4 billion to the market capitalisation of the Nigerian Stock Exchange (NSE). A total of 800 million shares of GSES were listed on the NSE yesterday at N5 per share amounting to N4 billion. Credit ThisDay Read More

NSE Trading Resumes On Negative Trend, Index Drops By 0.31% – Activities reopened on the Nigerian Stock Exchange (NSE) on Monday on a negative trend, with the All-Share Index shedding 0.31 per cent. The News Agency of Nigeria (NAN) reports that the index lost 115.13 points or 0.31 per cent to close at 37,250.78 against 37,365.91 achieved on Friday. Credit: Leadership Read More

Nigerian, Moroccan stockbrokers sign agreement on mutual development – Nigeria and Morocco have extended the economic agreements between the two countries with the signing of a Memorandum of Understanding (MoU) between Association of Stockbroking Houses of Nigeria (ASHON) and Association Professionnelle des Sociétés de Bourse (APSB) of Morocco. Credit: The Nation Read More

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