- The CBN held its benchmark interest rate at 14 percent on Tuesday and said the recovery of Africa’s biggest economy from its first recession in a generation remained fragile. Governor Godwin Emefiele said eight committee members had voted to hold the main rate, while one voted for a cut. All other policy parameters were kept unchanged. “Inflation, in particular, requires very close monitoring to gain clarity on the medium-term optimum path of monetary policy,” Emefiele told a news conference. Official data on Tuesday showed growth of just 1.4 percent in the third quarter. Among other risks for Nigeria, Emefiele cited low fiscal buffers.
- Senate President Bukola Saraki says a debate on the 2018 budget has been postponed by a week to allow for the passage of the Medium Term Expenditure Framework. Saraki said the debate, which was earlier scheduled to hold on Wednesday and Thursday, will hold on 28 November. President Muhammadu Buhari had presented the budget to the Senate on 7 November and budget and national planning minister, Udoma Udoma said the administration intends to revert to a January-to-December budget calendar. The postponement means that lawmakers have a month to review, amend, pass the budget and return it to the presidency for signing before their recess during the Christmas holiday, if the January deadline is to be met.
- The FG says it has successfully priced its $3 billion Eurobond with a tenor of 10 and 30 years, the biggest Nigeria has ever issued. The $1.5 billion 10-year note will be offered at an interest rate of 6.5 percent, while the 30-year series will bear an interest of 7.625 percent and will be repayable with a bullet repayment of the principal on maturity. The offering is expected to close on 28 November 2017, subject to the satisfaction of various customary closing conditions. When issued, the Eurobond would be admitted to the official list of the UK Listing Authority and available for trading on the London Stock Exchange. The pricing was determined after a roadshow led by finance minister Kemi Adeosun; budget and national planning minister Udoma Udo Udoma and CBN Governor Godwin Emefiele.
- The Nigeria Extractive Industries Transparency Initiative says the FG’s revenue from mining increased by 23 percent to ₦69 billion in 2015 because of increased taxes and royalties in the industry. In its Solid Minerals Audit Report, it said production decreased in the same year. “According to the data provided by the Mines Inspectorate Department, total production across the whole solid minerals sector in 2015 was 39.27 million tons lower than 47.1 million tons produced the previous year. There was a general decrease in production for all minerals except shale which conversely increased by 32 percent, to 1.076 million tons in 2015,” a statement from the agency said. The report said 481 companies paid royalties of ₦3 million and above in the same year while the sector contributed 0.12 percent to GDP. Amongst the seven mineral producing states, Ogun contributed the highest revenue accounting for 32.81 percent of the total revenue.
- Dangote Cement will inaugurate a new $500 million cement plant on Thursday in Congo, a statement from the company on Monday said. The 1.5 million metric tonnes per annum capacity plant, described as the largest in Congo, rolled out its first bag of cement in August and is expected to create about a thousand direct and indirect jobs. According to the statement, the Congo plant will bring to 10 the number of fully operational Dangote cement plants across Africa, including operations in Cameroon, Ethiopia and Senegal.
- Ogun governor, Senator Ibikunle Amosun, on Tuesday, submitted a proposed budget of ₦345.42 billion for the 2018 fiscal year to the state House of Assembly. The proposed budget tagged ‘Budget of Accelerated Development’ was an increase of 57 percent over 2017’s ₦221.12 billion. The governor said the 2018 appropriation was aimed at meeting its administration’s resolve of delivering dividends of democracy by embarking on new projects and completing ongoing ones. In the proposed budget, a total of ₦223.72 billion was earmarked for capital expenditure, which represented 64.77 percent of the estimates, while ₦121.69 billion would be for recurrent expenditure, representing 35.23 percent. Amosun further said the expected revenue from both Internally Generated Revenue and the Federation Account was ₦197.258 billion.