CSR NEWS SUMMARY ISSUE 155

#Economy: Naira Suffers Severe Loss in All Market Segments

The Naira on Monday suffered severe defeat against the dollar in all the major segments of the market, the News Agency of Nigeria (NAN), reports. At the interbank segment of the market, the naira lost 53 kobo to close at N308.32, from N307.79 posted on Friday. Trading at the Bureau De Change (BDC) showed that the naira lost 5 points to exchange at N445 against the dollar, while it traded for N565 and N480 against the Pound Sterling and the Euro respectively.

Published in the Premuim Times Nigeria Newspaper on Monday, September 26, 2016

#Infrastructure: Nigeria To Launch Mass Housing Scheme; Targets 400,000 Homes

The finance minister, Kemi Adeosun, has said that the N500 billion new housing fund approved by the National Executive Council last week would stimulate economic activities and return the economy to the path of growth.

Published in the Premium Times Nigeria Newspaper on Monday, September 26, 2016

#StakeholdersAction: World Bank Blames Poor Service Delivery on Low Productivity

A research by World Bank has revealed that low productivity of workers is largely responsible for poor service delivery in Nigeria’s education and health sectors. The research, conducted by the World Bank in partnership with the African Economic Research Consortium (AERC) and the African Development Bank Group (ADB), suggested increased spending and improved services to address the identified issues.

Published in the Vanguard Newspaper on Monday, September 26, 2016

#Agric: World Bank, Food Technologists Promote Preservation Tech for Agribusiness

Amid quest by Nigerian governments at all levels to drive diversification of the economy away from oil base, a World Bank sponsored campaign for agro-product preservation technology has commenced in the country. Food technology experts at an investment forum last week in Lagos canvassed for application of Flash Dryer technology for agricultural produce in order to make them less perishable and stem the magnitude of wastages amongst small and medium scale agribusinesses.

Published in the Vanguard Newspaper on Monday, September 26, 2016

#Power: Nigeria Lost 3000mw Of Electricity In The Last Six Months – Fashola

The Minister of Power, Works and Housing, Babatunde Raji Fashola, has attributed a colossal loss of 3000 megawatts in the last six months (between April and September) to consistent vandalisation and sabotage of the country’s pipelines and assets. Fashola who gave this disclosure at the Wilson Centre, Washington DC, USA on the sidelines of the just concluded United Nation’s meeting, said, “over 3000 megawatt of power had been lost over the last six months due to consistent vandalism and sabotage of oil and gas pipelines and assets.”

Published in the Vanguard Newspaper on Monday, September 26, 2016

#Infrastructure: Borno Needs N30bn to Rebuild Bama

About N30 billion is needed to complete the ongoing rebuilding of residential houses and public structures destroyed by insurgents in Bama Local Government Area of Borno State. The Commissioner for Reconstruction, Rehabilitation and Resettlement, Dr. Babagana Umara Zulum, disclosed this in an interview in Bama Monday, soon after inspecting ongoing reconstruction work with Governor Kashim Shettima, who had to relocate his office temporarily to the town since last Wednesday to fast track and supervise the projects.

Published in the Vanguard Newspaper on Monday, September 26, 2016

#Oil: Avengers Force Shell to Shut down Nigeria’s Major Crude Oil Export Line

Nigeria’s crude oil production suffered fresh set back Monday as Trans Niger Pipeline, (TNP), which exports about 180, 000 barrels of crude oil per day was shut down as a precautionary measure after a fire was seen on the “right of way” at Gio community in Ogoni land, one of the two pipelines that export Bonny Light crude oil.

Published in the Vanguard Newspaper on Monday, September 26, 2016

#Investment: AfDB to Invest $10bn In Nigeria By 2019, Says Adesina

The African Development Bank (AfDB) says it will increase its investment in Nigeria by $4.1 billion between 2016 and 2017 and raise it up to $10 billion by 2019. The Bank’s President, Dr Akinwumi Adesina, gave the indication while speaking with State House Correspondents after its delegation met with Vice President Yemi Osinbajo and the Economic Management Team.

