24 Nov

The week ahead – It is chaotic

Nigeria’s economy grew 1.4 per cent year-on-year in the third quarter, the statistics office said on Monday, extending its slow climb out of its first recession in a generation. Africa’s largest economy returned to growth in the second quarter of 2017 but the recovery has been fragile due to depressed oil revenues and a shortage of hard currency. The NBS said oil production stood at 2.03 million barrels per day in the third quarter. Agriculture grew by 3.06 per................   read more

17 Nov

The week ahead – Decisions and consequences

Annual inflation in Nigeria slowed for the ninth month in a row in October, easing to 15.91 per cent, the NBS said on Wednesday in a report. A separate food price index showed inflation at 20.31 per cent in October, compared with 20.32 per cent in September. “The rise in the food index, in October 2017 was caused by increases in prices of bread and cereals, meats, oils and fats, coffee tea and cocoa, milk cheese................   read more

15 Nov

Analysis – IPOB’s lost chance

After some two years in detention by the Federal Government, the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, was released on stringent bail conditions by the Federal High Court in Abuja. Two of the bail conditions were that he was not to be seen in public gatherings of more than 10 people; and he was not to grant media interviews. However, as soon as Kanu got to his home in Umuahia, Abia state, he began to grant interviews to foreign and local media,................   read more

10 Nov

The week ahead – Next year’s budget is moody

President Muhammadu Buhari presented on Tuesday a 2018 budget of ₦8.612 trillion, the country’s biggest ever, to lawmakers. He said the budget was based on an exchange rate of ₦305 to the dollar and a projected oil output of 2.3 million barrels per day at an assumed price of $45 per barrel. The president said he was targeting 1 January 2018 for the passage of next year’s budget, adding that the deficit is expected to be ₦2.005 trillion and real economic growth................   read more

03 Nov

The week ahead – Back to the beginning

Suspected Boko Haram militants killed at least 10 villagers in northern Cameroon on the night of 29 October in what army and local officials said was revenge for attacks by Cameroon’s army. Cameroon’s Far North region has been a target of Boko Haram suicide bombings and raids for eight years as the Islamist insurgency spilled over the border from Nigeria, killing 20,000 and uprooting nearly 3 million in the Lake Chad region. Cameroon forces have tried to beat back................   read more

31 Oct

Daily Watch – External reserves hit $34 billion, VAIDS nets $50 million

  • The Chairman, Federal Inland Revenue Service, Babatunde Fowler, has said that the Voluntary Assets and Income Declaration Scheme has yielded over $50 million in revenue since the scheme was launched four months ago. Speaking at an event organised by the Nigeria Governors’ Forum in Abuja, Fowler said that VAIDS should not be taken lightly by taxpayers as the tax waiver they currently enjoy will cease by the end of March 2018.
  • The
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27 Oct

The week ahead – Keeping it real

Online newspaper, Premium Times reported that at least eight soldiers have been killed in Sasawa, a village in Damaturu LGA, Yobe after suspected Boko Haram gunmen launched an attack on a military base on 24 October. An army spokesperson, Kayode Ogunsanya, confirmed the attack but declined details on the actual casualty. An unnamed officer told Premium Times that one of the slain soldiers was an officer and that a civilian was among those killed when the insurgents................   read more

24 Oct

Nigeria’s property rights problem, the curious case of BVN

The Federal High Court in Abuja granted a request by Attorney General of the Federation, Abubakar Malami, for a temporary forfeiture of all funds held in Nigerian bank accounts not linked to a Bank Verification Number and whose ownership could not be absolutely identified, according to multiple news reports citing court documents. The Nigerian government also plans to seize funds held in bank accounts without sufficient know-your-customer (KYC) credentials. No estimates................   read more

20 Oct

The week ahead – Taming familiar vices

Four Britons have been kidnapped in Delta, a police official said on Wednesday. Kidnapping for ransom is a common problem in parts of Nigeria. A number of foreigners have, in the last few years, been victims in the Niger Delta region, which holds most of the country’s crude oil – the country’s economic mainstay. “The abductors have not made any contact, but we are doing our investigations to know the motive and have them rescued without jeopardising their................   read more

13 Oct

The week ahead – A different kind of ambush

Oil minister Ibe Kachikwu and NNPC Group Managing Director, Maikanti Baru, met on 10 October for the first since their disagreement broke out and agreed on one thing – a petroleum industry regulator free from the vagaries of politics. The two industry leaders met at a breakout session at the ongoing 23rd Nigerian Economic Summit and spoke on the controversial Petroleum Industry Bill. The NNPC had said that allegations by Kachikwu that Baru’s conduct lacked................   read more