02 Aug

Daily Watch – Nigeria exports fall as Asia gets oil hungry, Cape Town outshines Lagos on tech

  • West African exports of crude oil to Asia reached their highest level this year in July, thanks largely to more favourable shipping economics and a major buyer, India seeks to replace Iranian supply that will soon be unavailable, a Reuters survey of traders and shipping data showed on Thursday. Loadings for Asia rose marginally to 2.44 million barrels per day in July from the roughly 2.43 million bpd in June, and May’s 2.085 million bpd. This is the highest
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01 Aug

The SBM Jollof Index – Keep those belts tight please

The SBM Jollof index is a composite index that tracks the prices of the main ingredients used to prepare a pot of one of Nigeria’s primary delicacies – Jollof rice. This meal was chosen because it is a delicacy in every part of the country.

Over the last four months – from March 2018 to June 2018, the index has risen steadily, indicating a steady increase in food prices. By the end of June, the index has risen to the highest ever since we began tracking in................   read more

01 Aug

Daily Watch – Renewables eye ₦5 trillion generator market, Benue does a tax slash

  • Sanusi Ohiare, the executive director of the Rural Electrification Agency, says an estimated ₦5 trillion is spent yearly on importing, fuelling and maintaining generators by Nigerian businesses. In his presentation on the REA’s off-grid and mini-grid goals at the fourth national council on power in Edo, he said the agency seeks to channel the huge spend on generators into scaling up renewable solutions that would provide access to cheaper electricity,
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31 Jul

Daily Watch – CBN closes debut yuan auction, Beverage makers commit to Lagos waterways cleanup

  • OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and the Congo Republic joined the group, a Reuters survey found, although losses from Iran and Libya limited the increase. The cartel has pumped 32.64 million barrels per day in July, the survey on Monday found, up 70,000 bpd from June’s revised level. In June, OPEC, Russia and other non-members agreed to return to 100 per cent compliance with oil
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30 Jul

Daily Watch – Pension assets hit ₦8 trillion, Nigeria recalls 2.4m bottles with codeine

  • Oando and the Cement Company of Northern Nigeria have given stakeholders an idea of what to expect by year-end with the release of impressive half-year financial results. The release of both companies’ H1 2018 financial results, caused the two stocks to rise significantly leading to the addition of ₦8.6 billion to their market capitalisation. Oando recorded 11.4 per cent increase in gross earnings which rose from ₦266.98 billion in June 2017 to ₦297.31
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27 Jul

The week ahead – Going rogue

Fifteen Nigerian senators quit the ruling All Progressives Congress party on 24 July, making it a minority in parliament’s upper house, indicating worsening rifts in President Muhammadu Buhari’s political camp. Senate President Bukola Saraki said 15 senators had “decamped”, without giving details. The move comes weeks after a faction of Buhari’s ruling APC party said this month it no longer supported his government. Kogi Senator Dino Melaye, former Kano Governor,................   read more

27 Jul

Daily Watch – NAICOM jacks industry capitalisation by 200 per cent, GE in possible FIRS tax mesh

  • TheCable reports that GE illegally withheld tax in excess of $3 million from its payments to Nigerian oil servicing company ARCO Group citing documentary exchanges between both firms. The online news website says there is strong evidence backing ARCO’s allegation, but the American multinational told it that it would not comment “for confidentiality reasons”. In one of the documents, ARCO claimed that GE deducted 10 percent as withholding tax for a contract
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26 Jul

Daily Watch – Lafarge Africa celebrates H1 ‘operational stability’, Konga resurrects pay-on-delivery

  • Aliko Dangote told Reuters that he has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020. Dangote, who built his fortune in cement, is building the world’s largest single oil refinery with a capacity of 650,000 barrels per day to help to reduce the country’s dependence on imported petroleum. Lenders would commit about $3.15 billion, with the World Bank’s private sector arm
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25 Jul

Daily Watch – MPR continues 2-year elevated streak, NIPOST set for mammoth breakup

  • The FG has asked the contractor handling the Lagos-Ibadan railway project, the China Civil Engineering Construction Corporation to extend its work from Ebute Meta to Apapa as part of measures to facilitate the movement of goods from the seaports in Lagos to other parts of the country by rail. Although the Apapa extension is in the second phase of the project, the government said the decision to bring it forward was necessary in order to ease the near stagnation
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24 Jul

Daily Watch – MDAs overspent ₦149.5 billion in 2016, DisCos ‘lose ₦48 per KWH’ on tariff non-review

  • New NBS data released on Monday shows that month-on-month inflation rose from 1.09 percent in May to 1.24 percent in June. However, year-on-year inflation slowed from 11.61 percent in May to 11.23 percent in June, marking the 17th consecutive month of disinflation since January 2017. “Headline inflation falls 17th consecutive time (11.23 percent year on year in June 2018 compared to 11.61 percent in May 2018); food inflation (12.98 percent from 13.45 percent);
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