Published in the Vanguard Newspaper on Monday, September 26, 2016

#Technology: Online Platform Improves Access to Made-In-Nigeria Goods

Nigeria’s premier online B2B platform, an e-strategy and sales advisory company, cokodeal.com, has introduced an online portal designed with best-in-class sourcing and negotiation technology to help local manufacturers and farmers access a growing network of suppliers and buyers.

Published in the Vanguard Newspaper on Monday, September 26, 2016

#Environment: W.H.O. Links Six Million Deaths to Air Pollution

Nine out of 10 people globally are breathing poor quality air, the World Health Organisation said Tuesday, calling for dramatic action against pollution that is blamed for more than six million deaths a year.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#Economy: WTO Cuts Global Trade Forecast

The World Trade Organisation Tuesday downshifted its global trade forecast, warning that anti-globalisation rhetoric and Brexit were pushing trade growth to its slowest pace since the financial crisis. The warning comes as talks on a landmark free trade deal between the European Union and United States battle stiff opposition and as Britain’s EU exit causes jitters.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#Economy: Chronic Forex Shortage Pushes Naira to 445/Dollar

The naira tumbled to 445 against the United States dollar at the parallel market on Monday, down from the 440 recorded on Sunday. The chronic dollar shortage hitting the economy took a new twist last Wednesday with the local currency dropping to 428 to the dollar after trading around 424 for several weeks.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#Agric: Birds, Locusts Swarm Threaten Harvests in Yobe

Increasing population of Queala birds in Nguru, Ngeji and Ngalda wetlands is threatening bumper harvests in five local government areas of Yobe, the Commissioner for Agriculture, Mustapha Gajirima, has said. Gajirima told the News Agency of Nigeria on Tuesday in Damaturu that the birds were threatening rice and millet plantations in Nguru, Jakusko, Bade, Karasuwa and Fika Local Government Areas.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

Environment: Rivers Niger, Benue May Overflow Their Banks

There are indications that Rivers Niger and Benue may overflow their banks any moment from now as both rivers have risen to 9.2 centimetres. The Kogi State Ministry of Environment, which made this known in a statement on Monday in Lokoja, said the water level was close to the 9.9 centimetres level, which was responsible for the massive flooding of 2012.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#Economy: FG Plans to Sell 5% of Its NLNG Shares …Insists On Repurchase Option

The Federal Government is planning to sell at least five per cent of its shares in the Nigeria Liquefied Natural Gas company, The PUNCH has learnt. Impeccable sources in the Presidency told our correspondent that the move had become necessary as part of efforts to revive the ailing economy. A top official, however, explained that the Federal Government had no plan to sell its shares in the NLNG outright.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#Education: FG Boosts Bayelsa Schools

The Federal Government, through the National Lottery Trust Fund, has donated sports equipment to 41 public primary schools in Bayelsa State. The Federal Government said the distribution was an interventionist programme to promote grassroots sports development and improve the country’s future performances in competitions.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#Economy: AfDB to Lend Nigeria $4.1bn

The African Development Bank is working on giving Nigeria loan facilities of $4.1bn between now and next year for critical sectors of the economy. The loans include $1bn at a concessionary interest rate of 1.2 per cent for Nigeria to address the 2016 budget deficit and aid her economic recovery. The President, AfDB, Dr. Akinwunmi Adesina, disclosed this to State House correspondents on Monday after a meeting with Vice President Yemi Osinbajo and other members of the Economic Management Team at the Presidential Villa, Abuja.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#StakeholdersAction: Assets Sale – NLC Plans Nationwide Protests, Enlists 20 Lawyers

The Nigeria Labour Congress has said it will mobilise Nigerians for nationwide protests to resist the plan by the Federal Government to sell strategic assets under the guise of using the funds to be generated to get the country out of recession. The President of the NLC, Mr. Ayuba Wabba, said the consequences of the proposed sale of the strategic assets would be more grievous if Nigerians did not stop the government from carrying out the policy.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#Oil: Shell Shuts 180,000-Bpd Oil Pipeline, Exports Threatened

The nation’s crude oil exports have suffered another setback with the shutdown of the Trans Niger Pipeline, which carries Bonny Light crude, as a precautionary measure after a fire was seen, a spokesman for Shell Petroleum Development Company of Nigeria Limited said on Monday. The 28-inch TNP, which is operated by the SPDC, was also shut in early June before it was later reopened.

