21 Nov

Daily Watch – GDP continues rise, Regulators raise ‘serious concerns’ with Barclays over 9mobile

  • Nigeria’s economy grew 1.4 percent year-on-year in Q3, 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 the continuation of 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
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20 Nov

Daily Watch – India ditches Nigerian oil for Iran’s, PenCom reins in pension withdrawals

  • Iran has displaced Nigeria as India’s third largest supplier of crude oil after the world’s third-largest oil importer shifted its focus to the Middle East and the United States for supply. In August, India’s Hindustan Petroleum Corporation said it would take its first crude oil import from the US, dumping Nigeria’s sweet crude for US oil. Rising production output from the US makes West Texas Intermediate cheaper than Brent crude whose price was boosted
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17 Nov

Daily Watch – Court amends ‘impractical’ BVN order, Abia gets $25m World Bank money

  • The interim forfeiture order placed on bank accounts without bank verification numbers has been revoked after the Federal High Court in Abuja modified the order given on 17 October. The FG had obtained a court order directing 19 banks to freeze accounts without BVN and ultimately forfeit the funds in such accounts. Justice Nnamdi Dimgba said some parts of the initial order has been posing some “practical problems,” hence the modification. He was quoted as
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16 Nov

Daily Watch – Abuja runway inserted in #Budget2018, Dangote sells noodle plants to Indomie

  • Annual inflation in Nigeria slowed for the ninth month in a row in October, easing to 15.91 percent, the NBS said on Wednesday in a report. A separate food price index showed inflation at 20.31 percent in October, compared with 20.32 percent 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 and eggs vegetables and fish,” the statistics
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15 Nov

Daily Watch – Foreign airlines have $221 million trapped in Nigeria, FG inks Mambilla hydro deal

  • Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move. The money is designed to plug a large gap in Nigeria’s finances that stems in part from the global fall in oil prices. The ₦7.44 trillion ($24.33 billion) 2017 budget projects a shortfall of $7.5 billion, prompting Buhari’s call for foreign loans. The borrowing would include $2.5 billion in
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14 Nov

Daily Watch – CBN may lower MPC in 2018, Construction firms decry WHT uncertainty

  • Oil producers are expected to unanimously extend a production cut accord later this month but its duration is being discussed, the UAE energy minister said on Monday. “I think this group of committed and responsible producers came together… and I think they will continue to do what it takes to take us to the next level,” United Arab Emirates Energy Minister Suheil al-Mazrouei told an international oil conference in Abu Dhabi. He said 158 million barrels
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13 Nov

Daily Watch – Ogun to host transit terminal to clear Lagos port, Gas flaring bonanza ramps up

  • Transportation minister, Rotimi Amaechi said cargoes from Lagos’ ports would be taken to Papalanto, a transit terminal in neighbouring Ogun State, through a narrow-gauge rail line after their clearance in order to ease a worsening congestion problem on the Apapa/Wharf access road as a result of ongoing rehabilitation work. Amaechi, who made the announcement during the World Maritime Day celebrations in Abuja, said the FG had reserved a transit terminal
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10 Nov

Daily Watch – Petrobras to fling Nigerian unit, Lagos-Abidjan road gets financial agreement

  • Nigeria plans to raise ₦710 billion ($2.26 billion) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Management Office said on Thursday. Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with the NNPC. The government has considered selling stakes in these joint ventures for more than a decade. Responding to Moody’s downgrade of Nigeria’s
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09 Nov

Daily Watch – MTN escapes Senate censure, Tizeti to ramp up Express Wi-Fi by Facebook

  • The Senate approved on Wednesday a report largely exonerating South African telecoms company MTN Group’s Nigerian unit after the business was accused of illegally repatriating $14 billion to its parent. But the Senate report also asked the CBN to sanction Stanbic IBTC Bank “for improper documentation in respect of capital repatriation and loan repayments” on behalf of MTN. The upper house agreed in September last year to investigate whether Africa’s biggest
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08 Nov

Daily Watch – PMB tables ₦8.6t #Budget2018, Nigeria O&G costs 100% above global

  • 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
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