24 Apr

Daily Watch – Nigeria gets housing index, More airport makeovers coming

The FG is to float a $300 million Diaspora Bond as part of measures to galvanise the buy-in of foreign-based Nigerians into the ERGP. The Special Adviser to the President on Economic Matters, Adeyemi Dipeolu, said the bond was conceptualised to make Nigerians resident outside the country contribute to the country’s growth and recovery. The National Assembly has already approved the Diaspora Bond. Finance minister, Kemi Adeosun, had in January declared that

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21 Apr

Daily Watch – FG to negotiate CFTA, NLNG posts lowest revenue since 2009

While Nigeria’s total current debt is relatively low compared to GDP, the interest rate payment is not sustainable with current revenue flows, the World Bank has said. Senior Economist at World Bank office in Nigeria, Yue Man Lee, said this in Abuja on Wednesday on the sidelines of the release of the 15th edition of Africa’s Pulse, an analysis of issues shaping the continent’s economic future. For interest payments to be sustainable, according to Lee, the

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20 Apr

Daily Watch – Electricity players to get capitalisation targets, Dangote quits noodles

NERC is set to release a minimum recapitalisation level required to be met by core investors in the power sector. It has identified capital adequacy as a major issue in the power sector, pointing out that the successor companies of PHCN were handed over to the core investors without any liability. As a result, after three years of operating the successor companies, there have been colossal losses, necessitating the need to set minimum capital adequacy requirement

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19 Apr

Daily Watch – IMF tips Nigeria to grow 0.8% in 2017, ABV is back

The IMF on Tuesday forecast 2.6 percent growth in sub-Saharan Africa this year, aided by a modest recovery in large economies South Africa, Nigeria and Angola. “Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016,” the IMF said its latest World Economic Outlook report. A slump in commodity price in 2016 and devastating

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18 Apr

Daily Watch – Power firms warn of ‘centralisation,’ Microfinance loans decline

The 11 electricity distribution companies in the country on Monday condemned an alleged plan by the FG to escrow and centralise their revenue accounts over poor market performance with respect to their various monthly remittances to NBET. Speaking under the aegis of their umbrella body, the Association of Nigerian Electricity Distributors, the power firms said such a move would be a nationalisation of the 11 Discos privatised just three years ago. The NBET had

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13 Apr

Daily Watch – Budget 2017 to delay green bond issuance, Pipeline vandalism spikes 223%

Nigeria will delay the issuance of a green bond until the 2017 budget has been passed. The government had planned to launch the ₦20 billion ($65.55 million) bond in April to fund projects to reduce carbon emissions and develop renewable energy. Announcing the plans in February, the environment ministry said the programme was aimed at widening Nigeria’s funding options and diversify the oil-dependent economy, which is the largest in Africa.” All

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12 Apr

Daily Watch – FG increases tomato tariff, Power supply costs Nigeria dear

Nigeria’s is currently losing $29.3 billion yearly due to inadequate power supply, according to the draft document of the Power Sector Recovery Programme. Capacity utilisation among companies is very low because of lack of power, as they have to spend about 40 percent of their production cost on generating electricity for themselves. Power challenges and foreign exchange difficulties were cited as major reasons why 272 manufacturing firms shut operations in

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11 Apr

Daily Watch – Trump okays weapons sale to Nigeria, Dangote to list refinery

US President Donald Trump is pushing forward with plans to sell up to a dozen aircraft to the Nigerian air force for the fight against Boko Haram, Reuters quoting unnamed sources reported on Monday, in a deal that could be worth up to $600 million. The Super Tucano A-29 aircraft, an agile, propeller-driven plane with reconnaissance and surveillance as well as attack capabilities, is made by Brazil’s Embraer. A second production line is in Florida, in a

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10 Apr

Daily Watch – North Korean hackers eye Nigerian banks, Lufthansa to resume at Abuja airport

A report from Russian cyber security firm, Kaspersky, says North Korean hackers are allegedly attacking banks in 18 countries, including Nigeria. The organisation noted in its report that this could be regarded as the biggest bank heists in history. Banks and security researchers have previously identified four similar cyber-heists attempts on financial institutions in Bangladesh, Ecuador, the Philippines and Vietnam. But researchers at Kaspersky now say the

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07 Apr

The week ahead – The ERGP may not help Amnesty funding

The International Monetary Fund (IMF) warned Nigeria that its economy needs urgent reform. In a report published on Wednesday, it highlighted the risks to growth for the recession-hit country and the dangers of a volatile foreign exchange market. The document, a report from IMF staff, outlines a raft of failings in Nigeria’s handling of Africa’s largest economy and could affect talks over at least $1.4 billion in international loans. It strikes a more critical

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