22 Aug

Daily Watch – Avengers declare conditional ceasefire, Buhari seeks emergency powers for economy

The Niger Delta Avengers has announced a willingness to discuss a peace deal with the FG. A statement on the group’s website said its disposition to dialogue and a peace deal with government was conditional. The conditions are a multi-side engagement of relevant actors, restructuring Nigeria, and a cessation of military offensives in the Niger Delta. Such negotiations, according to the group, should be “focused on achieving the short, medium and long

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19 Aug

The week ahead – Rising discontent needs smart solutions

Labour and Employment Minister, Chris Ngige, has warned that the government will no longer tolerate casualisation by any employer in the country. In his address at the inauguration of the second phase of the Food Union Hotel and Suites in Lagos, a project of the National Union of Food Beverage and Tobacco Employees, he added that any form of indignity to workers would not be tolerated at the workplace. He pointed out that it was the right of workers to belong to a

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19 Aug

Daily Watch – Mass import of kerosene coming, 15 states to be hit by flooding

Petroleum minister, Ibe Kachikwu, says Nigeria has recorded 1,600 cases of pipeline vandalism since January. Kachikwu said that the country clocked over 3,000 pipeline vandalism cases between 2010 and 2015, and their effect was to ensure that there is no money to fund the 2016 budget. He added that endemic security issues in the Niger Delta had destabilised the country’s oil industry, with Nigeria needing to increase its production by 1.1 million barrels per

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18 Aug

Daily Watch – Nigeria’s sugar rush is in free flow, GTB earns huge payday on dollar bets

At an auction on Wednesday, the FG raised ₦110 billion worth of bonds maturing in 2021, 2026 and 2036. According to the DMO, it sold ₦40 billion of 2021 paper at 14.50 percent. It also sold ₦30 billion worth of 2026 paper at 12.50 percent and ₦40 billion worth of 2036 paper at 12.40 percent. The summary stated that an additional ₦109.5 billion of the 14.50 percent July 2021 bonds was allotted on a non-competitive basis. The Federal Government said it

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17 Aug

Daily Watch – BDCs get bigger slice of pie, Lagos knocks Uber

Nigeria is looking for $7 billion in mining and steel investment over the next decade as it seeks to develop gold and iron ore extraction industries to diversify its oil-dependent economy. The government has made it a priority to meet annual steel demand pegged at 6.8 million metric tonnes, from a current output of a third of that, produced mainly from scrap iron, Solid Minerals Development Minister Kayode Fayemi said. “About $5 billion will kick-start the

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16 Aug

Daily Watch – Banks take their exams, PenCom recovers ₦9 billion in contributions

The FMDQ OTC Securities Exchange recorded a 36.13 percent growth in fixed income and currency markets transactions in July. The company posted transactions worth ₦12.74 trillion in July compared with ₦9.36 trillion recorded in the preceding month, indicating a growth of 30.60 percent or ₦3.38 trillion. A breakdown of the report indicated that foreign exchange transactions accounted for 27.52 percent of the turnover compared with 26.07 percent achieved in

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15 Aug

Daily Watch – China makes demands before opening wallet, Northern guvs join search for oil

The Chinese government has made key demands from the FG as a prerequisite for a $20 billion loan deal to be financed by the China EXIMbank. Some of the conditions include that the FG, through representatives from key ministries such as Finance, Budget and National Planning, Foreign Affairs, among others, fine-tune terms and agreements, including a possible repayment plan with the China Ministry of Commerce; fast-tracking the understudying of key areas Nigeria

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12 Aug

The week ahead – Misplaced statements have unintended consequences

The National Security Adviser, Babagana Monguno has accused two leading fertilizer and chemicals company in Nigeria of sabotaging national security, and the economy, by being conduits through which insurgents, especially Boko Haram terrorists and Niger Delta militants, obtain explosive materials in order to wreak havoc the across the country. The companies were also accused of unpatriotic acts and abuse of the government’s goodwill because about 71% of 2.05 million

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12 Aug

Daily Watch – FPIs fall by 86% over a year, Again, Ngige warns banks

The FG has announced plans to release ₦100 billion for capital projects in a few days’ time, having earlier released ₦322 billion for the same purpose. Vice President Yemi Osinbajo said, “We have also pledged to keep capital budget spending to a minimum of 30 per cent. We have already made capital releases of ₦332 billion which is more than the entire amount released last year, with another ₦100 billion set to be released in the next few days

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11 Aug

Daily Watch – Nigeria in danger of 0MW, New tax policy on the way

GenCos have threatened to shut down over ₦156 billion in debts owed them by consumers, especially government agencies. Investors that bought the six power generating companies unbundled from the PHCN said they would shut down their power plants if the deb was not paid. They also said banks were recalling loans advanced to them. In a joint statement, the GenCos said they will shut down power supplies unless the government pays longstanding bills it owes them

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