20 Jan

Daily Watch – FG signs agreement for 100k housing units, Crude output rises

  • The FG has signed an MOU with Shelter Afrique and the Real Estate Developers Association of Nigeria for the construction of about 100,000 housing units across the country at a cost of ₦610 billion. $200 million would be used for the construction of about 10,000 houses nationwide on a yearly basis over a period of 10 years. The Acting Managing Director of the Federal Mortgage Bank, Richard Esin, said that the Nigerian housing market did not require anything
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19 Jan

Daily Watch – NASS approves MTEF, VP rejects naira float

  • The NBS has released an IGR report for the states covering H1 2016. The report indicates that a total of ₦317.79 billion was generated by the twenty-nine states that have reported their half year 2016 figures. The revenue was generated across the following types – PAYE, Direct Assessment, Road Taxes, Revenue from Ministries, Departments & Agencies and other taxes. Lagos State recorded the highest IGR figure of ₦150.59 billion followed by Ogun State
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18 Jan

Daily Watch – Nigeria’s loan bid hits brick wall, Militants blow up pipeline

  • Nigeria’s efforts to secure funds from international lenders to help haul it out of recession have stalled because it has not submitted the required economic reform plans, a Reuters report quoting various sources has claimed. The government has told lenders that it would present its proposed reforms to make the economy more resilient and attractive to investment by the end of December, but this has not happened and as a result of the delay, which the government
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17 Jan

Analysis – A look at Nigeria’s security situation

Last year, Nigeria’s security situation raised a lot of concern. There were surges in cattle rustling, attacks by pastoralists on farming communities, oil theft related violence, and attacks on oil facilities in the Niger Delta region. The Boko Haram insurgency, after a brief lapse, witnessed an increase in suicide attacks, and attacks on military units. All these, and other adventures, ensured that Nigeria’s security apparatus had their hands full all year.

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17 Jan

Daily Watch – First 2017 MPC meet for January ending, Heritage bleeds more staff

  • The 254th Meeting of the CBN’s Monetary Policy Committee will hold from January 23-24, 2017. On the regulator’s agenda will be rising inflation. The CBN had on July 26, 2016, increased the MPR by 200 basis points from 12 per cent to 14 per cent to check inflation. The CBN retained all key indicators at its September and November MPC meetings to keep MPR at 14 per cent, CRR at 22.50 per cent and the Liquidity Ratio at 30 per cent, all aimed at controlling
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16 Jan

Daily Watch – IMF thinks CBN naira support has ‘crumbled’, 58% of Nigerian flights delayed in 2016

  • The IMF has blamed Nigeria’s double-digit inflation rate on forex challenges, adding that the CBN’s efforts to defend the naira by forex rationing haven’t been successful. In its policy paper on macroeconomic developments and prospects in low-income developing countries, unveiled at the weekend, IMF said the economy’s underperformance were due to “delayed/poorly managed policy adjustment”. “There were sharp movements in currencies
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13 Jan

The week ahead – A new year needs new thinking

The FG will soon start an exhaustive review of the country’s trade policy in order to avoid dumping of substandard products in Nigeria by some foreign trade partners. The review, which will be done this year, is the first to be carried out since 2002 when the current policy was formulated. Trade Advisor to the Minister of Industry, Trade and Investment and Chief Trade Negotiator for Nigeria, Chiedu Osakwe, said the review of the trade policy would be done in such................   read more

13 Jan

Daily Watch – CBN pledges to manage naira, FG loses ₦43b in global air remittances

  • The CBN has told Bureau de Change operators it does not intend to devalue the naira and will support it at current levels, especially with a recent rise in oil prices. Aminu Gwadabe, president of Bureau de Change operators, said central bank governor Godwin Emefiele told the group in a meeting it was looking at ways to boost dollar liquidity on the official market to eliminate the spread to the parallel market. The government has been pressing retail operators
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12 Jan

Daily Watch – PPPRA template collapses, FG to review trade policy

  • NUPENG has suspended its warning strike. The union went on strike yesterday over unresolved issues, including pay and job loss disputes after a 21-day ultimatum expired. PENGASSAN also dropped its planned strike over similar complaints in the oil and gas sector. The two unions decided to stop the strikes after a five-hour meeting with Labour Minister, Chris Ngige, and representatives of multinational oil companies in Abuja on Wednesday. “All issues have been
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11 Jan

Daily Watch – States come under the microscope, $14b in gas flare penalties ‘lost’ since 2008

  • Nigeria’s bureau de change operators set their first ever reference exchange rate for the naira at ₦399 to the dollar on Tuesday, saying they wanted to help reduce the gap with the official interbank rate. The government has been pressing retail operators to narrow what it says is a damaging gulf between the naira’s official rate – currently at ₦305 to the dollar – and the parallel rate – as weak as ₦490 in recent days. Bureau
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