- Recently released data is showing that manufacturers are choosing to source more of their raw materials needs from foreign markets rather than from local sources. Some analysts are seeing this as clear evidence that the country’s raw materials are either of poor quality or in short supply. Others are attributing this problem to a lack of value addition, and the absence of processing industries such as petrochemical plants or steel complexes.
More than 90 days after he took office, President Muhammad Buhari made three very critical appointments yesterday, choosing Abba Kyari, a former MD of UBA as his Chief of Staff, Babachir Lawal, the National Vice Chairman of the APC, North East, as the Secretary to the Government of the Federation, and Rt. Col Hamid Ali, the former Arewa Consultative Forum Secretary-General, as Comptroller-General of Customs. Also appointed were Kure Martin Abeshi as Comptroller-General
- President Buhari finally appointed a Chief of Staff to the President and the Secretary to the Government of the Federation (SGF). Political watchers say this raises hopes that the President will keep his word to announce ministers in September, indicating policy direction and unlocking confidence and investment to re-activate the economy. Babachir David Lawal has been appointed as SGF, while Abba Kyari is Chief of Staff to the President.
- Nigeria?s economic growth slowed sharply in the second quarter as lower crude prices took their toll. Growth dropped to 2.4 percent from 6.5 percent a year earlier. Oil production, which fell to 2.05 million barrels per day from 2.21 million during the period accounts for more than 90 percent of forex earnings and about 70 percent of government revenue. The fall in crude prices and output hurt Nigeria?s finances and its naira currency, with foreign
- Nigeria is moving swiftly to boost power generation. The government announced yesterday, that it had completed the signing of the World Bank Partial Risk Guarantees (PRGs) in support of the 450MW Azura-Edo Independent Power Project (IPP). The Guarantees comprise a Loan Guarantee (capped at $117 million) and a Payment Guarantee (capped at $120 million). The combined value of these Guarantees will leverage a total investment in the Azura power plant of more than
- President Buhari has approved a request from the NNPC to terminate oil swap contracts. Oil swap derived from the fact that Nigeria’s four refineries operated mostly below 50% installed capacity and since 2003, the NNPC continued to allocate them 445,000 barrels of crude oil per day, which corresponds to 100% capacity. The oil swaps came under criticism following allegations that they have been opaque and the government has been short-changed in the deals.
- Cement, metals and food contributed 87 percent to the value of Nigerian manufacturing, which rose 4 percent from
N836 billion to N870 billion in 2014. The contribution of cement however declined by 2 percent on account of the cement grades war and insecurity in the northeast, which affected Ashaka Cement. The contribution of the basic metal, iron and steel group rose
This week, the National Assembly adjourned sitting and went on a recess, drawing sharp condemnation from Nigerians who see the lawmakers as selfish and a drain on the nation’s resources. There are a lot of issues which require their attention, many of which are itemised below. In a week where online newspaper, Premium Times released a report comprehensively analysing their hefty pay packets, they can no longer justify their current pay with the low productivity.
- President Buhari on Thursday approved the appointment of Dr Tunde Fowler as the Executive Chairman of the Federal Inland Revenue Service (FIRS). Fowler was Chief Executive Officer of the Lagos State Board of Internal Revenue from 2005 to 2014. Fowler worked in the banking sector for about 20 years with long stints at Credit Lyonnais Nigeria Limited and Chartered Bank and is a Fellow of the Chartered Institute of Taxation of Nigeria and the Business Management
- The latest investment data from the National Bureau of Statistics shows that the total investment inflows into Nigeria for the 2nd quarter took a 54 percent plunge compared with the same period last year. Total capital imported for Q2 215 was $313 million, compared to $580 million in the second quarter of 2014. However, when compared to the first quarter of 2015, the drop was only 0.2 percent. The NBS suggests that “this new, lower level will be maintained