17 Jan

Daily Watch – Cameroon crisis fuel Nigeria cocoa smuggling, Inflation slows for 11th consecutive month

  • Annual inflation in Nigeria slowed for the 11th month in a row in December, to 15.37 percent from 15.90 percent a month before. According to the statistics agency, food inflation dropped 0.89 points to 19.42 percent from 20.31 percent in November. This represents the first major decline in food inflation since it started rising in November 2014. In November, food inflation recorded its lowest month-on-month mark since September 2016. Overall inflation also dropped
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16 Jan

Daily Watch – NSE leaves the world in the dust, Swipha Nigeria shuts down over staff woes

  • The main NSE index has surged 12 percent this year in dollar terms, the most among 96 major bourses according to Bloomberg, adding ₦1.76 trillion in the first two weeks of the year, pushing it to ₦15.37 trillion, the highest level since 2008. The largest company on the exchange, Dangote Cement has climbed to a record high. FirstRand Asset Management believes the advance will probably be sustained thanks to rising prices for oil, Nigeria’s main export, and
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15 Jan

Daily Watch – Glo denies 9mobile acqusition, PFAs binge ₦6.28 trn on FGN bonds

  • Power generation in Nigeria increased by 1,100MW in four days despite a fire incident early in the year that affected the Escravos-Lagos Pipeline supplying gas to some power plants. While the country’s current transmission capacity was put at 7,000MW, network operational capacity stood at 5,500MW. Total electricity generation stood at 4,327MW as of 6 am on 11 January, compared to 3,227.9MW on 6 January, when 12 power plants were idle. The rise in generation
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12 Jan

Daily Watch – Edo increases Chinese FPI profile, NNPC on the hunt as more scarcity looms

  • The Association of Bureaux De Change Operators of Nigeria, the umbrella body of over 3,500 BDC operators licensed by the CBN, has called on the regulator to extend the 31 January deadline set for the renewal of operating licence of its members to 31 March. Speaking at the end of an ABCON meeting held in Lagos on Wednesday, National Treasurer Gbadamosi Moh-Murtala said the organisation will also call on the regulator in a meeting on Friday to review the exchange
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11 Jan

Daily Watch – Contractors face TIN checks before payments, Road project debts hit ₦2.7trn

  • Nigeria’s political parties must select their candidates for the country’s 2019 presidential election between 18 August and 7 October this year, the electoral commission said on Tuesday in a timetable of the polling process. Presidential and parliamentary elections will be held on 16 February 2019, marking the end of President Muhammadu Buhari’s first term. Buhari has not said if he will seek re-election. In addition to outlining the deadline to select
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10 Jan

Daily Watch – Nigeria still imports dirty fuels, DMBs suffering from overseas withdrawal syndrome

  • The DMO will roll over treasury bills worth ₦1 trillion in the first quarter of 2018, CBN data shows. This represents 85 percent of the total bills that would mature in the first quarter. This comes after the DMO redeemed ₦198 billion worth of treasury bills with proceeds from the $3 billion Eurobond issue. In December, the DMO had said it would not roll over the treasury bills as part of its “overall debt management strategy of reducing debt service costs”.
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09 Jan

Daily Watch – CBN celebrates external reserves rise, Yam committee targets increased exports

  • The NNPC says the Escravos-Lagos Pipeline, which got burnt by fire, has been restored. Spokesman Ndu Ughamadu said gas supply to customers on the line, including power generating companies, had resumed. On 2 January, a section of the ELP at Abakila in Ondo went up in flames due to a bush fire. The incident affected gas supply to customers in Ondo, Ogun and Lagos states with the subsequent shutdown of a number of power plants. ”With the restoration of the ELP
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08 Jan

Daily Watch – 70% of FG websites hosted abroad, Sovereign Green Bond over-subscribed

  • Civic society group, the Human and Environmental Development Agenda, HEDA, has requested for clarification on the renewal of some oil mining leases in possession of Mobil Producing Nigeria. In a FOI request issued to the Managing Director of Mobil Producing Nigeria Unlimited, dated January 2, 2018 and signed by HEDA chairman, Olanrewaju Suraju, the organisation said it wanted clarity on a forensic audit report regarding the renewal of three Oil Mining Leases
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15 Dec

Daily Watch – Reps tackle FG over TSA payments, Nigeria picks up slack Indian crude demand

  • A House of Representatives panel has criticised the FG’s inability to meet its obligations of paying certain amount generated from the TSA as dues. The panel, which is probing the TSA’s status and chaired by Rep Abubakar Nuhu Danburam (APC, Kano), said the amount is being owed to SystemSpecs, the firm that developed the Remita platform used in transferring funds to the TSA. The panel resolved to ensure that all the outstanding dues the government
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14 Dec

Daily Watch – Exports hit ₦3.57b in Q3, Jibowu & Costain bridges to make way for new rail line

  • The NBS says Nigeria’s total exports in Q3 2017 reached ₦3.57 billion, a 13.19 percent increase over the amount recorded in Q2. In its ‘Foreign Trade Statistics for the Third Quarter 2017’, the statistics agency said the value of Q3 exports were 35 percent higher than the amount recorded in the same period in 2016. The export of raw materials increased by 16.88 percent compared to Q3 2016 while solid minerals exports grew by 85.3 percent in Q3
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