Naira closes at 363/dollar as CBN sells $536m – Nigeria Economy news

  • Oyetunji Abioye
    The naira closed at 363 per United States dollar at the parallel market on Monday despite the sale of the sum of $536m on Friday and Monday by the Central Bank of Nigeria.
    The naira closed at 363/dollar on Friday.
    Specifically, the central bank intervened in the inter-bank foreign exchange market with the sum of $210m to meet customers’ requests in various segments of the market on Monday.
    This was in addition to the $325.64m retail Secondary Market Intervention Sales made

  • By Sebastine Obasi
    THE oil market has rebalanced as Brent will reach $82.50 a barrel within six months, Goldman Sachs, a leading global investment banking, securities and investment management firm that provides a wide range of financial services said.
    Goldman Sachs has held one of the most optimistic views on the re-balancing of the oil market and oil prices in the near term. It sees the price of brent reaching $75 per barrel within three months, lifting its short-term oil price projection

  • By Sebastine Obasi
    The local content policy of the Federal Government appears to be on course as 150 indigenous engineers have undergone training in refinery operations preparatory to take-off of Dangote Refinery and Petrochemical Plant.
    Speaking on the training in a media chat, Mr. Mohan Kumar, the company’s Director of Human Capital Management and Project Support, stated that 22 of such engineers had just returned from Mumbai, India. Kumar said the young engineers were trained at

  • …oil export dips by 2.4% in fourth quarter
    By Michael Eboh
    Nigeria crude and oil gas sales rose sharply to N1.22 trillion in 2017, according to data obtained from the Central Bank of Nigeria, CBN.
    The CBN, in its Economic Report for the Fourth Quarter of 2017, disclosed that the amount earned by the Federation from crude oil and gas sales in 2017, appreciated by 213.6 per cent or N831 billion as against N389.55 billion recorded in 2016.
    Giving a breakdown of the country’s oil and ga

  • By Peter Egwuatu
    The Nigerian Stock Exchange, NSE, has approved the voluntary delisting of Seven-Up Bottling Company Plc (7-Up) after it received a takeover bid from its majority shareholder, Affelka, aimed at restructuring the soft drinks bottler. The Exchange’s approval which came into force last week, followed suspension of trading in the company’s shares last month following the planned delisting.
    The floor of Stock exchange
    In January, 7-Up’s minority shareholders backed a

  • By Daud Olatunji
    OGUN State Governor, Senator  Ibikunle Amosun has called for the  legislation that will unbundle the energy sector, currently in the exclusive list of the Federal Government.
    Governor of Ogun State, Senator Ibikunle Amosun
    The governor said this over the weekend during the inauguration of 85KWP Solar Hybrid Mini-Grid Project in Gbamu-Gbamu village in Ijebu East Local Government Area of the state.
    According to Amosun, the legislation would provide a clear framework and

  • Seplat Petroleum Development Company Plc, operator of the NNPC/SEPLAT Joint Venture launched the inaugural edition of its Eye Can See and Safe Motherhood signature Corporate Social Responsibility (CSR) programmes for communities situated in the operational area of its Eastern Assets at Izombe, Imo State, on Friday, February 9, 2018. The programme was initiated six years ago in Sapele, Delta State, the operational base of SEPLAT’s Western Assets.
    The CSR Programmes’ launch witnes

  • By Naomi Uzor
    The Consul General, United States of America, USA, embassy in Nigeria, Mr John F. Bray, has identified security challenge as one of the foremost issues that dissuade the influx of American investments to Nigeria.
    John Bray
    He said headline making insurgencies such as the herdsmen-farmers clashes, Boko Haram menace, infrastructure vandalism, kidnapping and hostage-keeping, among other security threats impact negatively on the choice of Nigeria for business destinations.
    Bray disclos

  • By Babajide Komolafe
    First Bank of Nigeria Limited said that over N1 trillion transactions have been processed on its 894 quick banking, USSD based channel.
    The bank disclosed this in statement yesterday adding that over N3 trillion worth of transactions is projected to be processed this year alone.
    According to the bank its USSD grew by about 250 percent in 2017 to now over 4.5 million customers with a target base of over 6.5million before the end of this year.
    It stated: “Over 60 percent

  • Omodele Adigun
    In line with its resolve to inspire confidence and promote a financially secure future among Nigerians, PAL Pensions has unveiled a new campaign tagged ‘Retire with a Smile’ to encourage more individuals to save towards retirement.Addressing the media during the unveiling recently in Lagos, its Head, Brand Management and Corporate Communications, Mrs. Sunmisola Mark-Okoma, stated that at the core of the “campaign is the need to encourage the younger demography to

