The scarcity of foreign exchange is helping companies which supply local raw materials to manufacturers raise margins and capacity, prompting domestic input preference numbers to see an upward movement, BusinessDay reports citing MAN data. According to the report, local input preference, which refers to the rate at which manufacturers use domestic inputs, has risen from 46.71 percent in 2014 to 51.88 percent in the 12 months ending in August 2015. MAN says the
Globally, only eight countries host a higher number of displaced persons than Nigeria. The five-year Boko Haram insurgency has led to the creation of the worst humanitarian crisis to occur within Nigeria’s borders since the civil war. According to a 2015 report by the Internal Displaced Monitoring Centre and the Norwegian Refugee Council, Nigeria has 2,152,000 million persons displaced by the Boko Haram insurgency. The UN says 4.5 million people need food aid across
The currency market registered $327 million in trades on Monday, about six times more than its usual volume, according to the FMDQ. That included a single $270 million transaction at ₦345/$ by foreign investors buying local currency bonds, Bola Onadele, FMDQ’s managing director said in a Reuters interview. Other transactions were carried out from ₦314.50 to ₦317.34 per dollar. Average trading at the FMDQ is around $50 million a day, but may reach
The allocative revenue accruing to the federal, states and local governments dropped by ₦65 billion in July, from the ₦559 billion figure realised in June, according to the finance ministry. Reuters reports that militant attacks had hit oil revenues hard, leading to a decline in distributable revenue among the three tiers of government to ₦494 billion in July. The distributable revenues included value added tax payments of ₦64.308 billion. <li style="text-align
The Cross River State Governor, Ben Ayade, has signed the Home-Land Safety and Security Services Bill 2016 and eight others into law. Speaking at the signing ceremony at Government House in Calabar, Ayade said the bill, code-named “Operation KBM,” is a response to increasing social and security challenges. According to the Governor, the bill is aimed at providing neighbourhood watch, vigilante patrol and intelligence gathering services, providing supportive information
Vandalism and theft activities targeting the nation’s pipelines are taking a significant toll on the NNPC, the oil firm saying it has recorded 1,447 incidents between January and May 2016. NNPC GMD, Maikanti Baru has lost 560,000 barrels of crude meant for the nation’s refineries as feedstock, as well as 109 million litres of petroleum products, within the same period. In a statement, the oil company said natural gas supplies had also been impacted
The FG says it intends to use a crude oil price of $42.50 per barrel as its budgeting benchmark for the fiscal year 2017. According to Udo Udoma, budget and national planning minister, national planners have made a provision for a drop in Nigeria’s GDP ahead of crucial elections in 2019, with the 2017 spending plan focusing on critical infrastructure
The CBN has suspended nine banks from the interbank currency market for failing to remit money owed to the government, Reuters reports citing banking sources. The suspension comes after the central bank tightened restrictions on the flow of dollars to domestic lenders in March. That has forced the banks to delay hard-currency loan and trade repayments and increased their risk of default. FCMB, First Bank, UBA, Heritage Bank, Keystone Bank, Skye Bank, Diamond
For years Nigeria has been a classic case study for the resource curse. Despite being blessed with some of the world’s most arable land, the country has gone from being self-sufficient, to import dependent – food wise.
Following a lengthy period of economic growth, Nigeria has slipped into a recession on the back of low oil prices and production challenges. Once again, Nigerians are realising that agriculture is a sure path to future sustained prosperity.
Finance minister Kemi Adeosun has called on the Islamic Development Bank to support Nigeria in rebuilding its insurgency-ravaged northeast. She made the appeal on Monday during the inauguration of the IDB Country Gateway office in Abuja. Adeosun said the country was striving towards attaining the Sustainable Development Goals and would welcome the IDB’s support in achieving them. Adeosun enjoined the Bank to scale up its concessional resources and increase