Published by the Punch Newspaper on Tuesday, 27th September, 2016

#Partnership: Lagos, AWIEF Sign Pact over AFDB’s Fund

Lagos State Government has signed a partnership agreement with the African Women Innovation and Entrepreneurship Forum (AWIEF) to prepare women in Lagos with the right technical knowledge to access African Development Bank (AFDB) $300 million Women’s Economic Empowerment Fund set aside for empowering women. At the signing ceremony, yesterday, the Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade, said that the agreement is a milestone between the state and AWIEF and all women in the state.

Published by the Punch Newspaper on Wednesday, September 28, 2016

#IndustryPulse: FG Targets 7% GDP Contribution from Mining

The Federal Government on Wednesday announced plans to boost earnings from mining sector with a view to increasing its GDP contribution from 0.33 per cent to seven per cent over the next 15 years.

Published by the Punch Newspaper on Wednesday, September 28, 2016

#Oil: OPEC to Cut Production By 750,000 Barrels Per Day

The Organisation of Petroleum Exporting Countries has agreed to cut production by 750,000 barrels a day, Bloomberg News reported Wednesday, citing a delegation member.

Published by the Punch Newspaper on Wednesday, September 28, 2016

#Empowerment: ‘FMN, NNFM Deal To Empower Farmers’

The plan of Flour Mill Nigeria Group to make the Northern Nigeria Flour Mills one of its subsidiaries will go a long way in assisting local farmers to create wealth from their produce, the Chairman, FMN Group, Mr. John Coumantaros, has said. He said the strategy would see NNFM, which is based in Kano, enhance the activities of FMN, which is a hub for the processing and distribution of locally sourced grains which are widely available in Kano, Jigawa, Katsina, Kebbi, Kaduna, Bauchi and other states in the northern part of Nigeria.

Published by the Punch Newspaper on Wednesday, September 28, 2016

#Economy: ‘We’ll Use Current Crisis to Unlock Economy’s Potential’

The Federal Government on Tuesday said it would use the current economic crisis to unlock the potential of key sectors of the economy. The Minister of Budget and National Planning, Senator Udo Udoma, stated this at the 57th conference of the Nigerian Economic Society held in Abuja. The conference had as its theme: ‘The developmental state and diversification of the Nigerian economy’.

Published by the Punch Newspaper on Wednesday, September 28, 2016

#Infrastructure: New Attack on Pipeline in Delta State

Nigerian militants on Thursday claimed another attack on a pipeline in the country’s oil-rich south, the latest in a string of strikes against infrastructure that has hit production.

Published in the Guardian Newspaper on Thursday, September 29, 2016

#StakeholdersAction: CBN Pledges Continuity in Development Financing

The recessionary mode of the economy notwithstanding, the Central Bank of Nigeria (CBN) has pledged to sustain its development financing initiative. The scheme, though not its primary mandate, but an intervention that serves the need to stimulate growth with lower interest rate to borrowers, also helps in its management of the monetary policy.

Published in the Guardian Newspaper on Thursday, September 29, 2016

#Event: Minister Leads Corporate Governance Confab in Lagos

As efforts to stave off the nation’ s economic recession intensifies, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelemah will lead other eminent Nigerians to the 2016 Corporate Governance Conference tomorrow. The yearly event organised in Lagos by the Society for Corporate Governance Nigeria is expected to bring together experts from various sectors to discuss the impact of corporate governance in Nigeria.