  • Steve Agbota
    As part of its commitment to the economy, Nestle Nigeria  Plc has invested N74.1 billion on its operations in the last five years.
    Its Managing Director / Chief Executive Officer, Mauricio Alarcon, disclosed this Thursday when the Vice President Yemi Osinbajo commissioned the N4.1 billion Milo Ready-To-Drink (RTD) plant in Agbara, Ogun State.
    According to him, Nestle will continue to invest in the development of Nigeria’s people, in the innovation of new products to meet

  • Adewale Sanyaolu; Ekeogu Justice
    The Distillers and Blenders Association of Nigeria (DIBAN), a Sub-Sectoral Group of Manufacturers Association of Nigeria (MAN), has raised the alarm over the threat to its N420 billion investment due to the recent proposal to increase excise duties.
    The group, in an open letter to President Muhammadu Buhari, said the proposal by the Federal Government for an upward review of excise duties, levies/tax on locally produced wines and spirits will equally threate

  • Omodele Adigun
    “The mandate of the Nigeria Export-Import (NEXIM) Bank, as an agency of the Federal Government, is to grow the non-oil export by participating in its financing.”This mandate, as stated above by its Managing Director/Chief Executive, Mr. Abba Bello, received a fillip when the Central Bank of Nigeria (CBN), last December, reinstated the N500 billion Export Stimulation Facility (ESF) as well as NEXIM’s N50 billion Direct Intervention Fund (DIF) to boost the&nbs

  • Chinenye Anuforo
    Current statistics from the Nigerian Stock Exchange (NSE) has shown that Foreign Portfolio Investments (FPIs) last year hit N1.208 trillion, accounting for about 48 per cent of total transactions.
    The data also showed that FPI, which was N1.539 trillion in 2014, however, shrank to N518 billion in 2016, but increased significantly by 133 per cent in 2017.
    Further analysis of the data also showed that over an 11-year period, domestic transactions have decreased by 62.46 per cent f

  • Uche Usim, Abuja
    The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) has signed a Memorandum of Understanding (MoU) with German-based Riela Projects GNA Limited to boost commercial agriculture with advanced agricultural technologies that will reduce the N2.7 trillion annual post-harvest losses.
    This move, according to NIRSAL, is also in line with its focus on sustainable value chain-driven solutions for agriculture.
    Speaking in Abuja at the MoU signing ceremony, the

  • By Destiny Eseaga
    The volume of leasing business in Nigeria crossed a trillion Naira mark.
    Equipment Leasing Association of Nigeria, ELAN disclosed this in a report, which showed that the ‘outstanding lease volume’    increased from N189.9 billion in 2006 to N1.26 trillion in 2016. It also showed that finance lease remained the predominant type of leases, accounting for 70 percent of the transactions while operating lease accounted for 30 percent.
    The ELAN report further re

  • Chinenye Anuforo; Chinwendu Obienyi
    Equities trading on the Lagos floor of the Nigerian Stock Exchange (NSE) last month closed on a positive note with investors’ net worth bsoaring by 15.95 per cent due to increased activities ahead of 2018 earnings season.
    The All-Share Index (ASI), which opened for the year at 38,243.19 increased by 6100.46 points to close at 44,343.65 on January 31, 2018.
    Sustaining the momentum, the NSE Banking Index, Pension Index, Industrial Index and Premium In

  • THE management of the Benin Electricity Distribution PLC
    (BEDC) has promised improved service delivery to its customers in Edo, Delta, Ondo and Ekiti states.
    BEDC made this pledge at the graduation ceremony of the third set of BEDC graduate trainees and second set of technician trainees, held in Benin City last weekend.
    In her opening remarks, Managing Director/CEO of the company, Funke Osibodu, said the company was committed to rendering better service to its customers.
    She said the

  • …DISCOs’ remittances to NBET still below 30%…Nigeria’s hydropower plants comatose despite FG intervention
    By Prince Okafor
    DESPITE over 192 trillion standard cubic feet of gas reserves yet to be tapped, power plants in the country still lack adequate gas to run turbines, giving rise to N40.548 billion revenue losses by the sector in one month.
    This loss was due to insufficient gas supply, distribution infrastructure, transmission infrastructure and water res

  • The Senior Staff Association of Electricity and Allied Companies, TCN Branch, has commended the efforts of the TCN on attaining new national peak load for the country.
    In a statement signed by the association’s branch Secretary, Mr. Yerima Hassan, the association stated: “ We attained two new national peak loads of 5,155mw and 5,222.4mw  on December  8th and 18th, 2017 respectively. The previous national peak load was recorded on February 2, 2016 and it was 5,074mw.

