- The increasing number of bad debts mean that banks are left with no choice than write off more loans. The cumulative loan loss expense of 14 Nigeria lenders quoted on the floor of the exchange in the first nine months through September increased by 80 percent to
N170.48 billion, from N94.71 billion last year. This is 60% higher than last year’s figures. Analysts say loan loss expenses are critical in assessing financial system stability, as they are a key contributor to fluctuations in banks’ profitability and capital positions. This has a bearing on banks’ supply of credit to the economy.
- The National Bureau of Statistics has released its Online Recruitment Report for the period May 2015 to September 2015. In the report, the number of applications completed rose significantly over the period under consideration, rising from 212,409 in May to 313,694 in September. In contrast, the number of vacancies posted remained relatively stable, from 3,897 in May to 4,441 in September, meaning that they have become more competitive over the period. This implies that there were 70 people chasing each job opening for the month of September.
- The Nigerian Electricity Regulatory Commission has issued an expanded electricity generation licence to the Ibom Power Plant for an increase in its current generation capacity from 190 megawatts (MW) to 685MW. The plant had a pre-designed generation capacity of 685MW, which the state government approached the NERC for an expanded license to develop. Akwa Ibom State also plans to develop an embedded electricity generation outfit to feed industries that would operate in its planned industrial district.
- Meanwhile the House of Representatives has ordered NERC to suspend any planned hike in electricity tariff pending investigations into the activities of power distribution companies regarding infrastructure and billing. The Adhoc Committee in charge of the investigation also summoned officials of the Bureau of Public Enterprises, to provide details of the commercial terms involved in the sale of the DISCOs.