Published in the Guardian Newspaper on Thursday, September 29, 2016

#Investment: Investors Losing Faith in FX Market Say Dealers

Barely three months after launching a new flexible FX trading structure with fanfare, treasury managers of banks say Nigeria’s FX market is virtually collapsed, as the local currency, the naira hit a new low of N490 to the dollar on the parallel market.

Published in the Business Day Newspaper on Friday, September 30, 2016

#Investment: Africa’s Demographics Spur Private Equity Interest in Financial Services

Private Equity (PE) investors are being lured by the earnings opportunities in Africa’s financial services sector on account of the attractive population growth prospects. This is heightened by the continent’s positive demographic characteristics and positive exits witnessed by PE managers in 2015.

Published in the Business Day Newspaper on Friday, September 30, 2016

#Agric: Network Irrigation, Solar Solutions To Boost Year-Round Rice Farming

Experts say Nigeria’s celebrated bountiful rice harvest during last dry season’s cultivation in the north could be increased up to three-fold if water from existing dams is channeled in a networked manner to access several farms in the coming dry season when rice yields are typically higher than in the rainy season.

Published in the Business Day Newspaper on Friday, September 30, 2016

#Economy: Nigeria, Niger Republic to Boost Cross – Border Economic Co-Operation

A new bilateral economic and cross border co-operation agreement has been sealed between Nigeria, and Niger Republic geared at creating a new trade corridor along the Kano-Jigawa-Daura-Zinder geo-economic sphere of the two countries. The new bilateral frame work of cross-border co-operation between the two neighboring would be leveraging on the successes recorded under the on-going Kano-Katsina-Maradi (K2M) corridor between the two countries.

Published in the Business Day Newspaper on Friday, September 30, 2016

#Oil: NNPC Re-Commissions 87.70 Million Litres Petroleum Products Tanks

As part of concerted efforts to maintain seamless supply and distribution of petroleum products, the Nigerian National Petroleum Corporation (NNPC) has recommissioned four petroleum products tanks with 87.70 million litres capacity at the Mosimi depot in Ogun State.

Published in the Business Day Newspaper on Friday, September 30, 2016

#Agric: Experts Say Nigeria’s Agric Not Sustainable Due To Gross Underfunding

Gross underfunding of the Nigeria’s agricultural sector is raising concerns by different experts on whether the government is able ramp up the huge potential in the sector to drive growth and create jobs particularly at this time of economic recession.

Published in the Business Day Newspaper on Friday, September 30, 2016

#IndustryPulse: Global Institutions See Prospects in Domestic Airlines amid Recession

In spite of the seeming depression in the Nigerian aviation industry, trending events have shown that under the present administration, the industry still has the potential for further global recognition.

Published in the Business Day Newspaper on Friday, September 30, 2016

#StakeholdersAction: NEITI Calls On Government to Enact New Law for Petroleum Sector

Nigeria Extractive Industries Transparency Initiative (NEITI) has called on President Muhammadu Buhari to take the lead and infuse urgency into the process of passing a new law for the Nigerian petroleum industry. The call was made by NEITI in its latest policy brief titled “The Urgency of a New Petroleum Sector Law”.

Published in the Business Day Newspaper on Friday, September 30, 2016

#Health: New Malaria Vaccine Indicates Breakthrough for Nigeria’s Unpleasant Record

The discovery of a new malaria vaccine by a Nigerian professor- NasiruShua’ibu, a professor of Biochemical Parasitology Department, Ahmadu Bello University (ABU), Zaria -has indicated all hope is not lost in the quest to remove Nigeria from the list of countries still grappling with the disease which claims millions of lives annually.

Published in the Business Day Newspaper on Friday, September 30, 2016

#IndustryPulse: Ajayi Calls for Long-Term Investments in Nigeria’s Healthcare Sector

Richardson Ajayi, Managing Director of The Bridge Clinic, Nigeria’s leading fertility clinic has called on foreign investors to consider Nigeria’s healthcare sector as their preferred investment destination so they could reap from the ever-growing positive climate that the sector offers.

Published in the Business Day Newspaper on Friday, September 30, 2016