18 Feb

Daily Watch – Local input hits N800 billion in three months, NNPC’s crude lifting declines by 57 million barrels

The government of Japan has offered an $800 million credit line to Nigeria that will be used to rehabilitate and extend the lifespan of the Jebba power plant. Consequently, the federal government and Japan are expected to firm up all relevant agreements that will ease the way for the 578.4 MW installed capacity Jebba hydro power plant to access the loan. Repair work on the turbine which was commissioned by the minister of Power, Works and Housing, Mr Babatunde

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17 Feb

Daily Watch – Weak naira puts pressure on FMCG firms, Samsung and LADOL bring in big money

The effect of the increasing cost of doing business, along with slowing economic growth is manifesting in the recent numbers of Fast Moving Consumer Goods (FMCG) firms operating in Nigeria, as production costs spike, as a result of foreign currency restrictions. Most manufacturers in Nigeria import raw materials, making the rising cost of the American dollar have an impact on production costs. Experts say that beer makers and flour millers import more than 50

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16 Feb

Daily Watch – Naira slides further, FG mobilises to stop oil sabotage and kidnap

The naira has weakened to a new all-time low, trading at N345 to the dollar in the parallel market. The currency eased 1.47 percent from Friday’s 340 to the dollar, while the official rate remained at 197.50 to the dollar at the close of trading on Monday. Operators are seeking to have oil companies and banks sell dollars to them to reduce apparent scarcity. Traders claim that the slip in the black market rate was as a result of apprehension news that the CBN

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15 Feb

Daily Watch – CBN considers two-tier FX market, Ebonyi tussle may affect rice production

The creation of a two-tier foreign exchange market is one of the options being considered by the CBN to help stem a growing economic and currency crisis. The thinking behind the CBN’s proposal is to maintain the government’s “pro-poor policy” stance of inclusive growth and welfare, whereby FX will be allocated in the first market at N197/$ to priority areas such as fuel imports and local manufacturers

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12 Feb

The week ahead – Tompolo steals the show

The Economic and Financial Crimes Commission has declared a former Niger Delta militant leader, Government Ekpemupolo, alias Tompolo, wanted. The anti-graft agency in an advertorial signed by its spokesperson, Wilson Uwujaren, said it declared Tompolo wanted following two bench warrants issued against him by a Federal High Court in Lagos, where he has been charged with N45.9bn fraud. In the said advertorial which carried a photograph of Tompolo, the EFCC described

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12 Feb

Daily Watch – Banks to prioritise FX allocation for real sector, Nigeria aims for 4.2% growth next year

After monthly industry meeting, Nigerian bank executives have reached an agreement to downplay foreign exchange access to invisibles -school fees, medical bills abroad- and instead, concentrate on allocating foreign exchange for those ventures that would boost the real sector. Herbert Wigwe, managing director, Access Bank who, alongside his colleagues and Central Bank officials briefed on the outcome of the Bankers’ Committee Meeting in Abuja, noted huge FX

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11 Feb

Daily Watch – Lagos and Ogun hog FDI in states, Nigeria fails to meet oil production target in January

Analysts have told BusinessDay that many governors are still not creating the right environment to attract big money investors from whom their states could raise substantial revenues. Out of the N180.12 billion invested in all of manufacturing and agro-allied industries in the first six months of 2015, N128.3 billion went to Ogun, representing 71.23 percent. Ikeja

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10 Feb

The SBM homemaker’s guide #2 – Tighten that belt

Markets across Nigeria have recorded quite a lot of changes under the various foodstuff categories over the past few months due to the overbearing influence of various factors that range from seasonal changes, reduced production, increased handling costs and weaker foreign exchange rates.

Though some of the increase in the price of some commodities were expected, a significant number of commodities recorded increases in price due to other contingent reasons that came

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10 Feb

Daily Watch – Piracy threatens cargo movements, Cassava loses big time

The International Maritime Bureau in its most recent report has rated Nigeria as a hotspot for violent attacks and armed robbery at sea. According to the IMB, pirate attacks, kidnapping and armed robbery at sea have become a huge threat to the movement of import and export commodities especially crude oil and refined petroleum products that neither come in or go out of the oil rich countries in the West African sub-region. Persistent attacks are responsible for

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09 Feb

Daily Watch – Labour goes on the offensive, Cash crunch threatens port concession agreements

The Nigeria Labour Congress across Nigeria has called on the Federal Government to reverse the new Multi-Year Tariff Order (MYTO2015) which took off February 1. Making good their threat to embark on protests, the NLC and its civil society allies picketed many electricity distribution companies all over the country. Protests were recorded in Lagos, Abuja, Kaduna, Ibadan, Enugu, Maiduguri, Owerri, and Port Harcourt, paralysing activities at distribution companies

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