#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