  • By Dennis Udoma
    PLANS are underway for the establishment of Qua Iboe Power Plant, a new electricity company by Akwa Ibom State Government. The Qua Iboe Power Plant project, which is to be cited at Qua Iboe On-shore Terminal in Ibeno Local Government Area of the state would be operated under Public Private Partnership Agreement (PPA), with the Nigerian National Petroleum Corporation (NNPC) Joint Venture, Dangote Group, Black-Rhino, African Development Bank, International Finance Consortium (I FC)

  • THE Management of NIPCO Plc has explained why the workforce of the downstream giant has remained the major asset of the company since its inception in 2004.
    Managing Director of the company, Mr. Sanjay Teotia who was reflecting on the performance of the integrated downstream operator at the company’s long service awards in Lagos said: “Your efforts over the years have made the organisation remain a benchmark for operators in the downstream sector of the nation’s oil and gas ind

  • Capital flight plaguing the country must be curtailed if the oil industry domesticates training of oil and gas workers, Dr. Afe Mayowa, President of Oil and Gas Trainers Association of Nigeria (OGTAN), has said.
    Ikoyi cash seized by EFCC
    Speaking ahead of the forthcoming maiden edition of the Nigeria Education Summit of the association billed for April 16, Mayowa emphasised the need to deepen the domestication of training as well as promotion of research and development in the oil sector. Accord

  • Gbenga Odogun, Lokoja
    The Speaker, House of Representatives, Yakubu Dogara, has said the National Assembly will resist any move for the concession of Ajaokuta Steel Company Limited, saying doing so will amount to mortgaging Nigeria’s future.
    The Speaker, who said it was a collective shame to all leaders that the project had yet to be completed after so many years, made these statements when he led members of the House Committee on Steel to Ajaokuta Steel in Kogi State on Monday.
    Dogara als

  • Okechukwu Nnodim, AbujaThe Nigerian electricity supply industry is losing an estimated N24bn monthly as a result of the importation of fuel such as diesel for alternative sources of energy, the Minister of Power, Works and Housing, Babatunde Fashola, has said.
    According to Fashola, Nigerians consume about 300 million litres of diesel every month and 75 per cent of this volume is imported, while about 40 per cent is used in generators to produce electricity.
    The minister stated these at the 24th

  • Rasheed Bisiriyu
    At least 1,400 buildings marked for demolition in Abeokua, Ogun State, to pave the way for the construction of the $1.5bn standard gauge Lagos-Ibadan rail line may no longer be pulled down, the Minister of Transportation, Rotimi Amaechi, has said.
    The minister, who spoke to journalists on Monday in Ibadan, Oyo State, after a meeting with officials of the contractor handling the project, China Civil Engineering Construction Corporation, said the Federal Government would thus be s

  • Okechukwu Nnodim, AbujaMany states in the North are still suffering untold hardship caused by the severe scarcity of Premium Motor Spirit, popularly known as petrol.
    Kaduna, Nasarawa and Niger states as well as the Federal Capital Territory have been experiencing persistent petrol scarcity since last year, while it was gathered on Monday that the queues for PMS had started spreading to other states in the North.
    Some consumers of the commodity told our correspondent that queues were seen in fron

  • Ifeanyi Onuba, Abuja
    The Nigeria Incentive-based Risk Sharing System for Agricultural Lending has signed a Memorandum of Understanding with Riela Projects GNA Limited to boost commercial agriculture in the country.
    NIRSAL was incorporated in 2013 by the Central Bank of Nigeria to improve lending to agriculture by addressing the underlying reasons why banks do not lend to the sector.
    The partnership, which was sealed in Abuja, is designed to leverage advanced agricultural technologies from Europe

  • Ifeanyi Onuba, Abuja
    The Minister of Finance, Mrs. Kemi Adeosun, will on Thursday speak on the issue of taxation and revenue leakages at a tax conference organised by the Organisation for Economic Cooperation and Development at the United Nations in New York, United States.
    The Platform for Collaboration on Tax Conference, which will hold between Wednesday and Friday, is a collaborative initiative of the United Nations, OECD, International Monetary Fund and the World Bank Group.
    The Director of