03 Jan

Daily Watch – Conditional cash payments start, FG insists on Abuja airport closure

  • The Buhari administration has now started the payment of ₦5000 per month to some of the poorest and the most vulnerable in the country through the Conditional Cash Transfer scheme of its Social Investment Programme. Under the CCT, one million Nigerians would receive ₦5000 in monthly payments as a form of social safety net for the poorest and most vulnerable as budgeted for in the 2016 Budget. In the first batch that commenced last week, nine states were covered, with payments starting on December 30, 2016. Beneficiaries in Borno, Kwara and Bauchi States have started receiving the money. The other states in the first batch to commence the CCT payments are Cross Rivers, Niger, Kogi, Oyo, Ogun & Ekiti States.
  • The total number of applications for online job recruitment in Nigeria dropped by 67.3 percent from 815,163 at the end of Q3 2015 to 266,797 as of Q3 2016. According to the NBS, the number of applications was considerably lower in the Q3 2016 than it was in previous quarters owing to a scarcity of advertised job vacancies. The NBS said that trade/services remained the sector that attracted the most applications at 40.7 percent of the total. It added that that the sector also recorded the highest number of advertised vacancies at 73.2 percent during the period. Lagos State, according to the NBS, accounted for the largest number of applicants and vacancies with 41,839 applicants, while Yobe, Jigawa and Zamfara each had less than 0.1 percent of the total number of applicants.
  • The FG says it prefers to lose billions of dollars in revenue than to risk lives as it insists on closing the Nnamdi Azikiwe Airport, Abuja next month. Minister of state for aviation, Hadi Sirika, said this yesterday, and announced that there will be a meeting with stakeholders on Thursday. Sirika explained that Thursday’s meeting was a follow-up to the decision to temporarily shut down operations at the airport for six weeks in February and March. Sirika said the government is aware of the likely high level of discomfort and inconvenience the proposed closure of the airport would cause air transport passengers, airline operators and other service providers, but explained that the decision was informed by safety and security concerns.
  • Sixty-two stocks, representing 35 percent of the stocks currently listed on the Nigerian Stock Exchange recorded no price movement in 2016. Out of the 62, stocks from the financial services sector dominated the list with 27, services follow closely with 10 while ICT and oil and gas both have five each. Construction/Real Estate (four), Consumer Goods (three), Healthcare (three), Agriculture (two), Industrial Goods (two) and Natural resources (one) also made the list to complete the pack. Standard Insurance recorded the highest number of volumes traded among the 62 stocks closely followed by Equity Assurance and Unity Kapital. Nigerian Stock Market performance in 2016 has been very bearish as the NSE, All Share Index, ASI remained in the negative territory in terms of Year to Date, YTD performance review in most trading days of the year.