- Trade and Investment Minister, Okechukwu Enelamah has said that the indices used in preparing a recent global poverty report released by the Brookings Institution showing that Nigeria has replaced India as the country with the world’s most poor people “may have” been compiled when the country was in a recession. While responding to questions from journalists at the end of the week’s FEC meeting, he said the Buhari-led administration’s infrastructure programmes and improving business environment will reduce a rising poverty rate. “There is no magic to it. But you have to do it first, you have put in the infrastructure, you have to implement the economic programme which is what will create the opportunities, they don’t drop from the sky,” he said.
- The World Bank says it has approved a loan of $2.1 billion for seven projects in Nigeria, following a visit by top bank executives earlier in the year. The seven projects cover areas like nutrition, access to electricity, states’ fiscal transparency, polio eradication, women’s economic empowerment, public finance and national statistics and reducing vulnerability to soil erosion. The projects were approved by the International Development Association (IDA), the bank’s low-interest arm. According to the Bretton Wood institution, more than half of the loan would be used to fund power, climate change projects and boost fiscal transparency.
- NLNG’s fifth production unit, or train, is set to resume production in July after it shut down for maintenance on May 25, the company said in a statement. “The Train 5 Turn Around Maintenance affects output from this train only … Operations on other trains are continuing as normal,” spokesman Andy Odeh said. Exports from Nigeria LNG slumped to 193 million cubic metres (mcm) of gas in the first week of June from 449 mcm a week earlier, though exports rebounded in the following weeks, Thomson Reuters Eikon shipping data shows. NLNG, set up 16 years ago to export gas, is owned by NNPC, Shell, Total and Eni.
- The possibility of the NNPC listing its stake in the nine IOCs it currently has Joint Venture arrangements with could boost the NSE’s market capitalisation by N13 trillion, BusinessDay reports. According to the NNPC’s 2016 oil and gas report, the government has JV arrangements with IOCs that produced 46 per cent of total crude oil in the country’s upstream oil and gas sector. They produced a combined 301 million barrels of crude and at $60 per barrel; total production value for the period amounted to $18.06 billion (₦6.5 trillion). If the price to sales (P/S) ratio of equities currently listed on the Nigerian bourse which is 2x is applied to ₦6.5 trillion, an additional N13 trillion will be added to the NSE’s total value, which stood at ₦13.81 trillion as at 31 May. The NNPC currently has a 55 per cent stake in its JV with Shell, 60 per cent in the Chevron JV, 60 per cent in its Mobil JV and 60 per cent in Nigeria Agip Oil Company among others.
- The National Association of Nigeria Travel Agencies, has launched a “unique” identification card to check the fraudulent activities of fake agents in the country. The Nigeria Travel Practitioners Identification Card was unveiled in Lagos. Speaking during the launch, Edem Oyo-Ita, NCAA Director of Air Transport Regulation, who represented Hadi Sirika, junior aviation minister said, “In recent times, the ministry has received reports of fraudulent activities, including cybercrime, defrauding and swindling of unsuspecting customers in the aviation industry, particularly the travelling agencies, so we found the need to curb and possibly eradicate these anomalies, working closely with NANTA.”
- Dangote Cement says it is planning to raise ₦150 billion by issuing commercial papers on the FMDQ. In a statement released by the company to the NSE, the company said the capital raising will either be as a stand-alone transaction or be executed in tranches. Joseph Makoju, the Acting Group CEO said the proceeds will be deployed towards capital expenditure, working capital and general corporate purposes. At the company’s AGM on 20 June, Makoju said the company intends to build new production lines in Edo and Kogi. The company is Africa’s largest cement producer.