24 Mar

Daily Watch – Zenith develops bond shivers, 48-hour visa service goes live

Nigeria’s debt office said on Thursday it raised ₦2.07 billion ($6.6 million) from a new two-year savings bond intended for retail investors. Nigeria forecasts a budget deficit of ₦2.36 trillion in 2017, half of which it aims to fund through domestic borrowing. The DMO has said it offered the bond to help broaden the country’s funding base. It will be available for purchase on a monthly basis and have a maximum subscription of ₦50 million. It

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23 Mar

Daily Watch – Buhari gets $500m Eurobond wish, External reserves fall

The FG has given contractors 30 days to resume delayed development projects in the Niger Delta or face prosecution. The government has been trying to build new roads and launch other projects to drag the region out of poverty and create jobs, aiming to give local people alternatives to joining the militants attacking oil facilities. The government has “directed that the list of all contractors who have not returned to site within the stipulated period be

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21 Mar

Daily Watch – Keystone gets new owners, Dangote feels growing pains in Ethiopia

The FG, the 36 state governments, and the FCTA currently owe foreign creditors a total of $11.41 billion, the DMO has said. Statistics obtained from the DMO on Monday showed that while the FG’s foreign debt stood at $7.84 billion as of December 31, 2016, the 36 states of the federation and the FCTA owed $3.57 billion. Of the country’s foreign debt, $7,988,221,870 came from multilateral agencies, including the World Bank and the African Development Bank. Another

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20 Mar

Daily Watch – FG to find ₦5.4 billion in premiums, Amnesty programme is broke

Nigeria’s amnesty programme which provides vocational training and stipends to former militants who attacked oil facilities in its Niger Delta energy hub is struggling with a shortfall of funds, a special adviser to President Buhari has said. The government has been in talks with militants to end the attacks which cut Nigeria’s output by 700,000 barrels a day for several months last year, reducing total production at that time to about 1.2 million

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17 Mar

Daily Watch – Blackouts fuel petrol consumption, Aero sheds 60 percent weight

Nigerian banks have opposed a proposal by Etisalat Nigeria to convert part of a $1.2 billion loan from dollars into naira and want Abu Dhabi telecoms group Etisalat and its other shareholders to recapitalise it instead, a source said. A banker with knowledge of the negotiations told Reuters that the seven-year syndicated loan, on which Etisalat Nigeria missed a payment, has a dollar portion of $235 million which the telecoms operator wants to convert into naira

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16 Mar

Daily Watch – Buhari brings fertilizer tidings, Crude numbers fall

Nigeria, which again lost its Africa’s top oil producer status to Angola in January, has recorded further decline in its crude oil production, a new OPEC report indicates. OPEC, in its Monthly Oil Market Report for March 2017, put crude oil production from Nigeria at 1.526 million barrels per day in February, down from 1.533 million bpd in the previous month, based on direct communication. Production from Angola stood at 1.649 million bpd in February, up from

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15 Mar

Daily Watch – Headwinds slam Top 3 balance sheets, Inflation eases

Federal lawmakers aim to pass the 2017 budget by the end of March, the Senate president said on Tuesday, following a meeting with President Buhari. The budget lays out plans to pull Africa’s largest economy out of its first recession in 25 years, largely prompted by low global prices for the oil it produces and by attacks on energy facilities in the Niger Delta oil hub last year. Buhari had presented his record ₦7.298 trillion ($23.21 billion) budget

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14 Mar

Daily Watch – Etisalat mulls Nigeria exit strategy, BoI snaps ₦2b Kebbi SME deal

A Nigerian court case in which Royal Dutch Shell and Italy’s Eni are seeking to have a government seizure of a long-disputed oilfield lifted has been adjourned until March 17, a judge said on Monday. The court in January ordered the temporary seizing of assets and the transfer of operations of the OPL 245 field owned by Shell and Eni, among others, to the federal government on request of the EFCC financial crime agency. The inquiry is investigating whether

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13 Mar

Daily Watch – Debt servicing hits ₦1.23T, Lagos set for more candle nights

Nigeria’s financial and telecoms regulators said it agreed on Friday with local banks to end the prospect of receivership for mobile operator Etisalat Nigeria, which has missed a payment on a $1.2 billion loan. Reuters quotes a banking source as saying that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to its Nigerian lenders that it would miss a payment in February. The two sides have not been able to agree on terms

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10 Mar

Daily Watch – 3.67m Nigerians got jobless in 2016, ₦5 note is dead

Nigeria’s total debt rose to ₦17.36 trillion ($56 billion) as of Dec. 2016 from ₦12.60 trillion a year earlier, the DMO said, as the country grappled with its first recession in a quarter of century caused by low oil prices. Africa’s biggest economy expects a budget deficit of ₦2.36 trillion for 2017, with half of it funded through domestic borrowing. Foreign bonds and loans stood at $11.40 billion at the end of December, the debt office said

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