09 Aug

Daily Watch – Nigeria rig count declines, Farmers bask in ‘open sesame seed’ momentum

  • The FG has approved its e-government masterplan to ensure all government processes across all MDAs are delivered electronically. Communications and Justice ministers, Adebayo Shittu and Abubakar Malami said at the 4th National Steering Committee meeting of the Open Government Partnership in Abuja that an executive order on the OGP has been drafted to strengthen the country’s capacity to rank higher in the next Global Open Budget Index. Shittu also said the FG would establish an e-government services company, through the NIPOST to provide a platform for everyday Nigerians to reach those in government and access direct information on all government activities.
  • Victor Iyama, president of the Federation of Agricultural Commodities Association Nigeria says the country’s sesame seed is gaining traction in the global market as farmers’ ramp up production in an efforts to increase non-oil exports’ contribution to GDP. Nigeria, the world’s third largest producer and supplier of the sesame seed, saw the volume of its global supply increase by 7 per cent, from 432,900MT in 2015 to 460,988MT in 2016, according to data compiled by the Food and Agricultural Organisation. Iyama told BusinessDay that industry players say there will be a 20 to 40 per cent increase in production when 2017 numbers are released, noting that the country has drastically increased its sesame seed production in recent years.
  • Nigeria’s rig count for the month of June showed a slight decline of minus one, having recorded 32 as against 33 recorded in May, at a time the 14-member OPEC bloc showed a decline of minus 13. OPEC rig count in June was 544 as against 557 recorded in May. Leading the OPEC decline was its highest oil producer, Saudi Arabia, which had minus eight, having had a rig count of 139 in June as against 147 recorded in May. It was followed by Venezuela, with a minus two rig count, as it recorded 68 as against 70. Global rig count showed an upward move of plus 55, hitting 2,232 in June, as against 2,177 in the previous month, fuelled by an upward move of plus 67 for non-OPEC countries.
  • The NCC has signed a MoU with the National Lottery Regulatory Commission to improve the operations of lottery services. The objective of both commissions is to ensure that the telcos have the capacity to provide credible lottery services. Umar Danbatta, NCC executive vice-chairman said the hosting of lotteries by telecommunications operators may degrade their quality of service which is a reason why his commission is working to ensure that they have the capacity to do so. On his part, Lanre Gbajabiamila, director-general of the lottery commission, said the MoU would improve the accountability of lottery in the country.
  • First Bank said it has redeemed a $300 million Eurobond before maturity and has paid all bondholders. Managing Director Adesola Adeduntan said on CNBC Africa’s ‘Closing Bell’ programme that the top tier lender doesn’t plan to reissue another bond in the near term following the redemption, adding that it has ample liquidity to meet its foreign and local currency funding needs. The seven-year bond was issued in 2013 at 8.25 per cent and had been due to be repaid in 2020.
  • Nestlé Nigeria has announced its H1 2018 financial results, recording revenue of ₦135.3 billion, a growth of 11 per cent increase over the same period in the previous year – and a profit after tax of ₦21.5 billion. According to the unaudited results, Nestlé Nigeria posted revenue of ₦67.8 billion in Q2 2018, up from ₦60.8 billion in Q2 2017. CEO Mauricio Alarcon said he was pleased “with the sustained growth of our company amid the tough competitive business landscape. These results were possible thanks to the relentless efforts of our highly passionate team to provide high quality and affordable nutritious food and beverages to Nigerian consumers.”